# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001398344-25-017125
**Filing Date:** 2025-8
**Character Count:** 3879261
**Document Hash:** cd79ca1f94d9f7f341249d98f6c4a7fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017125.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001398344-25-017125

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 69

**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:** 251277652

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

### LVIP Macquarie Bond Fund (Series ID: S000002812)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### LVIP Macquarie Wealth Builder Fund (Series ID: S000025133)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000074974 | Standard Class |  |
| C000074975 | Service Class  |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### LVIP Western Asset Core Bond Fund (Series ID: S000054411)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000170901 | Standard Class |  |
| C000170902 | Service Class  |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT**

**COMPANIES**

Investment Company Act file number <u>&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.

**# LVIP JPMorgan Mid Cap Value Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan 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 | $36 | 0.73%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$289,303,315

* # of Portfolio Holdings97

* Portfolio Turnover Rate24%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.9% |
| Money Market Funds | 2.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 6.6% |
| Machinery | 6.1% |
| Capital Markets | 6.0% |
| Electronic Equipment, Instruments & Components | 5.9% |
| Oil, Gas & Consumable Fuels | 5.3% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Mid Cap Value Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan 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 | $49 | 0.98%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$289,303,315

* # of Portfolio Holdings97

* Portfolio Turnover Rate24%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.9% |
| Money Market Funds | 2.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 6.6% |
| Machinery | 6.1% |
| Capital Markets | 6.0% |
| Electronic Equipment, Instruments & Components | 5.9% |
| Oil, Gas & Consumable Fuels | 5.3% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Retirement Income Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Retirement 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 |
| 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$200,051,486

* # of Portfolio Holdings19

* Portfolio Turnover Rate8%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 55.0% |
| Equity Funds | 23.6% |
| International Equity Funds | 12.5% |
| Money Market Funds | 4.6% |
| Global Equity Funds | 4.0% |
| Other | 0.3% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Retirement Income Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Retirement 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 | $32 | 0.63%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$200,051,486

* # of Portfolio Holdings19

* Portfolio Turnover Rate8%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 55.0% |
| Equity Funds | 23.6% |
| International Equity Funds | 12.5% |
| Money Market Funds | 4.6% |
| Global Equity Funds | 4.0% |
| Other | 0.3% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Select Mid Cap 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 | $38 | 0.78%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$514,542,277

* # of Portfolio Holdings434

* Portfolio Turnover Rate24%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.8% |
| Money Market Funds | 5.7% |
| Rights | 0.0% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Capital Markets | 5.7% |
| Insurance | 5.6% |
| Machinery | 5.2% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Banks | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Select Mid Cap 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 | $50 | 1.03%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$514,542,277

* # of Portfolio Holdings434

* Portfolio Turnover Rate24%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.8% |
| Money Market Funds | 5.7% |
| Rights | 0.0% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Capital Markets | 5.7% |
| Insurance | 5.6% |
| Machinery | 5.2% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Banks | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Short Duration Bond Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Short Duration 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$1,075,997,743

* # of Portfolio Holdings248

* Portfolio Turnover Rate129%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 23.5% |
| Non-Agency Asset-Backed Securities | 21.8% |
| U.S. Treasury Obligations | 20.2% |
| Agency Mortgage-Backed Securities | 13.9% |
| Agency Collateralized Mortgage Obligations | 10.6% |
| Money Market Funds | 7.9% |
| Short-Term Investments | 2.8% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.7% |
| Non-Agency Collateralized Mortgage Obligations | 0.7% |
| Agency Commercial Mortgage-Backed Securities | 0.2% |
| Other | (3.3%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 12.2% |
| Electric | 2.4% |
| Diversified Financial Services | 1.4% |
| Insurance | 1.1% |
| Biotechnology | 1.0% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 37.0% |
| AAA | 18.7% |
| AA | 8.6% |
| A | 16.1% |
| BBB | 9.2% |
| Not Rated | 10.4% |

---

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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Short Duration Bond Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Short Duration 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$1,075,997,743

* # of Portfolio Holdings248

* Portfolio Turnover Rate129%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 23.5% |
| Non-Agency Asset-Backed Securities | 21.8% |
| U.S. Treasury Obligations | 20.2% |
| Agency Mortgage-Backed Securities | 13.9% |
| Agency Collateralized Mortgage Obligations | 10.6% |
| Money Market Funds | 7.9% |
| Short-Term Investments | 2.8% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.7% |
| Non-Agency Collateralized Mortgage Obligations | 0.7% |
| Agency Commercial Mortgage-Backed Securities | 0.2% |
| Other | (3.3%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 12.2% |
| Electric | 2.4% |
| Diversified Financial Services | 1.4% |
| Insurance | 1.1% |
| Biotechnology | 1.0% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 37.0% |
| AAA | 18.7% |
| AA | 8.6% |
| A | 16.1% |
| BBB | 9.2% |
| Not Rated | 10.4% |

---

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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Small Cap Core Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Small Cap Core 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 | 0.76%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$187,357,793

* # of Portfolio Holdings534

* Portfolio Turnover Rate60%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.0% |
| Money Market Funds | 6.6% |
| Rights | 0.0% |
| Other | (3.6%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.2% |
| Biotechnology | 7.9% |
| Software | 6.3% |
| Construction & Engineering | 4.5% |
| Health Care Equipment & Supplies | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Small Cap Core Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Small Cap Core 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 | 1.01%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$187,357,793

* # of Portfolio Holdings534

* Portfolio Turnover Rate60%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.0% |
| Money Market Funds | 6.6% |
| Rights | 0.0% |
| Other | (3.6%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.2% |
| Biotechnology | 7.9% |
| Software | 6.3% |
| Construction & Engineering | 4.5% |
| Health Care Equipment & Supplies | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan U.S. Equity Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan U.S. 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 | $33 | 0.64%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$322,981,279

* # of Portfolio Holdings54

* Portfolio Turnover Rate17%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.7% |
| Money Market Funds | 1.3% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.0% |
| Software | 12.4% |
| Interactive Media & Services | 6.5% |
| Technology Hardware, Storage & Peripherals | 5.8% |
| Broadline Retail | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan U.S. Equity Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan U.S. 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 | $45 | 0.89%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$322,981,279

* # of Portfolio Holdings54

* Portfolio Turnover Rate17%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.7% |
| Money Market Funds | 1.3% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.0% |
| Software | 12.4% |
| Interactive Media & Services | 6.5% |
| Technology Hardware, Storage & Peripherals | 5.8% |
| Broadline Retail | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Loomis Sayles Global Growth Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Loomis Sayles 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 |
| Standard Class | $41 | 0.77%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$252,810,542

* # of Portfolio Holdings45

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.7% |
| Money Market Funds | 1.1% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Interactive Media & Services | 16.4% |
| Broadline Retail | 14.2% |
| Software | 11.1% |
| Financial Services | 7.7% |
| Entertainment | 6.7% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 58.7% |
| Uruguay | 7.6% |
| China | 7.0% |
| Switzerland | 5.9% |
| Netherlands | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Loomis Sayles Global Growth Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Loomis Sayles 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 | $59 | 1.12%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$252,810,542

* # of Portfolio Holdings45

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.7% |
| Money Market Funds | 1.1% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Interactive Media & Services | 16.4% |
| Broadline Retail | 14.2% |
| Software | 11.1% |
| Financial Services | 7.7% |
| Entertainment | 6.7% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 58.7% |
| Uruguay | 7.6% |
| China | 7.0% |
| Switzerland | 5.9% |
| Netherlands | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Bond Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie 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 | $19 | 0.37%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$6,333,202,317

* # of Portfolio Holdings639

* Portfolio Turnover Rate55%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 33.0% |
| Agency Mortgage-Backed Securities | 29.5% |
| U.S. Treasury Obligations | 16.0% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.5% |
| Non-Agency Asset-Backed Securities | 4.9% |
| Short-Term Investments | 2.8% |
| Non-Agency Collateralized Mortgage Obligations | 2.0% |
| Agency Collateralized Mortgage Obligations | 1.8% |
| Loan Agreements | 1.3% |
| Agency Commercial Mortgage-Backed Securities | 0.7% |
| Other | (0.5%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 10.5% |
| Electric | 3.2% |
| Pipelines | 2.3% |
| Diversified Financial Services | 2.1% |
| Telecommunications | 1.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 47.1% |
| AAA | 13.8% |
| AA | 5.3% |
| A | 12.9% |
| BBB | 16.6% |
| BB | 2.5% |
| B | 1.0% |
| Not Rated | 0.8% |

---

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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Bond Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie 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$6,333,202,317

* # of Portfolio Holdings639

* Portfolio Turnover Rate55%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 33.0% |
| Agency Mortgage-Backed Securities | 29.5% |
| U.S. Treasury Obligations | 16.0% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.5% |
| Non-Agency Asset-Backed Securities | 4.9% |
| Short-Term Investments | 2.8% |
| Non-Agency Collateralized Mortgage Obligations | 2.0% |
| Agency Collateralized Mortgage Obligations | 1.8% |
| Loan Agreements | 1.3% |
| Agency Commercial Mortgage-Backed Securities | 0.7% |
| Other | (0.5%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 10.5% |
| Electric | 3.2% |
| Pipelines | 2.3% |
| Diversified Financial Services | 2.1% |
| Telecommunications | 1.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 47.1% |
| AAA | 13.8% |
| AA | 5.3% |
| A | 12.9% |
| BBB | 16.6% |
| BB | 2.5% |
| B | 1.0% |
| Not Rated | 0.8% |

---

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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Diversified Floating Rate Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie Diversified Floating Rate 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 | 0.63%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$766,650,056

* # of Portfolio Holdings360

* Portfolio Turnover Rate66%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 25.0% |
| Corporate Bonds | 18.9% |
| Non-Agency Asset-Backed Securities | 12.5% |
| Supranational Banks | 8.6% |
| Loan Agreements | 8.1% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.7% |
| Agency Mortgage-Backed Securities | 7.2% |
| Sovereign Bonds | 3.2% |
| Regional Bonds | 2.8% |
| Agency Collateralized Mortgage Obligations | 2.0% |
| Other | 4.0% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 7.3% |
| Diversified Financial Services | 1.6% |
| Telecommunications | 1.1% |
| Electric | 0.9% |
| Pipelines | 0.9% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 35.2% |
| AAA | 30.2% |
| AA | 6.0% |
| A | 7.4% |
| BBB | 12.9% |
| BB | 4.6% |
| B | 2.4% |
| Not Rated | 1.3% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Diversified Floating Rate Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie Diversified Floating Rate 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 | 0.88%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$766,650,056

* # of Portfolio Holdings360

* Portfolio Turnover Rate66%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 25.0% |
| Corporate Bonds | 18.9% |
| Non-Agency Asset-Backed Securities | 12.5% |
| Supranational Banks | 8.6% |
| Loan Agreements | 8.1% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.7% |
| Agency Mortgage-Backed Securities | 7.2% |
| Sovereign Bonds | 3.2% |
| Regional Bonds | 2.8% |
| Agency Collateralized Mortgage Obligations | 2.0% |
| Other | 4.0% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 7.3% |
| Diversified Financial Services | 1.6% |
| Telecommunications | 1.1% |
| Electric | 0.9% |
| Pipelines | 0.9% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 35.2% |
| AAA | 30.2% |
| AA | 6.0% |
| A | 7.4% |
| BBB | 12.9% |
| BB | 4.6% |
| B | 2.4% |
| Not Rated | 1.3% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie High Yield Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie 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 | $38 | 0.74%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$157,950,658

* # of Portfolio Holdings262

* Portfolio Turnover Rate22%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 84.8% |
| Loan Agreements | 7.2% |
| Non-Agency Asset-Backed Securities | 4.8% |
| Money Market Funds | 2.6% |
| Other | 0.6% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Media | 7.6% |
| Oil & Gas | 5.6% |
| Commercial Services | 5.1% |
| Telecommunications | 5.0% |
| Retail | 4.3% |

---

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

---

| | |
|:---|:---|
| BBB | 7.2% |
| BB | 60.6% |
| B | 22.5% |
| CCC | 6.9% |
| Not Rated | 2.8% |

---

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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie High Yield Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie 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 | $53 | 1.04%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$157,950,658

* # of Portfolio Holdings262

* Portfolio Turnover Rate22%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 84.8% |
| Loan Agreements | 7.2% |
| Non-Agency Asset-Backed Securities | 4.8% |
| Money Market Funds | 2.6% |
| Other | 0.6% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Media | 7.6% |
| Oil & Gas | 5.6% |
| Commercial Services | 5.1% |
| Telecommunications | 5.0% |
| Retail | 4.3% |

---

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

---

| | |
|:---|:---|
| BBB | 7.2% |
| BB | 60.6% |
| B | 22.5% |
| CCC | 6.9% |
| Not Rated | 2.8% |

---

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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Mid Cap Value Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie 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 | $22 | 0.43%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$957,909,591

* # of Portfolio Holdings97

* Portfolio Turnover Rate11%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.2% |
| Short-Term Investments | 2.8% |
| Money Market Funds | 0.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 7.0% |
| Oil, Gas & Consumable Fuels | 5.7% |
| Banks | 5.2% |
| Machinery | 4.9% |
| Electric Utilities | 4.5% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Mid Cap Value Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie 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 | $39 | 0.78%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$957,909,591

* # of Portfolio Holdings97

* Portfolio Turnover Rate11%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.2% |
| Short-Term Investments | 2.8% |
| Money Market Funds | 0.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 7.0% |
| Oil, Gas & Consumable Fuels | 5.7% |
| Banks | 5.2% |
| Machinery | 4.9% |
| Electric Utilities | 4.5% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie SMID Cap Core Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie SMID Cap Core 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 | 0.80%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$649,452,613

* # of Portfolio Holdings124

* Portfolio Turnover Rate13%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.5% |
| Money Market Funds | 2.5% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.2% |
| Software | 7.9% |
| Biotechnology | 6.0% |
| Machinery | 5.3% |
| Insurance | 4.5% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie SMID Cap Core Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie SMID Cap Core 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 | $54 | 1.10%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$649,452,613

* # of Portfolio Holdings124

* Portfolio Turnover Rate13%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.5% |
| Money Market Funds | 2.5% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.2% |
| Software | 7.9% |
| Biotechnology | 6.0% |
| Machinery | 5.3% |
| Insurance | 4.5% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Social Awareness Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie Social Awareness 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 | 0.44%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$814,347,939

* # of Portfolio Holdings91

* Portfolio Turnover Rate9%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.9% |
| Money Market Funds | 1.1% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 15.0% |
| Semiconductors & Semiconductor Equipment | 11.6% |
| Interactive Media & Services | 7.0% |
| Banks | 5.9% |
| Technology Hardware, Storage & Peripherals | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Social Awareness Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie Social Awareness 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 | $40 | 0.79%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$814,347,939

* # of Portfolio Holdings91

* Portfolio Turnover Rate9%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.9% |
| Money Market Funds | 1.1% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 15.0% |
| Semiconductors & Semiconductor Equipment | 11.6% |
| Interactive Media & Services | 7.0% |
| Banks | 5.9% |
| Technology Hardware, Storage & Peripherals | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie U.S. Growth Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie U.S. 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 | $37 | 0.72%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$479,010,313

* # of Portfolio Holdings64

* Portfolio Turnover Rate21%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.5% |
| Money Market Funds | 1.3% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 19.5% |
| Semiconductors & Semiconductor Equipment | 17.9% |
| Interactive Media & Services | 11.5% |
| Technology Hardware, Storage & Peripherals | 8.0% |
| Hotels, Restaurants & Leisure | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie U.S. Growth Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie U.S. 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 | $52 | 1.02%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$479,010,313

* # of Portfolio Holdings64

* Portfolio Turnover Rate21%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.5% |
| Money Market Funds | 1.3% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 19.5% |
| Semiconductors & Semiconductor Equipment | 17.9% |
| Interactive Media & Services | 11.5% |
| Technology Hardware, Storage & Peripherals | 8.0% |
| Hotels, Restaurants & Leisure | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie U.S. REIT Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie U.S. REIT 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 | $41 | 0.83%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$346,186,219

* # of Portfolio Holdings64

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.0% |
| Money Market Funds | 1.5% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| REIT Diversified | 21.7% |
| REIT Apartments | 15.1% |
| REIT Health Care | 14.1% |
| REIT Storage | 10.5% |
| REIT Warehouse/Industry | 9.1% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie U.S. REIT Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie U.S. REIT 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 | 1.13%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$346,186,219

* # of Portfolio Holdings64

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.0% |
| Money Market Funds | 1.5% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| REIT Diversified | 21.7% |
| REIT Apartments | 15.1% |
| REIT Health Care | 14.1% |
| REIT Storage | 10.5% |
| REIT Warehouse/Industry | 9.1% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Wealth Builder Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie Wealth Builder 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 | 0.71%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$120,948,257

* # of Portfolio Holdings538

* Portfolio Turnover Rate35%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 50.8% |
| Corporate Bonds | 17.0% |
| Agency Mortgage-Backed Securities | 13.6% |
| U.S. Treasury Obligations | 7.2% |
| Non-Agency Asset-Backed Securities | 3.2% |
| Short-Term Investments | 3.2% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.1% |
| Agency Collateralized Mortgage Obligations | 0.9% |
| Exchange-Traded Funds | 0.8% |
| Agency Commercial Mortgage-Backed Securities | 0.3% |
| Other | (0.1%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Macquarie Wealth Builder Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Macquarie Wealth Builder 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 | 0.96%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$120,948,257

* # of Portfolio Holdings538

* Portfolio Turnover Rate35%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 50.8% |
| Corporate Bonds | 17.0% |
| Agency Mortgage-Backed Securities | 13.6% |
| U.S. Treasury Obligations | 7.2% |
| Non-Agency Asset-Backed Securities | 3.2% |
| Short-Term Investments | 3.2% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.1% |
| Agency Collateralized Mortgage Obligations | 0.9% |
| Exchange-Traded Funds | 0.8% |
| Agency Commercial Mortgage-Backed Securities | 0.3% |
| Other | (0.1%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Multi-Manager International Equity Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Multi-Manager 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 | $10 | 0.19%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$576,946,926

* # of Portfolio Holdings13

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 95.2% |
| Money Market Funds | 4.3% |
| Other | 0.5% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Multi-Manager International Equity Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Multi-Manager 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 | $23 | 0.44%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$576,946,926

* # of Portfolio Holdings13

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 95.2% |
| Money Market Funds | 4.3% |
| Other | 0.5% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP MFS International Growth Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP MFS International 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 | $43 | 0.80%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,440,644,762

* # of Portfolio Holdings86

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.2% |
| Agency Obligations | 1.4% |
| Money Market Funds | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Chemicals | 8.1% |
| Pharmaceuticals | 7.9% |
| Hotels, Restaurants & Leisure | 7.9% |
| Software | 6.9% |
| Beverages | 4.6% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| France | 15.4% |
| Japan | 11.5% |
| Germany | 10.5% |
| United Kingdom | 9.6% |
| Switzerland | 8.6% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP MFS International Growth Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP MFS International 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 | $56 | 1.05%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,440,644,762

* # of Portfolio Holdings86

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.2% |
| Agency Obligations | 1.4% |
| Money Market Funds | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Chemicals | 8.1% |
| Pharmaceuticals | 7.9% |
| Hotels, Restaurants & Leisure | 7.9% |
| Software | 6.9% |
| Beverages | 4.6% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| France | 15.4% |
| Japan | 11.5% |
| Germany | 10.5% |
| United Kingdom | 9.6% |
| Switzerland | 8.6% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP MFS Value Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP MFS 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 | $32 | 0.62%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,123,079,196

* # of Portfolio Holdings72

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.6% |
| Short-Term Investments | 1.3% |
| Money Market Funds | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 11.8% |
| Banks | 9.4% |
| Aerospace & Defense | 7.9% |
| Capital Markets | 7.7% |
| Health Care Providers & Services | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP MFS Value Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP MFS 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 | $45 | 0.87%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,123,079,196

* # of Portfolio Holdings72

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.6% |
| Short-Term Investments | 1.3% |
| Money Market Funds | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 11.8% |
| Banks | 9.4% |
| Aerospace & Defense | 7.9% |
| Capital Markets | 7.7% |
| Health Care Providers & Services | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Mondrian Global Income Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Mondrian Global 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 |
| Standard Class | $34 | 0.66%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$407,926,268

* # of Portfolio Holdings104

* Portfolio Turnover Rate13%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Sovereign Bonds | 61.1% |
| U.S. Treasury Obligations | 31.9% |
| Supranational Banks | 4.5% |
| Corporate Bonds | 0.9% |
| Money Market Funds | 0.9% |
| Other | 0.7% |

---

### Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| United States | 31.9% |
| United Kingdom | 7.6% |
| New Zealand | 6.2% |
| Japan | 5.3% |
| France | 4.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 32.4% |
| AAA | 21.9% |
| AA | 15.5% |
| A | 7.5% |
| BBB | 5.4% |
| Not Rated | 17.3% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Mondrian Global Income Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Mondrian Global 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 | $47 | 0.91%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$407,926,268

* # of Portfolio Holdings104

* Portfolio Turnover Rate13%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Sovereign Bonds | 61.1% |
| U.S. Treasury Obligations | 31.9% |
| Supranational Banks | 4.5% |
| Corporate Bonds | 0.9% |
| Money Market Funds | 0.9% |
| Other | 0.7% |

---

### Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| United States | 31.9% |
| United Kingdom | 7.6% |
| New Zealand | 6.2% |
| Japan | 5.3% |
| France | 4.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 32.4% |
| AAA | 21.9% |
| AA | 15.5% |
| A | 7.5% |
| BBB | 5.4% |
| Not Rated | 17.3% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Mondrian International Value Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Mondrian International 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 | $41 | 0.75%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,117,810,477

* # of Portfolio Holdings50

* Portfolio Turnover Rate16%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Money Market Funds | 0.3% |
| Other | 0.6% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.8% |
| Pharmaceuticals | 8.5% |
| Electric Utilities | 6.9% |
| Insurance | 6.3% |
| Machinery | 5.5% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 24.9% |
| United Kingdom | 22.5% |
| France | 14.7% |
| Germany | 9.7% |
| Italy | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Mondrian International Value Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Mondrian International 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 | 1.00%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,117,810,477

* # of Portfolio Holdings50

* Portfolio Turnover Rate16%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Money Market Funds | 0.3% |
| Other | 0.6% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.8% |
| Pharmaceuticals | 8.5% |
| Electric Utilities | 6.9% |
| Insurance | 6.3% |
| Machinery | 5.5% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 24.9% |
| United Kingdom | 22.5% |
| France | 14.7% |
| Germany | 9.7% |
| Italy | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Multi-Manager Global Equity Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Multi-Manager 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 | $11 | 0.21%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$97,854,446

* # of Portfolio Holdings15

* Portfolio Turnover Rate8%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 58.1% |
| Equity Funds | 38.4% |
| Money Market Funds | 3.3% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Multi-Manager Global Equity Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Multi-Manager 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 | $29 | 0.56%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$97,854,446

* # of Portfolio Holdings15

* Portfolio Turnover Rate8%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 58.1% |
| Equity Funds | 38.4% |
| Money Market Funds | 3.3% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP PIMCO Low Duration Bond Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP PIMCO Low Duration 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 | $35 | 0.69%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$875,096,189

* # of Portfolio Holdings453

* Portfolio Turnover Rate107%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 36.2% |
| Non-Agency Asset-Backed Securities | 27.5% |
| Agency Collateralized Mortgage Obligations | 17.8% |
| Agency Mortgage-Backed Securities | 14.4% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.0% |
| Short-Term Investments | 3.0% |
| Non-Agency Collateralized Mortgage Obligations | 2.8% |
| Sovereign Bonds | 2.1% |
| Municipal Bonds | 1.8% |
| U.S. Treasury Obligations | 1.4% |
| Other | (11.0%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 13.7% |
| Electric | 3.7% |
| Auto Manufacturers | 2.7% |
| Insurance | 2.2% |
| Pharmaceuticals | 1.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 15.2% |
| AAA | 32.5% |
| AA | 3.6% |
| A | 16.7% |
| BBB | 12.9% |
| BB | 1.5% |
| Not Rated | 17.6% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP PIMCO Low Duration Bond Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP PIMCO Low Duration 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 | $47 | 0.94%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$875,096,189

* # of Portfolio Holdings453

* Portfolio Turnover Rate107%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 36.2% |
| Non-Agency Asset-Backed Securities | 27.5% |
| Agency Collateralized Mortgage Obligations | 17.8% |
| Agency Mortgage-Backed Securities | 14.4% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.0% |
| Short-Term Investments | 3.0% |
| Non-Agency Collateralized Mortgage Obligations | 2.8% |
| Sovereign Bonds | 2.1% |
| Municipal Bonds | 1.8% |
| U.S. Treasury Obligations | 1.4% |
| Other | (11.0%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 13.7% |
| Electric | 3.7% |
| Auto Manufacturers | 2.7% |
| Insurance | 2.2% |
| Pharmaceuticals | 1.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 15.2% |
| AAA | 32.5% |
| AA | 3.6% |
| A | 16.7% |
| BBB | 12.9% |
| BB | 1.5% |
| Not Rated | 17.6% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Conservative Index Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Conservative Index 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 | $10 | 0.20%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$145,796,586

* # of Portfolio Holdings8

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 59.7% |
| Equity Funds | 22.2% |
| International Equity Funds | 18.1% |
| Money Market Funds | 0.0% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Conservative Index Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Conservative Index 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 | $23 | 0.45%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$145,796,586

* # of Portfolio Holdings8

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 59.7% |
| Equity Funds | 22.2% |
| International Equity Funds | 18.1% |
| Money Market Funds | 0.0% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Moderate Index Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Moderate Index 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 | $11 | 0.21%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$661,670,399

* # of Portfolio Holdings7

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 39.7% |
| Equity Funds | 34.2% |
| International Equity Funds | 26.1% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Moderate Index Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Moderate Index 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 | $24 | 0.46%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$661,670,399

* # of Portfolio Holdings7

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 39.7% |
| Equity Funds | 34.2% |
| International Equity Funds | 26.1% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Moderately Aggressive Index Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Moderately Aggressive Index 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 | $11 | 0.21%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$648,778,690

* # of Portfolio Holdings8

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| International Equity Funds | 32.1% |
| Fixed Income Funds | 29.7% |
| Money Market Funds | 0.0% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Moderately Aggressive Index Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Moderately Aggressive Index 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 | $24 | 0.46%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$648,778,690

* # of Portfolio Holdings8

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| International Equity Funds | 32.1% |
| Fixed Income Funds | 29.7% |
| Money Market Funds | 0.0% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Conservative Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Structured Conservative 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 | $13 | 0.25%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$135,187,588

* # of Portfolio Holdings6

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 59.7% |
| Equity Funds | 22.2% |
| International Equity Funds | 18.2% |
| Other | (0.1%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Conservative Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Structured Conservative 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 | $26 | 0.50%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$135,187,588

* # of Portfolio Holdings6

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 59.7% |
| Equity Funds | 22.2% |
| International Equity Funds | 18.2% |
| Other | (0.1%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Moderate Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Structured Moderate 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 | $11 | 0.21%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$704,711,450

* # of Portfolio Holdings6

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 39.6% |
| Equity Funds | 34.2% |
| International Equity Funds | 26.2% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Moderate Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Structured Moderate 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 | $24 | 0.46%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$704,711,450

* # of Portfolio Holdings6

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 39.6% |
| Equity Funds | 34.2% |
| International Equity Funds | 26.2% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Moderately Aggressive Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Structured Moderately Aggressive 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 | $11 | 0.21%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$468,361,573

* # of Portfolio Holdings6

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| International Equity Funds | 32.1% |
| Fixed Income Funds | 29.7% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Moderately Aggressive Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Structured Moderately Aggressive 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 | $24 | 0.46%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$468,361,573

* # of Portfolio Holdings6

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| International Equity Funds | 32.1% |
| Fixed Income Funds | 29.7% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Bond Index Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Bond Index 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 | 0.37%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,559,073,189

* # of Portfolio Holdings5,495

* Portfolio Turnover Rate20%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 44.9% |
| Agency Mortgage-Backed Securities | 24.4% |
| Corporate Bonds | 24.1% |
| Money Market Funds | 1.9% |
| Supranational Banks | 1.3% |
| Sovereign Bonds | 1.3% |
| Agency Commercial Mortgage-Backed Securities | 0.8% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.7% |
| Agency Obligations | 0.6% |
| Municipal Bonds | 0.4% |
| Other | (0.4%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 5.5% |
| Electric | 2.1% |
| Pharmaceuticals | 1.2% |
| Telecommunications | 1.0% |
| Pipelines | 0.9% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 71.3% |
| AAA | 3.2% |
| AA | 4.4% |
| A | 11.1% |
| BBB | 9.9% |
| BB | 0.0% |
| Not Rated | 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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Bond Index Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Bond Index 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 | 0.62%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,559,073,189

* # of Portfolio Holdings5,495

* Portfolio Turnover Rate20%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 44.9% |
| Agency Mortgage-Backed Securities | 24.4% |
| Corporate Bonds | 24.1% |
| Money Market Funds | 1.9% |
| Supranational Banks | 1.3% |
| Sovereign Bonds | 1.3% |
| Agency Commercial Mortgage-Backed Securities | 0.8% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.7% |
| Agency Obligations | 0.6% |
| Municipal Bonds | 0.4% |
| Other | (0.4%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 5.5% |
| Electric | 2.1% |
| Pharmaceuticals | 1.2% |
| Telecommunications | 1.0% |
| Pipelines | 0.9% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 71.3% |
| AAA | 3.2% |
| AA | 4.4% |
| A | 11.1% |
| BBB | 9.9% |
| BB | 0.0% |
| Not Rated | 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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Emerging Markets Equity Index Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Emerging Markets Equity Index 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 | $27 | 0.50%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$250,317,532

* # of Portfolio Holdings1,151

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.3% |
| Money Market Funds | 3.8% |
| Preferred Stocks | 1.6% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 16.9% |
| Semiconductors & Semiconductor Equipment | 13.3% |
| Interactive Media & Services | 5.8% |
| Technology Hardware, Storage & Peripherals | 5.2% |
| Broadline Retail | 4.8% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| China | 23.7% |
| Taiwan | 18.6% |
| India | 17.8% |
| Republic Of Korea | 10.5% |
| Brazil | 4.4% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Emerging Markets Equity Index Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Emerging Markets Equity Index 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 | $40 | 0.75%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$250,317,532

* # of Portfolio Holdings1,151

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.3% |
| Money Market Funds | 3.8% |
| Preferred Stocks | 1.6% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 16.9% |
| Semiconductors & Semiconductor Equipment | 13.3% |
| Interactive Media & Services | 5.8% |
| Technology Hardware, Storage & Peripherals | 5.2% |
| Broadline Retail | 4.8% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| China | 23.7% |
| Taiwan | 18.6% |
| India | 17.8% |
| Republic Of Korea | 10.5% |
| Brazil | 4.4% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Global Tactical Allocation Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Global Tactical Allocation 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 | $19 | 0.37%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$599,681,764

* # of Portfolio Holdings35

* Portfolio Turnover Rate60%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 38.8% |
| Fixed Income Funds | 37.8% |
| International Equity Funds | 17.2% |
| Money Market Funds | 6.1% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Global Tactical Allocation Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Global Tactical Allocation 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 | $32 | 0.62%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$599,681,764

* # of Portfolio Holdings35

* Portfolio Turnover Rate60%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 38.8% |
| Fixed Income Funds | 37.8% |
| International Equity Funds | 17.2% |
| Money Market Funds | 6.1% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA International Index Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA International Index 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 | $21 | 0.38%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,486,572,225

* # of Portfolio Holdings701

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.2% |
| Money Market Funds | 0.8% |
| Preferred Stocks | 0.3% |
| Convertible Preferred Stocks | 0.0% |
| Other | 0.7% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 13.2% |
| Pharmaceuticals | 7.8% |
| Insurance | 5.9% |
| Aerospace & Defense | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.3% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 21.2% |
| United Kingdom | 13.7% |
| France | 10.7% |
| Germany | 10.2% |
| Switzerland | 9.7% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA International Index Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA International Index 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 | 0.63%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,486,572,225

* # of Portfolio Holdings701

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.2% |
| Money Market Funds | 0.8% |
| Preferred Stocks | 0.3% |
| Convertible Preferred Stocks | 0.0% |
| Other | 0.7% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 13.2% |
| Pharmaceuticals | 7.8% |
| Insurance | 5.9% |
| Aerospace & Defense | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.3% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 21.2% |
| United Kingdom | 13.7% |
| France | 10.7% |
| Germany | 10.2% |
| Switzerland | 9.7% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA International Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA International 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 | $13 | 0.25%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$279,560,626

* # of Portfolio Holdings10

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 95.3% |
| Money Market Funds | 4.3% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA International Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA International 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 | $27 | 0.50%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$279,560,626

* # of Portfolio Holdings10

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 95.3% |
| Money Market Funds | 4.3% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Large Cap Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA 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 | $12 | 0.25%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$882,412,711

* # of Portfolio Holdings3

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.1% |
| Money Market Funds | 3.7% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Large Cap Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA 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 | $25 | 0.50%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$882,412,711

* # of Portfolio Holdings3

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.1% |
| Money Market Funds | 3.7% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Mid-Cap Index Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Mid-Cap Index 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 | 0.35%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$921,805,969

* # of Portfolio Holdings403

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.9% |
| Money Market Funds | 1.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 6.6% |
| Machinery | 5.2% |
| Insurance | 4.5% |
| Capital Markets | 3.8% |
| Specialty Retail | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Mid-Cap Index Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Mid-Cap Index 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 | 0.60%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$921,805,969

* # of Portfolio Holdings403

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.9% |
| Money Market Funds | 1.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 6.6% |
| Machinery | 5.2% |
| Insurance | 4.5% |
| Capital Markets | 3.8% |
| Specialty Retail | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Nasdaq-100 Index Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Nasdaq-100 Index 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 | $23 | 0.45%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$135,780,059

* # of Portfolio Holdings103

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.4% |
| Money Market Funds | 0.6% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 23.7% |
| Software | 18.9% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Broadline Retail | 6.7% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Nasdaq-100 Index Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Nasdaq-100 Index 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 | 0.70%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$135,780,059

* # of Portfolio Holdings103

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.4% |
| Money Market Funds | 0.6% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 23.7% |
| Software | 18.9% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Broadline Retail | 6.7% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA S&P 500 Index Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA S&P 500 Index 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 | 0.23%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$11,645,896,508

* # of Portfolio Holdings506

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.6% |
| Money Market Funds | 0.4% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.7% |
| Software | 11.4% |
| Interactive Media & Services | 6.6% |
| Technology Hardware, Storage & Peripherals | 6.2% |
| Financial Services | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA S&P 500 Index Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA S&P 500 Index 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 | $25 | 0.48%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$11,645,896,508

* # of Portfolio Holdings506

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.6% |
| Money Market Funds | 0.4% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.7% |
| Software | 11.4% |
| Interactive Media & Services | 6.6% |
| Technology Hardware, Storage & Peripherals | 6.2% |
| Financial Services | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Short-Term Bond Index Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Short-Term Bond Index 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$292,094,721

* # of Portfolio Holdings943

* Portfolio Turnover Rate26%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 98.4% |
| Money Market Funds | 3.2% |
| Other | (1.6%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 35.1% |
| Electric | 5.4% |
| Diversified Financial Services | 4.6% |
| Auto Manufacturers | 4.3% |
| Real Estate Investment Trusts | 4.1% |

---

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

---

| | |
|:---|:---|
| AAA | 2.2% |
| AA | 19.5% |
| A | 44.5% |
| BBB | 33.7% |
| BB | 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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Short-Term Bond Index Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Short-Term Bond Index 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$292,094,721

* # of Portfolio Holdings943

* Portfolio Turnover Rate26%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 98.4% |
| Money Market Funds | 3.2% |
| Other | (1.6%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 35.1% |
| Electric | 5.4% |
| Diversified Financial Services | 4.6% |
| Auto Manufacturers | 4.3% |
| Real Estate Investment Trusts | 4.1% |

---

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

---

| | |
|:---|:---|
| AAA | 2.2% |
| AA | 19.5% |
| A | 44.5% |
| BBB | 33.7% |
| BB | 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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Small-Cap Index Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Small-Cap Index 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$1,962,100,782

* # of Portfolio Holdings1,982

* Portfolio Turnover Rate12%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Money Market Funds | 0.7% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.4% |
| Biotechnology | 7.2% |
| Software | 6.4% |
| Machinery | 3.8% |
| Electronic Equipment, Instruments & Components | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Small-Cap Index Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA Small-Cap Index 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$1,962,100,782

* # of Portfolio Holdings1,982

* Portfolio Turnover Rate12%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Money Market Funds | 0.7% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.4% |
| Biotechnology | 7.2% |
| Software | 6.4% |
| Machinery | 3.8% |
| Electronic Equipment, Instruments & Components | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA SMID Cap Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA SMID 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 | $12 | 0.25%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$600,766,840

* # of Portfolio Holdings5

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.6% |
| Money Market Funds | 2.8% |
| Other | 0.6% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA SMID Cap Managed Volatility Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP SSGA SMID 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 | $24 | 0.50%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$600,766,840

* # of Portfolio Holdings5

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.6% |
| Money Market Funds | 2.8% |
| Other | 0.6% |

---

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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price Structured Mid-Cap Growth Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price Structured Mid-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 | $38 | 0.72%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,374,688,143

* # of Portfolio Holdings272

* Portfolio Turnover Rate36%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.0% |
| Convertible Preferred Stocks | 0.9% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 10.6% |
| Software | 10.2% |
| Capital Markets | 6.5% |
| Aerospace & Defense | 6.4% |
| Specialty Retail | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price Structured Mid-Cap Growth Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price Structured Mid-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 | $51 | 0.97%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,374,688,143

* # of Portfolio Holdings272

* Portfolio Turnover Rate36%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.0% |
| Convertible Preferred Stocks | 0.9% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 10.6% |
| Software | 10.2% |
| Capital Markets | 6.5% |
| Aerospace & Defense | 6.4% |
| Specialty Retail | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2020 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2020 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$96,574,197

* # of Portfolio Holdings24

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 39.6% |
| Equity Funds | 38.8% |
| International Equity Funds | 12.1% |
| International Fixed Income Funds | 7.0% |
| Money Market Funds | 2.5% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2020 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2020 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 | $25 | 0.49%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$96,574,197

* # of Portfolio Holdings24

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 39.6% |
| Equity Funds | 38.8% |
| International Equity Funds | 12.1% |
| International Fixed Income Funds | 7.0% |
| Money Market Funds | 2.5% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2030 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2030 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 | $13 | 0.25%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$213,395,105

* # of Portfolio Holdings24

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 48.7% |
| Fixed Income Funds | 26.8% |
| International Equity Funds | 16.4% |
| International Fixed Income Funds | 5.2% |
| Money Market Funds | 3.1% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2030 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2030 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$213,395,105

* # of Portfolio Holdings24

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 48.7% |
| Fixed Income Funds | 26.8% |
| International Equity Funds | 16.4% |
| International Fixed Income Funds | 5.2% |
| Money Market Funds | 3.1% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2040 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2040 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 | $13 | 0.26%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$183,797,395

* # of Portfolio Holdings22

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 63.8% |
| International Equity Funds | 23.1% |
| Fixed Income Funds | 8.7% |
| Money Market Funds | 2.8% |
| International Fixed Income Funds | 1.7% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2040 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2040 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 | 0.51%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$183,797,395

* # of Portfolio Holdings22

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 63.8% |
| International Equity Funds | 23.1% |
| Fixed Income Funds | 8.7% |
| Money Market Funds | 2.8% |
| International Fixed Income Funds | 1.7% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2050 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2050 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$101,267,824

* # of Portfolio Holdings20

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 71.0% |
| International Equity Funds | 25.7% |
| Money Market Funds | 2.3% |
| Fixed Income Funds | 0.9% |
| International Fixed Income Funds | 0.1% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2050 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2050 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 | 0.52%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$101,267,824

* # of Portfolio Holdings20

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 71.0% |
| International Equity Funds | 25.7% |
| Money Market Funds | 2.3% |
| Fixed Income Funds | 0.9% |
| International Fixed Income Funds | 0.1% |
| Other | 0.0% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2060 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2060 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$37,399,695

* # of Portfolio Holdings20

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 71.6% |
| International Equity Funds | 25.8% |
| Money Market Funds | 1.7% |
| Fixed Income Funds | 0.7% |
| International Fixed Income Funds | 0.1% |
| Other | 0.1% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2060 Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP T. Rowe Price 2060 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 | 0.52%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$37,399,695

* # of Portfolio Holdings20

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 71.6% |
| International Equity Funds | 25.8% |
| Money Market Funds | 1.7% |
| Fixed Income Funds | 0.7% |
| International Fixed Income Funds | 0.1% |
| Other | 0.1% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP U.S. Growth Allocation Managed Risk Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP U.S. 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$1,903,928,266

* # of Portfolio Holdings22

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 68.8% |
| Fixed Income Funds | 28.0% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP U.S. Growth Allocation Managed Risk Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP U.S. 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 | $27 | 0.54%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,903,928,266

* # of Portfolio Holdings22

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 68.8% |
| Fixed Income Funds | 28.0% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard Bond Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Vanguard Bond 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$1,367,845,442

* # of Portfolio Holdings7

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 99.8% |
| Money Market Funds | 0.2% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard Bond Allocation Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Vanguard Bond 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 | $28 | 0.55%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,367,845,442

* # of Portfolio Holdings7

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 99.8% |
| Money Market Funds | 0.2% |
| 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard Domestic Equity ETF Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Vanguard Domestic Equity ETF 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 | $13 | 0.26%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,269,847,858

* # of Portfolio Holdings8

* Portfolio Turnover Rate3%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 99.9% |
| Money Market Funds | 0.0% |
| Other | 0.1% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard Domestic Equity ETF Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Vanguard Domestic Equity ETF 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 | 0.51%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,269,847,858

* # of Portfolio Holdings8

* Portfolio Turnover Rate3%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 99.9% |
| Money Market Funds | 0.0% |
| Other | 0.1% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard International Equity ETF Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Vanguard International Equity ETF 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 | 0.26%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$744,081,976

* # of Portfolio Holdings6

* Portfolio Turnover Rate21%

## 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard International Equity ETF Fund
![Image](i25c97e6c94ce380dcd11ea37.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Vanguard International Equity ETF 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 | 0.51%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$744,081,976

* # of Portfolio Holdings6

* Portfolio Turnover Rate21%

## 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Wellington SMID Cap Value Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Wellington SMID 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 | $39 | 0.80%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$376,366,679

* # of Portfolio Holdings89

* Portfolio Turnover Rate110%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.9% |
| Money Market Funds | 0.9% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.3% |
| Machinery | 7.3% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Specialty Retail | 4.4% |
| Aerospace & Defense | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Wellington SMID Cap Value Fund
![Image](i6f21b7da303f2a8df50cf889.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Wellington SMID 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 | 1.05%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$376,366,679

* # of Portfolio Holdings89

* Portfolio Turnover Rate110%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.9% |
| Money Market Funds | 0.9% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.3% |
| Machinery | 7.3% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Specialty Retail | 4.4% |
| Aerospace & Defense | 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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Western Asset Core Bond Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Western Asset 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 | $28 | 0.55%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$499,298,917

* # of Portfolio Holdings1,416

* Portfolio Turnover Rate38%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Agency Mortgage-Backed Securities | 29.2% |
| Corporate Bonds | 29.0% |
| U.S. Treasury Obligations | 16.6% |
| Non-Agency Asset-Backed Securities | 9.4% |
| Agency Collateralized Mortgage Obligations | 4.4% |
| Non-Agency Collateralized Mortgage Obligations | 4.4% |
| Money Market Funds | 3.3% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.7% |
| Sovereign Bonds | 0.9% |
| Agency Commercial Mortgage-Backed Securities | 0.5% |
| Other | (0.4%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Oil & Gas | 2.4% |
| Pipelines | 2.0% |
| Telecommunications | 2.0% |
| Pharmaceuticals | 1.5% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 47.8% |
| AAA | 13.8% |
| AA | 5.7% |
| A | 14.6% |
| BBB | 14.6% |
| BB | 0.2% |
| B | 0.1% |
| Not Rated | 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.

<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](i8d778370f2e935a83286c462.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Western Asset Core Bond Fund
![Image](i2af4971ecba95b1b6decbb7e.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Western Asset 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 | $41 | 0.80%<sup>Footnote Reference^</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$499,298,917

* # of Portfolio Holdings1,416

* Portfolio Turnover Rate38%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Agency Mortgage-Backed Securities | 29.2% |
| Corporate Bonds | 29.0% |
| U.S. Treasury Obligations | 16.6% |
| Non-Agency Asset-Backed Securities | 9.4% |
| Agency Collateralized Mortgage Obligations | 4.4% |
| Non-Agency Collateralized Mortgage Obligations | 4.4% |
| Money Market Funds | 3.3% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.7% |
| Sovereign Bonds | 0.9% |
| Agency Commercial Mortgage-Backed Securities | 0.5% |
| Other | (0.4%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Oil & Gas | 2.4% |
| Pipelines | 2.0% |
| Telecommunications | 2.0% |
| Pharmaceuticals | 1.5% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 47.8% |
| AAA | 13.8% |
| AA | 5.7% |
| A | 14.6% |
| BBB | 14.6% |
| BB | 0.2% |
| B | 0.1% |
| Not Rated | 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.

<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](i8d778370f2e935a83286c462.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.

![](imgf39fa5fb1.jpg)

LVIP JPMorgan Mid Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP JPMorgan Mid Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_92686572-08bc-4471-9af0-16b4759302cb_SOI-continued-633_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_92686572-08bc-4471-9af0-16b4759302cb_FS-continued-633_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_92686572-08bc-4471-9af0-16b4759302cb_FS-continued-633_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_92686572-08bc-4471-9af0-16b4759302cb_FIHI-continued-633_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_92686572-08bc-4471-9af0-16b4759302cb_NTF-continued-633_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP JPMorgan 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–97.90%** | **COMMON STOCK–97.90%** | **COMMON STOCK–97.90%** |
| **Aerospace & Defense–0.82%** | **Aerospace & Defense–0.82%** | **Aerospace & Defense–0.82%** |
| Woodward, Inc. | 9730 | $2384726 |
|  |  | **2384726** |
| **Banks–4.73%** | **Banks–4.73%** | **Banks–4.73%** |
| Columbia Banking System, <br> Inc.<br>| 52058 | 1217116 |
| Fifth Third Bancorp | 78074 | 3211184 |
| First Citizens BancShares, <br> Inc. Class A<br>| 1922 | 3760335 |
| M&T Bank Corp. | 17656 | 3425088 |
| Regions Financial Corp. | 88254 | 2075734 |
|  |  | **13689457** |
| **Beverages–1.59%** | **Beverages–1.59%** | **Beverages–1.59%** |
| Constellation Brands, Inc. <br> Class A<br>| 9636 | 1567585 |
| Keurig Dr. Pepper, Inc. | 91820 | 3035569 |
|  |  | **4603154** |
| **Building Products–1.12%** | **Building Products–1.12%** | **Building Products–1.12%** |
| Carlisle Cos., Inc. | 8649 | 3229537 |
|  |  | **3229537** |
| **Capital Markets–5.96%** | **Capital Markets–5.96%** | **Capital Markets–5.96%** |
| Ameriprise Financial, Inc. | 9063 | 4837195 |
| Blue Owl Capital, Inc. | 88322 | 1696666 |
| Northern Trust Corp. | 9309 | 1180288 |
| Raymond James Financial, <br> Inc.<br>| 30282 | 4644350 |
| State Street Corp. | 45981 | 4889620 |
|  |  | **17248119** |
| **Chemicals–0.97%** | **Chemicals–0.97%** | **Chemicals–0.97%** |
| RPM International, Inc. | 25659 | 2818385 |
|  |  | **2818385** |
| **Commercial Services & Supplies–1.09%** | **Commercial Services & Supplies–1.09%** | **Commercial Services & Supplies–1.09%** |
| Veralto Corp. | 31252 | 3154889 |
|  |  | **3154889** |
| **Construction Materials–1.18%** | **Construction Materials–1.18%** | **Construction Materials–1.18%** |
| Martin Marietta Materials, <br> Inc.<br>| 6200 | 3403552 |
|  |  | **3403552** |
| **Consumer Staples Distribution & Retail–1.49%** | **Consumer Staples Distribution & Retail–1.49%** | **Consumer Staples Distribution & Retail–1.49%** |
| Kroger Co. | 43408 | 3113656 |
| †U.S. Foods Holding Corp. | 15508 | 1194271 |
|  |  | **4307927** |
| **Containers & Packaging–3.74%** | **Containers & Packaging–3.74%** | **Containers & Packaging–3.74%** |
| Ball Corp. | 48051 | 2695181 |
| Graphic Packaging Holding <br> Co.<br>| 59733 | 1258574 |
| International Paper Co. | 53632 | 2511586 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Packaging Corp. of America | 9200 | $1733740 |
| Silgan Holdings, Inc. | 48359 | 2620091 |
|  |  | **10819172** |
| **Distributors–1.14%** | **Distributors–1.14%** | **Distributors–1.14%** |
| Genuine Parts Co. | 27151 | 3293688 |
|  |  | **3293688** |
| **Electric Utilities–2.06%** | **Electric Utilities–2.06%** | **Electric Utilities–2.06%** |
| PG&E Corp. | 132437 | 1846172 |
| Xcel Energy, Inc. | 60567 | 4124612 |
|  |  | **5970784** |
| **Electrical Equipment–3.92%** | **Electrical Equipment–3.92%** | **Electrical Equipment–3.92%** |
| Acuity, Inc. | 10749 | 3206857 |
| AMETEK, Inc. | 23465 | 4246226 |
| Hubbell, Inc. | 9489 | 3875403 |
|  |  | **11328486** |
| **Electronic Equipment, Instruments & Components–5.89%** | **Electronic Equipment, Instruments & Components–5.89%** | **Electronic Equipment, Instruments & Components–5.89%** |
| CDW Corp. | 14648 | 2615986 |
| Jabil, Inc. | 13581 | 2962016 |
| TD SYNNEX Corp. | 30870 | 4189059 |
| †Teledyne Technologies, Inc. | 7382 | 3781873 |
| †Zebra Technologies Corp. <br> Class A<br>| 11362 | 3503586 |
|  |  | **17052520** |
| **Energy Equipment & Services–0.93%** | **Energy Equipment & Services–0.93%** | **Energy Equipment & Services–0.93%** |
| Baker Hughes Co. | 69907 | 2680234 |
|  |  | **2680234** |
| **Entertainment–0.67%** | **Entertainment–0.67%** | **Entertainment–0.67%** |
| Warner Music Group Corp. <br> Class A<br>| 71662 | 1952073 |
|  |  | **1952073** |
| **Financial Services–3.52%** | **Financial Services–3.52%** | **Financial Services–3.52%** |
| Fidelity National Information <br> Services, Inc.<br>| 70782 | 5762363 |
| MGIC Investment Corp. | 159259 | 4433770 |
|  |  | **10196133** |
| **Food Products–2.48%** | **Food Products–2.48%** | **Food Products–2.48%** |
| General Mills, Inc. | 53594 | 2776705 |
| Hershey Co. | 10753 | 1784460 |
| †Post Holdings, Inc. | 23924 | 2608434 |
|  |  | **7169599** |
| **Ground Transportation–0.98%** | **Ground Transportation–0.98%** | **Ground Transportation–0.98%** |
| JB Hunt Transport Services, <br> Inc.<br>| 19744 | 2835238 |
|  |  | **2835238** |

---

LVIP JPMorgan Mid Cap Value Fund-1

------

**LVIP JPMorgan Mid Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies–1.99%** | **Health Care Equipment & Supplies–1.99%** | **Health Care Equipment & Supplies–1.99%** |
| GE HealthCare Technologies, <br> Inc.<br>| 40600 | $3007242 |
| †Globus Medical, Inc. Class A | 46670 | 2754463 |
|  |  | **5761705** |
| **Health Care Providers & Services–4.82%** | **Health Care Providers & Services–4.82%** | **Health Care Providers & Services–4.82%** |
| Cencora, Inc. | 12809 | 3840779 |
| †Henry Schein, Inc. | 50747 | 3707068 |
| Humana, Inc. | 7383 | 1804996 |
| Quest Diagnostics, Inc. | 25622 | 4602480 |
|  |  | **13955323** |
| **Health Care REITs–0.79%** | **Health Care REITs–0.79%** | **Health Care REITs–0.79%** |
| Healthpeak Properties, Inc. | 74355 | 1301956 |
| Ventas, Inc. | 15725 | 993034 |
|  |  | **2294990** |
| **Hotel & Resort REITs–0.98%** | **Hotel & Resort REITs–0.98%** | **Hotel & Resort REITs–0.98%** |
| Host Hotels & Resorts, Inc. | 183937 | 2825272 |
|  |  | **2825272** |
| **Hotels, Restaurants & Leisure–1.70%** | **Hotels, Restaurants & Leisure–1.70%** | **Hotels, Restaurants & Leisure–1.70%** |
| Darden Restaurants, Inc. | 12460 | 2715906 |
| Expedia Group, Inc. | 13073 | 2205154 |
|  |  | **4921060** |
| **Household Durables–0.91%** | **Household Durables–0.91%** | **Household Durables–0.91%** |
| †Mohawk Industries, Inc. | 25010 | 2622048 |
|  |  | **2622048** |
| **Insurance–6.61%** | **Insurance–6.61%** | **Insurance–6.61%** |
| Arch Capital Group Ltd. | 51149 | 4657116 |
| Hartford Insurance Group, <br> Inc.<br>| 37557 | 4764857 |
| Loews Corp. | 60531 | 5548272 |
| W.R. Berkley Corp. | 56566 | 4155904 |
|  |  | **19126149** |
| **Interactive Media & Services–0.81%** | **Interactive Media & Services–0.81%** | **Interactive Media & Services–0.81%** |
| †IAC, Inc. | 62967 | 2351188 |
|  |  | **2351188** |
| **IT Services–0.85%** | **IT Services–0.85%** | **IT Services–0.85%** |
| †GoDaddy, Inc. Class A | 13722 | 2470783 |
|  |  | **2470783** |
| **Life Sciences Tools & Services–1.07%** | **Life Sciences Tools & Services–1.07%** | **Life Sciences Tools & Services–1.07%** |
| †IQVIA Holdings, Inc. | 19555 | 3081672 |
|  |  | **3081672** |
| **Machinery–6.08%** | **Machinery–6.08%** | **Machinery–6.08%** |
| Dover Corp. | 22881 | 4192486 |
| Ingersoll Rand, Inc. | 43769 | 3640705 |
| ITT, Inc. | 24448 | 3834180 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Lincoln Electric Holdings, <br> Inc.<br>| 16681 | $3458305 |
| †Middleby Corp. | 17031 | 2452464 |
|  |  | **17578140** |
| **Media–0.60%** | **Media–0.60%** | **Media–0.60%** |
| Omnicom Group, Inc. | 24308 | 1748718 |
|  |  | **1748718** |
| **Metals & Mining–0.58%** | **Metals & Mining–0.58%** | **Metals & Mining–0.58%** |
| Freeport-McMoRan, Inc. | 38744 | 1679552 |
|  |  | **1679552** |
| **Multi-Utilities–4.95%** | **Multi-Utilities–4.95%** | **Multi-Utilities–4.95%** |
| CMS Energy Corp. | 61596 | 4267371 |
| NiSource, Inc. | 86660 | 3495864 |
| Sempra | 13242 | 1003346 |
| WEC Energy Group, Inc. | 53294 | 5553235 |
|  |  | **14319816** |
| **Oil, Gas & Consumable Fuels–5.25%** | **Oil, Gas & Consumable Fuels–5.25%** | **Oil, Gas & Consumable Fuels–5.25%** |
| Cheniere Energy, Inc. | 10475 | 2550872 |
| Coterra Energy, Inc. | 127482 | 3235493 |
| Diamondback Energy, Inc. | 26654 | 3662260 |
| Marathon Petroleum Corp. | 17241 | 2863903 |
| Williams Cos., Inc. | 45940 | 2885491 |
|  |  | **15198019** |
| **Pharmaceuticals–0.78%** | **Pharmaceuticals–0.78%** | **Pharmaceuticals–0.78%** |
| †Jazz Pharmaceuticals PLC | 21192 | 2248895 |
|  |  | **2248895** |
| **Professional Services–1.74%** | **Professional Services–1.74%** | **Professional Services–1.74%** |
| †Parsons Corp. | 37531 | 2693600 |
| UL Solutions, Inc. Class A | 31982 | 2330208 |
|  |  | **5023808** |
| **Residential REITs–2.36%** | **Residential REITs–2.36%** | **Residential REITs–2.36%** |
| American Homes 4 Rent <br> Class A<br>| 82821 | 2987354 |
| AvalonBay Communities, Inc. | 15332 | 3120062 |
| Mid-America Apartment <br> Communities, Inc.<br>| 4777 | 707044 |
|  |  | **6814460** |
| **Retail REITs–2.09%** | **Retail REITs–2.09%** | **Retail REITs–2.09%** |
| Regency Centers Corp. | 46082 | 3282421 |
| Simon Property Group, Inc. | 17107 | 2750121 |
|  |  | **6032542** |
| **Semiconductors & Semiconductor Equipment–0.97%** | **Semiconductors & Semiconductor Equipment–0.97%** | **Semiconductors & Semiconductor Equipment–0.97%** |
| †ON Semiconductor Corp. | 53315 | 2794239 |
|  |  | **2794239** |

---

LVIP JPMorgan Mid Cap Value Fund-2

------

**LVIP JPMorgan Mid Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software–0.27%** | **Software–0.27%** | **Software–0.27%** |
| †Zoom Communications, Inc. <br> Class A<br>| 10110 | $788378 |
|  |  | **788378** |
| **Specialized REITs–2.89%** | **Specialized REITs–2.89%** | **Specialized REITs–2.89%** |
| Public Storage | 9211 | 2702692 |
| SBA Communications Corp. | 11265 | 2645472 |
| Weyerhaeuser Co. | 117223 | 3011459 |
|  |  | **8359623** |
| **Specialty Retail–3.42%** | **Specialty Retail–3.42%** | **Specialty Retail–3.42%** |
| †AutoZone, Inc. | 834 | 3096000 |
| Bath & Body Works, Inc. | 69919 | 2094773 |
| Best Buy Co., Inc. | 32363 | 2172528 |
| Ross Stores, Inc. | 19894 | 2538077 |
|  |  | **9901378** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods–1.11%** | **Textiles, Apparel & Luxury Goods–1.11%** | **Textiles, Apparel & Luxury Goods–1.11%** |
| Ralph Lauren Corp. | 11704 | $3210173 |
|  |  | **3210173** |
| **Total Common Stock** <br>**(Cost $182,732,665)** | **Total Common Stock** <br>**(Cost $182,732,665)** | **283245604** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–2.05%** | **MONEY MARKET FUND–2.05%** | **MONEY MARKET FUND–2.05%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 5926476 | 5926476 |
| **Total Money Market Fund** <br>**(Cost $5,926,476)** | **Total Money Market Fund** <br>**(Cost $5,926,476)** | **5926476** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.95% (Cost $188,659,141)** | **289172080** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.05%** | **131235** |
| **NET ASSETS APPLICABLE TO 29,552,856 SHARES OUTSTANDING–100.00%** | **$289303315** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN MID CAP VALUE FUND STANDARD CLASS** <br>**($255,945,108 / 26,132,657 Shares)** | **$9.794** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN MID CAP VALUE FUND SERVICE CLASS** <br>**($33,358,207 / 3,420,199 Shares)** | **$9.753** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$137301326** |
| Distributable earnings/(accumulated loss) | **152001989** |
| **TOTAL NET ASSETS** | **$289303315** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $464,183 payable for fund shares redeemed, $6,693 other accrued expenses payable, $164,757 due to manager and affiliates, <br> $28,079 due to custodian, $14,072 payable for audit fee and $12,461 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 JPMorgan Mid Cap Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Mid Cap Value Fund** | **LVIP JPMorgan Mid Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $2665823 |
| **EXPENSES:** |  |
| Management fees | 914701 |
| Shareholder servicing fees | 40810 |
| Distribution fees-Service Class | 34325 |
| Accounting and administration expenses | 33846 |
| Professional fees | 22421 |
| Reports and statements to shareholders | 4530 |
| Trustees' fees and expenses | 4348 |
| Custodian fees | 2911 |
| Consulting fees | 2332 |
| Pricing fees | 405 |
| Other | 7100 |
| Total operating expenses | 1067729 |
| **NET INVESTMENT INCOME**  | 1598094 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 20781316 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (20777527)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 3789 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $1601883 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Mid Cap Value Fund** | **LVIP JPMorgan Mid Cap Value Fund** | **LVIP JPMorgan Mid Cap Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $1598094 | $3113730 |
| Net realized gain | 20781316 | 33383866 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (20777527)<br>| 2984790 |
| Net increase in net assets resulting <br> from operations<br>| 1601883 | 39482386 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (48235147)<br>|
| Service Class |  | (2469442)<br>|
|  |  | (50704589)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 16297154 | 38370649 |
| Service Class | 12662049 | 17614095 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 48235147 |
| Service Class |  | 2469442 |
|  | 28959203 | 106689333 |
| Cost of shares redeemed: |  |  |
| Standard Class | (32706932)<br>| (80682534)<br>|
| Service Class | (1303277)<br>| (1424307)<br>|
|  | (34010209)<br>| (82106841)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (5051006)<br>| 24582492 |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (3449123)<br>| 13360289 |
| **NET ASSETS:** |  |  |
| Beginning of period | 292752438 | 279392149 |
| End of period | $289303315 | $292752438 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Mid Cap Value Fund-4

------

**LVIP JPMorgan Mid Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value 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; $9.746 | &nbsp;&nbsp; $10.173 | &nbsp;&nbsp; $10.430 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $11.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.055 | 0.112 | 0.133 | 0.13 | 0.11 | 0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.007)<br>| 1.328 | 0.852 | &nbsp;&nbsp; (1.14)<br>| 3.11 | &nbsp;&nbsp; (0.28)<br>|
| Total from investment operations | 0.048 | 1.440 | 0.985 | &nbsp;&nbsp; (1.01)<br>| 3.22 | &nbsp;&nbsp; (0.16)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.747)<br>| &nbsp;&nbsp; (0.922)<br>| &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.61)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.867)<br>| &nbsp;&nbsp; (1.242)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.76)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.794 | &nbsp;&nbsp; $9.746 | &nbsp;&nbsp; $10.173 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $10.89 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 14.29% | &nbsp;&nbsp; 10.91% | &nbsp;&nbsp; (8.16%)<br>| &nbsp;&nbsp; 29.88% | &nbsp;&nbsp; 0.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $255945 | &nbsp;&nbsp; $271021 | &nbsp;&nbsp; $275064 | &nbsp;&nbsp; $448170 | &nbsp;&nbsp; $529038 | &nbsp;&nbsp; $447529 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.19% | &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; 1.16% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 1.19% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 22% | &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 Fund adopted the accounting and performance history of the JPMorgan Insurance Trust Mid Cap Value Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust Mid Cap Value Portfolio. 

<sup>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> Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Mid Cap Value Fund-5

------

**LVIP JPMorgan Mid Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP JPMorgan Mid Cap Value Fund Service Class** | **LVIP JPMorgan Mid Cap Value Fund Service Class** | **LVIP JPMorgan Mid Cap Value Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended**<br> **12/31/24** | **5/1/23**<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** | **5/1/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.718 | &nbsp;&nbsp; $10.159 | &nbsp;&nbsp; $9.310 |
| **Income from investment operations:** |  |  |  |
| Net investment income<sup>3</sup> | 0.043 | 0.084 | 0.070 |
| Net realized and unrealized gain | &nbsp;&nbsp; (0.008)<br>| 1.328 | 0.959 |
| Total from investment operations | 0.035 | 1.412 | 1.029 |
| **Less dividends and distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.106)<br>| &nbsp;&nbsp; (0.180)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.747)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.853)<br>| &nbsp;&nbsp; (0.180)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.753 | &nbsp;&nbsp; $9.718 | &nbsp;&nbsp; $10.159 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 14.02% | &nbsp;&nbsp; 11.09% |
| **Ratios and supplemental data:** |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $33358 | &nbsp;&nbsp; $21731 | &nbsp;&nbsp; $4328 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 1.09% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Service Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> 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 does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Mid Cap Value Fund-6

------

**LVIP JPMorgan Mid Cap Value Fund**

**Notes to Financial Statements**

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 Mid Cap Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation with the secondary goal of achieving current income by investing primarily in equity securities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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. Taxable non-cash dividends are recorded as dividend income. Distributions received from investments in Real Estate Investment Trusts

LVIP JPMorgan Mid Cap Value Fund-7

------

**LVIP JPMorgan Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $4,514 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 0.65% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.76% of the Fund's average daily net assets for the Standard Class and 1.01% for the Service Class.

J.P. Morgan Investment Management, Inc. ("JPMorgan") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays JPMorgan a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $12150 |
| Legal | &nbsp;&nbsp; 1852 |

---

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 $170 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; $151382 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 6621 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 6754 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP JPMorgan Mid Cap Value Fund-8

------

**LVIP JPMorgan Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the 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; $70536943 |
| Sales | &nbsp;&nbsp; 68001138 |

---

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; $188659141 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $107677587 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (7164648)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $100512939 |

---

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; $283245604 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $283245604 |
| Money Market Fund | &nbsp;&nbsp; 5926476 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5926476 |
| **Total Investments** | &nbsp;&nbsp; $289172080 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $289172080 |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP JPMorgan Mid Cap Value Fund-9

------

**LVIP JPMorgan Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 1709346 | &nbsp;&nbsp; 3651082 |
| Service Class | &nbsp;&nbsp; 1320454 | &nbsp;&nbsp; 1692369 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 4916564 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 252414 |
|  | &nbsp;&nbsp; 3029800 | &nbsp;&nbsp; 10512429 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3383934)<br>| &nbsp;&nbsp; (7799838)<br>|
| Service Class | &nbsp;&nbsp; (136431)<br>| &nbsp;&nbsp; (134641)<br>|
|  | &nbsp;&nbsp; (3520365)<br>| &nbsp;&nbsp; (7934479)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (490565)<br>| &nbsp;&nbsp; 2577950 |

---

**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 mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the 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.

LVIP JPMorgan Mid Cap Value Fund-10

------

**LVIP JPMorgan Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP JPMorgan Mid Cap Value Fund-11

------

![](img7c560edf1.jpg)

LVIP JPMorgan Retirement Income Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP JPMorgan Retirement Income Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_50395358-fec0-45e7-afb8-151be58de1b5_SOI-continued-234_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_50395358-fec0-45e7-afb8-151be58de1b5_FS-continued-234_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_50395358-fec0-45e7-afb8-151be58de1b5_FS-continued-234_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_50395358-fec0-45e7-afb8-151be58de1b5_FIHI-continued-234_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_50395358-fec0-45e7-afb8-151be58de1b5_NTF-continued-234_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP JPMorgan Retirement Income 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–99.67%** | **INVESTMENT COMPANIES–99.67%** | **INVESTMENT COMPANIES–99.67%** |
| **Equity Funds–23.56%** | **Equity Funds–23.56%** | **Equity Funds–23.56%** |
| JPMorgan BetaBuilders MSCI <br> U.S. REIT ETF<br>| 4254 | $391836 |
| JPMorgan BetaBuilders <br> U.S. Mid Cap Equity ETF<br>| 57483 | 5601718 |
| ✧JPMorgan Equity Index Fund | 296474 | 27610664 |
| JPMorgan Realty Income <br> ETF<br>| 25489 | 1214296 |
| ✧JPMorgan Small Cap Equity <br> Fund<br>| 19946 | 1063544 |
| ✧JPMorgan Small Cap Growth <br> Fund<br>| 47039 | 1022616 |
| ✧JPMorgan Small Cap Value <br> Fund<br>| 38380 | 1021292 |
| ✧JPMorgan U.S. Equity Fund | 351837 | 9207575 |
|  |  | **47133541** |
| **Fixed Income Funds–55.05%** | **Fixed Income Funds–55.05%** | **Fixed Income Funds–55.05%** |
| ✧JPMorgan Core Bond Fund | 7314437 | 75631271 |
| ✧JPMorgan High Yield Fund | 3737800 | 24482592 |
| JPMorgan Inflation Managed <br> Bond ETF<br>| 207753 | 10024082 |
|  |  | **110137945** |
| **Global Equity Fund–4.00%** | **Global Equity Fund–4.00%** | **Global Equity Fund–4.00%** |
| JPMorgan Global Select <br> Equity ETF<br>| 124250 | 7994245 |
|  |  | **7994245** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–12.48%** | **International Equity Funds–12.48%** | **International Equity Funds–12.48%** |
| JPMorgan ActiveBuilders <br> Emerging Markets Equity <br> ETF<br>| 85668 | $3688007 |
| JPMorgan BetaBuilders <br> International Equity ETF<br>| 65183 | 4399853 |
| ✧JPMorgan Emerging Markets <br> Equity Fund<br>| 41718 | 1483902 |
| ✧JPMorgan Emerging Markets <br> Research Enhanced Equity <br> Fund<br>| 118233 | 2215699 |
| ✧JPMorgan International <br> Equity Fund<br>| 235321 | 5271186 |
| JPMorgan International <br> Research Enhanced Equity <br> ETF<br>| 111707 | 7905504 |
|  |  | **24964151** |
| **Money Market Fund–4.58%** | **Money Market Fund–4.58%** | **Money Market Fund–4.58%** |
| JPMorgan Prime Money <br> Market Fund - IM Shares <br> (seven-day effective yield <br> 4.47%)<br>| 9162607 | 9164440 |
|  |  | **9164440** |
| **Total Investment Companies** <br>**(Cost $171,788,673)** | **Total Investment Companies** <br>**(Cost $171,788,673)** | **199394322** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.67% (Cost $171,788,673)** | **199394322** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.33%** | **657164** |
| **NET ASSETS APPLICABLE TO 15,000,277 SHARES OUTSTANDING–100.00%** | **$200051486** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN RETIREMENT INCOME FUND STANDARD CLASS** <br>**($164,815,064 / 12,353,409 Shares)** | **$13.342** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN RETIREMENT INCOME FUND SERVICE CLASS** <br>**($35,236,422 / 2,646,868 Shares)** | **$13.313** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$173657186** |
| Distributable earnings/(accumulated loss) | **26394300** |
| **TOTAL NET ASSETS** | **$200051486** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,505 expense reimbursement receivable from Lincoln Financial Investments Corporation, $862,405 payable for securities <br> purchased, $211,714 payable for fund shares redeemed, $9,520 other accrued expenses payable, $60,997 due to manager and affiliates, <br> $19,929 payable for audit fee and $13,648 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP JPMorgan Retirement Income Fund-1

------

**LVIP JPMorgan Retirement Income Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| MSCI–Morgan Stanley Capital International |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Retirement Income Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Retirement Income Fund** | **LVIP JPMorgan Retirement Income Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $3006110 |
| **EXPENSES:** |  |
| Management fees | 729918 |
| Distribution fees-Service Class | 41947 |
| Accounting and administration expenses | 29498 |
| Shareholder servicing fees | 28224 |
| Professional fees | 26102 |
| Reports and statements to shareholders | 5920 |
| Custodian fees | 3311 |
| Trustees' fees and expenses | 2926 |
| Consulting fees | 2751 |
| Other | 2716 |
|  | 873313 |
| Less:  |  |
| Management fees waived | (437951)<br>|
| Expenses reimbursed | (23589)<br>|
| Total operating expenses | 411773 |
| **NET INVESTMENT INCOME**  | 2594337 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 852689 |
| Foreign currencies | 3 |
| Net realized gain | 852692 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 8285978 |
| **NET REALIZED AND UNREALIZED GAIN** | 9138670 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $11733007 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Retirement Income Fund** | **LVIP JPMorgan Retirement Income Fund** | **LVIP JPMorgan Retirement Income Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $2594337 | $6571337 |
| Net realized gain | 852692 | 7023727 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 8285978 | 2144981 |
| Net increase in net assets resulting <br> from operations<br>| 11733007 | 15740045 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (5156530)<br>|
| Service Class |  | (982924)<br>|
|  |  | (6139454)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 3022828 | 6538955 |
| Service Class | 3288158 | 6145934 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 5156530 |
| Service Class |  | 982924 |
|  | 6310986 | 18824343 |
| Cost of shares redeemed: |  |  |
| Standard Class | (13106987)<br>| (28509322)<br>|
| Service Class | (4260086)<br>| (7326057)<br>|
|  | (17367073)<br>| (35835379)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (11056087)<br>| (17011036)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 676920 | (7410445)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 199374566 | 206785011 |
| End of period | $200051486 | $199374566 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Retirement Income Fund-3

------

**LVIP JPMorgan Retirement Income Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income 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; $12.566 | &nbsp;&nbsp; $12.014 | &nbsp;&nbsp; $11.151 | &nbsp;&nbsp; $13.564 | &nbsp;&nbsp; $13.267 | &nbsp;&nbsp; $12.562 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.172 | 0.409 | 0.358 | 0.291 | 0.245 | 0.256 |
| Net realized and unrealized gain (loss) | 0.604 | 0.547 | 0.933 | &nbsp;&nbsp; (2.107)<br>| 0.532 | 0.928 |
| Total from investment operations | 0.776 | 0.956 | 1.291 | &nbsp;&nbsp; (1.816)<br>| 0.777 | 1.184 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.428)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.312)<br>| &nbsp;&nbsp; (0.328)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.168)<br>| &nbsp;&nbsp; (0.151)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.428)<br>| &nbsp;&nbsp; (0.597)<br>| &nbsp;&nbsp; (0.480)<br>| &nbsp;&nbsp; (0.479)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.342 | &nbsp;&nbsp; $12.566 | &nbsp;&nbsp; $12.014 | &nbsp;&nbsp; $11.151 | &nbsp;&nbsp; $13.564 | &nbsp;&nbsp; $13.267 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.18% | &nbsp;&nbsp; 7.96% | &nbsp;&nbsp; 11.60% | &nbsp;&nbsp; (13.33%)<br>| &nbsp;&nbsp; 5.87% | &nbsp;&nbsp; 9.48% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $164815 | &nbsp;&nbsp; $165166 | &nbsp;&nbsp; $173857 | &nbsp;&nbsp; $146449 | &nbsp;&nbsp; $170271 | &nbsp;&nbsp; $179898 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.71% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 2.03% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.24% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.64% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 70% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 44% |

---

&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 JPMorgan Retirement Income Fund-4

------

**LVIP JPMorgan Retirement Income Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income 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; $12.554 | &nbsp;&nbsp; $12.003 | &nbsp;&nbsp; $11.140 | &nbsp;&nbsp; $13.552 | &nbsp;&nbsp; $13.256 | &nbsp;&nbsp; $12.554 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.156 | 0.377 | 0.329 | 0.260 | 0.211 | 0.224 |
| Net realized and unrealized gain (loss) | 0.603 | 0.546 | 0.930 | &nbsp;&nbsp; (2.105)<br>| 0.531 | 0.925 |
| Total from investment operations | 0.759 | 0.923 | 1.259 | &nbsp;&nbsp; (1.845)<br>| 0.742 | 1.149 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.396)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.296)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.168)<br>| &nbsp;&nbsp; (0.151)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.396)<br>| &nbsp;&nbsp; (0.567)<br>| &nbsp;&nbsp; (0.446)<br>| &nbsp;&nbsp; (0.447)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.313 | &nbsp;&nbsp; $12.554 | &nbsp;&nbsp; $12.003 | &nbsp;&nbsp; $11.140 | &nbsp;&nbsp; $13.552 | &nbsp;&nbsp; $13.256 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 11.32% | &nbsp;&nbsp; (13.55%)<br>| &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 9.21% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $35236 | &nbsp;&nbsp; $34209 | &nbsp;&nbsp; $32928 | &nbsp;&nbsp; $55246 | &nbsp;&nbsp; $62363 | &nbsp;&nbsp; $59776 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.75% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.46% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 2.82% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.78% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.99% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.39% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 70% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 44% |

---

&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 JPMorgan Retirement Income Fund-5

------

**LVIP JPMorgan Retirement Income 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 Retirement Income Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests a substantial portion of its assets in open-end investment companies, including exchange-traded funds ("ETFs"), advised by J.P. Morgan or other unaffiliated managers (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation (LFI). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may also invest in individual securities. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek to provide current income and some capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds 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. 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. 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 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,

LVIP JPMorgan Retirement Income Fund-6

------

**LVIP JPMorgan Retirement Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.45% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

LFI has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.38% of the Fund's average daily net assets for the Standard Class and 0.63% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $91834 | &nbsp;&nbsp; $49718 | &nbsp;&nbsp; $33100 | &nbsp;&nbsp; $174652 |

---

J.P. Morgan Investment Management, Inc. ("JPM") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays JPM a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $8306 |
| Legal | &nbsp;&nbsp; 1266 |

---

LVIP JPMorgan Retirement Income Fund-7

------

**LVIP JPMorgan Retirement Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 $3,674 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 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; $4505 |
| Management fees payable to LFI | &nbsp;&nbsp; 48555 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 7066 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 682 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 4694 |

---

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; $14525960 |
| Sales | &nbsp;&nbsp; 23001436 |

---

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; $171788673 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $28757589 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (1151940)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $27605649 |

---

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 JPMorgan Retirement Income Fund-8

------

**LVIP JPMorgan Retirement Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $199394322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199394322 |

---

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; 234478 | &nbsp;&nbsp; 521612 |
| Service Class | &nbsp;&nbsp; 255950 | &nbsp;&nbsp; 486927 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 411142 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 78439 |
|  | &nbsp;&nbsp; 490428 | &nbsp;&nbsp; 1498120 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1024643)<br>| &nbsp;&nbsp; (2260889)<br>|
| Service Class | &nbsp;&nbsp; (333944)<br>| &nbsp;&nbsp; (583793)<br>|
|  | &nbsp;&nbsp; (1358587)<br>| &nbsp;&nbsp; (2844682)<br>|
| Net decrease | &nbsp;&nbsp; (868159)<br>| &nbsp;&nbsp; (1346562)<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**

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.

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 Retirement Income Fund-9

------

**LVIP JPMorgan Retirement Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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.

**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 Retirement Income Fund-10

------

![](img0b4592c21.jpg)

![](img0bd823452.jpg)

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_ef7673d2-769c-438e-99d6-bd20ada131ac_SOI-continued-233_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_ef7673d2-769c-438e-99d6-bd20ada131ac_FS-continued-233_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_ef7673d2-769c-438e-99d6-bd20ada131ac_FS-continued-233_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_ef7673d2-769c-438e-99d6-bd20ada131ac_FIHI-continued-233_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_ef7673d2-769c-438e-99d6-bd20ada131ac_NTF-continued-233_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP JPMorgan Select Mid Cap 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–93.84%** | **COMMON STOCK–93.84%** | **COMMON STOCK–93.84%** |
| **Aerospace & Defense–1.14%** | **Aerospace & Defense–1.14%** | **Aerospace & Defense–1.14%** |
| General Electric Co. | 2025 | $521215 |
| HEICO Corp. Class A | 609 | 157579 |
| L3Harris Technologies, Inc. | 2112 | 529774 |
| Textron, Inc. | 15627 | 1254692 |
| TransDigm Group, Inc. | 402 | 611297 |
| Woodward, Inc. | 11413 | 2797212 |
|  |  | **5871769** |
| **Air Freight & Logistics–0.10%** | **Air Freight & Logistics–0.10%** | **Air Freight & Logistics–0.10%** |
| FedEx Corp. | 1509 | 343011 |
| †GXO Logistics, Inc. | 3645 | 177511 |
|  |  | **520522** |
| **Banks–4.71%** | **Banks–4.71%** | **Banks–4.71%** |
| Bank of America Corp. | 43138 | 2041290 |
| Citigroup, Inc. | 9652 | 821578 |
| Citizens Financial Group, <br> Inc.<br>| 13679 | 612135 |
| Columbia Banking System, <br> Inc.<br>| 61060 | 1427583 |
| East West Bancorp, Inc. | 811 | 81895 |
| Fifth Third Bancorp | 114337 | 4702681 |
| First Citizens BancShares, <br> Inc. Class A<br>| 2441 | 4775743 |
| First Horizon Corp. | 18522 | 392666 |
| FNB Corp. | 1887 | 27513 |
| M&T Bank Corp. | 20911 | 4056525 |
| Pinnacle Financial Partners, <br> Inc.<br>| 432 | 47697 |
| Popular, Inc. | 3659 | 403258 |
| Regions Financial Corp. | 103516 | 2434696 |
| Synovus Financial Corp. | 1570 | 81248 |
| Webster Financial Corp. | 2351 | 128365 |
| Wells Fargo & Co. | 25225 | 2021027 |
| Western Alliance Bancorp | 652 | 50843 |
| Wintrust Financial Corp. | 958 | 118773 |
|  |  | **24225516** |
| **Beverages–1.33%** | **Beverages–1.33%** | **Beverages–1.33%** |
| †Celsius Holdings, Inc. | 3972 | 184261 |
| Coca-Cola Co. | 10849 | 767567 |
| Constellation Brands, Inc. <br> Class A<br>| 11303 | 1838772 |
| Keurig Dr. Pepper, Inc. | 107699 | 3560529 |
| PepsiCo, Inc. | 3782 | 499375 |
|  |  | **6850504** |
| **Biotechnology–0.75%** | **Biotechnology–0.75%** | **Biotechnology–0.75%** |
| AbbVie, Inc. | 3430 | 636677 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 713 | 232502 |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 2874 | 157984 |
| †Caris Life Sciences, Inc. | 7523 | 201014 |
| †Exact Sciences Corp. | 7268 | 386221 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Exelixis, Inc. | 8045 | $354583 |
| Gilead Sciences, Inc. | 6574 | 728859 |
| †Incyte Corp. | 1148 | 78179 |
| †Neurocrine Biosciences, Inc. | 3901 | 490317 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 826 | 433650 |
| †Roivant Sciences Ltd. | 12136 | 136773 |
| †Sarepta Therapeutics, Inc. | 259 | 4429 |
| †Ultragenyx Pharmaceutical, <br> Inc.<br>| 958 | 34833 |
|  |  | **3876021** |
| **Broadline Retail–0.31%** | **Broadline Retail–0.31%** | **Broadline Retail–0.31%** |
| †Amazon.com, Inc. | 6387 | 1401244 |
| eBay, Inc. | 2967 | 220923 |
|  |  | **1622167** |
| **Building Products–1.02%** | **Building Products–1.02%** | **Building Products–1.02%** |
| Carlisle Cos., Inc. | 10145 | 3788143 |
| Owens Corning | 3510 | 482695 |
| Trane Technologies PLC | 2191 | 958366 |
|  |  | **5229204** |
| **Capital Markets–5.67%** | **Capital Markets–5.67%** | **Capital Markets–5.67%** |
| Ameriprise Financial, Inc. | 12830 | 6847756 |
| Blue Owl Capital, Inc. | 103595 | 1990060 |
| Cboe Global Markets, Inc. | 1888 | 440300 |
| Charles Schwab Corp. | 7317 | 667603 |
| CME Group, Inc. | 2752 | 758506 |
| †Coinbase Global, Inc. Class A | 2026 | 710093 |
| Goldman Sachs Group, Inc. | 885 | 626359 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 6808 | 377231 |
| Janus Henderson Group PLC | 6214 | 241352 |
| LPL Financial Holdings, Inc. | 1401 | 525333 |
| Morgan Stanley | 5879 | 828116 |
| MSCI, Inc. | 502 | 289523 |
| Nasdaq, Inc. | 13329 | 1191879 |
| Northern Trust Corp. | 10919 | 1384420 |
| Raymond James Financial, <br> Inc.<br>| 35956 | 5514572 |
| †Robinhood Markets, Inc. <br> Class A<br>| 3862 | 361599 |
| S&P Global, Inc. | 1158 | 610602 |
| State Street Corp. | 53932 | 5735129 |
| Virtu Financial, Inc. Class A | 1248 | 55898 |
|  |  | **29156331** |
| **Chemicals–1.13%** | **Chemicals–1.13%** | **Chemicals–1.13%** |
| †Axalta Coating Systems Ltd. | 10833 | 321632 |
| CF Industries Holdings, Inc. | 947 | 87124 |
| Corteva, Inc. | 5017 | 373917 |
| Dow, Inc. | 4101 | 108595 |
| DuPont de Nemours, Inc. | 3343 | 229296 |
| Eastman Chemical Co. | 631 | 47110 |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-1

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| FMC Corp. | 705 | $29434 |
| Huntsman Corp. | 5770 | 60123 |
| International Flavors & <br> Fragrances, Inc.<br>| 4517 | 332225 |
| Linde PLC | 1428 | 669989 |
| PPG Industries, Inc. | 1866 | 212258 |
| RPM International, Inc. | 30526 | 3352976 |
|  |  | **5824679** |
| **Commercial Services & Supplies–0.96%** | **Commercial Services & Supplies–0.96%** | **Commercial Services & Supplies–0.96%** |
| Republic Services, Inc. | 3555 | 876698 |
| Veralto Corp. | 36657 | 3700524 |
| Waste Connections, Inc. | 2040 | 380909 |
|  |  | **4958131** |
| **Communications Equipment–0.25%** | **Communications Equipment–0.25%** | **Communications Equipment–0.25%** |
| Juniper Networks, Inc. | 11675 | 466183 |
| †Lumentum Holdings, Inc. | 2739 | 260369 |
| Motorola Solutions, Inc. | 1358 | 570985 |
|  |  | **1297537** |
| **Construction & Engineering–0.34%** | **Construction & Engineering–0.34%** | **Construction & Engineering–0.34%** |
| EMCOR Group, Inc. | 170 | 90931 |
| †MasTec, Inc. | 4170 | 710693 |
| Quanta Services, Inc. | 2172 | 821190 |
| WillScot Holdings Corp. | 4209 | 115327 |
|  |  | **1738141** |
| **Construction Materials–0.95%** | **Construction Materials–0.95%** | **Construction Materials–0.95%** |
| Martin Marietta Materials, <br> Inc.<br>| 8406 | 4614558 |
| Vulcan Materials Co. | 1145 | 298639 |
|  |  | **4913197** |
| **Consumer Finance–0.34%** | **Consumer Finance–0.34%** | **Consumer Finance–0.34%** |
| Ally Financial, Inc. | 6481 | 252435 |
| American Express Co. | 2291 | 730783 |
| SLM Corp. | 8558 | 280617 |
| Synchrony Financial | 7460 | 497880 |
|  |  | **1761715** |
| **Consumer Staples Distribution & Retail–1.69%** | **Consumer Staples Distribution & Retail–1.69%** | **Consumer Staples Distribution & Retail–1.69%** |
| Albertsons Cos., Inc. Class A | 5582 | 120069 |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 2427 | 261703 |
| Costco Wholesale Corp. | 368 | 364298 |
| Dollar General Corp. | 2428 | 277715 |
| †Dollar Tree, Inc. | 2083 | 206300 |
| Kroger Co. | 54847 | 3934175 |
| †Maplebear, Inc. | 8631 | 390466 |
| †Performance Food Group Co. | 2738 | 239493 |
| †U.S. Foods Holding Corp. | 24971 | 1923017 |
| Walmart, Inc. | 9925 | 970467 |
|  |  | **8687703** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Containers & Packaging–2.77%** | **Containers & Packaging–2.77%** | **Containers & Packaging–2.77%** |
| Amcor PLC | 51677 | $474912 |
| =†Ardagh Group SA | 3700 | 91575 |
| Ball Corp. | 56951 | 3194382 |
| Crown Holdings, Inc. | 3671 | 378040 |
| Graphic Packaging Holding <br> Co.<br>| 70062 | 1476206 |
| International Paper Co. | 62906 | 2945888 |
| Packaging Corp. of America | 13154 | 2478871 |
| Silgan Holdings, Inc. | 57102 | 3093786 |
| Smurfit WestRock PLC | 2230 | 96224 |
|  |  | **14229884** |
| **Distributors–0.75%** | **Distributors–0.75%** | **Distributors–0.75%** |
| Genuine Parts Co. | 31846 | 3863238 |
|  |  | **3863238** |
| **Diversified Consumer Services–0.26%** | **Diversified Consumer Services–0.26%** | **Diversified Consumer Services–0.26%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 2613 | 322941 |
| †Grand Canyon Education, <br> Inc.<br>| 1806 | 341334 |
| H&R Block, Inc. | 12696 | 696883 |
|  |  | **1361158** |
| **Diversified Telecommunication Services–0.16%** | **Diversified Telecommunication Services–0.16%** | **Diversified Telecommunication Services–0.16%** |
| AT&T, Inc. | 10449 | 302394 |
| Iridium Communications, <br> Inc.<br>| 2372 | 71563 |
| Verizon Communications, <br> Inc.<br>| 10065 | 435513 |
|  |  | **809470** |
| **Electric Utilities–2.21%** | **Electric Utilities–2.21%** | **Electric Utilities–2.21%** |
| Entergy Corp. | 5604 | 465805 |
| Exelon Corp. | 10431 | 452914 |
| FirstEnergy Corp. | 4795 | 193047 |
| NextEra Energy, Inc. | 11738 | 814852 |
| NRG Energy, Inc. | 4187 | 672348 |
| PG&E Corp. | 215167 | 2999428 |
| Southern Co. | 10309 | 946675 |
| Xcel Energy, Inc. | 71040 | 4837824 |
|  |  | **11382893** |
| **Electrical Equipment–2.71%** | **Electrical Equipment–2.71%** | **Electrical Equipment–2.71%** |
| Acuity, Inc. | 12612 | 3762664 |
| AMETEK, Inc. | 27523 | 4980562 |
| Eaton Corp. PLC | 955 | 340926 |
| Hubbell, Inc. | 11130 | 4545603 |
| nVent Electric PLC | 4279 | 313437 |
|  |  | **13943192** |
| **Electronic Equipment, Instruments & Components–4.03%** | **Electronic Equipment, Instruments & Components–4.03%** | **Electronic Equipment, Instruments & Components–4.03%** |
| †Arrow Electronics, Inc. | 2053 | 261614 |
| Avnet, Inc. | 2392 | 126967 |
| CDW Corp. | 17191 | 3070141 |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-2

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Jabil, Inc. | 15955 | $3479786 |
| TD SYNNEX Corp. | 36209 | 4913561 |
| †Teledyne Technologies, Inc. | 8659 | 4436092 |
| Vontier Corp. | 9746 | 359628 |
| †Zebra Technologies Corp. <br> Class A<br>| 13326 | 4109205 |
|  |  | **20756994** |
| **Energy Equipment & Services–0.81%** | **Energy Equipment & Services–0.81%** | **Energy Equipment & Services–0.81%** |
| Baker Hughes Co. | 104230 | 3996178 |
| Halliburton Co. | 5194 | 105854 |
| TechnipFMC PLC | 2399 | 82621 |
|  |  | **4184653** |
| **Entertainment–0.99%** | **Entertainment–0.99%** | **Entertainment–0.99%** |
| Electronic Arts, Inc. | 1602 | 255839 |
| †Liberty Media Corp.-Liberty <br> Formula One Class A<br>| 5361 | 509081 |
| †Liberty Media Corp.-Liberty <br> Live Class C<br>| 729 | 59166 |
| †ROBLOX Corp. Class A | 4936 | 519267 |
| †Roku, Inc. | 909 | 79892 |
| †Take-Two Interactive <br> Software, Inc.<br>| 1771 | 430087 |
| Walt Disney Co. | 7197 | 892500 |
| Warner Music Group Corp. <br> Class A<br>| 85763 | 2336184 |
|  |  | **5082016** |
| **Financial Services–3.37%** | **Financial Services–3.37%** | **Financial Services–3.37%** |
| Apollo Global Management, <br> Inc.<br>| 1211 | 171804 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 3719 | 1806579 |
| †Block, Inc. | 1571 | 106718 |
| †Chime Financial, Inc. Class A | 20000 | 690200 |
| Corebridge Financial, Inc. | 8094 | 287337 |
| Equitable Holdings, Inc. | 2500 | 140250 |
| Fidelity National Information <br> Services, Inc.<br>| 93637 | 7622988 |
| Mastercard, Inc. Class A | 1943 | 1091849 |
| MGIC Investment Corp. | 194515 | 5415298 |
|  |  | **17333023** |
| **Food Products–1.98%** | **Food Products–1.98%** | **Food Products–1.98%** |
| Bunge Global SA | 2681 | 215231 |
| †Freshpet, Inc. | 1109 | 75368 |
| General Mills, Inc. | 62936 | 3260714 |
| Hershey Co. | 13968 | 2317990 |
| Lamb Weston Holdings, Inc. | 3907 | 202578 |
| Mondelez International, Inc. <br> Class A<br>| 3430 | 231319 |
| †Post Holdings, Inc. | 32843 | 3580872 |
| Tyson Foods, Inc. Class A | 5247 | 293517 |
|  |  | **10177589** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Gas Utilities–0.03%** | **Gas Utilities–0.03%** | **Gas Utilities–0.03%** |
| MDU Resources Group, Inc. | 8799 | $146679 |
|  |  | **146679** |
| **Ground Transportation–0.96%** | **Ground Transportation–0.96%** | **Ground Transportation–0.96%** |
| CSX Corp. | 14971 | 488504 |
| JB Hunt Transport Services, <br> Inc.<br>| 27190 | 3904484 |
| Norfolk Southern Corp. | 1186 | 303580 |
| †XPO, Inc. | 1815 | 229216 |
|  |  | **4925784** |
| **Health Care Equipment & Supplies–1.91%** | **Health Care Equipment & Supplies–1.91%** | **Health Care Equipment & Supplies–1.91%** |
| †Align Technology, Inc. | 1330 | 251809 |
| †Boston Scientific Corp. | 8119 | 872062 |
| Dentsply Sirona, Inc. | 1140 | 18103 |
| †Dexcom, Inc. | 5989 | 522780 |
| GE HealthCare Technologies, <br> Inc.<br>| 54595 | 4043852 |
| †Globus Medical, Inc. Class A | 54740 | 3230755 |
| †Insulet Corp. | 319 | 100223 |
| Medtronic PLC | 3816 | 332641 |
| †Penumbra, Inc. | 603 | 154748 |
| Stryker Corp. | 699 | 276545 |
|  |  | **9803518** |
| **Health Care Providers & Services–4.21%** | **Health Care Providers & Services–4.21%** | **Health Care Providers & Services–4.21%** |
| Cardinal Health, Inc. | 2958 | 496944 |
| Cencora, Inc. | 15976 | 4790404 |
| †Centene Corp. | 8129 | 441242 |
| Cigna Group | 2206 | 729259 |
| †DaVita, Inc. | 905 | 128917 |
| Elevance Health, Inc. | 958 | 372624 |
| †Henry Schein, Inc. | 59522 | 4348082 |
| Humana, Inc. | 10614 | 2594911 |
| McKesson Corp. | 1338 | 980460 |
| Premier, Inc. Class A | 3755 | 82347 |
| Quest Diagnostics, Inc. | 31606 | 5677386 |
| †Tenet Healthcare Corp. | 1698 | 298848 |
| UnitedHealth Group, Inc. | 2316 | 722522 |
|  |  | **21663946** |
| **Health Care REITs–0.69%** | **Health Care REITs–0.69%** | **Health Care REITs–0.69%** |
| Healthcare Realty Trust, Inc. | 2045 | 32434 |
| Healthpeak Properties, Inc. | 89679 | 1570279 |
| Ventas, Inc. | 24931 | 1574393 |
| Welltower, Inc. | 2492 | 383095 |
|  |  | **3560201** |
| **Hotel & Resort REITs–0.65%** | **Hotel & Resort REITs–0.65%** | **Hotel & Resort REITs–0.65%** |
| Host Hotels & Resorts, Inc. | 218006 | 3348572 |
|  |  | **3348572** |
| **Hotels, Restaurants & Leisure–2.30%** | **Hotels, Restaurants & Leisure–2.30%** | **Hotels, Restaurants & Leisure–2.30%** |
| Aramark | 4655 | 194905 |
| †Carnival Corp. | 26123 | 734579 |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-3

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| †Cava Group, Inc. | 3621 | $304997 |
| †Chipotle Mexican Grill, Inc. | 2863 | 160757 |
| Darden Restaurants, Inc. | 14615 | 3185632 |
| †DoorDash, Inc. Class A | 2572 | 634024 |
| Expedia Group, Inc. | 16566 | 2794353 |
| †Flutter Entertainment PLC | 1033 | 295190 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 6050 | 1611357 |
| McDonald's Corp. | 3183 | 929977 |
| †MGM Resorts International | 10047 | 345516 |
| Royal Caribbean Cruises Ltd. | 1366 | 427749 |
| Travel & Leisure Co. | 4302 | 222026 |
|  |  | **11841062** |
| **Household Durables–0.88%** | **Household Durables–0.88%** | **Household Durables–0.88%** |
| Dr. Horton, Inc. | 4397 | 566861 |
| Lennar Corp. Class A | 2339 | 258717 |
| †Mohawk Industries, Inc. | 29335 | 3075481 |
| PulteGroup, Inc. | 2973 | 313533 |
| Toll Brothers, Inc. | 2763 | 315341 |
|  |  | **4529933** |
| **Household Products–0.20%** | **Household Products–0.20%** | **Household Products–0.20%** |
| Procter & Gamble Co. | 6480 | 1032394 |
|  |  | **1032394** |
| **Independent Power and Renewable Electricity Producers–0.29%** | **Independent Power and Renewable Electricity Producers–0.29%** | **Independent Power and Renewable Electricity Producers–0.29%** |
| AES Corp. | 14459 | 152109 |
| Clearway Energy, Inc. Class C | 584 | 18688 |
| †Talen Energy Corp. | 1478 | 429758 |
| Vistra Corp. | 4557 | 883192 |
|  |  | **1483747** |
| **Industrial Conglomerates–0.20%** | **Industrial Conglomerates–0.20%** | **Industrial Conglomerates–0.20%** |
| 3M Co. | 2530 | 385167 |
| Honeywell International, Inc. | 2766 | 644146 |
|  |  | **1029313** |
| **Industrial REITs–0.06%** | **Industrial REITs–0.06%** | **Industrial REITs–0.06%** |
| Americold Realty Trust, Inc. | 3710 | 61697 |
| EastGroup Properties, Inc. | 843 | 140882 |
| First Industrial Realty Trust, <br> Inc.<br>| 2088 | 100496 |
|  |  | **303075** |
| **Insurance–5.57%** | **Insurance–5.57%** | **Insurance–5.57%** |
| American Financial Group, <br> Inc.<br>| 403 | 50863 |
| Arch Capital Group Ltd. | 70256 | 6396809 |
| Arthur J Gallagher & Co. | 3844 | 1230541 |
| Assurant, Inc. | 306 | 60432 |
| Assured Guaranty Ltd. | 1144 | 99642 |
| Axis Capital Holdings Ltd. | 1073 | 111399 |
| †Brighthouse Financial, Inc. | 2118 | 113885 |
| Everest Group Ltd. | 942 | 320139 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Fidelity National Financial, <br> Inc.<br>| 2779 | $155791 |
| First American Financial <br> Corp.<br>| 1247 | 76553 |
| Hartford Insurance Group, <br> Inc.<br>| 45415 | 5761801 |
| Kemper Corp. | 1894 | 122239 |
| Loews Corp. | 71698 | 6571839 |
| †Markel Group, Inc. | 73 | 145807 |
| MetLife, Inc. | 5910 | 475282 |
| Progressive Corp. | 2149 | 573482 |
| Reinsurance Group of <br> America, Inc.<br>| 660 | 130918 |
| RLI Corp. | 871 | 62904 |
| Travelers Cos., Inc. | 2186 | 584842 |
| Unum Group | 8298 | 670146 |
| W.R. Berkley Corp. | 66348 | 4874587 |
| Willis Towers Watson PLC | 232 | 71108 |
|  |  | **28661009** |
| **Interactive Media & Services–1.18%** | **Interactive Media & Services–1.18%** | **Interactive Media & Services–1.18%** |
| Alphabet, Inc. Class A | 10352 | 1825471 |
| †IAC, Inc. | 73856 | 2757783 |
| Meta Platforms, Inc. Class A | 1377 | 1016350 |
| †Pinterest, Inc. Class A | 5051 | 181129 |
| †Reddit, Inc. Class A | 1857 | 279608 |
|  |  | **6060341** |
| **IT Services–1.04%** | **IT Services–1.04%** | **IT Services–1.04%** |
| †Cloudflare, Inc. Class A | 3533 | 691867 |
| †GoDaddy, Inc. Class A | 21860 | 3936112 |
| †Twilio, Inc. Class A | 2481 | 308537 |
| VeriSign, Inc. | 1512 | 436666 |
|  |  | **5373182** |
| **Life Sciences Tools & Services–1.03%** | **Life Sciences Tools & Services–1.03%** | **Life Sciences Tools & Services–1.03%** |
| Agilent Technologies, Inc. | 3130 | 369371 |
| †Charles River Laboratories <br> International, Inc.<br>| 207 | 31408 |
| Danaher Corp. | 1113 | 219862 |
| †Illumina, Inc. | 2877 | 274495 |
| †IQVIA Holdings, Inc. | 24058 | 3791300 |
| †Qiagen NV | 1373 | 65986 |
| †Repligen Corp. | 463 | 57588 |
| Thermo Fisher Scientific, <br> Inc.<br>| 1267 | 513718 |
|  |  | **5323728** |
| **Machinery–5.15%** | **Machinery–5.15%** | **Machinery–5.15%** |
| AGCO Corp. | 2360 | 243458 |
| Allison Transmission <br> Holdings, Inc.<br>| 15841 | 1504736 |
| Cummins, Inc. | 1853 | 606857 |
| Deere & Co. | 1491 | 758158 |
| Dover Corp. | 26838 | 4917527 |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-4

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| †Gates Industrial Corp. PLC | 15393 | $354501 |
| Ingersoll Rand, Inc. | 56098 | 4666232 |
| ITT, Inc. | 28676 | 4497257 |
| Lincoln Electric Holdings, <br> Inc.<br>| 19566 | 4056423 |
| †Middleby Corp. | 19977 | 2876688 |
| Otis Worldwide Corp. | 5310 | 525796 |
| PACCAR, Inc. | 4363 | 414747 |
| Parker-Hannifin Corp. | 906 | 632814 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 2057 | 430633 |
|  |  | **26485827** |
| **Media–0.63%** | **Media–0.63%** | **Media–0.63%** |
| Comcast Corp. Class A | 23547 | 840392 |
| †Liberty Broadband Corp. <br> Class C<br>| 310 | 30498 |
| Nexstar Media Group, Inc. | 170 | 29401 |
| Omnicom Group, Inc. | 28522 | 2051873 |
| †Trade Desk, Inc. Class A | 4015 | 289040 |
|  |  | **3241204** |
| **Metals & Mining–0.67%** | **Metals & Mining–0.67%** | **Metals & Mining–0.67%** |
| Alcoa Corp. | 1708 | 50403 |
| Freeport-McMoRan, Inc. | 50980 | 2209983 |
| Nucor Corp. | 5460 | 707289 |
| Steel Dynamics, Inc. | 3836 | 491046 |
|  |  | **3458721** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.03%** | **Mortgage Real Estate Investment Trusts (REITs)–0.03%** | **Mortgage Real Estate Investment Trusts (REITs)–0.03%** |
| Annaly Capital Management, <br> Inc.<br>| 1518 | 28569 |
| Rithm Capital Corp. | 11003 | 124224 |
|  |  | **152793** |
| **Multi-Utilities–3.65%** | **Multi-Utilities–3.65%** | **Multi-Utilities–3.65%** |
| Ameren Corp. | 3835 | 368313 |
| CenterPoint Energy, Inc. | 2136 | 78477 |
| CMS Energy Corp. | 78109 | 5411392 |
| Consolidated Edison, Inc. | 2897 | 290714 |
| DTE Energy Co. | 1309 | 173390 |
| NiSource, Inc. | 103806 | 4187534 |
| Public Service Enterprise <br> Group, Inc.<br>| 6806 | 572929 |
| Sempra | 15545 | 1177845 |
| WEC Energy Group, Inc. | 62511 | 6513646 |
|  |  | **18774240** |
| **Office REITs–0.02%** | **Office REITs–0.02%** | **Office REITs–0.02%** |
| BXP, Inc. | 828 | 55865 |
| Cousins Properties, Inc. | 663 | 19910 |
| Highwoods Properties, Inc. | 1236 | 38427 |
|  |  | **114202** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels–5.06%** | **Oil, Gas & Consumable Fuels–5.06%** | **Oil, Gas & Consumable Fuels–5.06%** |
| †Antero Resources Corp. | 6596 | $265687 |
| Cheniere Energy, Inc. | 17540 | 4271341 |
| Chevron Corp. | 2848 | 407805 |
| ConocoPhillips | 7718 | 692613 |
| Coterra Energy, Inc. | 163381 | 4146610 |
| Diamondback Energy, Inc. | 33396 | 4588610 |
| EOG Resources, Inc. | 4660 | 557383 |
| EQT Corp. | 1082 | 63102 |
| Expand Energy Corp. | 3479 | 406834 |
| Exxon Mobil Corp. | 14590 | 1572802 |
| Hess Corp. | 2145 | 297168 |
| HF Sinclair Corp. | 10384 | 426575 |
| Marathon Petroleum Corp. | 22028 | 3659071 |
| Matador Resources Co. | 1886 | 90000 |
| Ovintiv, Inc. | 2063 | 78497 |
| Permian Resources Corp. | 3630 | 49441 |
| Phillips 66 | 2306 | 275106 |
| Range Resources Corp. | 1316 | 53522 |
| Targa Resources Corp. | 3248 | 565412 |
| Williams Cos., Inc. | 57047 | 3583122 |
|  |  | **26050701** |
| **Paper & Forest Products–0.03%** | **Paper & Forest Products–0.03%** | **Paper & Forest Products–0.03%** |
| Louisiana-Pacific Corp. | 1831 | 157448 |
|  |  | **157448** |
| **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** | **Passenger Airlines–0.16%** |
| Delta Air Lines, Inc. | 13444 | 661176 |
| †United Airlines Holdings, <br> Inc.<br>| 1896 | 150978 |
|  |  | **812154** |
| **Personal Care Products–0.06%** | **Personal Care Products–0.06%** | **Personal Care Products–0.06%** |
| †BellRing Brands, Inc. | 2516 | 145752 |
| †Coty, Inc. Class A | 33283 | 154766 |
|  |  | **300518** |
| **Pharmaceuticals–1.08%** | **Pharmaceuticals–1.08%** | **Pharmaceuticals–1.08%** |
| Bristol-Myers Squibb Co. | 14384 | 665835 |
| †Jazz Pharmaceuticals PLC | 27437 | 2911614 |
| Johnson & Johnson | 9087 | 1388039 |
| Merck & Co., Inc. | 2616 | 207083 |
| Perrigo Co. PLC | 2719 | 72652 |
| Royalty Pharma PLC Class A | 6308 | 227277 |
| Viatris, Inc. | 8506 | 75959 |
|  |  | **5548459** |
| **Professional Services–1.56%** | **Professional Services–1.56%** | **Professional Services–1.56%** |
| Equifax, Inc. | 182 | 47206 |
| Jacobs Solutions, Inc. | 3984 | 523697 |
| KBR, Inc. | 15437 | 740050 |
| Leidos Holdings, Inc. | 3499 | 552002 |
| †Parsons Corp. | 44021 | 3159387 |
| UL Solutions, Inc. Class A | 41020 | 2988717 |
|  |  | **8011059** |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-5

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development–0.34%** | **Real Estate Management & Development–0.34%** | **Real Estate Management & Development–0.34%** |
| †CBRE Group, Inc. Class A | 9815 | $1375278 |
| †Jones Lang LaSalle, Inc. | 1396 | 357069 |
|  |  | **1732347** |
| **Residential REITs–1.79%** | **Residential REITs–1.79%** | **Residential REITs–1.79%** |
| American Homes 4 Rent <br> Class A<br>| 103088 | 3718384 |
| AvalonBay Communities, Inc. | 19308 | 3929178 |
| Camden Property Trust | 2489 | 280485 |
| Equity Residential | 2816 | 190052 |
| Invitation Homes, Inc. | 3470 | 113816 |
| Mid-America Apartment <br> Communities, Inc.<br>| 6268 | 927727 |
| UDR, Inc. | 1599 | 65287 |
|  |  | **9224929** |
| **Retail REITs–1.56%** | **Retail REITs–1.56%** | **Retail REITs–1.56%** |
| Agree Realty Corp. | 4428 | 323510 |
| Brixmor Property Group, Inc. | 11324 | 294877 |
| Federal Realty Investment <br> Trust<br>| 160 | 15198 |
| Regency Centers Corp. | 57283 | 4080268 |
| Simon Property Group, Inc. | 20521 | 3298956 |
|  |  | **8012809** |
| **Semiconductors & Semiconductor Equipment–1.49%** | **Semiconductors & Semiconductor Equipment–1.49%** | **Semiconductors & Semiconductor Equipment–1.49%** |
| †Advanced Micro Devices, Inc. | 1242 | 176240 |
| †Astera Labs, Inc. | 2436 | 220263 |
| †Cirrus Logic, Inc. | 1135 | 118329 |
| Entegris, Inc. | 1614 | 130169 |
| Intel Corp. | 13728 | 307507 |
| Lam Research Corp. | 8700 | 846858 |
| Marvell Technology, Inc. | 3559 | 275467 |
| Microchip Technology, Inc. | 2032 | 142992 |
| Micron Technology, Inc. | 2490 | 306893 |
| NXP Semiconductors NV | 1591 | 347618 |
| †ON Semiconductor Corp. | 63561 | 3331232 |
| Skyworks Solutions, Inc. | 2699 | 201129 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 2288 | 518209 |
| Texas Instruments, Inc. | 3046 | 632411 |
| Universal Display Corp. | 790 | 122023 |
|  |  | **7677340** |
| **Software–1.33%** | **Software–1.33%** | **Software–1.33%** |
| †Cadence Design Systems, <br> Inc.<br>| 3090 | 952184 |
| †Confluent, Inc. Class A | 7135 | 177876 |
| †Datadog, Inc. Class A | 2958 | 397348 |
| †Docusign, Inc. | 3527 | 274718 |
| †Fair Isaac Corp. | 341 | 623334 |
| †HubSpot, Inc. | 241 | 134148 |
| Microsoft Corp. | 864 | 429762 |
| †Nutanix, Inc. Class A | 7921 | 605481 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Oracle Corp. | 2211 | $483391 |
| Salesforce, Inc. | 3164 | 862791 |
| †SentinelOne, Inc. Class A | 6638 | 121343 |
| †Synopsys, Inc. | 1218 | 624444 |
| †Unity Software, Inc. | 9102 | 220268 |
| †Zoom Communications, Inc. <br> Class A<br>| 11858 | 924687 |
|  |  | **6831775** |
| **Specialized REITs–2.66%** | **Specialized REITs–2.66%** | **Specialized REITs–2.66%** |
| American Tower Corp. | 1730 | 382365 |
| CubeSmart | 2786 | 118405 |
| Equinix, Inc. | 807 | 641944 |
| Extra Space Storage, Inc. | 2494 | 367715 |
| Gaming & Leisure Properties, <br> Inc.<br>| 2117 | 98822 |
| Iron Mountain, Inc. | 1769 | 181446 |
| Millrose Properties, Inc. | 9892 | 282021 |
| Public Storage | 10804 | 3170110 |
| SBA Communications Corp. | 16427 | 3857717 |
| VICI Properties, Inc. | 10559 | 344223 |
| Weyerhaeuser Co. | 165522 | 4252260 |
|  |  | **13697028** |
| **Specialty Retail–2.87%** | **Specialty Retail–2.87%** | **Specialty Retail–2.87%** |
| †AutoNation, Inc. | 942 | 187128 |
| †AutoZone, Inc. | 1088 | 4038906 |
| Bath & Body Works, Inc. | 86548 | 2592978 |
| Best Buy Co., Inc. | 37959 | 2548188 |
| †Burlington Stores, Inc. | 746 | 173550 |
| †Carvana Co. | 1256 | 423222 |
| †GameStop Corp. Class A | 2179 | 53146 |
| Lowe's Cos., Inc. | 3462 | 768114 |
| Murphy USA, Inc. | 295 | 120006 |
| Penske Automotive Group, <br> Inc.<br>| 840 | 144320 |
| Ross Stores, Inc. | 27745 | 3539707 |
| †Valvoline, Inc. | 4075 | 154320 |
|  |  | **14743585** |
| **Technology Hardware, Storage & Peripherals–0.35%** | **Technology Hardware, Storage & Peripherals–0.35%** | **Technology Hardware, Storage & Peripherals–0.35%** |
| Hewlett Packard Enterprise <br> Co.<br>| 31893 | 652212 |
| NetApp, Inc. | 2899 | 308888 |
| Seagate Technology Holdings <br> PLC<br>| 3969 | 572846 |
| Western Digital Corp. | 4045 | 258840 |
|  |  | **1792786** |
| **Textiles, Apparel & Luxury Goods–0.86%** | **Textiles, Apparel & Luxury Goods–0.86%** | **Textiles, Apparel & Luxury Goods–0.86%** |
| †Crocs, Inc. | 3050 | 308904 |
| Ralph Lauren Corp. | 14945 | 4099115 |
|  |  | **4408019** |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-6

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Tobacco–0.32%** | **Tobacco–0.32%** | **Tobacco–0.32%** |
| Philip Morris International, <br> Inc.<br>| 9037 | $1645909 |
|  |  | **1645909** |
| **Trading Companies & Distributors–0.18%** | **Trading Companies & Distributors–0.18%** | **Trading Companies & Distributors–0.18%** |
| †Core & Main, Inc. Class A | 5306 | 320217 |
| Ferguson Enterprises, Inc. | 2253 | 490591 |
| WESCO International, Inc. | 578 | 107045 |
|  |  | **917853** |
| **Wireless Telecommunication Services–0.06%** | **Wireless Telecommunication Services–0.06%** | **Wireless Telecommunication Services–0.06%** |
| Millicom International <br> Cellular SA<br>| 7762 | 290842 |
|  |  | **290842** |
| **Total Common Stock** <br>**(Cost $335,651,090)** | **Total Common Stock** <br>**(Cost $335,651,090)** | **482826279** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†Mirati Therapeutics, Inc. | 3008 | $9235 |
| **Total Rights** <br>**(Cost $2,106)** | **Total Rights** <br>**(Cost $2,106)** | **9235** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–5.65%** | **MONEY MARKET FUND–5.65%** | **MONEY MARKET FUND–5.65%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 29071116 | 29071116 |
| **Total Money Market Fund** <br>**(Cost $29,071,116)** | **Total Money Market Fund** <br>**(Cost $29,071,116)** | **29071116** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.49% (Cost $364,724,312)** | **511906630** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.51%** | **2635647** |
| **NET ASSETS APPLICABLE TO 27,664,247 SHARES OUTSTANDING–100.00%** | **$514542277** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SELECT MID CAP VALUE MANAGED VOLATILITY FUND STANDARD** <br> **CLASS** <br>**($47,249,774 / 2,513,156 Shares)** | **$18.801** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SELECT MID CAP VALUE MANAGED VOLATILITY FUND SERVICE** <br> **CLASS** <br>**($467,292,503 / 25,151,091 Shares)** | **$18.579** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$300465060** |
| Distributable earnings/(accumulated loss) | **214077217** |
| **TOTAL NET ASSETS** | **$514542277** |

---

&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 $1,542,897 cash collateral held at broker for futures contracts, $1,367,535 payable for fund shares redeemed, $20,983 other <br> accrued expenses payable, $397,621 due to manager and affiliates, $2,924 variation margin due to broker on futures contracts, $16,187 <br> payable for audit fee and $29,645 payable for fund accounting fee as of June 30, 2025.<br>

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-7

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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:** |
| 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; — |
| 1 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 87431 | &nbsp;&nbsp; 87217 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 5041 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 13 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 1424605 | &nbsp;&nbsp; 1399496 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 25109 | &nbsp;&nbsp; — |
| 13 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 4064938 | &nbsp;&nbsp; 3947611 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 117327 | &nbsp;&nbsp; — |
| 43 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 13439650 | &nbsp;&nbsp; 13198908 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 240742 | &nbsp;&nbsp; — |
| 2 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 125499 | &nbsp;&nbsp; 126079 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (580)<br>|
| 1 | FTSE 100 Index Futures | &nbsp;&nbsp; 120649 | &nbsp;&nbsp; 121663 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1014)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 383178 | &nbsp;&nbsp; (1594)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $388219 | &nbsp;&nbsp; $(1594)<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;

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;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock 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 JPMorgan Select Mid Cap Value Managed Volatility Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** | **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $4999279 |
| Foreign taxes withheld | (1900)<br>|
|  | 4997379 |
| **EXPENSES:** |  |
| Management fees | 1843846 |
| Distribution fees-Service Class | 588590 |
| Shareholder servicing fees | 74963 |
| Accounting and administration expenses | 67154 |
| Professional fees | 26491 |
| Custodian fees | 13134 |
| Reports and statements to shareholders | 10539 |
| Trustees' fees and expenses | 8079 |
| Consulting fees | 6373 |
| Pricing fees | 2400 |
| Other | 10526 |
|  | 2652095 |
| Less:  |  |
| Management fees waived | (38774)<br>|
| Total operating expenses | 2613321 |
| **NET INVESTMENT INCOME**  | 2384058 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 34064295 |
| Foreign currencies | (507)<br>|
| Futures contracts | (26890138)<br>|
| Net realized gain | 7173650 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (30380787)<br>|
| Foreign currencies | (5264)<br>|
| Futures contracts | 1640529 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (28745522)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (21571872)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(19187814)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** | **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** | **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $2384058 | $5135385 |
| Net realized gain | 7173650 | 71433950 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (28745522)<br>| 6456796 |
| Net increase (decrease) in net <br> assets resulting from operations<br>| (19187814)<br>| 83026131 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (2642817)<br>|
| Service Class |  | (27341705)<br>|
|  |  | (29984522)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 6636768 | 10612624 |
| Service Class | 13485509 | 13455857 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 2642817 |
| Service Class |  | 27341705 |
|  | 20122277 | 54053003 |
| Cost of shares redeemed: |  |  |
| Standard Class | (5629240)<br>| (13490713)<br>|
| Service Class | (29580065)<br>| (127455667)<br>|
|  | (35209305)<br>| (140946380)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (15087028)<br>| (86893377)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (34274842)<br>| (33851768)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 548817119 | 582668887 |
| End of period | $514542277 | $548817119 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-9

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap 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; $19.487 | &nbsp;&nbsp; $17.847 | &nbsp;&nbsp; $17.440 | &nbsp;&nbsp; $22.332 | &nbsp;&nbsp; $17.640 | &nbsp;&nbsp; $17.492 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.108 | 0.217 | 0.249 | 0.231 | 0.147 | 0.178 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.794)<br>| 2.525 | 1.750 | &nbsp;&nbsp; (2.374)<br>| 4.981 | 0.160 |
| Total from investment operations | &nbsp;&nbsp; (0.686)<br>| 2.742 | 1.999 | &nbsp;&nbsp; (2.143)<br>| 5.128 | 0.338 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.264)<br>| &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.219)<br>| &nbsp;&nbsp; (0.181)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.838)<br>| &nbsp;&nbsp; (1.325)<br>| &nbsp;&nbsp; (2.494)<br>| &nbsp;&nbsp; (0.217)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.009)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.102)<br>| &nbsp;&nbsp; (1.592)<br>| &nbsp;&nbsp; (2.749)<br>| &nbsp;&nbsp; (0.436)<br>| &nbsp;&nbsp; (0.190)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.801 | &nbsp;&nbsp; $19.487 | &nbsp;&nbsp; $17.847 | &nbsp;&nbsp; $17.440 | &nbsp;&nbsp; $22.332 | &nbsp;&nbsp; $17.640 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (3.52%)<br>| &nbsp;&nbsp; 15.44% | &nbsp;&nbsp; 12.08% | &nbsp;&nbsp; (9.17%)<br>| &nbsp;&nbsp; 29.07% | &nbsp;&nbsp; 1.95% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $47250 | &nbsp;&nbsp; $47879 | &nbsp;&nbsp; $44052 | &nbsp;&nbsp; $39492 | &nbsp;&nbsp; $48364 | &nbsp;&nbsp; $41887 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.79% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.79% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 1.14% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 30% | &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 JPMorgan Select Mid Cap Value Managed Volatility Fund-10

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap 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; $19.281 | &nbsp;&nbsp; $17.667 | &nbsp;&nbsp; $17.282 | &nbsp;&nbsp; $22.159 | &nbsp;&nbsp; $17.507 | &nbsp;&nbsp; $17.363 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.084 | 0.166 | 0.203 | 0.180 | 0.094 | 0.138 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.786)<br>| 2.498 | 1.730 | &nbsp;&nbsp; (2.356)<br>| 4.938 | 0.155 |
| Total from investment operations | &nbsp;&nbsp; (0.702)<br>| 2.664 | 1.933 | &nbsp;&nbsp; (2.176)<br>| 5.032 | 0.293 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.223)<br>| &nbsp;&nbsp; (0.207)<br>| &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; (0.142)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.838)<br>| &nbsp;&nbsp; (1.325)<br>| &nbsp;&nbsp; (2.494)<br>| &nbsp;&nbsp; (0.217)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.007)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.050)<br>| &nbsp;&nbsp; (1.548)<br>| &nbsp;&nbsp; (2.701)<br>| &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.149)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.579 | &nbsp;&nbsp; $19.281 | &nbsp;&nbsp; $17.667 | &nbsp;&nbsp; $17.282 | &nbsp;&nbsp; $22.159 | &nbsp;&nbsp; $17.507 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (3.64%)<br>| &nbsp;&nbsp; 15.14% | &nbsp;&nbsp; 11.80% | &nbsp;&nbsp; (9.39%)<br>| &nbsp;&nbsp; 28.75% | &nbsp;&nbsp; 1.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $467293 | &nbsp;&nbsp; $500938 | &nbsp;&nbsp; $538617 | &nbsp;&nbsp; $531063 | &nbsp;&nbsp; $668840 | &nbsp;&nbsp; $629567 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.04% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.89% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 30% | &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 JPMorgan Select Mid Cap Value Managed Volatility Fund-11

------

**LVIP JPMorgan Select Mid Cap 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 JPMorgan Select Mid Cap Value Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-12

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $2,006 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 1.05% of the first $60 million of the Fund's average daily net assets; 0.75% of the next $90 million; and 0.65% of the Fund's average daily net assets in excess of $150 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.015% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

J.P. Morgan Investment Management, Inc. ("JPMorgan") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays JPMorgan a fee based on the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $22393 |
| Legal | &nbsp;&nbsp; 3413 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-13

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,659 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; $290722 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 94335 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 526 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 12038 |

---

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; $116006508 |
| Sales | &nbsp;&nbsp; 154304025 |

---

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; $364724312 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $160646931 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (13077988)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $147568943 |

---

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 JPMorgan Select Mid Cap Value Managed Volatility Fund-14

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $482734704 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $91575 | &nbsp;&nbsp; $482826279 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9235 | &nbsp;&nbsp; 9235 |
| Money Market Fund | &nbsp;&nbsp; 29071116 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29071116 |
| **Total Investments** | &nbsp;&nbsp; $511805820 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $100810 | &nbsp;&nbsp; $511906630 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $388219 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $388219 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(1594)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1594)<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>|
| Common Stock | $91575 | Last Traded Price | # | # |
| Rights | $9235 | Enterprise Value | Deal Terms | # |
| Total | $100810 |  |  |  |

| (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 | $91575 | $— | $— | $— | $— | $— | $— | $— | $— | $91575 | $— |
| Rights | 8964 |  |  |  |  |  |  |  | 271 | 9235 | 271 |
| Total | $100539 | $— | $— | $— | $— | —<br> $| $— | $— | $271 | $100810 | $271 |

---

During the six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-15

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 354085 | &nbsp;&nbsp; 554426 |
| Service Class | &nbsp;&nbsp; 732782 | &nbsp;&nbsp; 702155 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 135206 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1413556 |
|  | &nbsp;&nbsp; 1086867 | &nbsp;&nbsp; 2805343 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (297885)<br>| &nbsp;&nbsp; (700911)<br>|
| Service Class | &nbsp;&nbsp; (1562066)<br>| &nbsp;&nbsp; (6622371)<br>|
|  | &nbsp;&nbsp; (1859951)<br>| &nbsp;&nbsp; (7323282)<br>|
| Net decrease | &nbsp;&nbsp; (773084)<br>| &nbsp;&nbsp; (4517939)<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.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-16

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $383178 | Receivables and other assets net of <br> liabilities<br>| $(1594)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 5041 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $388219 |  | $(1594)<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; $(26825761)<br>| &nbsp;&nbsp; $1628811 |
| 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; (64377)<br>| &nbsp;&nbsp; 11718 |
| Total |  | &nbsp;&nbsp; $(26890138)<br>| &nbsp;&nbsp; $1640529 |

---

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) | $16492182 | $20980564 |

---

**7. 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 to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-17

------

**LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Select Mid Cap Value Managed Volatility Fund-18

------

![](img2db7c5d71.jpg)

LVIP JPMorgan Short Duration Bond Fund

(formerly, LVIP Macquarie Limited-Term Diversified Income Fund)

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP JPMorgan Short Duration Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_ca4cfe64-24d4-4a9d-aa17-7c32b3491ef5_SOI-continued-454_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_ca4cfe64-24d4-4a9d-aa17-7c32b3491ef5_FS-continued-454_1)**  | &nbsp;&nbsp; **8** |
| **[Statements of Changes in Net Assets](#xx_ca4cfe64-24d4-4a9d-aa17-7c32b3491ef5_FS-continued-454_1)**  | &nbsp;&nbsp; **8** |
| **[Financial Highlights](#xx_ca4cfe64-24d4-4a9d-aa17-7c32b3491ef5_FIHI-continued-454_1)**  | &nbsp;&nbsp; **9** |
| **[Notes to Financial Statements](#xx_ca4cfe64-24d4-4a9d-aa17-7c32b3491ef5_NTF-continued-454_1)**  | &nbsp;&nbsp; **11** |

---

------

**LVIP JPMorgan Short Duration 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–10.57%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–10.57%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–10.57%** |
| Federal Home Loan Mortgage <br> Corp. Reference REMICS <br> Series R007 Class ZA 6.00% <br> 5/15/36<br>| 3025793 | $3158523 |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| Series 2733 Class ME 5.00% <br> 1/15/34<br>| 989705 | 1005821 |
| Series 2777 Class PG 5.00% <br> 4/15/34<br>| 2733400 | 2786999 |
| Series 2950 Class LH 5.50% <br> 3/15/35<br>| 2287271 | 2367104 |
| Series 3228 Class PG 5.50% <br> 10/15/36<br>| 1386226 | 1436342 |
| Series 3256 Class KE 5.50% <br> 12/15/36<br>| 1330483 | 1378111 |
| Series 4248 Class HZ 3.00% <br> 9/15/33<br>| 1588465 | 1527463 |
| Series 4283 Class TZ 3.50% <br> 12/15/33<br>| 5297521 | 5176007 |
| Series 4483 Class CA 3.00% <br> 6/15/44<br>| 1187231 | 1143360 |
| Series 4507 Class ED 3.00% <br> 8/15/44<br>| 1868589 | 1787165 |
| Series 4669 Class QU 4.50% <br> 9/15/44<br>| 1626815 | 1629788 |
| Series 4680 Class PA 3.00% <br> 3/15/46<br>| 3183848 | 3029921 |
| Series 4767 Class LA 3.50% <br> 8/15/46<br>| 2474327 | 2427958 |
| Series 5092 Class WG 1.00% <br> 4/25/31<br>| 7262303 | 6767295 |
| Series 5334 Class GA 6.00% <br> 7/25/45<br>| 2973603 | 3027892 |
| Series 5401 Class VD 6.00% <br> 1/25/35<br>| 4332705 | 4469109 |
| Series 5422 Class CA 5.50% <br> 5/25/49<br>| 5638893 | 5653309 |
| Series 5534 Class DA 5.00% <br> 4/25/52<br>| 3884553 | 3862788 |
| Series 5536 Class PA 5.00% <br> 5/25/54<br>| 4918131 | 4919650 |
| •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| Series 2023-HQA3 Class A1 <br> 6.16% (30 day USD SOFR <br> Average + 1.85%) 11/25/43<br>| 2266962 | 2293556 |
| Series 2024-DNA3 Class M1 <br> 5.31% (30 day USD SOFR <br> Average + 1.00%) 10/25/44<br>| 1383413 | 1384167 |
| Series 2025-DNA1 Class M2 <br> 5.66% (30 day USD SOFR <br> Average + 1.35%) 1/25/45<br>| 3600000 | 3595854 |
| Series 2025-DNA2 Class A1 <br> 5.41% (30 day USD SOFR <br> Average + 1.10%) 5/25/45<br>| 3368750 | 3374128 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| ♦Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates | ♦Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates | ♦Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates |
| Series T-54 Class 2A 6.50% <br> 2/25/43<br>| 424 | $429 |
| Series T-58 Class 2A 6.50% <br> 9/25/43<br>| 5618 | 5897 |
| •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust |
| Series 2023-R08 Class 1M1 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 10/25/43<br>| 1596810 | 1603145 |
| Series 2025-R01 Class 1M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 1/25/45<br>| 1570000 | 1571203 |
| Series 2025-R02 Class 1M2 <br> 5.91% (30 day USD SOFR <br> Average + 1.60%) 2/25/45<br>| 2640000 | 2648077 |
| •Federal National Mortgage <br> Association Grantor Trust <br> Series 2001-T5 Class A2 <br> 7.00% 6/19/41<br>| 5117 | 5178 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| Series 2005-106 Class XZ <br> 5.50% 12/25/35<br>| 1231026 | 1287641 |
| Series 2005-29 Class ZE <br> 5.50% 4/25/35<br>| 1531620 | 1572351 |
| Series 2010-118 Class KH <br> 3.50% 10/25/40<br>| 1705331 | 1677501 |
| Series 2011-98 Class BY <br> 4.00% 10/25/31<br>| 2937391 | 2919089 |
| Series 2012-98 Class ZP <br> 6.00% 9/25/42<br>| 2730536 | 2909442 |
| Series 2015-28 Class P 2.50% <br> 5/25/45<br>| 8891556 | 8357417 |
| Series 2020-89 Class A 3.50% <br> 6/25/41<br>| 2115085 | 2053254 |
| Series 2023-12 Class GB <br> 6.00% 6/25/45<br>| 3171563 | 3225830 |
| Series 2023-42 Class B 6.00% <br> 7/25/45<br>| 3973119 | 4049928 |
| Series 2023-61 Class G 5.50% <br> 1/25/49<br>| 2078537 | 2089697 |
| Series 2024-13 Class A 5.50% <br> 5/25/44<br>| 4881103 | 4917413 |
| Government National <br> Mortgage Association <br> REMICS Series 2024-84 <br> Class BA 5.75% 11/20/45<br>| 4649134 | 4684988 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $113,712,645)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $113,712,645)** | **113780790** |

---

LVIP JPMorgan Short Duration Bond Fund-1

------

**LVIP JPMorgan Short Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY–0.21%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY–0.21%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY–0.21%** |
| •FREMF Mortgage Trust Series <br> 2020-K737 Class C 3.44% <br> 1/25/53<br>| 2315000 | $2261663 |
| **Total Agency Commercial Mortgage-Backed** <br> **Security** <br>**(Cost $2,254,774)** | **Total Agency Commercial Mortgage-Backed** <br> **Security** <br>**(Cost $2,254,774)** | **2261663** |
| **AGENCY MORTGAGE-BACKED SECURITIES–13.91%** | **AGENCY MORTGAGE-BACKED SECURITIES–13.91%** | **AGENCY MORTGAGE-BACKED SECURITIES–13.91%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.00% 8/1/32 | 4021993 | 3872906 |
| 3.00% 10/1/35 | 4340753 | 4126137 |
| 3.00% 5/1/36 | 10933030 | 10373705 |
| 5.50% 9/1/41 | 1111302 | 1146070 |
| 6.00% 3/1/39 | 2884174 | 2989626 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00% 7/1/32 | 4193073 | 4018784 |
| 2.50% 2/1/32 | 2047235 | 1969833 |
| 2.50% 2/1/35 | 4867166 | 4702135 |
| 2.50% 8/1/36 | 2370294 | 2215101 |
| 3.00% 10/1/35 | 15605989 | 14827279 |
| 3.00% 11/1/35 | 7480667 | 7113529 |
| 3.00% 5/1/36 | 17708797 | 16812495 |
| 3.50% 12/1/31 | 4360399 | 4277866 |
| 3.50% 5/1/32 | 1381707 | 1353677 |
| 4.00% 11/1/38 | 3362597 | 3322064 |
| 4.36% 5/1/30 | 4000000 | 4010896 |
| 4.50% 7/1/40 | 166800 | 165567 |
| 4.50% 8/1/41 | 385078 | 383253 |
| 4.50% 2/1/46 | 3089326 | 3062285 |
| 4.50% 5/1/46 | 298097 | 297205 |
| 4.50% 4/1/48 | 1721290 | 1724604 |
| 4.50% 1/1/50 | 780343 | 775629 |
| 4.62% 4/1/29 | 3493306 | 3551192 |
| 4.83% 2/1/30 | 4457000 | 4564919 |
| 5.00% 6/1/39 | 3552649 | 3600887 |
| 5.00% 7/1/47 | 326597 | 330765 |
| 5.03% 1/1/30 | 3607000 | 3703309 |
| 5.05% 3/1/29 | 4816000 | 4943142 |
| 5.15% 3/1/30 | 3400000 | 3522949 |
| 5.29% 5/1/30 | 3060000 | 3178654 |
| 5.30% 3/1/29 | 2324835 | 2408038 |
| 5.50% 5/1/44 | 5957536 | 6148437 |
| 6.00% 3/1/39 | 5044358 | 5192691 |
| 6.00% 5/1/40 | 2679696 | 2774122 |
| 6.00% 1/1/42 | 653053 | 684555 |
| 6.00% 8/1/54 | 11362118 | 11552551 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $149,575,421)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $149,575,421)** | **149696857** |
| **CORPORATE BONDS–23.47%** | **CORPORATE BONDS–23.47%** | **CORPORATE BONDS–23.47%** |
| **Aerospace & Defense–0.51%** | **Aerospace & Defense–0.51%** | **Aerospace & Defense–0.51%** |
| RTX Corp. 5.75% 11/8/26 | 5355000 | 5453867 |
|  |  | **5453867** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Agriculture–0.32%** | **Agriculture–0.32%** | **Agriculture–0.32%** |
| Bunge Ltd. Finance Corp. <br> 4.20% 9/17/29<br>| 3450000 | $3411785 |
|  |  | **3411785** |
| **Auto Manufacturers–0.50%** | **Auto Manufacturers–0.50%** | **Auto Manufacturers–0.50%** |
| Hyundai Capital America <br> 4.90% 6/23/28<br>| 5340000 | 5378336 |
|  |  | **5378336** |
| **Banks–12.15%** | **Banks–12.15%** | **Banks–12.15%** |
| μAIB Group PLC 6.61% 9/13/29 | 4000000 | 4231811 |
| μBank of America Corp. |  |  |
| 4.95% 7/22/28 | 5000000 | 5057612 |
| 5.16% 1/24/31 | 2475000 | 2536750 |
| 5.82% 9/15/29 | 2670000 | 2781387 |
| μBank of New York Mellon <br> Corp.<br>|  |  |
| 4.94% 2/11/31 | 1955000 | 1996385 |
| 5.80% 10/25/28 | 2167000 | 2243796 |
| μBNP Paribas SA 4.79% 5/9/29 | 5000000 | 5025531 |
| BPCE SA |  |  |
| 3.50% 10/23/27 | 2745000 | 2684570 |
| 5.13% 1/18/28 | 1065000 | 1085448 |
| μCaixaBank SA 4.63% 7/3/29 | 3520000 | 3528767 |
| μCanadian Imperial Bank of <br> Commerce 4.86% 3/30/29<br>| 5000000 | 5053785 |
| Citibank NA |  |  |
| 5.44% 4/30/26 | 1315000 | 1325203 |
| 5.49% 12/4/26 | 1160000 | 1178372 |
| μCitigroup, Inc. |  |  |
| 4.64% 5/7/28 | 5000000 | 5013253 |
| 4.79% 3/4/29 | 5000000 | 5035910 |
| μDeutsche Bank AG |  |  |
| 6.72% 1/18/29 | 708000 | 743735 |
| 6.82% 11/20/29 | 1440000 | 1535935 |
| μFifth Third Bank NA 4.97% <br> 1/28/28<br>| 2810000 | 2830574 |
| μGoldman Sachs Group, Inc. |  |  |
| 4.94% 4/23/28 | 5000000 | 5038969 |
| 5.22% 4/23/31 | 2540000 | 2603935 |
| μHSBC Holdings PLC 5.13% <br> 11/19/28<br>| 5000000 | 5063586 |
| μLloyds Banking Group PLC |  |  |
| 4.82% 6/13/29 | 2000000 | 2018024 |
| 5.72% 6/5/30 | 1210000 | 1256648 |
| μMorgan Stanley |  |  |
| 5.19% 4/17/31 | 1715000 | 1758097 |
| 6.14% 10/16/26 | 12400000 | 12453333 |
| 6.30% 10/18/28 | 1854000 | 1931267 |
| 6.41% 11/1/29 | 694000 | 735100 |
| μMorgan Stanley Bank NA <br> 5.50% 5/26/28<br>| 1985000 | 2026914 |
| NatWest Markets PLC 4.79% <br> 3/21/28<br>| 5000000 | 5055860 |

---

LVIP JPMorgan Short Duration Bond Fund-2

------

**LVIP JPMorgan Short Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μPNC Financial Services <br> Group, Inc.<br>|  |  |
| 5.22% 1/29/31 | 2670000 | $2740129 |
| 5.30% 1/21/28 | 2240000 | 2273658 |
| μSociete Generale SA 5.25% <br> 5/22/29<br>| 2940000 | 2975897 |
| State Street Corp. |  |  |
| 4.83% 4/24/30 | 1170000 | 1191703 |
| 4.99% 3/18/27 | 2080000 | 2110102 |
| Swedbank AB 5.41% 3/14/29 | 2055000 | 2119075 |
| Toronto-Dominion Bank <br> 4.57% 6/2/28<br>| 2655000 | 2674558 |
| μU.S. Bancorp |  |  |
| 4.65% 2/1/29 | 223000 | 224447 |
| 5.05% 2/12/31 | 1950000 | 1985010 |
| 5.38% 1/23/30 | 650000 | 669252 |
| 5.73% 10/21/26 | 243000 | 243815 |
| 6.79% 10/26/27 | 1000000 | 1029422 |
| μUBS Group AG 4.75% 5/12/28 | 5000000 | 5029168 |
| μWells Fargo & Co. |  |  |
| 4.81% 7/25/28 | 5000000 | 5042149 |
| 5.24% 1/24/31 | 1490000 | 1528498 |
| 5.71% 4/22/28 | 5000000 | 5108578 |
|  |  | **130776018** |
| **Biotechnology–0.99%** | **Biotechnology–0.99%** | **Biotechnology–0.99%** |
| Royalty Pharma PLC 1.20% <br> 9/2/25<br>| 10690000 | 10619344 |
|  |  | **10619344** |
| **Computers–0.35%** | **Computers–0.35%** | **Computers–0.35%** |
| Accenture Capital, Inc. 4.05% <br> 10/4/29<br>| 3830000 | 3805184 |
|  |  | **3805184** |
| **Diversified Financial Services–1.42%** | **Diversified Financial Services–1.42%** | **Diversified Financial Services–1.42%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 3.00% 10/29/28 | 1310000 | 1248004 |
| 5.10% 1/19/29 | 5820000 | 5923907 |
| Air Lease Corp. 2.88% 1/15/26 | 755000 | 747307 |
| Aviation Capital Group LLC |  |  |
| 1.95% 1/30/26 | 3680000 | 3621632 |
| 3.50% 11/1/27 | 2410000 | 2348471 |
| Avolon Holdings Funding Ltd. <br> 4.95% 1/15/28<br>| 1390000 | 1397261 |
|  |  | **15286582** |
| **Electric–2.37%** | **Electric–2.37%** | **Electric–2.37%** |
| AEP Texas, Inc. 5.45% <br> 5/15/29<br>| 1645000 | 1698001 |
| Duke Energy Carolinas LLC <br> 3.95% 11/15/28<br>| 1335000 | 1331752 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Fells Point Funding Trust <br> 3.05% 1/31/27<br>| 3065000 | $2998546 |
| FirstEnergy Pennsylvania <br> Electric Co. 5.20% 4/1/28<br>| 3465000 | 3534534 |
| National Rural Utilities <br> Cooperative Finance Corp.<br>|  |  |
| 4.45% 3/13/26 | 2045000 | 2045859 |
| 4.80% 3/15/28 | 1570000 | 1595006 |
| Southern Co. 4.85% 6/15/28 | 4825000 | 4907908 |
| Virginia Power Fuel <br> Securitization LLC 5.09% <br> 5/1/29<br>| 7355088 | 7394875 |
|  |  | **25506481** |
| **Food–0.36%** | **Food–0.36%** | **Food–0.36%** |
| Mars, Inc. 4.80% 3/1/30 | 2560000 | 2593792 |
| Sysco Corp. 5.10% 9/23/30 | 1195000 | 1224308 |
|  |  | **3818100** |
| **Insurance–1.07%** | **Insurance–1.07%** | **Insurance–1.07%** |
| Aon North America, Inc. <br> 5.13% 3/1/27<br>| 1565000 | 1583450 |
| Jackson National Life Global <br> Funding 4.70% 6/5/28<br>| 2785000 | 2802414 |
| Mutual of Omaha Cos Global <br> Funding 4.51% 6/9/28<br>| 3740000 | 3755675 |
| New York Life Global Funding <br> 5.45% 9/18/26<br>| 2580000 | 2617746 |
| Northwestern Mutual Global <br> Funding 4.96% 1/13/30<br>| 685000 | 699424 |
|  |  | **11458709** |
| **Internet–0.11%** | **Internet–0.11%** | **Internet–0.11%** |
| Meta Platforms, Inc. 4.30% <br> 8/15/29<br>| 1170000 | 1180667 |
|  |  | **1180667** |
| **Mining–0.25%** | **Mining–0.25%** | **Mining–0.25%** |
| Rio Tinto Finance USA PLC <br> 4.50% 3/14/28<br>| 2700000 | 2721265 |
|  |  | **2721265** |
| **Miscellaneous Manufacturing–0.42%** | **Miscellaneous Manufacturing–0.42%** | **Miscellaneous Manufacturing–0.42%** |
| Parker-Hannifin Corp. 4.25% <br> 9/15/27<br>| 4455000 | 4465939 |
|  |  | **4465939** |
| **Pharmaceuticals–0.25%** | **Pharmaceuticals–0.25%** | **Pharmaceuticals–0.25%** |
| AbbVie, Inc. 4.80% 3/15/29 | 2640000 | 2691769 |
|  |  | **2691769** |
| **Pipelines–0.65%** | **Pipelines–0.65%** | **Pipelines–0.65%** |
| Energy Transfer LP 5.55% <br> 2/15/28<br>| 4720000 | 4856142 |

---

LVIP JPMorgan Short Duration Bond Fund-3

------

**LVIP JPMorgan Short Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Kinder Morgan, Inc. 5.10% <br> 8/1/29<br>| 2140000 | $2183646 |
|  |  | **7039788** |
| **Real Estate Investment Trusts–0.42%** | **Real Estate Investment Trusts–0.42%** | **Real Estate Investment Trusts–0.42%** |
| Crown Castle, Inc. 1.05% <br> 7/15/26<br>| 4740000 | 4565149 |
|  |  | **4565149** |
| **Semiconductors–0.47%** | **Semiconductors–0.47%** | **Semiconductors–0.47%** |
| Broadcom, Inc. 5.05% 7/12/29 | 4460000 | 4567123 |
| Marvell Technology, Inc. <br> 4.75% 7/15/30<br>| 515000 | 517280 |
|  |  | **5084403** |
| **Software–0.41%** | **Software–0.41%** | **Software–0.41%** |
| Oracle Corp. |  |  |
| 5.80% 11/10/25 | 2780000 | 2791176 |
| 6.15% 11/9/29 | 1530000 | 1632505 |
|  |  | **4423681** |
| **Telecommunications–0.45%** | **Telecommunications–0.45%** | **Telecommunications–0.45%** |
| T-Mobile USA, Inc. 3.75% <br> 4/15/27<br>| 4850000 | 4799355 |
|  |  | **4799355** |
| **Total Corporate Bonds** <br>**(Cost $249,729,897)** | **Total Corporate Bonds** <br>**(Cost $249,729,897)** | **252486422** |
| **NON-AGENCY ASSET-BACKED SECURITIES–21.78%** | **NON-AGENCY ASSET-BACKED SECURITIES–21.78%** | **NON-AGENCY ASSET-BACKED SECURITIES–21.78%** |
| •AGL CLO 17 Ltd. Series <br> 2022-17A Class AR 5.22% (3 <br> mo. USD Term SOFR + <br> 0.95%) 1/21/35<br>| 2150000 | 2153950 |
| American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
| Series 2025-1 Class C 5.09% <br> 8/12/31<br>| 3500000 | 3532233 |
| Series 2025-2 Class C 5.11% <br> 3/12/31<br>| 4000000 | 4028624 |
| ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
| Series 2024-B Class A2 5.54% <br> 4/15/33<br>| 4560606 | 4588956 |
| Series 2025-A Class B 4.70% <br> 1/17/34<br>| 2500000 | 2495660 |
| Avis Budget Rental Car <br> Funding AESOP LLC Series <br> 2021-1A Class B 1.63% <br> 8/20/27<br>| 3000000 | 2909860 |
| •Bain Capital Credit CLO Ltd. <br> Series 2021-7A Class A1R <br> 5.25% (3 mo. USD Term <br> SOFR + 0.98%) 1/22/35<br>| 2600000 | 2607038 |
| •Ballyrock CLO 27 Ltd. Series <br> 2024-27A Class A1A 5.63% (3 <br> mo. USD Term SOFR + <br> 1.35%) 10/25/37<br>| 1700000 | 1702280 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •Benefit Street Partners CLO <br> VIII Ltd. Series 2015-8A <br> Class A1AR 5.63% (3 mo. <br> USD Term SOFR + 1.36%) <br> 1/20/31<br>| 451599 | $451808 |
| Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
| Series 2025-2 Class B 4.81% <br> 8/15/29<br>| 2000000 | 2007503 |
| Series 2025-2 Class C 5.17% <br> 3/17/31<br>| 1000000 | 1009761 |
| Series 2025-2 Class D 5.62% <br> 3/17/31<br>| 2250000 | 2276165 |
| •Canyon Capital CLO Ltd. <br> Series 2019-2A Class AR2 <br> 5.27% (3 mo. USD Term <br> SOFR + 1.01%) 10/15/34<br>| 1100000 | 1100220 |
| •Canyon CLO Ltd. Series <br> 2020-2A Class AR2 5.29% (3 <br> mo. USD Term SOFR + <br> 1.03%) 10/15/34<br>| 1600000 | 1590262 |
| •Carlyle Global Market <br> Strategies CLO Ltd. Series <br> 2014-2RA Class A1 5.64% (3 <br> mo. USD Term SOFR + <br> 1.31%) 5/15/31<br>| 740132 | 740639 |
| Carvana Auto Receivables <br> Trust Series 2024-N3 Class B <br> 4.67% 12/10/30<br>| 4860000 | 4864772 |
| •CBAM Ltd. Series 2020-13A <br> Class A 5.96% (3 mo. USD <br> Term SOFR + 1.69%) <br> 1/20/34<br>| 7000000 | 7004914 |
| Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
| Series 2024-2 Class C 4.67% <br> 5/17/32<br>| 2300000 | 2302857 |
| Series 2025-1 Class B 4.79% <br> 9/15/32<br>| 4250000 | 4273216 |
| •Dryden 83 CLO Ltd. Series <br> 2020-83A Class AR 5.80% (3 <br> mo. USD Term SOFR + <br> 1.53%) 4/18/37<br>| 4750000 | 4765756 |
| Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
| Series 2022-2 Class A2 4.65% <br> 5/21/29<br>| 21557 | 21544 |
| Series 2023-3 Class A2 6.40% <br> 3/20/30<br>| 3446161 | 3497911 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| Series 2025-2A Class C 5.16% <br> 7/15/31<br>| 4435000 | 4484746 |
| Series 2025-3A Class B 4.86% <br> 2/15/30<br>| 1915000 | 1931750 |
| FHF Issuer Trust Series <br> 2025-1A Class A2 4.92% <br> 2/15/31<br>| 2000000 | 2006096 |
| Ford Credit Auto Owner Trust <br> Series 2022-A Class B 1.91% <br> 7/15/27<br>| 4800000 | 4740192 |

---

LVIP JPMorgan Short Duration Bond Fund-4

------

**LVIP JPMorgan Short Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Ford Credit Floorplan Master <br> Owner Trust A Series 2024-1 <br> Class A1 5.29% 4/15/29<br>| 9000000 | $9158958 |
| GLS Auto Receivables Issuer <br> Trust Series 2025-2A Class C <br> 5.11% 1/15/31<br>| 3750000 | 3792015 |
| •HalseyPoint CLO 5 Ltd. Series <br> 2021-5A Class A1A 5.75% (3 <br> mo. USD Term SOFR + <br> 1.47%) 1/30/35<br>| 4000000 | 4005200 |
| Hertz Vehicle Financing <br> III LLC Series 2025-3A <br> Class A 5.06% 12/26/29<br>| 3750000 | 3766406 |
| Hilton Grand Vacations Trust <br> Series 2025-1A Class A 4.88% <br> 5/27/42<br>| 2690000 | 2716205 |
| Huntington Auto Trust Series <br> 2024-1A Class A3 5.23% <br> 1/16/29<br>| 10000000 | 10088215 |
| Hyundai Auto Lease <br> Securitization Trust Series <br> 2024-C Class A3 4.62% <br> 4/17/28<br>| 5500000 | 5525705 |
| •Jamestown CLO XVII Ltd. <br> Series 2021-17A Class AR <br> 5.50% (1.20% minus 3 mo. <br> USD Term SOFR) 1/25/35<br>| 3000000 | 3000000 |
| •Magnetite XL Ltd. Series <br> 2024-40A Class A1 5.71% (3 <br> mo. USD Term SOFR + <br> 1.45%) 7/15/37<br>| 5000000 | 5015450 |
| Mariner Finance Issuance <br> Trust Series 2025-AA Class A <br> 4.98% 5/20/38<br>| 3500000 | 3547490 |
| •Neuberger Berman Loan <br> Advisers CLO 42 Ltd. Series <br> 2021-42A Class AR 5.21% (3 <br> mo. USD Term SOFR + <br> 0.95%) 7/16/35<br>| 1150000 | 1146550 |
| New Residential Mortgage <br> Loan Trust Series 2022-SFR1 <br> Class B 2.85% 2/17/39<br>| 2000000 | 1931746 |
| •NextGear Floorplan Master <br> Owner Trust Series 2024-1A <br> Class A1 5.20% (30 day USD <br> SOFR Average + 0.90%) <br> 3/15/29<br>| 11000000 | 11027218 |
| OCCU Auto Receivables Trust <br> Series 2023-1A Class A2 <br> 6.23% 4/15/27<br>| 200852 | 200996 |
| •Octagon Investment Partners <br> 51 Ltd. Series 2021-1A <br> Class AR 5.26% (3 mo. USD <br> Term SOFR + 0.99%) <br> 7/20/34<br>| 2300000 | 2306146 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Oportun Issuance Trust <br> Series 2025-B Class A 4.88% <br> 5/9/33<br>| 4000000 | $4019467 |
| PFS Financing Corp. | PFS Financing Corp. | PFS Financing Corp. |
| Series 2024-B Class A 4.95% <br> 2/15/29<br>| 8900000 | 8986566 |
| •Series 2025-A Class A 4.95% <br> (30 day USD SOFR Average <br> + 0.65%) 1/15/29<br>| 11500000 | 11494296 |
| Porsche Innovative Lease <br> Owner Trust Series 2024-1A <br> Class A3 4.67% 11/22/27<br>| 3200000 | 3209820 |
| Prestige Auto Receivables <br> Trust Series 2024-2A Class C <br> 4.73% 10/15/29<br>| 3815000 | 3808609 |
| Santander Drive Auto <br> Receivables Trust Series <br> 2025-1 Class D 5.43% <br> 3/17/31<br>| 6550000 | 6654534 |
| Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC |
| Series 2024-1A Class B 5.35% <br> 1/20/43<br>| 1464262 | 1473929 |
| Series 2024-2A Class B 5.29% <br> 6/20/41<br>| 2424372 | 2439042 |
| Stream Innovations Issuer <br> Trust Series 2025-1A Class A <br> 5.05% 9/15/45<br>| 3335000 | 3358970 |
| Toyota Auto Loan Extended <br> Note Trust Series 2022-1A <br> Class A 3.82% 4/25/35<br>| 11490000 | 11409987 |
| Toyota Auto Receivables <br> Owner Trust Series 2024-A <br> Class A3 4.83% 10/16/28<br>| 1200000 | 1207148 |
| United Auto Credit <br> Securitization Trust Series <br> 2025-1 Class B 5.05% <br> 2/10/28<br>| 1222000 | 1222911 |
| Verdant Receivables LLC <br> Series 2025-1A Class A3 <br> 4.96% 5/12/33<br>| 2000000 | 2023688 |
| Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
| Series 2024-3 Class A1A <br> 5.34% 4/22/30<br>| 5500000 | 5615939 |
| Series 2025-1 Class B 4.94% <br> 1/21/31<br>| 5000000 | 5044333 |
| Veros Auto Receivables Trust <br> Series 2025-1 Class A 5.31% <br> 9/15/28<br>| 1837570 | 1839800 |
| Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
| Series 2024-3A Class C 4.92% <br> 11/15/29<br>| 3500000 | 3516337 |
| Series 2025-1A Class D <br> 5.54% 11/15/30<br>| 3000000 | 3045927 |
| Wheels Fleet Lease Funding 1 <br> LLC Series 2024-3A Class A1 <br> 4.80% 9/19/39<br>| 5100000 | 5124863 |

---

LVIP JPMorgan Short Duration Bond Fund-5

------

**LVIP JPMorgan Short Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
| Series 2022-D Class A3 <br> 5.61% 2/15/28<br>| 25439 | $25534 |
| Series 2023-C Class A3 5.15% <br> 11/15/28<br>| 5411190 | 5434808 |
| •Zais CLO 16 Ltd. Series <br> 2020-16A Class A1R2 5.40% <br> (3 mo. USD Term SOFR + <br> 1.13%) 10/20/34<br>| 3100000 | 3086406 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $233,010,413)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $233,010,413)** | **234359927** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.71%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.71%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.71%** |
| φOBX Trust Series 2023-NQM8 <br> Class A1 7.05% 9/25/63<br>| 2806224 | 2845001 |
| φVerus Securitization Trust <br> Series 2023-6 Class A1 6.67% <br> 9/25/68<br>| 4738311 | 4786812 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $7,544,411)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $7,544,411)** | **7631813** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.71%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.71%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.71%** |
| •BMO Mortgage Trust Series <br> 2022-C1 Class A5 3.37% <br> 2/15/55<br>| 2000000 | 1823372 |
| CD Mortgage Trust Series <br> 2019-CD8 Class A4 2.91% <br> 8/15/57<br>| 5000000 | 4584522 |
| •FREMF K-100 Mortgage Trust <br> Series 2019-K100 Class B <br> 3.61% 11/25/52<br>| 5000000 | 4765845 |
| •FREMF Mortgage Trust | •FREMF Mortgage Trust | •FREMF Mortgage Trust |
| Series 2018-K80 Class B <br> 4.38% 8/25/50<br>| 3000000 | 2946503 |
| Series 2018-K86 Class B <br> 4.44% 11/25/51<br>| 4340000 | 4288515 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $18,485,122)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $18,485,122)** | **18408757** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS–20.16%** | **U.S. TREASURY OBLIGATIONS–20.16%** | **U.S. TREASURY OBLIGATIONS–20.16%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.75% 4/30/27 | 4745000 | $4744259 |
| 3.88% 6/15/28 | 36675000 | 36869836 |
| 4.13% 2/28/27 | 79432300 | 79844975 |
| 4.25% 2/15/28 | 94155000 | 95427563 |
| **Total U.S. Treasury Obligations** <br>**(Cost $215,253,915)** | **Total U.S. Treasury Obligations** <br>**(Cost $215,253,915)** | **216886633** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–7.91%** | **MONEY MARKET FUND–7.91%** | **MONEY MARKET FUND–7.91%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 85137384 | 85137384 |
| **Total Money Market Fund** <br>**(Cost $85,137,384)** | **Total Money Market Fund** <br>**(Cost $85,137,384)** | **85137384** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENTS—2.85%** | **SHORT-TERM INVESTMENTS—2.85%** | **SHORT-TERM INVESTMENTS—2.85%** |
| **U.S. Treasury Obligations–2.85%** | **U.S. Treasury Obligations–2.85%** | **U.S. Treasury Obligations–2.85%** |
| ≠U.S. Treasury Bills | ≠U.S. Treasury Bills | ≠U.S. Treasury Bills |
| 0.01% 7/24/25 | 2152000 | 2146274 |
| 0.01% 5/14/26 | 29455000 | 28460325 |
| **Total Short-Term** <br> **Investments** <br>**(Cost $30,579,702)**<br>|  | **30606599** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–103.28% (Cost $1,105,283,684)** | **1111256845** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(3.28%)** | **(35259102)**<br>|
| **NET ASSETS APPLICABLE TO 113,151,744 SHARES OUTSTANDING–100.00%** | **$1075997743** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SHORT DURATION BOND FUND STANDARD CLASS** <br>**($195,575,427 / 20,442,660 Shares)** | **$9.567** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SHORT DURATION BOND FUND SERVICE CLASS** <br>**($880,422,316 / 92,709,084 Shares)** | **$9.497** |

---

LVIP JPMorgan Short Duration Bond Fund-6

------

**LVIP JPMorgan Short Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1135339721** |
| Distributable earnings/(accumulated loss) | **(59341978)**<br>|
| **TOTAL NET ASSETS** | **$1075997743** |

---

&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. |
| 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. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $23,387 expense reimbursement receivable from Lincoln Financial Investments Corporation, $46,443,022 payable for securities <br> purchased, $145,289 payable for fund shares redeemed, $21,575 other accrued expenses payable, $617,333 due to manager and affiliates, <br> $145,533 variation margin due to broker on futures contracts, $28,442 payable for audit fee and $30,274 payable for fund accounting fee as <br> 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:** |
| (80) | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(8970000)<br>| &nbsp;&nbsp; $(8794245)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(175755)<br>|
| 1492 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 310370970 | &nbsp;&nbsp; 309208768 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 1162201 | &nbsp;&nbsp; — |
| (1290) | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (140610000)<br>| &nbsp;&nbsp; (138961033)<br>| &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1648967)<br>|
| (25) | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; (2886719)<br>| &nbsp;&nbsp; (2769598)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (117120)<br>|
| (12) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (1371188)<br>| &nbsp;&nbsp; (1337145)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (34043)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $1162201 | &nbsp;&nbsp; $(1975885)<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:** |
| BMO–Bank of Montreal  |
| BNP–BNP Paribas |
| CA–Credit Agricole |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| FREMF–Freddie Mac Multifamily |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| REMIC–Real Estate Mortgage Investment Conduits |
| SOFR–Secured Overnight Financing Rate |
| STACR–Structured Agency Credit Risk |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Short Duration Bond Fund-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Short Duration Bond Fund** | **LVIP JPMorgan Short Duration Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $24702002 |
| **EXPENSES:** |  |
| Management fees | 2630019 |
| Distribution fees-Service Class | 1349277 |
| Shareholder servicing fees | 157506 |
| Accounting and administration expenses | 100417 |
| Professional fees | 44644 |
| Reports and statements to shareholders | 22581 |
| Trustees' fees and expenses | 16355 |
| Pricing fees | 8548 |
| Custodian fees | 5271 |
| Consulting fees | 4943 |
| Other | 12666 |
|  | 4352227 |
| Less:  |  |
| Management fees waived | (107116)<br>|
| Expenses reimbursed | (124391)<br>|
| Total operating expenses | 4120720 |
| **NET INVESTMENT INCOME**  | 20581282 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 83140 |
| Futures contracts | (485584)<br>|
| Swap contracts | (150528)<br>|
| Net realized loss | (552972)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 9439675 |
| Futures contracts | (795910)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 8643765 |
| **NET REALIZED AND UNREALIZED GAIN** | 8090793 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $28672075 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Short Duration Bond Fund** | **LVIP JPMorgan Short Duration Bond Fund** | **LVIP JPMorgan Short Duration Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $20581282 | $40814924 |
| Net realized gain (loss) | (552972)<br>| 5591184 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 8643765 | (1285267)<br>|
| Net increase in net assets <br> resulting from operations<br>| 28672075 | 45120841 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (7259540)<br>|
| Service Class |  | (34820121)<br>|
|  |  | (42079661)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 33339049 | 41447582 |
| Service Class | 25338038 | 94324045 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 7259540 |
| Service Class |  | 34820121 |
|  | 58677087 | 177851288 |
| Cost of shares redeemed: |  |  |
| Standard Class | (27617156)<br>| (40407806)<br>|
| Service Class | (105927653)<br>| (145671937)<br>|
|  | (133544809)<br>| (186079743)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (74867722)<br>| (8228455)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (46195647)<br>| (5187275)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 1122193390 | 1127380665 |
| End of period | $1075997743 | $1122193390 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Short Duration Bond Fund-8

------

**LVIP JPMorgan Short Duration Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration 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; $9.308 | &nbsp;&nbsp; $9.294 | &nbsp;&nbsp; $9.173 | &nbsp;&nbsp; $9.818 | &nbsp;&nbsp; $10.060 | &nbsp;&nbsp; $9.820 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>4</sup> | 0.189 | 0.364 | 0.294 | 0.170 | 0.109 | 0.120 |
| Net realized and unrealized gain (loss) | 0.070 | 0.034 | 0.165 | &nbsp;&nbsp; (0.574)<br>| &nbsp;&nbsp; (0.176)<br>| 0.300 |
| Total from investment operations | 0.259 | 0.398 | 0.459 | &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.067)<br>| 0.420 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.384)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.174)<br>| &nbsp;&nbsp; (0.180)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — <br><sup>5</sup><br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.384)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.175)<br>| &nbsp;&nbsp; (0.180)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.567 | &nbsp;&nbsp; $9.308 | &nbsp;&nbsp; $9.294 | &nbsp;&nbsp; $9.173 | &nbsp;&nbsp; $9.818 | &nbsp;&nbsp; $10.060 |
| Total return<sup>6</sup> | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; (4.12%)<br>| &nbsp;&nbsp; (0.67%)<br>| &nbsp;&nbsp; 4.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $195576 | &nbsp;&nbsp; $184638 | &nbsp;&nbsp; $175888 | &nbsp;&nbsp; $160489 | &nbsp;&nbsp; $180707 | &nbsp;&nbsp; $169526 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.54% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.04% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.26% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 3.13% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.25% |
| Portfolio turnover | &nbsp;&nbsp; 129% | &nbsp;&nbsp; 141% | &nbsp;&nbsp; 123% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 274% | &nbsp;&nbsp; 196% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, J.P. Morgan Investment Management Inc. ("JPMIM") replaced Delaware Investments Fund Advisers ("DIFA") as a sub-adviser to the Fund.

<sup>2</sup> 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 Limited-Term Diversified Income Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Limited-Term Diversified Income Series. 

<sup>4</sup> The average shares outstanding method has been applied for per share information.

<sup>5</sup> Amount is less than $(0.005) per share.

<sup>6</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Short Duration Bond Fund-9

------

**LVIP JPMorgan Short Duration Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration 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; $9.254 | &nbsp;&nbsp; $9.241 | &nbsp;&nbsp; $9.122 | &nbsp;&nbsp; $9.762 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $9.750 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>4</sup> | 0.174 | 0.333 | 0.265 | 0.141 | 0.079 | 0.090 |
| Net realized and unrealized gain (loss) | 0.069 | 0.035 | 0.162 | &nbsp;&nbsp; (0.571)<br>| &nbsp;&nbsp; (0.183)<br>| 0.310 |
| Total from investment operations | 0.243 | 0.368 | 0.427 | &nbsp;&nbsp; (0.430)<br>| &nbsp;&nbsp; (0.104)<br>| 0.400 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.210)<br>| &nbsp;&nbsp; (0.133)<br>| &nbsp;&nbsp; (0.150)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — <br><sup>5</sup><br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.210)<br>| &nbsp;&nbsp; (0.134)<br>| &nbsp;&nbsp; (0.150)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.497 | &nbsp;&nbsp; $9.254 | &nbsp;&nbsp; $9.241 | &nbsp;&nbsp; $9.122 | &nbsp;&nbsp; $9.762 | &nbsp;&nbsp; $10.000 |
| Total return<sup>6</sup> | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 3.99% | &nbsp;&nbsp; 4.68% | &nbsp;&nbsp; (4.40%)<br>| &nbsp;&nbsp; (1.04%)<br>| &nbsp;&nbsp; 4.12% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $880422 | &nbsp;&nbsp; $937555 | &nbsp;&nbsp; $951493 | &nbsp;&nbsp; $990680 | &nbsp;&nbsp; $1221710 | &nbsp;&nbsp; $1243718 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.84% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.74% | &nbsp;&nbsp; 3.54% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.96% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 3.52% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.95% |
| Portfolio turnover | &nbsp;&nbsp; 129% | &nbsp;&nbsp; 141% | &nbsp;&nbsp; 123% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 274% | &nbsp;&nbsp; 196% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, J.P. Morgan Investment Management Inc. ("JPMIM") replaced Delaware Investments Fund Advisers ("DIFA") as a sub-adviser to the Fund.

<sup>2</sup> 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 Limited-Term Diversified Income Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Limited-Term Diversified Income Series. 

<sup>4</sup> The average shares outstanding method has been applied for per share information.

<sup>5</sup> Amount is less than $(0.005) per share.

<sup>6</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Short Duration Bond Fund-10

------

**LVIP JPMorgan Short Duration Bond Fund**

**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 Short Duration Bond Fund (formerly, LVIP Macquarie Limited-Term Diversified Income Fund)(the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek maximum total return, consistent with reasonable risk.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

LVIP JPMorgan Short Duration Bond Fund-11

------

**LVIP JPMorgan Short Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.500% of the first $500 million of the Fund's average daily net assets; 0.475% of the next $500 million; 0.450% of the next $1.5 billion; and 0.425% of the Fund's average daily net assets in excess of $2.5 billion. Effective May 1, 2025, LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.06% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Effective May 1, 2025, LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.47% of the Fund's average daily net assets for the Standard Class and 0.77% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses were not to exceed 0.53% the Fund's average daily net assets for the Standard Class and 0.83% for the Service Class.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP JPMorgan Short Duration Bond Fund-12

------

**LVIP JPMorgan Short Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $180474 | &nbsp;&nbsp; $196789 | &nbsp;&nbsp; $227236 | &nbsp;&nbsp; $604499 |

---

Effective May 1, 2025, J.P. Morgan Investment Management Inc. ("JPMIM") (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. Prior to May 1, 2025, Delaware Investments Fund Advisers ("DIFA") was responsible for the day-to-day management of the Fund's investment portfolio.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $46508 |
| Legal | &nbsp;&nbsp; 7088 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $13,244 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; $23387 |
| Management fees payable to LFI | &nbsp;&nbsp; 374004 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 216292 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1518 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 25519 |

---

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; $275862967 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 1074127123 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 333409834 |
| Sales of U.S. government securities | &nbsp;&nbsp; 1142356812 |

---

LVIP JPMorgan Short Duration Bond Fund-13

------

**LVIP JPMorgan Short Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $1105283684 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $8888108 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (3728631)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $5159477 |

---

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 JPMorgan Short Duration Bond Fund-14

------

**LVIP JPMorgan Short Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $113780790 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $113780790 |
| Agency Commercial Mortgage-Backed Security | &nbsp;&nbsp; — | &nbsp;&nbsp; 2261663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2261663 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 149696857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149696857 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 252486422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 252486422 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 234359927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 234359927 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 7631813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7631813 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 18408757 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18408757 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 216886633 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216886633 |
| Money Market Fund | &nbsp;&nbsp; 85137384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 85137384 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 30606599 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30606599 |
| **Total Investments** | &nbsp;&nbsp; $85137384 | &nbsp;&nbsp; $1026119461 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1111256845 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $1162201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1162201 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(1975885)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1975885)<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; 3530862 | &nbsp;&nbsp; 4392515 |
| Service Class | &nbsp;&nbsp; 2698551 | &nbsp;&nbsp; 10074331 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 781677 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3771212 |
|  | &nbsp;&nbsp; 6229413 | &nbsp;&nbsp; 19019735 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2924075)<br>| &nbsp;&nbsp; (4262926)<br>|
| Service Class | &nbsp;&nbsp; (11307309)<br>| &nbsp;&nbsp; (15489437)<br>|
|  | &nbsp;&nbsp; (14231384)<br>| &nbsp;&nbsp; (19752363)<br>|
| Net decrease | &nbsp;&nbsp; (8001971)<br>| &nbsp;&nbsp; (732628)<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.

LVIP JPMorgan Short Duration Bond Fund-15

------

**LVIP JPMorgan Short Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the 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.

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.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and for centrally cleared swaps, by trading these instruments through a central counterparty.

During the six months ended June 30, 2025, the Fund used CDS contracts to gain exposure to certain securities or markets.

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>| $1162201 | Liabilities net of receivables and other <br> assets<br>| $(1975885)<br>|

---

LVIP JPMorgan Short Duration Bond Fund-16

------

**LVIP JPMorgan Short Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $(485584)<br>| &nbsp;&nbsp; $(795910)<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; (150528)<br>| &nbsp;&nbsp; — |
| Total |  | &nbsp;&nbsp; $(636112)<br>| &nbsp;&nbsp; $(795910)<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>|
| Futures contracts (average notional value) | $127582422 | $62224054 |
| CDS contracts (average notional value) |  | 1200000 |

---

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 no assets and liabilities subject to offsetting provisions.

**7. Risk Factors**

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

LVIP JPMorgan Short Duration Bond Fund-17

------

**LVIP JPMorgan Short Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 JPMorgan Short Duration Bond Fund-18

------

![](imgcb2772321.jpg)

LVIP JPMorgan Small Cap Core Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP JPMorgan Small Cap Core Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_93b1b16a-7d8f-4c15-bd63-515faf3130c1_SOI-continued-634_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_93b1b16a-7d8f-4c15-bd63-515faf3130c1_FS-continued-634_1)**  | &nbsp;&nbsp; **10** |
| **[Statements of Changes in Net Assets](#xx_93b1b16a-7d8f-4c15-bd63-515faf3130c1_FS-continued-634_1)**  | &nbsp;&nbsp; **10** |
| **[Financial Highlights](#xx_93b1b16a-7d8f-4c15-bd63-515faf3130c1_FIHI-continued-634_1)**  | &nbsp;&nbsp; **11** |
| **[Notes to Financial Statements](#xx_93b1b16a-7d8f-4c15-bd63-515faf3130c1_NTF-continued-634_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP JPMorgan Small Cap Core 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–97.00%** | **COMMON STOCK–97.00%** | **COMMON STOCK–97.00%** |
| **Aerospace & Defense–1.06%** | **Aerospace & Defense–1.06%** | **Aerospace & Defense–1.06%** |
| †Archer Aviation, Inc. Class A | 20199 | $219159 |
| Moog, Inc. Class A | 2255 | 408088 |
| Park Aerospace Corp. | 3956 | 58430 |
| †Rocket Lab Corp. | 13556 | 484898 |
| †StandardAero, Inc. | 6891 | 218100 |
| †V2X, Inc. | 12326 | 598427 |
|  |  | **1987102** |
| **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** |
| †Radiant Logistics, Inc. | 18242 | 110911 |
|  |  | **110911** |
| **Automobile Components–1.74%** | **Automobile Components–1.74%** | **Automobile Components–1.74%** |
| †Adient PLC | 22830 | 444272 |
| Dana, Inc. | 35103 | 602016 |
| Garrett Motion, Inc. | 36062 | 379012 |
| †Goodyear Tire & Rubber Co. | 43324 | 449270 |
| †Modine Manufacturing Co. | 10277 | 1012284 |
| Phinia, Inc. | 8496 | 377987 |
|  |  | **3264841** |
| **Banks–10.17%** | **Banks–10.17%** | **Banks–10.17%** |
| Amalgamated Financial <br> Corp.<br>| 3202 | 99902 |
| Amerant Bancorp, Inc. | 1605 | 29259 |
| Ameris Bancorp | 11490 | 743403 |
| Associated Banc-Corp. | 3505 | 85487 |
| Atlantic Union Bankshares <br> Corp.<br>| 2221 | 69473 |
| †Axos Financial, Inc. | 6111 | 464680 |
| Banc of California, Inc. | 25057 | 352051 |
| †Bancorp, Inc. | 3026 | 172391 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 25368 | 1123295 |
| BankUnited, Inc. | 4465 | 158909 |
| BayCom Corp. | 708 | 19619 |
| †Bridgewater Bancshares, <br> Inc.<br>| 1098 | 17469 |
| Brookline Bancorp, Inc. | 5926 | 62519 |
| Burke & Herbert Financial <br> Services Corp.<br>| 873 | 52144 |
| Business First Bancshares, <br> Inc.<br>| 8639 | 212951 |
| Byline Bancorp, Inc. | 12187 | 325759 |
| Cadence Bank | 3976 | 127152 |
| Capital City Bank Group, Inc. | 1048 | 41239 |
| Capitol Federal Financial, <br> Inc.<br>| 6415 | 39132 |
| Central Pacific Financial <br> Corp.<br>| 2770 | 77643 |
| ChoiceOne Financial <br> Services, Inc.<br>| 1835 | 52665 |
| CNB Financial Corp. | 5420 | 123901 |
| ConnectOne Bancorp, Inc. | 18494 | 428321 |
| †Customers Bancorp, Inc. | 13478 | 791698 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Dime Community <br> Bancshares, Inc.<br>| 2281 | $61450 |
| Eastern Bankshares, Inc. | 37873 | 578321 |
| Enterprise Financial Services <br> Corp.<br>| 10861 | 598441 |
| Equity Bancshares, Inc. <br> Class A<br>| 11821 | 482297 |
| FB Financial Corp. | 2114 | 95764 |
| Financial Institutions, Inc. | 12252 | 314631 |
| First BanCorp | 24122 | 502461 |
| First Financial Corp. | 4080 | 221095 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 1702 | 49052 |
| First Merchants Corp. | 10238 | 392115 |
| First Mid Bancshares, Inc. | 6573 | 246422 |
| Hancock Whitney Corp. | 5218 | 299513 |
| Hanmi Financial Corp. | 13533 | 333994 |
| HBT Financial, Inc. | 798 | 20118 |
| Heritage Commerce Corp. | 37534 | 372713 |
| Hilltop Holdings, Inc. | 7825 | 237489 |
| HomeTrust Bancshares, Inc. | 1103 | 41263 |
| Independent Bank Corp. | 2568 | 161489 |
| Mercantile Bank Corp. | 5454 | 253120 |
| †Metropolitan Bank Holding <br> Corp.<br>| 3637 | 254590 |
| Mid Penn Bancorp, Inc. | 695 | 19599 |
| MidWestOne Financial Group, <br> Inc.<br>| 4205 | 120978 |
| Northrim BanCorp, Inc. | 1368 | 127580 |
| OceanFirst Financial Corp. | 26695 | 470099 |
| OFG Bancorp | 9475 | 405530 |
| Old National Bancorp | 34836 | 743400 |
| Old Second Bancorp, Inc. | 20820 | 369347 |
| Origin Bancorp, Inc. | 4221 | 150859 |
| Pathward Financial, Inc. | 12137 | 960279 |
| Peapack-Gladstone Financial <br> Corp.<br>| 2297 | 64890 |
| Pinnacle Financial Partners, <br> Inc.<br>| 629 | 69448 |
| QCR Holdings, Inc. | 7175 | 487183 |
| Renasant Corp. | 7728 | 277667 |
| Seacoast Banking Corp. of <br> Florida<br>| 8740 | 241399 |
| SmartFinancial, Inc. | 1186 | 40063 |
| South Plains Financial, Inc. | 13427 | 483909 |
| Southern Missouri Bancorp, <br> Inc.<br>| 1437 | 78719 |
| Southside Bancshares, Inc. | 3913 | 115160 |
| SouthState Corp. | 1373 | 126357 |
| †Texas Capital Bancshares, <br> Inc.<br>| 3015 | 239391 |
| Towne Bank | 6917 | 236423 |
| TriCo Bancshares | 3864 | 156453 |
| Trustmark Corp. | 1446 | 52721 |
| UMB Financial Corp. | 3829 | 402658 |

---

LVIP JPMorgan Small Cap Core Fund-1

------

**LVIP JPMorgan Small Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| United Bankshares, Inc. | 3054 | $111257 |
| United Community Banks, <br> Inc.<br>| 2517 | 74981 |
| Unity Bancorp, Inc. | 2486 | 117041 |
| Univest Financial Corp. | 4961 | 149028 |
| Veritex Holdings, Inc. | 14266 | 372343 |
| WesBanco, Inc. | 4884 | 154481 |
| Wintrust Financial Corp. | 2810 | 348384 |
| WSFS Financial Corp. | 1820 | 100100 |
|  |  | **19055127** |
| **Beverages–0.24%** | **Beverages–0.24%** | **Beverages–0.24%** |
| Primo Brands Corp. Class A | 5770 | 170907 |
| †Vita Coco Co., Inc. | 7931 | 286309 |
|  |  | **457216** |
| **Biotechnology–7.86%** | **Biotechnology–7.86%** | **Biotechnology–7.86%** |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 16054 | 346285 |
| †Akero Therapeutics, Inc. | 15547 | 829588 |
| †Alkermes PLC | 22962 | 656943 |
| †Amicus Therapeutics, Inc. | 49203 | 281933 |
| †Arcutis Biotherapeutics, Inc. | 35979 | 504426 |
| †Avidity Biosciences, Inc. | 16670 | 473428 |
| †BioCryst Pharmaceuticals, <br> Inc.<br>| 36350 | 325696 |
| †Bridgebio Pharma, Inc. | 2890 | 124790 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 19222 | 417117 |
| †Celldex Therapeutics, Inc. | 4628 | 94180 |
| †Crinetics Pharmaceuticals, <br> Inc.<br>| 13391 | 385125 |
| †Dynavax Technologies Corp. | 26008 | 257999 |
| †Halozyme Therapeutics, Inc. | 18753 | 975531 |
| †Immunome, Inc. | 43917 | 408428 |
| †Insmed, Inc. | 11105 | 1117607 |
| †Janux Therapeutics, Inc. | 12393 | 286278 |
| †Kymera Therapeutics, Inc. | 13193 | 575743 |
| †Madrigal Pharmaceuticals, <br> Inc.<br>| 2325 | 703638 |
| †Mirum Pharmaceuticals, Inc. | 14452 | 735462 |
| †ORIC Pharmaceuticals, Inc. | 58841 | 597236 |
| †Protagonist Therapeutics, <br> Inc.<br>| 20124 | 1112254 |
| †PTC Therapeutics, Inc. | 5037 | 246007 |
| †Revolution Medicines, Inc. | 18024 | 663103 |
| †Scholar Rock Holding Corp. | 16056 | 568704 |
| †Travere Therapeutics, Inc. | 18723 | 277100 |
| †Twist Bioscience Corp. | 1427 | 52499 |
| †Tyra Biosciences, Inc. | 5405 | 51726 |
| †Vera Therapeutics, Inc. | 18387 | 433198 |
| †Verve Therapeutics, Inc. | 68876 | 773478 |
| †Viking Therapeutics, Inc. | 17080 | 452620 |
|  |  | **14728122** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Building Products–1.19%** | **Building Products–1.19%** | **Building Products–1.19%** |
| Apogee Enterprises, Inc. | 2446 | $99308 |
| Griffon Corp. | 13418 | 971061 |
| †Resideo Technologies, Inc. | 18632 | 411022 |
| Simpson Manufacturing Co., <br> Inc.<br>| 682 | 105921 |
| UFP Industries, Inc. | 6562 | 652000 |
|  |  | **2239312** |
| **Capital Markets–1.75%** | **Capital Markets–1.75%** | **Capital Markets–1.75%** |
| Acadian Asset Management, <br> Inc.<br>| 4777 | 168341 |
| BGC Group, Inc. Class A | 62781 | 642250 |
| Cohen & Steers, Inc. | 1903 | 143391 |
| DigitalBridge Group, Inc. | 12581 | 130213 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 7470 | 460525 |
| Hamilton Lane, Inc. Class A | 634 | 90104 |
| Piper Sandler Cos. | 1251 | 347703 |
| StepStone Group, Inc. <br> Class A<br>| 1273 | 70652 |
| †StoneX Group, Inc. | 8011 | 730123 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 3479 | 221508 |
| Virtus Investment Partners, <br> Inc.<br>| 1554 | 281896 |
|  |  | **3286706** |
| **Chemicals–1.99%** | **Chemicals–1.99%** | **Chemicals–1.99%** |
| Avient Corp. | 7895 | 255087 |
| Balchem Corp. | 5650 | 899480 |
| Cabot Corp. | 3923 | 294225 |
| †Ecovyst, Inc. | 3420 | 28147 |
| Hawkins, Inc. | 1975 | 280647 |
| HB Fuller Co. | 10324 | 620989 |
| Innospec, Inc. | 3542 | 297847 |
| Orion SA | 18238 | 191317 |
| †Perimeter Solutions, Inc. | 59257 | 824857 |
| Tronox Holdings PLC | 8851 | 44875 |
|  |  | **3737471** |
| **Commercial Services & Supplies–1.82%** | **Commercial Services & Supplies–1.82%** | **Commercial Services & Supplies–1.82%** |
| ABM Industries, Inc. | 24218 | 1143332 |
| †ACV Auctions, Inc. Class A | 37105 | 601843 |
| Brink's Co. | 3930 | 350910 |
| †GEO Group, Inc. | 4867 | 116565 |
| MillerKnoll, Inc. | 16083 | 312332 |
| Steelcase, Inc. Class A | 28275 | 294908 |
| Tetra Tech, Inc. | 16244 | 584134 |
|  |  | **3404024** |
| **Communications Equipment–0.85%** | **Communications Equipment–0.85%** | **Communications Equipment–0.85%** |
| †ADTRAN Holdings, Inc. | 27030 | 242459 |
| †Clearfield, Inc. | 15968 | 693171 |
| †CommScope Holding Co., <br> Inc.<br>| 26368 | 218327 |

---

LVIP JPMorgan Small Cap Core Fund-2

------

**LVIP JPMorgan Small Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| †Extreme Networks, Inc. | 10667 | $191473 |
| †NETGEAR, Inc. | 8604 | 250118 |
|  |  | **1595548** |
| **Construction & Engineering–4.49%** | **Construction & Engineering–4.49%** | **Construction & Engineering–4.49%** |
| †API Group Corp. | 24924 | 1272370 |
| Arcosa, Inc. | 7535 | 653360 |
| †Construction Partners, Inc. <br> Class A<br>| 1175 | 124879 |
| †Dycom Industries, Inc. | 5341 | 1305287 |
| †Fluor Corp. | 16865 | 864668 |
| Granite Construction, Inc. | 2526 | 236206 |
| †IES Holdings, Inc. | 1594 | 472191 |
| †Matrix Service Co. | 11929 | 161161 |
| †MYR Group, Inc. | 6597 | 1197026 |
| †NWPX Infrastructure, Inc. | 1753 | 71890 |
| †Orion Group Holdings, Inc. | 16794 | 152322 |
| Primoris Services Corp. | 6756 | 526563 |
| †Sterling Infrastructure, Inc. | 4592 | 1059512 |
| †Tutor Perini Corp. | 6757 | 316092 |
|  |  | **8413527** |
| **Consumer Finance–1.18%** | **Consumer Finance–1.18%** | **Consumer Finance–1.18%** |
| †Atlanticus Holdings Corp. | 295 | 16152 |
| Bread Financial Holdings, <br> Inc.<br>| 3310 | 189067 |
| †Enova International, Inc. | 9421 | 1050630 |
| FirstCash Holdings, Inc. | 1373 | 185547 |
| †LendingClub Corp. | 8469 | 101882 |
| Navient Corp. | 4812 | 67849 |
| Nelnet, Inc. Class A | 882 | 106828 |
| †Upstart Holdings, Inc. | 7616 | 492603 |
|  |  | **2210558** |
| **Consumer Staples Distribution & Retail–0.50%** | **Consumer Staples Distribution & Retail–0.50%** | **Consumer Staples Distribution & Retail–0.50%** |
| Andersons, Inc. | 2478 | 91067 |
| †Chefs' Warehouse, Inc. | 5911 | 377181 |
| SpartanNash Co. | 2715 | 71920 |
| †Sprouts Farmers Market, Inc. | 2388 | 393160 |
|  |  | **933328** |
| **Containers & Packaging–0.40%** | **Containers & Packaging–0.40%** | **Containers & Packaging–0.40%** |
| Greif, Inc. Class A | 6371 | 414051 |
| †O-I Glass, Inc. | 22855 | 336883 |
|  |  | **750934** |
| **Distributors–0.11%** | **Distributors–0.11%** | **Distributors–0.11%** |
| †GigaCloud Technology, Inc. <br> Class A<br>| 10015 | 198097 |
|  |  | **198097** |
| **Diversified Consumer Services–2.10%** | **Diversified Consumer Services–2.10%** | **Diversified Consumer Services–2.10%** |
| †Adtalem Global Education, <br> Inc.<br>| 4684 | 595945 |
| †Coursera, Inc. | 54270 | 475405 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| †KinderCare Learning Cos., <br> Inc.<br>| 41171 | $415827 |
| †Laureate Education, Inc. | 24208 | 565983 |
| †Mister Car Wash, Inc. | 31846 | 191395 |
| OneSpaWorld Holdings Ltd. | 21067 | 429556 |
| Strategic Education, Inc. | 3850 | 327751 |
| †Stride, Inc. | 4553 | 661050 |
| †Udemy, Inc. | 38305 | 269284 |
|  |  | **3932196** |
| **Diversified REITs–0.79%** | **Diversified REITs–0.79%** | **Diversified REITs–0.79%** |
| Alexander & Baldwin, Inc. | 29828 | 531833 |
| Armada Hoffler Properties, <br> Inc.<br>| 2778 | 19085 |
| Broadstone Net Lease, Inc. | 24874 | 399228 |
| Essential Properties Realty <br> Trust, Inc.<br>| 16330 | 521090 |
|  |  | **1471236** |
| **Diversified Telecommunication Services–0.38%** | **Diversified Telecommunication Services–0.38%** | **Diversified Telecommunication Services–0.38%** |
| †Globalstar, Inc. | 3135 | 73829 |
| Iridium Communications, <br> Inc.<br>| 2499 | 75395 |
| †Lumen Technologies, Inc. | 127924 | 560307 |
|  |  | **709531** |
| **Electric Utilities–0.63%** | **Electric Utilities–0.63%** | **Electric Utilities–0.63%** |
| Genie Energy Ltd. Class B | 4559 | 122546 |
| IDACORP, Inc. | 5603 | 646867 |
| Portland General Electric <br> Co.<br>| 9929 | 403415 |
|  |  | **1172828** |
| **Electrical Equipment–1.23%** | **Electrical Equipment–1.23%** | **Electrical Equipment–1.23%** |
| Atkore, Inc. | 6573 | 463725 |
| †Bloom Energy Corp. Class A | 5469 | 130818 |
| EnerSys | 9871 | 846636 |
| †Fluence Energy, Inc. | 8846 | 59357 |
| †NEXTracker, Inc. Class A | 4035 | 219383 |
| †NuScale Power Corp. | 4441 | 175686 |
| †Sunrun, Inc. | 13580 | 111084 |
| †Thermon Group Holdings, <br> Inc.<br>| 10534 | 295795 |
|  |  | **2302484** |
| **Electronic Equipment, Instruments & Components–2.29%** | **Electronic Equipment, Instruments & Components–2.29%** | **Electronic Equipment, Instruments & Components–2.29%** |
| †Arlo Technologies, Inc. | 55409 | 939737 |
| †Knowles Corp. | 22168 | 390600 |
| †Mirion Technologies, Inc. | 19571 | 421363 |
| †Plexus Corp. | 5383 | 728374 |
| †Sanmina Corp. | 15983 | 1563617 |
| †ScanSource, Inc. | 5984 | 250191 |
|  |  | **4293882** |

---

LVIP JPMorgan Small Cap Core Fund-3

------

**LVIP JPMorgan Small Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Energy Equipment & Services–1.61%** | **Energy Equipment & Services–1.61%** | **Energy Equipment & Services–1.61%** |
| †Bristow Group, Inc. | 2899 | $95580 |
| Cactus, Inc. Class A | 1351 | 59066 |
| ChampionX Corp. | 28006 | 695669 |
| †Expro Group Holdings NV | 2014 | 17300 |
| †Forum Energy Technologies, <br> Inc.<br>| 3360 | 65419 |
| Liberty Energy, Inc. | 43141 | 495259 |
| Noble Corp. PLC | 6902 | 183248 |
| †Oceaneering International, <br> Inc.<br>| 14940 | 309557 |
| †Oil States International, Inc. | 45200 | 242272 |
| Patterson-UTI Energy, Inc. | 34111 | 202278 |
| †ProPetro Holding Corp. | 15009 | 89604 |
| Ranger Energy Services, Inc. <br> Class A<br>| 16718 | 199613 |
| Select Water Solutions, Inc. | 23939 | 206833 |
| Weatherford International <br> PLC<br>| 3208 | 161394 |
|  |  | **3023092** |
| **Entertainment–0.26%** | **Entertainment–0.26%** | **Entertainment–0.26%** |
| †AMC Entertainment <br> Holdings, Inc. Class A<br>| 52084 | 161461 |
| Cinemark Holdings, Inc. | 4490 | 135508 |
| †IMAX Corp. | 3073 | 85921 |
| †Lionsgate Studios Corp. | 13989 | 81276 |
| †Starz Entertainment Corp. | 932 | 14977 |
|  |  | **479143** |
| **Financial Services–3.22%** | **Financial Services–3.22%** | **Financial Services–3.22%** |
| Banco Latinoamericano de <br> Comercio Exterior SA<br>| 8261 | 332918 |
| Burford Capital Ltd. | 43482 | 620053 |
| Compass Diversified <br> Holdings<br>| 4469 | 28065 |
| Enact Holdings, Inc. | 13475 | 500596 |
| Essent Group Ltd. | 8566 | 520213 |
| EVERTEC, Inc. | 13771 | 496445 |
| HA Sustainable <br> Infrastructure Capital, Inc.<br>| 15958 | 428632 |
| Jackson Financial, Inc. <br> Class A<br>| 8076 | 717068 |
| Merchants Bancorp | 8536 | 282286 |
| †Mr. Cooper Group, Inc. | 2911 | 434350 |
| †NMI Holdings, Inc. Class A | 12388 | 522650 |
| PennyMac Financial Services, <br> Inc.<br>| 4125 | 411015 |
| Radian Group, Inc. | 5178 | 186512 |
| †Sezzle, Inc. | 3073 | 550835 |
|  |  | **6031638** |
| **Food Products–1.07%** | **Food Products–1.07%** | **Food Products–1.07%** |
| Cal-Maine Foods, Inc. | 4165 | 414959 |
| Dole PLC | 20006 | 279884 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Fresh Del Monte Produce, <br> Inc.<br>| 5164 | $167417 |
| Lancaster Colony Corp. | 1398 | 241532 |
| †Simply Good Foods Co. | 13620 | 430256 |
| †SunOpta, Inc. | 28954 | 167933 |
| †Vital Farms, Inc. | 7650 | 294678 |
|  |  | **1996659** |
| **Gas Utilities–1.11%** | **Gas Utilities–1.11%** | **Gas Utilities–1.11%** |
| Chesapeake Utilities Corp. | 3749 | 450705 |
| New Jersey Resources Corp. | 4971 | 222800 |
| ONE Gas, Inc. | 9261 | 665495 |
| Southwest Gas Holdings, Inc. | 10012 | 744793 |
|  |  | **2083793** |
| **Ground Transportation–0.14%** | **Ground Transportation–0.14%** | **Ground Transportation–0.14%** |
| ArcBest Corp. | 2736 | 210700 |
| †Hertz Global Holdings, Inc. | 7957 | 54346 |
|  |  | **265046** |
| **Health Care Equipment & Supplies–3.79%** | **Health Care Equipment & Supplies–3.79%** | **Health Care Equipment & Supplies–3.79%** |
| †AtriCure, Inc. | 13194 | 432367 |
| †Axogen, Inc. | 16788 | 182150 |
| †Ceribell, Inc. | 23060 | 431914 |
| †Glaukos Corp. | 6080 | 628003 |
| †Inogen, Inc. | 27505 | 193360 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 15896 | 195044 |
| †iRhythm Technologies, Inc. | 11515 | 1772850 |
| †Lantheus Holdings, Inc. | 5027 | 411510 |
| †OraSure Technologies, Inc. | 100347 | 301041 |
| †PROCEPT BioRobotics Corp. | 10483 | 603821 |
| †Pulmonx Corp. | 39442 | 102155 |
| †SI-BONE, Inc. | 8539 | 160704 |
| †Sight Sciences, Inc. | 3323 | 13724 |
| †TransMedics Group, Inc. | 7437 | 996632 |
| †Treace Medical Concepts, <br> Inc.<br>| 113507 | 667421 |
|  |  | **7092696** |
| **Health Care Providers & Services–2.79%** | **Health Care Providers & Services–2.79%** | **Health Care Providers & Services–2.79%** |
| †Addus HomeCare Corp. | 937 | 107933 |
| †Brookdale Senior Living, Inc. | 43714 | 304249 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 14629 | 300918 |
| †CorVel Corp. | 2352 | 241739 |
| †Enhabit, Inc. | 40153 | 387075 |
| Ensign Group, Inc. | 5174 | 798141 |
| †Hims & Hers Health, Inc. | 20747 | 1034238 |
| †Hinge Health, Inc. Class A | 12943 | 669800 |
| National HealthCare Corp. | 1503 | 160836 |
| †NeoGenomics, Inc. | 8309 | 60739 |
| †Option Care Health, Inc. | 16873 | 548035 |

---

LVIP JPMorgan Small Cap Core Fund-4

------

**LVIP JPMorgan Small Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| †Progyny, Inc. | 24482 | $538604 |
| †Surgery Partners, Inc. | 3207 | 71292 |
|  |  | **5223599** |
| **Health Care REITs–0.53%** | **Health Care REITs–0.53%** | **Health Care REITs–0.53%** |
| American Healthcare REIT, <br> Inc.<br>| 1739 | 63891 |
| CareTrust REIT, Inc. | 18888 | 577973 |
| Community Healthcare Trust, <br> Inc.<br>| 2910 | 48393 |
| Sabra Health Care REIT, Inc. | 16389 | 302213 |
|  |  | **992470** |
| **Health Care Technology–0.35%** | **Health Care Technology–0.35%** | **Health Care Technology–0.35%** |
| †Health Catalyst, Inc. | 48710 | 183637 |
| HealthStream, Inc. | 16899 | 467595 |
|  |  | **651232** |
| **Hotel & Resort REITs–1.07%** | **Hotel & Resort REITs–1.07%** | **Hotel & Resort REITs–1.07%** |
| Chatham Lodging Trust | 44042 | 306973 |
| DiamondRock Hospitality Co. | 34151 | 261597 |
| Ryman Hospitality Properties, <br> Inc.<br>| 9926 | 979398 |
| Xenia Hotels & Resorts, Inc. | 36171 | 454669 |
|  |  | **2002637** |
| **Hotels, Restaurants & Leisure–2.54%** | **Hotels, Restaurants & Leisure–2.54%** | **Hotels, Restaurants & Leisure–2.54%** |
| †Accel Entertainment, Inc. | 16601 | 195394 |
| †Biglari Holdings, Inc. Class B | 1070 | 312665 |
| †BJ's Restaurants, Inc. | 4705 | 209843 |
| †Brinker International, Inc. | 3225 | 581564 |
| †Hilton Grand Vacations, Inc. | 3863 | 160430 |
| International Game <br> Technology PLC<br>| 17197 | 271885 |
| Jack in the Box, Inc. | 14628 | 255405 |
| †Kura Sushi USA, Inc. Class A | 3526 | 303518 |
| †Life Time Group Holdings, <br> Inc.<br>| 17711 | 537175 |
| Monarch Casino & Resort, <br> Inc.<br>| 5011 | 433151 |
| Papa John's International, <br> Inc.<br>| 1714 | 83883 |
| †Portillo's, Inc. Class A | 21188 | 247264 |
| †Sabre Corp. | 49064 | 155042 |
| †Shake Shack, Inc. Class A | 4369 | 614281 |
| †United Parks & Resorts, Inc. | 8356 | 393985 |
|  |  | **4755485** |
| **Household Durables–1.24%** | **Household Durables–1.24%** | **Household Durables–1.24%** |
| †Cavco Industries, Inc. | 392 | 170297 |
| Century Communities, Inc. | 2492 | 140349 |
| †Champion Homes, Inc. | 1858 | 116329 |
| †Green Brick Partners, Inc. | 3916 | 246238 |
| KB Home | 4449 | 235664 |
| †M/I Homes, Inc. | 1874 | 210113 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Meritage Homes Corp. | 3932 | $263326 |
| †Taylor Morrison Home Corp. | 4707 | 289104 |
| †Tri Pointe Homes, Inc. | 20592 | 657914 |
|  |  | **2329334** |
| **Household Products–0.12%** | **Household Products–0.12%** | **Household Products–0.12%** |
| †Central Garden & Pet Co. <br> Class A<br>| 7397 | 231452 |
|  |  | **231452** |
| **Independent Power and Renewable Electricity Producers–0.19%** | **Independent Power and Renewable Electricity Producers–0.19%** | **Independent Power and Renewable Electricity Producers–0.19%** |
| Clearway Energy, Inc. Class A | 11313 | 356547 |
|  |  | **356547** |
| **Industrial REITs–0.28%** | **Industrial REITs–0.28%** | **Industrial REITs–0.28%** |
| LXP Industrial Trust | 38593 | 318778 |
| Plymouth Industrial REIT, <br> Inc.<br>| 12806 | 205665 |
|  |  | **524443** |
| **Insurance–1.30%** | **Insurance–1.30%** | **Insurance–1.30%** |
| CNO Financial Group, Inc. | 12999 | 501501 |
| Fidelis Insurance Holdings <br> Ltd.<br>| 17905 | 296865 |
| †Hamilton Insurance Group <br> Ltd. Class B<br>| 4821 | 104230 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 2022 | 50429 |
| †Lemonade, Inc. | 3540 | 155087 |
| †Oscar Health, Inc. Class A | 22353 | 479248 |
| †Palomar Holdings, Inc. | 608 | 93784 |
| RLI Corp. | 2975 | 214855 |
| Safety Insurance Group, Inc. | 3108 | 246744 |
| Selective Insurance Group, <br> Inc.<br>| 2510 | 217492 |
| †Skyward Specialty Insurance <br> Group, Inc.<br>| 1391 | 80386 |
|  |  | **2440621** |
| **Interactive Media & Services–0.69%** | **Interactive Media & Services–0.69%** | **Interactive Media & Services–0.69%** |
| †Cargurus, Inc. | 14855 | 497197 |
| †QuinStreet, Inc. | 6916 | 111347 |
| Shutterstock, Inc. | 3452 | 65450 |
| †Yelp, Inc. | 17974 | 615969 |
|  |  | **1289963** |
| **IT Services–0.74%** | **IT Services–0.74%** | **IT Services–0.74%** |
| †ASGN, Inc. | 8355 | 417165 |
| †BigBear.ai Holdings, Inc. | 94526 | 641831 |
| †Unisys Corp. | 72390 | 327927 |
|  |  | **1386923** |

---

LVIP JPMorgan Small Cap Core Fund-5

------

**LVIP JPMorgan Small Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Leisure Products–0.34%** | **Leisure Products–0.34%** | **Leisure Products–0.34%** |
| †Funko, Inc. Class A | 39489 | $187968 |
| †Peloton Interactive, Inc. <br> Class A<br>| 64926 | 450586 |
|  |  | **638554** |
| **Life Sciences Tools & Services–0.44%** | **Life Sciences Tools & Services–0.44%** | **Life Sciences Tools & Services–0.44%** |
| †Adaptive Biotechnologies <br> Corp.<br>| 57472 | 669549 |
| †CryoPort, Inc. | 17476 | 130371 |
| †OmniAb, Inc. | 10330 | 17974 |
|  |  | **817894** |
| **Machinery–1.75%** | **Machinery–1.75%** | **Machinery–1.75%** |
| †Blue Bird Corp. | 5834 | 251795 |
| Greenbrier Cos., Inc. | 527 | 24268 |
| Kennametal, Inc. | 9731 | 223424 |
| Mueller Industries, Inc. | 12631 | 1003786 |
| Terex Corp. | 10623 | 495988 |
| †Titan International, Inc. | 21596 | 221791 |
| Watts Water Technologies, <br> Inc. Class A<br>| 4286 | 1053884 |
|  |  | **3274936** |
| **Marine Transportation–0.40%** | **Marine Transportation–0.40%** | **Marine Transportation–0.40%** |
| Costamare, Inc. | 30286 | 275906 |
| Matson, Inc. | 3797 | 422796 |
| Safe Bulkers, Inc. | 15499 | 55951 |
|  |  | **754653** |
| **Media–1.17%** | **Media–1.17%** | **Media–1.17%** |
| †AMC Networks, Inc. Class A | 2341 | 14678 |
| Gray Media, Inc. | 8429 | 38183 |
| John Wiley & Sons, Inc. <br> Class A<br>| 7330 | 327138 |
| †Magnite, Inc. | 35654 | 859975 |
| †PubMatic, Inc. Class A | 28763 | 357812 |
| Scholastic Corp. | 7398 | 155210 |
| †Stagwell, Inc. | 41000 | 184500 |
| †TechTarget, Inc. | 13625 | 105866 |
| †Thryv Holdings, Inc. | 12063 | 146686 |
|  |  | **2190048** |
| **Metals & Mining–1.58%** | **Metals & Mining–1.58%** | **Metals & Mining–1.58%** |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 1297 | 145887 |
| †Coeur Mining, Inc. | 63633 | 563788 |
| Commercial Metals Co. | 15274 | 747051 |
| †Constellium SE | 57260 | 761558 |
| Hecla Mining Co. | 42227 | 252940 |
| Olympic Steel, Inc. | 1674 | 54556 |
| †SSR Mining, Inc. | 15174 | 193317 |
| Warrior Met Coal, Inc. | 5150 | 236024 |
|  |  | **2955121** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.69%** | **Mortgage Real Estate Investment Trusts (REITs)–0.69%** | **Mortgage Real Estate Investment Trusts (REITs)–0.69%** |
| BrightSpire Capital, Inc. | 36213 | $182876 |
| Ladder Capital Corp. | 71102 | 764347 |
| MFA Financial, Inc. | 6814 | 64460 |
| New York Mortgage Trust, <br> Inc.<br>| 19509 | 130710 |
| Redwood Trust, Inc. | 8723 | 51553 |
| TPG RE Finance Trust, Inc. | 13895 | 107269 |
|  |  | **1301215** |
| **Multi-Utilities–0.46%** | **Multi-Utilities–0.46%** | **Multi-Utilities–0.46%** |
| Avista Corp. | 1489 | 56507 |
| Black Hills Corp. | 1999 | 112144 |
| Unitil Corp. | 13384 | 697976 |
|  |  | **866627** |
| **Office REITs–0.80%** | **Office REITs–0.80%** | **Office REITs–0.80%** |
| City Office REIT, Inc. | 6352 | 33920 |
| COPT Defense Properties | 28412 | 783603 |
| Empire State Realty Trust, <br> Inc. Class A<br>| 21392 | 173061 |
| Piedmont Realty Trust, Inc. <br> Class A<br>| 30949 | 225618 |
| SL Green Realty Corp. | 4618 | 285854 |
|  |  | **1502056** |
| **Oil, Gas & Consumable Fuels–2.82%** | **Oil, Gas & Consumable Fuels–2.82%** | **Oil, Gas & Consumable Fuels–2.82%** |
| Chord Energy Corp. | 1768 | 171231 |
| †CNX Resources Corp. | 5573 | 187699 |
| Core Natural Resources, Inc. | 1345 | 93800 |
| CVR Energy, Inc. | 4755 | 127672 |
| Delek U.S. Holdings, Inc. | 3698 | 78324 |
| Excelerate Energy, Inc. <br> Class A<br>| 8427 | 247080 |
| †Gulfport Energy Corp. | 2537 | 510368 |
| International Seaways, Inc. | 2849 | 103931 |
| Matador Resources Co. | 8683 | 414353 |
| Murphy Oil Corp. | 12557 | 282532 |
| Ovintiv, Inc. | 8582 | 326545 |
| †Par Pacific Holdings, Inc. | 3388 | 89884 |
| Peabody Energy Corp. | 26108 | 350369 |
| Permian Resources Corp. | 30926 | 421212 |
| Scorpio Tankers, Inc. | 569 | 22265 |
| SM Energy Co. | 9226 | 227974 |
| Teekay Corp. Ltd. | 51833 | 427622 |
| Teekay Tankers Ltd. Class A | 11880 | 495634 |
| †Uranium Energy Corp. | 53017 | 360516 |
| World Kinect Corp. | 12076 | 342355 |
|  |  | **5281366** |
| **Passenger Airlines–0.34%** | **Passenger Airlines–0.34%** | **Passenger Airlines–0.34%** |
| †Joby Aviation, Inc. | 26748 | 282192 |
| †SkyWest, Inc. | 3360 | 345979 |
|  |  | **628171** |

---

LVIP JPMorgan Small Cap Core Fund-6

------

**LVIP JPMorgan Small Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Personal Care Products–0.32%** | **Personal Care Products–0.32%** | **Personal Care Products–0.32%** |
| †BellRing Brands, Inc. | 1476 | $85505 |
| †Nature's Sunshine Products, <br> Inc.<br>| 6660 | 98501 |
| †Oddity Tech Ltd. Class A | 5530 | 417349 |
|  |  | **601355** |
| **Pharmaceuticals–0.77%** | **Pharmaceuticals–0.77%** | **Pharmaceuticals–0.77%** |
| †ANI Pharmaceuticals, Inc. | 4146 | 270527 |
| †Atea Pharmaceuticals, Inc. | 21074 | 75866 |
| †Corcept Therapeutics, Inc. | 7331 | 538095 |
| †Evolus, Inc. | 51978 | 478717 |
| †WaVe Life Sciences Ltd. | 11781 | 76577 |
|  |  | **1439782** |
| **Professional Services–1.95%** | **Professional Services–1.95%** | **Professional Services–1.95%** |
| Barrett Business Services, <br> Inc.<br>| 9792 | 408228 |
| †BlackSky Technology, Inc. | 15096 | 310676 |
| †CBIZ, Inc. | 5386 | 386230 |
| †ExlService Holdings, Inc. | 6386 | 279643 |
| Heidrick & Struggles <br> International, Inc.<br>| 6878 | 314737 |
| †IBEX Holdings Ltd. | 13920 | 405072 |
| Insperity, Inc. | 4832 | 290500 |
| KBR, Inc. | 6703 | 321342 |
| †Legalzoom.com, Inc. | 19638 | 174975 |
| †Planet Labs PBC | 12529 | 76427 |
| †Upwork, Inc. | 7256 | 97521 |
| †WNS Holdings Ltd. | 9243 | 584527 |
|  |  | **3649878** |
| **Real Estate Management & Development–0.30%** | **Real Estate Management & Development–0.30%** | **Real Estate Management & Development–0.30%** |
| †Cushman & Wakefield PLC | 6842 | 75741 |
| Newmark Group, Inc. Class A | 24559 | 298392 |
| †Real Brokerage, Inc. | 43076 | 194273 |
|  |  | **568406** |
| **Residential REITs–0.23%** | **Residential REITs–0.23%** | **Residential REITs–0.23%** |
| Independence Realty Trust, <br> Inc.<br>| 17070 | 301968 |
| UMH Properties, Inc. | 3479 | 58413 |
| Veris Residential, Inc. | 4207 | 62642 |
|  |  | **423023** |
| **Retail REITs–0.82%** | **Retail REITs–0.82%** | **Retail REITs–0.82%** |
| Curbline Properties Corp. | 9830 | 224419 |
| InvenTrust Properties Corp. | 11211 | 307182 |
| Kite Realty Group Trust | 13499 | 305752 |
| Phillips Edison & Co., Inc. | 19963 | 699304 |
|  |  | **1536657** |
| **Semiconductors & Semiconductor Equipment–2.96%** | **Semiconductors & Semiconductor Equipment–2.96%** | **Semiconductors & Semiconductor Equipment–2.96%** |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 3244 | 83241 |
| †Ambarella, Inc. | 3043 | 201036 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Axcelis Technologies, Inc. | 1034 | $72059 |
| †Credo Technology Group <br> Holding Ltd.<br>| 17136 | 1586622 |
| †FormFactor, Inc. | 12055 | 414813 |
| †MaxLinear, Inc. | 5103 | 72514 |
| †Navitas Semiconductor Corp. | 49955 | 327205 |
| NVE Corp. | 4079 | 300255 |
| †Onto Innovation, Inc. | 2179 | 219927 |
| †Penguin Solutions, Inc. | 12770 | 252974 |
| †Rambus, Inc. | 21461 | 1373933 |
| †Rigetti Computing, Inc. | 31457 | 373080 |
| †Semtech Corp. | 4413 | 199203 |
| †Ultra Clean Holdings, Inc. | 3113 | 70260 |
|  |  | **5547122** |
| **Software–6.28%** | **Software–6.28%** | **Software–6.28%** |
| A10 Networks, Inc. | 4453 | 86166 |
| †Agilysys, Inc. | 2790 | 319846 |
| †Appian Corp. Class A | 7954 | 237506 |
| †Asana, Inc. Class A | 17779 | 240016 |
| †Aurora Innovation, Inc. | 12539 | 65704 |
| †BlackLine, Inc. | 5469 | 309655 |
| †Box, Inc. Class A | 21577 | 737286 |
| †Braze, Inc. Class A | 5945 | 167055 |
| †Cipher Mining, Inc. | 160378 | 766607 |
| †Cleanspark, Inc. | 4988 | 55018 |
| †Clearwater Analytics <br> Holdings, Inc. Class A<br>| 27480 | 602636 |
| †Commvault Systems, Inc. | 2702 | 471040 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 15556 | 358721 |
| †Core Scientific, Inc. | 49020 | 836771 |
| †Digital Turbine, Inc. | 26918 | 158816 |
| †D-Wave Quantum, Inc. | 19899 | 291321 |
| †Freshworks, Inc. Class A | 36838 | 549255 |
| †Hut 8 Corp. | 4778 | 88871 |
| InterDigital, Inc. | 4204 | 942663 |
| †LiveRamp Holdings, Inc. | 10524 | 347713 |
| †MARA Holdings, Inc. | 38829 | 608839 |
| †ON24, Inc. | 74297 | 403433 |
| †Onestream, Inc. | 2284 | 64637 |
| †Ooma, Inc. | 24758 | 319378 |
| †Pagaya Technologies Ltd. <br> Class A<br>| 17301 | 368857 |
| †Porch Group, Inc. | 14880 | 175435 |
| †Qualys, Inc. | 3412 | 487472 |
| †Riot Platforms, Inc. | 21479 | 242713 |
| Sapiens International Corp. <br> NV<br>| 8445 | 247016 |
| †SPS Commerce, Inc. | 1106 | 150516 |
| †Tenable Holdings, Inc. | 11978 | 404617 |
| †Xperi, Inc. | 57346 | 453607 |
| †Zeta Global Holdings Corp. <br> Class A<br>| 13154 | 203755 |
|  |  | **11762941** |

---

LVIP JPMorgan Small Cap Core Fund-7

------

**LVIP JPMorgan Small Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialized REITs–0.50%** | **Specialized REITs–0.50%** | **Specialized REITs–0.50%** |
| PotlatchDeltic Corp. | 24537 | $941485 |
|  |  | **941485** |
| **Specialty Retail–1.99%** | **Specialty Retail–1.99%** | **Specialty Retail–1.99%** |
| †Abercrombie & Fitch Co. <br> Class A<br>| 5788 | 479536 |
| Advance Auto Parts, Inc. | 3010 | 139935 |
| American Eagle Outfitters, <br> Inc.<br>| 24524 | 235921 |
| Arko Corp. | 17690 | 74829 |
| †Asbury Automotive Group, <br> Inc.<br>| 1932 | 460859 |
| †Boot Barn Holdings, Inc. | 2860 | 434720 |
| †EVgo, Inc. | 47286 | 172594 |
| Group 1 Automotive, Inc. | 495 | 216171 |
| †RealReal, Inc. | 38583 | 184813 |
| Sonic Automotive, Inc. <br> Class A<br>| 3665 | 292943 |
| †Urban Outfitters, Inc. | 12248 | 888470 |
| †Victoria's Secret & Co. | 8168 | 151271 |
|  |  | **3732062** |
| **Technology Hardware, Storage & Peripherals–0.71%** | **Technology Hardware, Storage & Peripherals–0.71%** | **Technology Hardware, Storage & Peripherals–0.71%** |
| †IonQ, Inc. | 31038 | 1333703 |
|  |  | **1333703** |
| **Textiles, Apparel & Luxury Goods–0.54%** | **Textiles, Apparel & Luxury Goods–0.54%** | **Textiles, Apparel & Luxury Goods–0.54%** |
| †Capri Holdings Ltd. | 27280 | 482856 |
| †G-III Apparel Group Ltd. | 5596 | 125351 |
| Wolverine World Wide, Inc. | 22815 | 412495 |
|  |  | **1020702** |
| **Trading Companies & Distributors–2.33%** | **Trading Companies & Distributors–2.33%** | **Trading Companies & Distributors–2.33%** |
| Applied Industrial <br> Technologies, Inc.<br>| 3859 | 897025 |
| †BlueLinx Holdings, Inc. | 1325 | 98554 |
| Boise Cascade Co. | 3724 | 323318 |
| †DNOW, Inc. | 36005 | 533954 |
| †DXP Enterprises, Inc. | 1252 | 109738 |
| GATX Corp. | 1332 | 204542 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Herc Holdings, Inc. | 4163 | $548225 |
| †Hudson Technologies, Inc. | 1899 | 15420 |
| McGrath RentCorp | 1446 | 167678 |
| †MRC Global, Inc. | 23230 | 318483 |
| Rush Enterprises, Inc. <br> Class A<br>| 13584 | 699712 |
| WESCO International, Inc. | 2392 | 442998 |
|  |  | **4359647** |
| **Water Utilities–0.39%** | **Water Utilities–0.39%** | **Water Utilities–0.39%** |
| American States Water Co. | 1901 | 145731 |
| Consolidated Water Co. Ltd. | 19671 | 590523 |
|  |  | **736254** |
| **Wireless Telecommunication Services–0.25%** | **Wireless Telecommunication Services–0.25%** | **Wireless Telecommunication Services–0.25%** |
| †Gogo, Inc. | 5691 | 83544 |
| Spok Holdings, Inc. | 7086 | 125280 |
| Telephone & Data Systems, <br> Inc.<br>| 7169 | 255073 |
|  |  | **463897** |
| **Total Common Stock** <br>**(Cost $153,983,362)** | **Total Common Stock** <br>**(Cost $153,983,362)** | **181739309** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†Aduro Biotech, Inc. | 20960 | 7964 |
| **Total Rights** <br>**(Cost $0)** | **Total Rights** <br>**(Cost $0)** | **7964** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–6.63%** | **MONEY MARKET FUND–6.63%** | **MONEY MARKET FUND–6.63%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 12418198 | 12418198 |
| **Total Money Market Fund** <br>**(Cost $12,418,198)** | **Total Money Market Fund** <br>**(Cost $12,418,198)** | **12418198** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–103.63% (Cost $166,401,560)** | **194165471** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(3.63%)** | **(6807678)**<br>|
| **NET ASSETS APPLICABLE TO 8,924,342 SHARES OUTSTANDING–100.00%** | **$187357793** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SMALL CAP CORE FUND STANDARD CLASS** <br>**($127,849,905 / 6,061,216 Shares)** | **$21.093** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SMALL CAP CORE FUND SERVICE CLASS** <br>**($59,507,888 / 2,863,126 Shares)** | **$20.784** |

---

LVIP JPMorgan Small Cap Core Fund-8

------

**LVIP JPMorgan Small Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$150410421** |
| Distributable earnings/(accumulated loss) | **36947372** |
| **TOTAL NET ASSETS** | **$187357793** |

---

&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 $1,103,000 cash collateral held at broker for futures contracts, $23,397 variation margin due from broker on futures contracts, <br> $9,190,127 payable for securities purchased, $164,484 payable for fund shares redeemed, $7,862 other accrued expenses payable, $112,505 <br> due to manager and affiliates, $16,215 payable for audit fee and $10,180 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:** |
| 46 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $5040910 | &nbsp;&nbsp; $4980799 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $60111 | &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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Small Cap Core Fund-9

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Small Cap Core Fund** | **LVIP JPMorgan Small Cap Core Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $1295341 |
| Foreign taxes withheld | (3105)<br>|
|  | 1292236 |
| **EXPENSES:** |  |
| Management fees | 601969 |
| Distribution fees-Service Class | 61412 |
| Shareholder servicing fees | 26857 |
| Accounting and administration expenses | 25799 |
| Professional fees | 23905 |
| Custodian fees | 8990 |
| Consulting fees | 7193 |
| Reports and statements to shareholders | 4127 |
| Trustees' fees and expenses | 2871 |
| Pricing fees | 2146 |
| Other | 4221 |
| Total operating expenses | 769490 |
| **NET INVESTMENT INCOME**  | 522746 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss from: |  |
| Investments | (5211477)<br>|
| Futures contracts | (157973)<br>|
| Net realized loss | (5369450)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (2282497)<br>|
| Futures contracts | 425257 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (1857240)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (7226690)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(6703944)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Small Cap Core Fund** | **LVIP JPMorgan Small Cap Core Fund** | **LVIP JPMorgan Small Cap Core Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $522746 | $1001039 |
| Net realized gain (loss) | (5369450)<br>| 22122699 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (1857240)<br>| (4073136)<br>|
| Net increase (decrease) in net assets <br> resulting from operations<br>| (6703944)<br>| 19050602 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (3580296)<br>|
| Service Class |  | (916822)<br>|
|  |  | (4497118)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 7013746 | 8896823 |
| Service Class | 18138324 | 37456422 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 3580296 |
| Service Class |  | 916822 |
|  | 25152070 | 50850363 |
| Cost of shares redeemed: |  |  |
| Standard Class | (27500882)<br>| (44773648)<br>|
| Service Class | (2854604)<br>| (3056317)<br>|
|  | (30355486)<br>| (47829965)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (5203416)<br>| 3020398 |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (11907360)<br>| 17573882 |
| **NET ASSETS:** |  |  |
| Beginning of period | 199265153 | 181691271 |
| End of period | $187357793 | $199265153 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Small Cap Core Fund-10

------

**LVIP JPMorgan Small Cap Core Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core 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; $21.694 | &nbsp;&nbsp; $19.849 | &nbsp;&nbsp; $17.960 | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp; $24.11 | &nbsp;&nbsp; $23.04 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.064 | 0.123 | 0.098 | 0.11 | 0.09 | 0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.665)<br>| 2.233 | 2.208 | &nbsp;&nbsp; (5.40)<br>| 5.04 | 2.38 |
| Total from investment operations | &nbsp;&nbsp; (0.601)<br>| 2.356 | 2.306 | &nbsp;&nbsp; (5.29)<br>| 5.13 | 2.53 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.334)<br>| &nbsp;&nbsp; (0.162)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.27)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.511)<br>| &nbsp;&nbsp; (0.417)<br>| &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (1.46)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.093 | &nbsp;&nbsp; $21.694 | &nbsp;&nbsp; $19.849 | &nbsp;&nbsp; $17.96 | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp; $24.11 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (2.77%)<br>| &nbsp;&nbsp; 11.71% | &nbsp;&nbsp; 13.10% | &nbsp;&nbsp; (19.35%)<br>| &nbsp;&nbsp; 21.38% | &nbsp;&nbsp; 13.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $127850 | &nbsp;&nbsp; $154325 | &nbsp;&nbsp; $172897 | &nbsp;&nbsp; $165062 | &nbsp;&nbsp; $218952 | &nbsp;&nbsp; $201489 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.84% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.84% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.76% |
| Portfolio turnover | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 82% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 67% | &nbsp;&nbsp; 95% |

---

&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 Small Cap Core Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust Small Cap Core Portfolio. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Small Cap Core Fund-11

------

**LVIP JPMorgan Small Cap Core Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core 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; $21.402 | &nbsp;&nbsp; $19.608 | &nbsp;&nbsp; $17.720 | &nbsp;&nbsp; $28.06 | &nbsp;&nbsp; $23.85 | &nbsp;&nbsp; $22.79 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.038 | 0.070 | 0.051 | 0.04 | 0.01 | 0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.656)<br>| 2.203 | 2.181 | &nbsp;&nbsp; (5.32)<br>| 4.98 | 2.37 |
| Total from investment operations | &nbsp;&nbsp; (0.618)<br>| 2.273 | 2.232 | &nbsp;&nbsp; (5.28)<br>| 4.99 | 2.46 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.145)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.334)<br>| &nbsp;&nbsp; (0.162)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.27)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.479)<br>| &nbsp;&nbsp; (0.344)<br>| &nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (1.40)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.784 | &nbsp;&nbsp; $21.402 | &nbsp;&nbsp; $19.608 | &nbsp;&nbsp; $17.72 | &nbsp;&nbsp; $28.06 | &nbsp;&nbsp; $23.85 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (2.89%)<br>| &nbsp;&nbsp; 11.44% | &nbsp;&nbsp; 12.80% | &nbsp;&nbsp; (19.56%)<br>| &nbsp;&nbsp; 21.01% | &nbsp;&nbsp; 13.38% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $59508 | &nbsp;&nbsp; $44940 | &nbsp;&nbsp; $8794 | &nbsp;&nbsp; $1199 | &nbsp;&nbsp; $1718 | &nbsp;&nbsp; $1450 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.46% |
| Portfolio turnover | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 82% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 67% | &nbsp;&nbsp; 95% |

---

&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 Small Cap Core Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust Small Cap Core Portfolio. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Small Cap Core Fund-12

------

**LVIP JPMorgan Small Cap Core 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 Small Cap Core Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital growth over the long term.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 JPMorgan Small Cap Core Fund-13

------

**LVIP JPMorgan Small Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $39,230 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 0.65% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.82% of the Fund's average daily net assets for the Standard Class and 1.07% for the Service Class.

J.P. Morgan Investment Management, Inc. ("JPMorgan") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays JPMorgan a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $8039 |
| Legal | &nbsp;&nbsp; 1225 |

---

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 $162 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 Small Cap Core Fund-14

------

**LVIP JPMorgan Small Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $96639 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 11554 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 4312 |

---

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; $108773999 |
| Sales | &nbsp;&nbsp; 110861797 |

---

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; $166401560 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $37418199 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (9594177)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $27824022 |

---

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 Small Cap Core Fund-15

------

**LVIP JPMorgan Small Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $181739309 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $181739309 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7964 | &nbsp;&nbsp; 7964 |
| Money Market Fund | &nbsp;&nbsp; 12418198 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12418198 |
| **Total Investments** | &nbsp;&nbsp; $194157507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7964 | &nbsp;&nbsp; $194165471 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $60111 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60111 |

---

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; 352304 | &nbsp;&nbsp; 418598 |
| Service Class | &nbsp;&nbsp; 899688 | &nbsp;&nbsp; 1751165 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 154614 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 40120 |
|  | &nbsp;&nbsp; 1251992 | &nbsp;&nbsp; 2364497 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1404900)<br>| &nbsp;&nbsp; (2170080)<br>|
| Service Class | &nbsp;&nbsp; (136351)<br>| &nbsp;&nbsp; (139980)<br>|
|  | &nbsp;&nbsp; (1541251)<br>| &nbsp;&nbsp; (2310060)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (289259)<br>| &nbsp;&nbsp; 54437 |

---

**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

LVIP JPMorgan Small Cap Core Fund-16

------

**LVIP JPMorgan Small Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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 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>| Liabilities net of receivables and other <br> assets<br>| $60111 | Liabilities net of receivables and other <br> assets<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; $(157973)<br>| &nbsp;&nbsp; $425257 |

---

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) | $4595213 | $— |

---

**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 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.

LVIP JPMorgan Small Cap Core Fund-17

------

**LVIP JPMorgan Small Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 JPMorgan Small Cap Core Fund-18

------

![](img7b6fb8451.jpg)

LVIP JPMorgan U.S. Equity Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP JPMorgan U.S. Equity Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_74bd20cf-d14a-4c5f-a42e-722f55510343_SOI-continued-635_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_74bd20cf-d14a-4c5f-a42e-722f55510343_FS-continued-635_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_74bd20cf-d14a-4c5f-a42e-722f55510343_FS-continued-635_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_74bd20cf-d14a-4c5f-a42e-722f55510343_FIHI-continued-635_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_74bd20cf-d14a-4c5f-a42e-722f55510343_NTF-continued-635_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP JPMorgan U.S. 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–98.71%** | **COMMON STOCK–98.71%** | **COMMON STOCK–98.71%** |
| **Aerospace & Defense–3.16%** | **Aerospace & Defense–3.16%** | **Aerospace & Defense–3.16%** |
| Howmet Aerospace, Inc. | 26518 | $4935795 |
| Northrop Grumman Corp. | 10564 | 5281789 |
|  |  | **10217584** |
| **Automobiles–1.10%** | **Automobiles–1.10%** | **Automobiles–1.10%** |
| †Tesla, Inc. | 11186 | 3553345 |
|  |  | **3553345** |
| **Banks–4.01%** | **Banks–4.01%** | **Banks–4.01%** |
| U.S. Bancorp | 53837 | 2436124 |
| Wells Fargo & Co. | 131422 | 10529531 |
|  |  | **12965655** |
| **Biotechnology–2.97%** | **Biotechnology–2.97%** | **Biotechnology–2.97%** |
| AbbVie, Inc. | 27735 | 5148171 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 3766 | 1977150 |
| †Vertex Pharmaceuticals, Inc. | 5531 | 2462401 |
|  |  | **9587722** |
| **Broadline Retail–4.70%** | **Broadline Retail–4.70%** | **Broadline Retail–4.70%** |
| †Amazon.com, Inc. | 69190 | 15179594 |
|  |  | **15179594** |
| **Building Products–2.14%** | **Building Products–2.14%** | **Building Products–2.14%** |
| Carrier Global Corp. | 60397 | 4420457 |
| Trane Technologies PLC | 5691 | 2489300 |
|  |  | **6909757** |
| **Capital Markets–3.38%** | **Capital Markets–3.38%** | **Capital Markets–3.38%** |
| Ameriprise Financial, Inc. | 10448 | 5576411 |
| Blackstone, Inc. | 9504 | 1421608 |
| Morgan Stanley | 27870 | 3925768 |
|  |  | **10923787** |
| **Construction Materials–1.80%** | **Construction Materials–1.80%** | **Construction Materials–1.80%** |
| Vulcan Materials Co. | 22304 | 5817329 |
|  |  | **5817329** |
| **Consumer Finance–2.54%** | **Consumer Finance–2.54%** | **Consumer Finance–2.54%** |
| American Express Co. | 25664 | 8186303 |
|  |  | **8186303** |
| **Consumer Staples Distribution & Retail–2.16%** | **Consumer Staples Distribution & Retail–2.16%** | **Consumer Staples Distribution & Retail–2.16%** |
| Walmart, Inc. | 71456 | 6986968 |
|  |  | **6986968** |
| **Electric Utilities–3.57%** | **Electric Utilities–3.57%** | **Electric Utilities–3.57%** |
| Entergy Corp. | 20398 | 1695482 |
| NextEra Energy, Inc. | 62474 | 4336945 |
| PG&E Corp. | 104941 | 1462877 |
| Southern Co. | 43819 | 4023899 |
|  |  | **11519203** |
| **Electrical Equipment–2.32%** | **Electrical Equipment–2.32%** | **Electrical Equipment–2.32%** |
| Eaton Corp. PLC | 21010 | 7500360 |
|  |  | **7500360** |
| **Energy Equipment & Services–2.44%** | **Energy Equipment & Services–2.44%** | **Energy Equipment & Services–2.44%** |
| Baker Hughes Co. | 205177 | 7866486 |
|  |  | **7866486** |
| **Entertainment–1.50%** | **Entertainment–1.50%** | **Entertainment–1.50%** |
| Walt Disney Co. | 39021 | 4838994 |
|  |  | **4838994** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services–2.69%** | **Financial Services–2.69%** | **Financial Services–2.69%** |
| Mastercard, Inc. Class A | 15463 | $8689278 |
|  |  | **8689278** |
| **Food Products–1.02%** | **Food Products–1.02%** | **Food Products–1.02%** |
| Mondelez International, Inc. <br> Class A<br>| 48900 | 3297816 |
|  |  | **3297816** |
| **Ground Transportation–1.01%** | **Ground Transportation–1.01%** | **Ground Transportation–1.01%** |
| CSX Corp. | 100197 | 3269428 |
|  |  | **3269428** |
| **Health Care Equipment & Supplies–4.00%** | **Health Care Equipment & Supplies–4.00%** | **Health Care Equipment & Supplies–4.00%** |
| †Edwards Lifesciences Corp. | 40543 | 3170868 |
| Medtronic PLC | 47053 | 4101610 |
| Stryker Corp. | 14230 | 5629815 |
|  |  | **12902293** |
| **Hotels, Restaurants & Leisure–4.24%** | **Hotels, Restaurants & Leisure–4.24%** | **Hotels, Restaurants & Leisure–4.24%** |
| †Chipotle Mexican Grill, Inc. | 60771 | 3412292 |
| Marriott International, Inc. <br> Class A<br>| 14135 | 3861823 |
| McDonald's Corp. | 21983 | 6422773 |
|  |  | **13696888** |
| **Industrial REITs–0.60%** | **Industrial REITs–0.60%** | **Industrial REITs–0.60%** |
| Prologis, Inc. | 18407 | 1934944 |
|  |  | **1934944** |
| **Insurance–3.00%** | **Insurance–3.00%** | **Insurance–3.00%** |
| Arthur J Gallagher & Co. | 19852 | 6355022 |
| Travelers Cos., Inc. | 12399 | 3317229 |
|  |  | **9672251** |
| **Interactive Media & Services–6.52%** | **Interactive Media & Services–6.52%** | **Interactive Media & Services–6.52%** |
| Alphabet, Inc. Class A | 46069 | 8118740 |
| Meta Platforms, Inc. Class A | 17531 | 12939456 |
|  |  | **21058196** |
| **Machinery–1.20%** | **Machinery–1.20%** | **Machinery–1.20%** |
| Deere & Co. | 7636 | 3882830 |
|  |  | **3882830** |
| **Oil, Gas & Consumable Fuels–1.80%** | **Oil, Gas & Consumable Fuels–1.80%** | **Oil, Gas & Consumable Fuels–1.80%** |
| Exxon Mobil Corp. | 54001 | 5821308 |
|  |  | **5821308** |
| **Pharmaceuticals–0.86%** | **Pharmaceuticals–0.86%** | **Pharmaceuticals–0.86%** |
| Eli Lilly & Co. | 3566 | 2779804 |
|  |  | **2779804** |
| **Semiconductors & Semiconductor Equipment–13.04%** | **Semiconductors & Semiconductor Equipment–13.04%** | **Semiconductors & Semiconductor Equipment–13.04%** |
| ASML Holding NV | 1624 | 1301457 |
| Broadcom, Inc. | 35247 | 9715836 |
| Micron Technology, Inc. | 19357 | 2385750 |
| NVIDIA Corp. | 137950 | 21794720 |
| NXP Semiconductors NV | 31722 | 6930940 |
|  |  | **42128703** |
| **Software–12.41%** | **Software–12.41%** | **Software–12.41%** |
| Intuit, Inc. | 5511 | 4340629 |
| Microsoft Corp. | 58896 | 29295459 |
| Oracle Corp. | 29514 | 6452646 |
|  |  | **40088734** |

---

LVIP JPMorgan U.S. Equity Fund-1

------

**LVIP JPMorgan U.S. Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail–2.03%** | **Specialty Retail–2.03%** | **Specialty Retail–2.03%** |
| Lowe's Cos., Inc. | 29595 | $6566243 |
|  |  | **6566243** |
| **Technology Hardware, Storage & Peripherals–5.81%** | **Technology Hardware, Storage & Peripherals–5.81%** | **Technology Hardware, Storage & Peripherals–5.81%** |
| Apple, Inc. | 91374 | 18747203 |
|  |  | **18747203** |
| **Trading Companies & Distributors–0.69%** | **Trading Companies & Distributors–0.69%** | **Trading Companies & Distributors–0.69%** |
| United Rentals, Inc. | 2939 | 2214242 |
|  |  | **2214242** |
| **Total Common Stock** <br>**(Cost $206,776,043)** | **Total Common Stock** <br>**(Cost $206,776,043)** | **318803248** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–1.25%** | **MONEY MARKET FUND–1.25%** | **MONEY MARKET FUND–1.25%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 4041292 | $4041292 |
| **Total Money Market Fund** <br>**(Cost $4,041,292)** | **Total Money Market Fund** <br>**(Cost $4,041,292)** | **4041292** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.96% (Cost $210,817,335)** | **322844540** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.04%** | **136739** |
| **NET ASSETS APPLICABLE TO 6,991,473 SHARES OUTSTANDING–100.00%** | **$322981279** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN U.S. EQUITY FUND STANDARD CLASS** <br>**($152,600,977 / 3,267,819 Shares)** | **$46.698** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN U.S. EQUITY FUND SERVICE CLASS** <br>**($170,380,302 / 3,723,654 Shares)** | **$45.756** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$208135831** |
| Distributable earnings/(accumulated loss) | **114845448** |
| **TOTAL NET ASSETS** | **$322981279** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $308,000 cash collateral held at broker for futures contracts, $7,804 variation margin due from broker on futures contracts, <br> $284,303 payable for securities purchased, $1,005,437 payable for fund shares redeemed, $7,380 other accrued expenses payable, $181,868 <br> due to manager and affiliates, $16,913 payable for audit fee and $10,552 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:** |
| 6 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $1876125 | &nbsp;&nbsp; $1821463 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $54662 | &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 |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan U.S. Equity Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan U.S. Equity Fund** | **LVIP JPMorgan U.S. Equity Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $1731409 |
| Foreign taxes withheld | (9280)<br>|
|  | 1722129 |
| **EXPENSES:** |  |
| Management fees | 761817 |
| Distribution fees-Service Class | 170826 |
| Shareholder servicing fees | 40169 |
| Accounting and administration expenses | 31357 |
| Professional fees | 24911 |
| Consulting fees | 5217 |
| Custodian fees | 4816 |
| Trustees' fees and expenses | 3778 |
| Reports and statements to shareholders | 3371 |
| Pricing fees | 219 |
| Other | 4118 |
| Total operating expenses | 1050599 |
| **NET INVESTMENT INCOME**  | 671530 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (4291847)<br>|
| Futures contracts | 302224 |
| Net realized loss | (3989623)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 19464370 |
| Futures contracts | 68048 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 19532418 |
| **NET REALIZED AND UNREALIZED GAIN** | 15542795 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $16214325 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan U.S. Equity Fund** | **LVIP JPMorgan U.S. Equity Fund** | **LVIP JPMorgan U.S. Equity Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $671530 | $1102598 |
| Net realized gain (loss) | (3989623)<br>| 10647660 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 19532418 | 30450475 |
| Net increase in net assets resulting <br> from operations<br>| 16214325 | 42200733 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (6615863)<br>|
| Service Class |  | (4257507)<br>|
|  |  | (10873370)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 15132574 | 14834645 |
| Service Class | 58582351 | 78663249 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 6615863 |
| Service Class |  | 4257507 |
|  | 73714925 | 104371264 |
| Cost of shares redeemed: |  |  |
| Standard Class | (11731479)<br>| (26760057)<br>|
| Service Class | (11411836)<br>| (16942252)<br>|
|  | (23143315)<br>| (43702309)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 50571610 | 60668955 |
| **NET INCREASE IN NET ASSETS** | 66785935 | 91996318 |
| **NET ASSETS:** |  |  |
| Beginning of period | 256195344 | 164199026 |
| End of period | $322981279 | $256195344 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan U.S. Equity Fund-3

------

**LVIP JPMorgan U.S. Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. 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**<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; $44.492 | &nbsp;&nbsp; $37.626 | &nbsp;&nbsp; $31.600 | &nbsp;&nbsp; $45.86 | &nbsp;&nbsp; $37.40 | &nbsp;&nbsp; $32.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.132 | 0.261 | 0.318 | 0.26 | 0.20 | 0.30 |
| Net realized and unrealized gain (loss) | 2.074 | 8.733 | 7.901 | &nbsp;&nbsp; (8.55)<br>| 10.44 | 7.16 |
| Total from investment operations | 2.206 | 8.994 | 8.219 | &nbsp;&nbsp; (8.29)<br>| 10.64 | 7.46 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.223)<br>| &nbsp;&nbsp; (0.549)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.905)<br>| &nbsp;&nbsp; (1.644)<br>| &nbsp;&nbsp; (5.76)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (2.07)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.128)<br>| &nbsp;&nbsp; (2.193)<br>| &nbsp;&nbsp; (5.97)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.33)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $46.698 | &nbsp;&nbsp; $44.492 | &nbsp;&nbsp; $37.626 | &nbsp;&nbsp; $31.60 | &nbsp;&nbsp; $45.86 | &nbsp;&nbsp; $37.40 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.96% | &nbsp;&nbsp; 23.99% | &nbsp;&nbsp; 27.16% | &nbsp;&nbsp; (18.67%)<br>| &nbsp;&nbsp; 29.34% | &nbsp;&nbsp; 25.26% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $152601 | &nbsp;&nbsp; $141965 | &nbsp;&nbsp; $125043 | &nbsp;&nbsp; $105316 | &nbsp;&nbsp; $143135 | &nbsp;&nbsp; $121611 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.94% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 48% | &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 JPMorgan Insurance Trust U.S. Equity Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust U.S. Equity Portfolio. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan U.S. Equity Fund-4

------

**LVIP JPMorgan U.S. Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. 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**<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; $43.648 | &nbsp;&nbsp; $36.977 | &nbsp;&nbsp; $31.050 | &nbsp;&nbsp; $45.14 | &nbsp;&nbsp; $36.85 | &nbsp;&nbsp; $31.83 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.076 | 0.153 | 0.230 | 0.17 | 0.10 | 0.22 |
| Net realized and unrealized gain (loss) | 2.032 | 8.572 | 7.760 | &nbsp;&nbsp; (8.41)<br>| 10.28 | 7.05 |
| Total from investment operations | 2.108 | 8.725 | 7.990 | &nbsp;&nbsp; (8.24)<br>| 10.38 | 7.27 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.149)<br>| &nbsp;&nbsp; (0.419)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.905)<br>| &nbsp;&nbsp; (1.644)<br>| &nbsp;&nbsp; (5.76)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (2.07)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.054)<br>| &nbsp;&nbsp; (2.063)<br>| &nbsp;&nbsp; (5.85)<br>| &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.25)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $45.756 | &nbsp;&nbsp; $43.648 | &nbsp;&nbsp; $36.977 | &nbsp;&nbsp; $31.05 | &nbsp;&nbsp; $45.14 | &nbsp;&nbsp; $36.85 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.83% | &nbsp;&nbsp; 23.68% | &nbsp;&nbsp; 26.84% | &nbsp;&nbsp; (18.87%)<br>| &nbsp;&nbsp; 29.01% | &nbsp;&nbsp; 24.95% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $170380 | &nbsp;&nbsp; $114230 | &nbsp;&nbsp; $39156 | &nbsp;&nbsp; $14147 | &nbsp;&nbsp; $17139 | &nbsp;&nbsp; $18556 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.01% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.69% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 48% | &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 JPMorgan Insurance Trust U.S. Equity Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust U.S. Equity Portfolio. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan U.S. Equity Fund-5

------

**LVIP JPMorgan U.S. Equity Fund**

**Notes to Financial Statements**

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 U.S. Equity Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to provide high total return from a portfolio of selected equity securities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP JPMorgan U.S. Equity Fund-6

------

**LVIP JPMorgan U.S. Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $2,385 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 0.55% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.75% of the Fund's average daily net assets for the Standard Class and 1.00% for the Service Class.

J.P. Morgan Investment Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $11414 |
| Legal | &nbsp;&nbsp; 1739 |

---

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 $243 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; $140813 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 33630 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 7425 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP JPMorgan U.S. Equity Fund-7

------

**LVIP JPMorgan U.S. Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the 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; $99646654 |
| Sales | &nbsp;&nbsp; 48573688 |

---

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; $210817335 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $112470328 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (388461)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $112081867 |

---

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; $318803248 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $318803248 |
| Money Market Fund | &nbsp;&nbsp; 4041292 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4041292 |
| **Total Investments** | &nbsp;&nbsp; $322844540 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $322844540 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $54662 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54662 |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP JPMorgan U.S. Equity Fund-8

------

**LVIP JPMorgan U.S. Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 347033 | &nbsp;&nbsp; 344346 |
| Service Class | &nbsp;&nbsp; 1376212 | &nbsp;&nbsp; 1856625 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 149216 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 97765 |
|  | &nbsp;&nbsp; 1723245 | &nbsp;&nbsp; 2447952 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (269980)<br>| &nbsp;&nbsp; (626112)<br>|
| Service Class | &nbsp;&nbsp; (269617)<br>| &nbsp;&nbsp; (396258)<br>|
|  | &nbsp;&nbsp; (539597)<br>| &nbsp;&nbsp; (1022370)<br>|
| Net increase | &nbsp;&nbsp; 1183648 | &nbsp;&nbsp; 1425582 |

---

**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 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>| $54662 | Receivables and other assets net of <br> liabilities<br>| $— |

---

LVIP JPMorgan U.S. Equity Fund-9

------

**LVIP JPMorgan U.S. Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $302224 | &nbsp;&nbsp; $68048 |

---

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) | $1480605 | $— |

---

**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.

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 U.S. Equity Fund-10

------

![](img8c1cd79c1.jpg)

LVIP Loomis Sayles Global Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Loomis Sayles Global Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_566d197d-f637-4577-a798-602e4aeee051_SOI-continued-273_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_566d197d-f637-4577-a798-602e4aeee051_FS-continued-273_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_566d197d-f637-4577-a798-602e4aeee051_FS-continued-273_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_566d197d-f637-4577-a798-602e4aeee051_FIHI-continued-273_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_566d197d-f637-4577-a798-602e4aeee051_NTF-continued-273_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP Loomis Sayles Global 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>|
| **ΔCOMMON STOCK–98.74%** | **ΔCOMMON STOCK–98.74%** | **ΔCOMMON STOCK–98.74%** |
| **Brazil–1.42%** | **Brazil–1.42%** | **Brazil–1.42%** |
| Ambev SA ADR | 1488776 | $3587950 |
|  |  | **3587950** |
| **Canada–4.28%** | **Canada–4.28%** | **Canada–4.28%** |
| †Shopify, Inc. Class A | 93788 | 10818446 |
|  |  | **10818446** |
| **China–7.01%** | **China–7.01%** | **China–7.01%** |
| Alibaba Group Holding Ltd. <br> ADR<br>| 18818 | 2134149 |
| †Baidu, Inc. ADR | 23065 | 1978054 |
| Tencent Holdings Ltd. | 107800 | 6946159 |
| Trip.com Group Ltd. ADR | 77729 | 4558029 |
| Yum China Holdings, Inc. | 46955 | 2099358 |
|  |  | **17715749** |
| **Denmark–1.75%** | **Denmark–1.75%** | **Denmark–1.75%** |
| Novo Nordisk AS Class B | 64029 | 4436826 |
|  |  | **4436826** |
| **France–1.25%** | **France–1.25%** | **France–1.25%** |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 4387 | 2296068 |
| Sodexo SA | 13922 | 856850 |
|  |  | **3152918** |
| **Hong Kong–0.10%** | **Hong Kong–0.10%** | **Hong Kong–0.10%** |
| Budweiser Brewing Co. <br> APAC Ltd.<br>| 258513 | 256673 |
|  |  | **256673** |
| **Ireland–2.02%** | **Ireland–2.02%** | **Ireland–2.02%** |
| Experian PLC | 98848 | 5097220 |
|  |  | **5097220** |
| **Japan–1.26%** | **Japan–1.26%** | **Japan–1.26%** |
| FANUC Corp. | 117800 | 3197949 |
|  |  | **3197949** |
| **Netherlands–4.69%** | **Netherlands–4.69%** | **Netherlands–4.69%** |
| †Adyen NV | 4756 | 8734570 |
| NXP Semiconductors NV | 14270 | 3117852 |
|  |  | **11852422** |
| **Switzerland–5.89%** | **Switzerland–5.89%** | **Switzerland–5.89%** |
| †CRISPR Therapeutics AG | 53502 | 2602337 |
| Nestle SA | 15449 | 1536038 |
| Novartis AG | 61675 | 7485932 |
| Roche Holding AG | 9991 | 3261259 |
|  |  | **14885566** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom–2.79%** | **United Kingdom–2.79%** | **United Kingdom–2.79%** |
| †ARM Holdings PLC ADR | 29489 | $4769551 |
| Reckitt Benckiser Group <br> PLC<br>| 10346 | 704841 |
| Unilever PLC | 25890 | 1580258 |
|  |  | **7054650** |
| **United States–58.71%** | **United States–58.71%** | **United States–58.71%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 19680 | 6417451 |
| Alphabet, Inc. Class A | 63768 | 11237835 |
| †Amazon.com, Inc. | 67172 | 14736865 |
| †Autodesk, Inc. | 6929 | 2145011 |
| †Block, Inc. | 26953 | 1830917 |
| †Boeing Co. | 42231 | 8848661 |
| Deere & Co. | 5586 | 2840425 |
| †Doximity, Inc. Class A | 57017 | 3497423 |
| Expeditors International of <br> Washington, Inc.<br>| 10154 | 1160095 |
| Meta Platforms, Inc. <br> Class A<br>| 28765 | 21231159 |
| Microsoft Corp. | 18834 | 9368220 |
| †Netflix, Inc. | 12604 | 16878395 |
| Oracle Corp. | 55959 | 12234316 |
| QUALCOMM, Inc. | 13643 | 2172784 |
| Salesforce, Inc. | 15915 | 4339861 |
| SEI Investments Co. | 21633 | 1943941 |
| †Tesla, Inc. | 37874 | 12031055 |
| †Under Armour, Inc. Class A | 121256 | 828178 |
| †Vertex Pharmaceuticals, <br> Inc.<br>| 9998 | 4451110 |
| Visa, Inc. Class A | 25280 | 8975664 |
| Yum! Brands, Inc. | 8567 | 1269458 |
|  |  | **148438824** |
| **Uruguay–7.57%** | **Uruguay–7.57%** | **Uruguay–7.57%** |
| †MercadoLibre, Inc. | 7320 | 19131772 |
|  |  | **19131772** |
| **Total Common Stock** <br>**(Cost $109,282,254)** | **Total Common Stock** <br>**(Cost $109,282,254)** | **249626965** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.07%** | **MONEY MARKET FUND–1.07%** | **MONEY MARKET FUND–1.07%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 2707599 | 2707599 |
| **Total Money Market Fund** <br>**(Cost $2,707,599)** | **Total Money Market Fund** <br>**(Cost $2,707,599)** | **2707599** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.81% (Cost $111,989,853)** | **252334564** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.19%** | **475978** |
| **NET ASSETS APPLICABLE TO 12,374,817 SHARES OUTSTANDING–100.00%** | **$252810542** |

---

LVIP Loomis Sayles Global Growth Fund-1

------

**LVIP Loomis Sayles Global Growth Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP LOOMIS SAYLES GLOBAL GROWTH FUND STANDARD CLASS** <br>**($246,051,457 / 12,038,652 Shares)** | **$20.438** |
| **NET ASSET VALUE PER SHARE–LVIP LOOMIS SAYLES GLOBAL GROWTH FUND SERVICE CLASS** <br>**($6,759,085 / 336,165 Shares)** | **$20.106** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$84603302** |
| Distributable earnings/(accumulated loss) | **168207240** |
| **TOTAL NET ASSETS** | **$252810542** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ΔSecurities have been classified by country of origin. <br> †Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,992 expense reimbursement receivable from Lincoln Financial Investments Corporation, $96 payable for securities purchased, <br> $167,213 payable for fund shares redeemed, $11,153 other accrued expenses payable, $144,282 due to manager and affiliates, $16,187 <br> payable for audit fee and $11,146 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 Loomis Sayles Global Growth Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Loomis Sayles Global Growth Fund** | **LVIP Loomis Sayles Global Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $1237245 |
| Foreign taxes withheld | (101559)<br>|
|  | 1135686 |
| **EXPENSES:** |  |
| Management fees | 812566 |
| Shareholder servicing fees | 34653 |
| Accounting and administration expenses | 29394 |
| Professional fees | 22975 |
| Custodian fees | 12668 |
| Distribution fees-Service Class | 9583 |
| Trustees' fees and expenses | 3703 |
| Pricing fees | 2728 |
| Consulting fees | 2690 |
| Reports and statements to shareholders | 2636 |
| Other | 5800 |
|  | 939396 |
| Less:  |  |
| Expenses reimbursed | (11174)<br>|
| Plus: |  |
| Recoupment of prior expenses reduced by the <br> Advisor<br>| 1473 |
| Total operating expenses | 929695 |
| **NET INVESTMENT INCOME**  | 205991 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 13455964 |
| Foreign currencies | (4148)<br>|
| Net realized gain | 13451816 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 15963741 |
| Foreign currencies | 77820 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 16041561 |
| **NET REALIZED AND UNREALIZED GAIN** | 29493377 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $29699368 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Loomis Sayles Global Growth Fund** | **LVIP Loomis Sayles Global Growth Fund** | **LVIP Loomis Sayles Global Growth Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $205991 | $11154 |
| Net realized gain | 13451816 | 25953166 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 16041561 | 28355212 |
| Net increase in net assets resulting <br> from operations<br>| 29699368 | 54319532 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (7483086)<br>|
| Service Class |  | (118092)<br>|
|  |  | (7601178)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 6754991 | 9458241 |
| Service Class | 2847428 | 1395755 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 7483086 |
| Service Class |  | 118092 |
|  | 9602419 | 18455174 |
| Cost of shares redeemed: |  |  |
| Standard Class | (38865773)<br>| (71428175)<br>|
| Service Class | (1286835)<br>| (1837928)<br>|
|  | (40152608)<br>| (73266103)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (30550189)<br>| (54810929)<br>|
| **NET DECREASE IN NET ASSETS** | (850821)<br>| (8092575)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 253661363 | 261753938 |
| End of period | $252810542 | $253661363 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Loomis Sayles Global Growth Fund-3

------

**LVIP Loomis Sayles Global Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global 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; $18.067 | &nbsp;&nbsp; $15.155 | &nbsp;&nbsp; $11.408 | &nbsp;&nbsp; $16.534 | &nbsp;&nbsp; $15.735 | &nbsp;&nbsp; $12.220 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.017 | 0.002 | 0.030 | 0.040 | 0.005 | 0.024 |
| Net realized and unrealized gain (loss) | 2.354 | 3.414 | 4.127 | &nbsp;&nbsp; (4.324)<br>| 0.960 | 4.207 |
| Total from investment operations | 2.371 | 3.416 | 4.157 | &nbsp;&nbsp; (4.284)<br>| 0.965 | 4.231 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; (0.057)<br>| &nbsp;&nbsp; (0.045)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.040)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.499)<br>| &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.797)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.676)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.504)<br>| &nbsp;&nbsp; (0.410)<br>| &nbsp;&nbsp; (0.842)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.716)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.438 | &nbsp;&nbsp; $18.067 | &nbsp;&nbsp; $15.155 | &nbsp;&nbsp; $11.408 | &nbsp;&nbsp; $16.534 | &nbsp;&nbsp; $15.735 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 13.12% | &nbsp;&nbsp; 22.73% | &nbsp;&nbsp; 36.85% | &nbsp;&nbsp; (25.74%)<br>| &nbsp;&nbsp; 6.12% | &nbsp;&nbsp; 34.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $246052 | &nbsp;&nbsp; $249135 | &nbsp;&nbsp; $257593 | &nbsp;&nbsp; $251064 | &nbsp;&nbsp; $334283 | &nbsp;&nbsp; $340368 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.77% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.03% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.18% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.18% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 18% | &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 and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> The Fund recouped previously waived expenses during the year ended December 31, 2021, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Loomis Sayles Global Growth Fund-4

------

**LVIP Loomis Sayles Global Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global 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; $17.803 | &nbsp;&nbsp; $14.989 | &nbsp;&nbsp; $11.295 | &nbsp;&nbsp; $16.379 | &nbsp;&nbsp; $15.644 | &nbsp;&nbsp; $12.174 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; (0.056)<br>| &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; (0.054)<br>| &nbsp;&nbsp; (0.023)<br>|
| Net realized and unrealized gain (loss) | 2.318 | 3.369 | 4.082 | &nbsp;&nbsp; (4.281)<br>| 0.955 | 4.183 |
| Total from investment operations | 2.303 | 3.313 | 4.064 | &nbsp;&nbsp; (4.287)<br>| 0.901 | 4.160 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.017)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.014)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.499)<br>| &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.797)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.676)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.499)<br>| &nbsp;&nbsp; (0.370)<br>| &nbsp;&nbsp; (0.797)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.690)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.106 | &nbsp;&nbsp; $17.803 | &nbsp;&nbsp; $14.989 | &nbsp;&nbsp; $11.295 | &nbsp;&nbsp; $16.379 | &nbsp;&nbsp; $15.644 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 12.93% | &nbsp;&nbsp; 22.31% | &nbsp;&nbsp; 36.38% | &nbsp;&nbsp; (26.00%)<br>| &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 34.32% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $6759 | &nbsp;&nbsp; $4526 | &nbsp;&nbsp; $4161 | &nbsp;&nbsp; $1653 | &nbsp;&nbsp; $2705 | &nbsp;&nbsp; $3191 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.12% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.13%)<br>| &nbsp;&nbsp; (0.04%)<br>| &nbsp;&nbsp; (0.32% )<sup>4</sup><br>| &nbsp;&nbsp; (0.17%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.04%)<br>| &nbsp;&nbsp; (0.31%)<br>| &nbsp;&nbsp; (0.17%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 18% | &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 and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> The Fund recouped previously waived expenses during the year ended December 31, 2021, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Loomis Sayles Global Growth Fund-5

------

**LVIP Loomis Sayles Global Growth Fund**

**Notes to Financial Statements**

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 Loomis Sayles Global Growth Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to provide investment results over a full market cycle that, before fees and expenses, are superior to an index that tracks global equities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 Loomis Sayles Global Growth Fund-6

------

**LVIP Loomis Sayles Global Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

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 Loomis Sayles Global Growth Fund is $38,780 and $38,601 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. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $3,097 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 0.68% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.77% of the average daily net assets for the Standard Class and 1.12% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has recouped $1,473 in previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $12458 | &nbsp;&nbsp; $15010 | &nbsp;&nbsp; $1107 | &nbsp;&nbsp; $28575 |

---

Loomis, Sayles & Company, L.P. ("Loomis Sayles") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays Loomis Sayles a fee based on the Fund's average daily net assets.

LVIP Loomis Sayles Global Growth Fund-7

------

**LVIP Loomis Sayles Global Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $10273 |
| Legal | &nbsp;&nbsp; 1566 |

---

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 $165 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; $1992 |
| Management fees payable to LFI | &nbsp;&nbsp; 136601 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 1855 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 5826 |

---

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; $3954825 |
| Sales | &nbsp;&nbsp; 36141502 |

---

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; $111989853 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $142952191 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (2607480)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $140344711 |

---

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 Loomis Sayles Global Growth Fund-8

------

**LVIP Loomis Sayles Global Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 |  |  |  |  |
| Brazil | &nbsp;&nbsp; $3587950 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3587950 |
| Canada | &nbsp;&nbsp; 10818446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10818446 |
| China | &nbsp;&nbsp; 10769590 | &nbsp;&nbsp; 6946159 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17715749 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 4436826 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4436826 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 3152918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3152918 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 256673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 256673 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 5097220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5097220 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 3197949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3197949 |
| Netherlands | &nbsp;&nbsp; 3117852 | &nbsp;&nbsp; 8734570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11852422 |
| Switzerland | &nbsp;&nbsp; 2602337 | &nbsp;&nbsp; 12283229 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14885566 |
| United Kingdom | &nbsp;&nbsp; 4769551 | &nbsp;&nbsp; 2285099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7054650 |
| United States | &nbsp;&nbsp; 148438824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148438824 |
| Uruguay | &nbsp;&nbsp; 19131772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19131772 |
| Money Market Fund | &nbsp;&nbsp; 2707599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2707599 |
| **Total Investments** | &nbsp;&nbsp; $205943921 | &nbsp;&nbsp; $46390643 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $252334564 |

---

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; 352144 | &nbsp;&nbsp; 578316 |
| Service Class | &nbsp;&nbsp; 153433 | &nbsp;&nbsp; 82746 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 437984 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 7009 |
|  | &nbsp;&nbsp; 505577 | &nbsp;&nbsp; 1106055 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2102903)<br>| &nbsp;&nbsp; (4223932)<br>|
| Service Class | &nbsp;&nbsp; (71484)<br>| &nbsp;&nbsp; (113116)<br>|
|  | &nbsp;&nbsp; (2174387)<br>| &nbsp;&nbsp; (4337048)<br>|
| Net decrease | &nbsp;&nbsp; (1668810)<br>| &nbsp;&nbsp; (3230993)<br>|

---

LVIP Loomis Sayles Global Growth Fund-9

------

**LVIP Loomis Sayles Global Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. 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 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.

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 Loomis Sayles Global Growth Fund-10

------

**LVIP Loomis Sayles Global Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Loomis Sayles Global Growth Fund-11

------

![](img23fe389d1.jpg)

LVIP Macquarie Bond Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_f50dc9d8-8095-4597-8aa4-ad058bee6b43_SOI-continued-270_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_f50dc9d8-8095-4597-8aa4-ad058bee6b43_FS-continued-270_1)**  | &nbsp;&nbsp; **12** |
| **[Statements of Changes in Net Assets](#xx_f50dc9d8-8095-4597-8aa4-ad058bee6b43_FS-continued-270_1)**  | &nbsp;&nbsp; **12** |
| **[Financial Highlights](#xx_f50dc9d8-8095-4597-8aa4-ad058bee6b43_FIHI-continued-270_1)**  | &nbsp;&nbsp; **13** |
| **[Notes to Financial Statements](#xx_f50dc9d8-8095-4597-8aa4-ad058bee6b43_NTF-continued-270_1)**  | &nbsp;&nbsp; **15** |

---

------

**LVIP Macquarie 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–1.82%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.82%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.82%** |
| Federal Home Loan Mortgage <br> Corp. REMICS Series 4676 <br> Class KZ 2.50% 7/15/45<br>| 2035253 | $1757226 |
| •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| Series 2021-DNA5 Class M2 <br> 5.96% (30 day USD SOFR <br> Average + 1.65%) 1/25/34<br>| 5800116 | 5833579 |
| Series 2021-HQA2 Class M2 <br> 6.36% (30 day USD SOFR <br> Average + 2.05%) 12/25/33<br>| 20834768 | 21329594 |
| Series 2022-DNA1 Class M2 <br> 6.81% (30 day USD SOFR <br> Average + 2.50%) 1/25/42<br>| 11550000 | 11765798 |
| Series 2025-DNA2 Class M1 <br> 5.51% (30 day USD SOFR <br> Average + 1.20%) 5/25/45<br>| 2022424 | 2026058 |
| Series 2025-DNA2 Class M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 4865000 | 4875541 |
| Series 2025-HQA1 Class M2 <br> 5.96% (30 day USD SOFR <br> Average + 1.65%) 2/25/45<br>| 1200000 | 1203468 |
| ♦Federal Home Loan Mortgage <br> Corp. Structured <br> Pass-Through Certificates <br> Series T-58 Class 2A 6.50% <br> 9/25/43<br>| 135204 | 141920 |
| •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 2022-R02 Class 2M2 <br> 7.31% (30 day USD SOFR <br> Average + 3.00%) 1/25/42<br>| 4565000 | 4669739 |
| Series 2023-R08 Class 1M1 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 10/25/43<br>| 7984050 | 8015725 |
| Series 2024-R04 Class 1A1 <br> 5.31% (30 day USD SOFR <br> Average + 1.00%) 5/25/44<br>| 16356855 | 16356805 |
| Series 2025-R01 Class 1M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 1/25/45<br>| 5840000 | 5844475 |
| Series 2025-R02 Class 1M2 <br> 5.91% (30 day USD SOFR <br> Average + 1.60%) 2/25/45<br>| 4990000 | 5005266 |
| Series 2025-R03 Class 2M1 <br> 5.91% (30 day USD SOFR <br> Average + 1.60%) 3/25/45<br>| 8544375 | 8584719 |
| Series 2025-R04 Class 1M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 12380000 | 12389671 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| Series 2013-44 Class Z 3.00% <br> 5/25/43<br>| 211958 | 161266 |
| Series 2017-40 Class GZ <br> 3.50% 5/25/47<br>| 2600827 | 2376532 |
| Federal National Mortgage <br> Association REMICS Trust <br> Series 2004-W11 Class 1A2 <br> 6.50% 5/25/44<br>| 37316 | 38516 |
| Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
| Series 2013-113 Class LY <br> 3.00% 5/20/43<br>| 2521888 | 2338444 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS (continued) | Government National Mortgage Association REMICS (continued) | Government National Mortgage Association REMICS (continued) |
| Series 2017-163 Class ZK <br> 3.50% 11/20/47<br>| 551197 | $503252 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $114,650,365)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $114,650,365)** | **115217594** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.68%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.68%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.68%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates |
| ♦Series K144 Class A2 2.45% <br> 4/25/32<br>| 23500000 | 20767932 |
| ♦•Series K-150 Class A2 3.71% <br> 9/25/32<br>| 11600000 | 11079381 |
| ♦Series K753 Class A2 4.40% <br> 10/25/30<br>| 7975000 | 8016380 |
| •FREMF Mortgage Trust Series <br> 2017-K71 Class B 3.88% <br> 11/25/50<br>| 2990000 | 2923047 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $42,608,767)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $42,608,767)** | **42786740** |
| **AGENCY MORTGAGE-BACKED SECURITIES–29.47%** | **AGENCY MORTGAGE-BACKED SECURITIES–29.47%** | **AGENCY MORTGAGE-BACKED SECURITIES–29.47%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.00% 3/1/41 | 14346990 | 12357762 |
| 2.00% 5/1/42 | 12697329 | 10906201 |
| 2.00% 8/1/42 | 19086097 | 16447152 |
| 2.00% 12/1/50 | 5906878 | 4707599 |
| 2.00% 3/1/52 | 15567301 | 12355318 |
| 2.50% 2/1/42 | 4653286 | 4142729 |
| 2.50% 3/1/42 | 15833818 | 14085718 |
| 2.50% 9/1/42 | 22520501 | 20055998 |
| 2.50% 7/1/50 | 1845444 | 1550907 |
| 2.50% 3/1/51 | 2920772 | 2455917 |
| 2.50% 5/1/51 | 3781441 | 3197709 |
| 2.50% 11/1/51 | 15508328 | 13100697 |
| 2.50% 12/1/51 | 21528289 | 18128506 |
| 3.00% 5/1/40 | 601479 | 561385 |
| 3.00% 4/1/42 | 5486912 | 4997329 |
| 3.00% 1/1/47 | 50019084 | 44430420 |
| 3.00% 8/1/48 | 4154874 | 3697422 |
| 3.00% 1/1/50 | 2458312 | 2180224 |
| 3.00% 7/1/50 | 3453575 | 3063154 |
| 3.00% 12/1/50 | 1605069 | 1416310 |
| 3.00% 8/1/51 | 5982008 | 5228784 |
| 3.00% 8/1/52 | 16383743 | 14342053 |
| 3.50% 2/1/47 | 8997538 | 8429643 |
| 3.50% 7/1/47 | 53776320 | 49556428 |
| 3.50% 11/1/48 | 16227859 | 14973576 |
| 3.50% 2/1/49 | 35122709 | 31846205 |
| 3.50% 6/1/52 | 3968319 | 3588204 |
| 4.00% 10/1/47 | 6283177 | 5930285 |
| 4.00% 9/1/49 | 5968671 | 5637958 |
| 4.00% 9/1/52 | 66754090 | 62340356 |
| 4.50% 5/1/38 | 4214312 | 4192882 |
| 4.50% 1/1/49 | 4041336 | 3924370 |
| 4.50% 3/1/49 | 1976771 | 1921325 |
| 4.50% 8/1/49 | 6041823 | 5878166 |
| 4.50% 10/1/52 | 20282422 | 19437468 |
| 4.50% 11/1/52 | 80206492 | 76870887 |
| 5.00% 11/1/42 | 11665531 | 11701541 |
| 5.00% 10/1/48 | 2398075 | 2389479 |
| 5.00% 7/1/52 | 12653202 | 12492516 |
| 5.00% 9/1/52 | 26205545 | 25892648 |
| 5.50% 9/1/41 | 6896357 | 7112115 |

---

LVIP Macquarie Bond Fund-1

------

**LVIP Macquarie Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 5.50% 6/1/43 | 1809517 | $1837824 |
| 5.50% 7/1/43 | 18647464 | 18996289 |
| 5.50% 9/1/52 | 12556452 | 12681531 |
| 5.50% 11/1/52 | 2582127 | 2600969 |
| 5.50% 3/1/53 | 23047195 | 23282699 |
| 5.50% 9/1/53 | 25735374 | 25916891 |
| 5.50% 2/1/54 | 20734464 | 20821684 |
| 5.50% 2/1/55 | 50413423 | 50422899 |
| 6.00% 1/1/53 | 7285784 | 7497390 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00% 8/1/36 | 30013443 | 27559688 |
| 2.00% 3/1/41 | 12749081 | 10999982 |
| 2.00% 5/1/41 | 5846951 | 5026834 |
| 2.00% 6/1/50 | 24694286 | 19742088 |
| 2.00% 11/1/50 | 15887512 | 12743785 |
| 2.00% 12/1/50 | 4854176 | 3893627 |
| 2.00% 1/1/51 | 4814095 | 3876263 |
| 2.00% 2/1/51 | 17763294 | 14226676 |
| 2.00% 3/1/51 | 1847325 | 1469960 |
| 2.00% 4/1/51 | 18415204 | 14649584 |
| 2.00% 8/1/51 | 6703482 | 5373940 |
| 2.00% 9/1/51 | 45518532 | 36200439 |
| 2.00% 1/1/52 | 17446205 | 14037753 |
| 2.50% 8/1/36 | 24738708 | 23118954 |
| 2.50% 5/1/40 | 2821597 | 2565761 |
| 2.50% 8/1/50 | 23915976 | 20181745 |
| 2.50% 1/1/51 | 41446044 | 35057688 |
| 2.50% 6/1/51 | 6833464 | 5759355 |
| 2.50% 7/1/51 | 1011379 | 848896 |
| 2.50% 8/1/51 | 34495357 | 28966043 |
| 2.50% 12/1/51 | 2289271 | 1906756 |
| 2.50% 2/1/52 | 62324334 | 51786618 |
| 2.50% 7/1/53 | 7354930 | 6141311 |
| 3.00% 11/1/33 | 8388998 | 8141802 |
| 3.00% 12/1/37 | 7565554 | 7132067 |
| 3.00% 1/1/38 | 9611400 | 9065561 |
| 3.00% 6/1/45 | 415953 | 373072 |
| 3.00% 4/1/46 | 1872401 | 1680770 |
| 3.00% 8/1/46 | 1005977 | 896393 |
| 3.00% 4/1/47 | 17720 | 15655 |
| 3.00% 10/1/47 | 44079 | 38335 |
| 3.00% 12/1/47 | 2170166 | 1922716 |
| 3.00% 2/1/48 | 19149723 | 17117711 |
| 3.00% 3/1/48 | 15279794 | 13522751 |
| 3.00% 11/1/48 | 2789587 | 2474639 |
| 3.00% 12/1/49 | 16690086 | 14711828 |
| 3.00% 2/1/50 | 962237 | 820770 |
| 3.00% 7/1/51 | 7418243 | 6500739 |
| 3.00% 12/1/51 | 11108472 | 9725536 |
| 3.00% 6/1/52 | 25599640 | 22368196 |
| 3.50% 1/1/48 | 8752700 | 8127749 |
| 3.50% 2/1/48 | 12060436 | 11039022 |
| 3.50% 3/1/50 | 2489249 | 2283577 |
| 3.50% 8/1/50 | 26922177 | 24605314 |
| 3.50% 9/1/50 | 5615609 | 5167532 |
| 3.50% 3/1/52 | 19850755 | 18095925 |
| 3.50% 5/1/52 | 12766525 | 11639058 |
| 3.50% 6/1/52 | 3879213 | 3525938 |
| 3.50% 9/1/52 | 28549623 | 26019065 |
| 4.00% 9/1/42 | 24167472 | 23320457 |
| 4.00% 3/1/47 | 13634870 | 12923774 |
| 4.00% 6/1/48 | 10194655 | 9652936 |
| 4.00% 10/1/48 | 9841522 | 9339099 |
| 4.00% 1/1/50 | 2901955 | 2792399 |
| 4.00% 8/1/51 | 8025982 | 7721626 |
| 4.00% 9/1/52 | 12173665 | 11343005 |
| 4.50% 7/1/40 | 778655 | 772901 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 12/1/40 | 8472346 | $8484032 |
| 4.50% 8/1/41 | 1802091 | 1793548 |
| 4.50% 2/1/44 | 7998109 | 7962663 |
| 4.50% 2/1/46 | 23794273 | 23585995 |
| 4.50% 5/1/46 | 2928478 | 2919713 |
| 4.50% 12/1/48 | 2438049 | 2370116 |
| 4.50% 1/1/49 | 3898848 | 3789454 |
| 4.50% 2/1/49 | 2100707 | 2042002 |
| 4.50% 1/1/50 | 6300780 | 6177676 |
| 4.50% 4/1/50 | 13390540 | 13018241 |
| 4.50% 12/1/52 | 10838380 | 10387657 |
| 4.50% 2/1/53 | 19202977 | 18405028 |
| 5.00% 7/1/47 | 17172815 | 17396163 |
| 5.00% 1/1/51 | 16770315 | 16717920 |
| 5.00% 8/1/53 | 47558861 | 46855966 |
| 5.00% 9/1/53 | 9758590 | 9598774 |
| 5.50% 10/1/38 | 15017874 | 15305181 |
| 5.50% 5/1/44 | 18160510 | 18737915 |
| 5.50% 8/1/52 | 9986198 | 10110305 |
| 5.50% 11/1/52 | 8704414 | 8777173 |
| 5.50% 7/1/53 | 10028010 | 10041515 |
| 5.50% 2/1/55 | 24736691 | 24741340 |
| 6.00% 1/1/42 | 13984651 | 14659246 |
| 6.00% 5/1/53 | 11265044 | 11501968 |
| 6.00% 7/1/53 | 12598834 | 12993026 |
| 6.00% 9/1/53 | 17506481 | 17817132 |
| 6.00% 12/1/54 | 15730894 | 15989521 |
| 6.00% 3/1/55 | 17715195 | 18007046 |
| 6.50% 9/1/53 | 8065936 | 8399790 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 3.00% 8/15/45 | 2811551 | 2518075 |
| 3.00% 3/15/50 | 1553058 | 1377131 |
| 3.00% 8/20/50 | 3410470 | 3078931 |
| 3.00% 12/20/51 | 12948416 | 11458154 |
| 5.00% 9/20/52 | 6605524 | 6524167 |
| 5.50% 10/15/42 | 8434595 | 8790492 |
| 5.50% 4/20/53 | 9763459 | 9734236 |
| 5.50% 5/20/53 | 18301989 | 18416414 |
| 5.50% 7/20/53 | 12114127 | 12197016 |
| 5.50% 2/20/54 | 13491266 | 13596796 |
| 6.00% 5/20/53 | 17410222 | 17841610 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $1,932,945,443)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $1,932,945,443)** | **1866714314** |
| **CORPORATE BONDS–32.98%** | **CORPORATE BONDS–32.98%** | **CORPORATE BONDS–32.98%** |
| **Aerospace & Defense–0.85%** | **Aerospace & Defense–0.85%** | **Aerospace & Defense–0.85%** |
| Boeing Co. 6.86% 5/1/54 | 24680000 | 27017588 |
| Bombardier, Inc. |  |  |
| 7.00% 6/1/32 | 3455000 | 3597985 |
| 7.25% 7/1/31 | 3455000 | 3626714 |
| Northrop Grumman Corp. |  |  |
| 4.75% 6/1/43 | 2064000 | 1866755 |
| 5.20% 6/1/54 | 8415000 | 7840606 |
| TransDigm, Inc. |  |  |
| 6.38% 5/31/33 | 6020000 | 6025457 |
| 6.63% 3/1/32 | 3455000 | 3577285 |
|  |  | **53552390** |
| **Agriculture–0.20%** | **Agriculture–0.20%** | **Agriculture–0.20%** |
| Bunge Ltd. Finance Corp. <br> 4.20% 9/17/29<br>| 12475000 | 12336816 |
|  |  | **12336816** |
| **Airlines–0.05%** | **Airlines–0.05%** | **Airlines–0.05%** |
| Latam Airlines Group SA <br> 7.88% 4/15/30<br>| 3235000 | 3299700 |
|  |  | **3299700** |

---

LVIP Macquarie Bond Fund-2

------

**LVIP Macquarie Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers–0.14%** | **Auto Manufacturers–0.14%** | **Auto Manufacturers–0.14%** |
| Ford Motor Credit Co. LLC |  |  |
| 6.80% 5/12/28 | 1987000 | $2053614 |
| 6.80% 11/7/28 | 3405000 | 3527727 |
| General Motors Financial Co., <br> Inc. 5.63% 4/4/32<br>| 3040000 | 3075893 |
|  |  | **8657234** |
| **Banks–10.53%** | **Banks–10.53%** | **Banks–10.53%** |
| μBanco de Credito del Peru SA <br> 3.13% 7/1/30<br>| 7235000 | 7235000 |
| μBanco Mercantil del Norte SA |  |  |
| 7.50% 6/27/29 | 5000000 | 4949563 |
| 7.63% 1/10/28 | 3500000 | 3488002 |
| μBangkok Bank PCL 3.73% <br> 9/25/34<br>| 11340000 | 10536469 |
| μBank of America Corp. |  |  |
| 5.16% 1/24/31 | 9380000 | 9614027 |
| 5.52% 10/25/35 | 26856000 | 26856244 |
| 5.82% 9/15/29 | 12710000 | 13240234 |
| 6.20% 11/10/28 | 22420000 | 23332000 |
| 6.63% 5/1/30 | 5235000 | 5421643 |
| μBank of Montreal 7.30% <br> 11/26/84<br>| 2365000 | 2416021 |
| μBank of New York Mellon <br> Corp.<br>|  |  |
| 4.70% 9/20/25 | 13140000 | 13103720 |
| 4.94% 2/11/31 | 7300000 | 7454531 |
| 6.30% 3/20/30 | 6200000 | 6369341 |
| μBBVA Mexico SA Institucion <br> De Banca Multiple Grupo <br> Financiero BBVA Mexico<br>|  |  |
| 5.88% 9/13/34 | 3475000 | 3415005 |
| 7.63% 2/11/35 | 3000000 | 3080400 |
| μBNP Paribas SA 7.45% <br> 6/27/35<br>| 6680000 | 6720080 |
| Citibank NA |  |  |
| 5.44% 4/30/26 | 4880000 | 4917865 |
| 5.49% 12/4/26 | 12355000 | 12550676 |
| μCitigroup, Inc. |  |  |
| 5.61% 9/29/26 | 4320000 | 4329702 |
| 5.61% 3/4/56 | 5800000 | 5692999 |
| 6.02% 1/24/36 | 6145000 | 6310408 |
| 6.75% 2/15/30 | 7605000 | 7661003 |
| 7.00% 8/15/34 | 4500000 | 4730247 |
| μCredit Agricole SA 5.22% <br> 5/27/31<br>| 6300000 | 6417479 |
| μDeutsche Bank AG |  |  |
| 3.73% 1/14/32 | 8262000 | 7568767 |
| 5.30% 5/9/31 | 6070000 | 6164817 |
| 6.72% 1/18/29 | 5937000 | 6236656 |
| 6.82% 11/20/29 | 7138000 | 7613544 |
| 7.15% 7/13/27 | 5515000 | 5654342 |
| μGoldman Sachs Group, Inc. |  |  |
| 5.02% 10/23/35 | 10235000 | 10111198 |
| 5.22% 4/23/31 | 9560000 | 9800639 |
| 5.56% 11/19/45 | 8520000 | 8388262 |
| 5.73% 1/28/56 | 9805000 | 9803251 |
| 6.48% 10/24/29 | 8840000 | 9377173 |
| μHuntington Bancshares, Inc. <br> 6.21% 8/21/29<br>| 8210000 | 8614897 |
| μJPMorgan Chase & Co. |  |  |
| 5.01% 1/23/30 | 6455000 | 6574140 |
| 5.10% 4/22/31 | 7895000 | 8090829 |
| 5.14% 1/24/31 | 26673000 | 27352601 |
| 5.57% 4/22/28 | 6940000 | 7082410 |
| 5.57% 4/22/36 | 10320000 | 10695063 |
| 6.25% 10/23/34 | 4064000 | 4416920 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μLloyds Banking Group PLC <br> 5.72% 6/5/30<br>| 4850000 | $5036979 |
| μM&T Bank Corp. 5.18% 7/8/31 | 4900000 | 4981170 |
| μMorgan Stanley |  |  |
| 2.48% 9/16/36 | 20963000 | 17812997 |
| 5.16% 4/20/29 | 12870000 | 13122254 |
| 5.19% 4/17/31 | 6910000 | 7083646 |
| 5.66% 4/17/36 | 5500000 | 5699361 |
| 5.83% 4/19/35 | 14661000 | 15359731 |
| 6.14% 10/16/26 | 23885000 | 23987731 |
| 6.30% 10/18/28 | 12237000 | 12746990 |
| 6.41% 11/1/29 | 7724000 | 8181429 |
| μPNC Financial Services <br> Group, Inc.<br>|  |  |
| 4.90% 5/13/31 | 3895000 | 3944471 |
| 5.58% 1/29/36 | 4960000 | 5112122 |
| 5.68% 1/22/35 | 5300000 | 5506679 |
| 6.88% 10/20/34 | 7745000 | 8658150 |
| Popular, Inc. 7.25% 3/13/28 | 17270000 | 18347909 |
| μScotiabank Peru SAA 6.10% <br> 10/1/35<br>| 8280000 | 8400060 |
| State Street Corp. |  |  |
| 4.83% 4/24/30 | 4265000 | 4344116 |
| 4.99% 3/18/27 | 7870000 | 7983897 |
| Truist Bank |  |  |
| 3.30% 5/15/26 | 7220000 | 7149726 |
| μ4.63% 9/17/29 | 21981000 | 21720351 |
| μTruist Financial Corp. 4.95% <br> 9/1/25<br>| 7095000 | 7081314 |
| U.S. Bancorp |  |  |
| μ2.49% 11/3/36 | 4690000 | 3980787 |
| 3.95% 11/17/25 | 6220000 | 6201890 |
| μ4.65% 2/1/29 | 16232000 | 16337301 |
| μ5.05% 2/12/31 | 7310000 | 7441241 |
| μ5.38% 1/23/30 | 2500000 | 2574045 |
| μ5.42% 2/12/36 | 3940000 | 4014781 |
| μ5.68% 1/23/35 | 5565000 | 5777448 |
| μ5.73% 10/21/26 | 1384000 | 1388641 |
| μ6.79% 10/26/27 | 3755000 | 3865479 |
| μU.S. Bank NA 4.73% 5/15/28 | 6830000 | 6864310 |
| μUBS Group AG |  |  |
| 5.58% 5/9/36 | 4110000 | 4202953 |
| 5.70% 2/8/35 | 3295000 | 3422500 |
| 6.85% 9/10/29 | 14045000 | 14106643 |
| 7.00% 2/10/30 | 4300000 | 4277560 |
| μWells Fargo & Co. |  |  |
| 5.24% 1/24/31 | 5645000 | 5790853 |
| 5.61% 4/23/36 | 10535000 | 10874432 |
|  |  | **666770115** |
| **Biotechnology–0.10%** | **Biotechnology–0.10%** | **Biotechnology–0.10%** |
| Royalty Pharma PLC 1.75% <br> 9/2/27<br>| 6895000 | 6529889 |
|  |  | **6529889** |
| **Building Materials–0.04%** | **Building Materials–0.04%** | **Building Materials–0.04%** |
| Quikrete Holdings, Inc. 6.38% <br> 3/1/32<br>| 2525000 | 2596508 |
|  |  | **2596508** |
| **Chemicals–0.30%** | **Chemicals–0.30%** | **Chemicals–0.30%** |
| Celanese U.S. Holdings LLC |  |  |
| 6.50% 4/15/30 | 376000 | 384884 |
| 6.75% 4/15/33 | 3116000 | 3148363 |
| Dow Chemical Co. 5.95% <br> 3/15/55<br>| 5925000 | 5647227 |
| Ma'aden Sukuk Ltd. 5.25% <br> 2/13/30<br>| 3425000 | 3482698 |

---

LVIP Macquarie Bond Fund-3

------

**LVIP Macquarie Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| OCP SA |  |  |
| 5.13% 6/23/51 | 4285000 | $3247666 |
| 7.50% 5/2/54 | 3125000 | 3122812 |
|  |  | **19033650** |
| **Commercial Services–0.04%** | **Commercial Services–0.04%** | **Commercial Services–0.04%** |
| Herc Holdings, Inc. |  |  |
| 7.00% 6/15/30 | 1320000 | 1378552 |
| 7.25% 6/15/33 | 955000 | 1000650 |
|  |  | **2379202** |
| **Computers–1.16%** | **Computers–1.16%** | **Computers–1.16%** |
| Accenture Capital, Inc. |  |  |
| 4.05% 10/4/29 | 5015000 | 4982506 |
| 4.25% 10/4/31 | 26805000 | 26554437 |
| 4.50% 10/4/34 | 11155000 | 10856204 |
| Amentum Holdings, Inc. <br> 7.25% 8/1/32<br>| 6910000 | 7111447 |
| Leidos, Inc. |  |  |
| 5.40% 3/15/32 | 9940000 | 10145287 |
| 5.50% 3/15/35 | 13535000 | 13741337 |
|  |  | **73391218** |
| **Distribution/Wholesale–0.04%** | **Distribution/Wholesale–0.04%** | **Distribution/Wholesale–0.04%** |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 2640000 | 2704659 |
|  |  | **2704659** |
| **Diversified Financial Services–2.13%** | **Diversified Financial Services–2.13%** | **Diversified Financial Services–2.13%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 7150000 | 6966077 |
| 3.00% 10/29/28 | 20435000 | 19467912 |
| 5.10% 1/19/29 | 4200000 | 4274984 |
| 6.50% 7/15/25 | 3035000 | 3036937 |
| Air Lease Corp. |  |  |
| 2.88% 1/15/26 | 22595000 | 22364754 |
| 3.00% 2/1/30 | 9220000 | 8628629 |
| 3.38% 7/1/25 | 3290000 | 3290000 |
| μ4.13% 12/15/26 | 4792000 | 4646121 |
| 4.63% 10/1/28 | 3303000 | 3324421 |
| 5.10% 3/1/29 | 2389000 | 2439896 |
| Aviation Capital Group LLC |  |  |
| 3.50% 11/1/27 | 15880000 | 15474571 |
| 5.38% 7/15/29 | 7005000 | 7133589 |
| Jefferies Financial Group, <br> Inc.<br>|  |  |
| 2.63% 10/15/31 | 5925000 | 5155055 |
| 6.45% 6/8/27 | 1766000 | 1828893 |
| 6.50% 1/20/43 | 5130000 | 5352313 |
| OneMain Finance Corp. 7.13% <br> 9/15/32<br>| 6275000 | 6496313 |
| PennyMac Financial Services, <br> Inc. 6.88% 5/15/32<br>| 6355000 | 6497797 |
| Rocket Cos., Inc. 6.38% <br> 8/1/33<br>| 8215000 | 8405592 |
|  |  | **134783854** |
| **Electric–3.25%** | **Electric–3.25%** | **Electric–3.25%** |
| AEP Texas, Inc. |  |  |
| 3.45% 1/15/50 | 1805000 | 1222048 |
| 4.15% 5/1/49 | 1530000 | 1158619 |
| 5.40% 6/1/33 | 2525000 | 2561401 |
| Appalachian Power Co. 3.70% <br> 5/1/50<br>| 2410000 | 1702436 |
| Atlantic City Electric Co. <br> 4.00% 10/15/28<br>| 1695000 | 1686902 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Berkshire Hathaway Energy <br> Co. 2.85% 5/15/51<br>| 10655000 | $6525131 |
| Chile Electricity Lux MPC II <br> SARL 5.58% 10/20/35<br>| 6818097 | 6818657 |
| Chile Electricity Lux MPC <br> SARL 6.01% 1/20/33<br>| 3213150 | 3324839 |
| Cikarang Listrindo Tbk. PT <br> 5.65% 3/12/35<br>| 8750000 | 8724653 |
| Constellation Energy <br> Generation LLC 5.75% <br> 3/15/54<br>| 8055000 | 7890898 |
| μDominion Energy, Inc. |  |  |
| 6.63% 5/15/55 | 5525000 | 5607173 |
| 6.88% 2/1/55 | 6625000 | 6969395 |
| DTE Energy Co. 5.10% 3/1/29 | 7080000 | 7219456 |
| Duke Energy Carolinas LLC <br> 4.95% 1/15/33<br>| 28195000 | 28688234 |
| Entergy Arkansas LLC 4.20% <br> 4/1/49<br>| 10450000 | 8314168 |
| Entergy Texas, Inc. 3.55% <br> 9/30/49<br>| 3560000 | 2486569 |
| Exelon Corp. 5.45% 3/15/34 | 13150000 | 13492276 |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 5.55% 3/15/54 | 7335000 | 7054906 |
| μ6.50% 8/15/55 | 3200000 | 3271042 |
| Oglethorpe Power Corp. |  |  |
| 3.75% 8/1/50 | 8178000 | 5707670 |
| 5.05% 10/1/48 | 6185000 | 5464673 |
| 6.20% 12/1/53 | 1740000 | 1777460 |
| Pacific Gas & Electric Co. <br> 3.30% 8/1/40<br>| 7120000 | 5093620 |
| PacifiCorp |  |  |
| 5.10% 2/15/29 | 1750000 | 1784102 |
| 5.45% 2/15/34 | 2985000 | 3027207 |
| 5.80% 1/15/55 | 2780000 | 2660063 |
| μSempra 6.40% 10/1/54 | 16195000 | 15374346 |
| Southwestern Electric Power <br> Co. 4.10% 9/15/28<br>| 17845000 | 17681081 |
| Vistra Operations Co. LLC |  |  |
| 6.00% 4/15/34 | 3055000 | 3172495 |
| 6.95% 10/15/33 | 17605000 | 19331786 |
|  |  | **205793306** |
| **Electronics–0.10%** | **Electronics–0.10%** | **Electronics–0.10%** |
| Amphenol Corp. 2.20% <br> 9/15/31<br>| 7175000 | 6283564 |
|  |  | **6283564** |
| **Entertainment–0.11%** | **Entertainment–0.11%** | **Entertainment–0.11%** |
| Caesars Entertainment, Inc. <br> 6.50% 2/15/32<br>| 6910000 | 7090460 |
|  |  | **7090460** |
| **Food–0.99%** | **Food–0.99%** | **Food–0.99%** |
| Bimbo Bakeries USA, Inc. <br> 6.40% 1/15/34<br>| 6980000 | 7452253 |
| JBS USA Holding Lux <br> SARL/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food <br> Co.<br>|  |  |
| 5.50% 1/15/36 | 6795000 | 6804989 |
| 6.25% 3/1/56 | 6355000 | 6376099 |
| Mars, Inc. |  |  |
| 4.80% 3/1/30 | 9695000 | 9822973 |
| 5.20% 3/1/35 | 8535000 | 8637242 |
| 5.65% 5/1/45 | 5700000 | 5713784 |

---

LVIP Macquarie Bond Fund-4

------

**LVIP Macquarie 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)** |
| Mars, Inc. (continued) |  |  |
| 5.70% 5/1/55 | 12950000 | $12918386 |
| Sysco Corp. 5.10% 9/23/30 | 4610000 | 4723065 |
|  |  | **62448791** |
| **Gas–0.05%** | **Gas–0.05%** | **Gas–0.05%** |
| Atmos Energy Corp. 2.85% <br> 2/15/52<br>| 4815000 | 2973312 |
|  |  | **2973312** |
| **Health Care Products–0.10%** | **Health Care Products–0.10%** | **Health Care Products–0.10%** |
| GE HealthCare Technologies, <br> Inc.<br>|  |  |
| 4.80% 1/15/31 | 3220000 | 3246612 |
| 5.50% 6/15/35 | 3155000 | 3230831 |
|  |  | **6477443** |
| **Health Care Services–0.23%** | **Health Care Services–0.23%** | **Health Care Services–0.23%** |
| DaVita, Inc. 6.75% 7/15/33 | 3847000 | 3972401 |
| HCA, Inc. 5.45% 9/15/34 | 10355000 | 10444615 |
|  |  | **14417016** |
| **Insurance–1.46%** | **Insurance–1.46%** | **Insurance–1.46%** |
| Aon Corp./Aon Global <br> Holdings PLC<br>|  |  |
| 2.90% 8/23/51 | 12560000 | 7800319 |
| 5.00% 9/12/32 | 12325000 | 12499713 |
| Aon North America, Inc. |  |  |
| 5.30% 3/1/31 | 5065000 | 5238604 |
| 5.75% 3/1/54 | 1905000 | 1877265 |
| Arthur J Gallagher & Co. <br> 5.00% 2/15/32<br>| 7605000 | 7707542 |
| Athene Holding Ltd. |  |  |
| μ6.63% 10/15/54 | 6065000 | 5970389 |
| 6.63% 5/19/55 | 6340000 | 6532588 |
| μ6.88% 6/28/55 | 5780000 | 5751678 |
| Henneman Trust 6.58% <br> 5/15/55<br>| 10765000 | 10818879 |
| Marsh & McLennan Cos., Inc. <br> 5.35% 11/15/44<br>| 12175000 | 11954276 |
| New York Life Global Funding <br> 5.45% 9/18/26<br>| 9745000 | 9887570 |
| Prudential Financial, Inc. <br> 3.70% 3/13/51<br>| 8920000 | 6556310 |
|  |  | **92595133** |
| **Internet–0.32%** | **Internet–0.32%** | **Internet–0.32%** |
| Alibaba Group Holding Ltd. <br> 5.25% 5/26/35<br>| 8900000 | 8999361 |
| Meta Platforms, Inc. |  |  |
| 3.85% 8/15/32 | 6845000 | 6583155 |
| 5.40% 8/15/54 | 4630000 | 4515367 |
|  |  | **20097883** |
| **Investment Companies–0.58%** | **Investment Companies–0.58%** | **Investment Companies–0.58%** |
| Apollo Debt Solutions BDC <br> 6.70% 7/29/31<br>| 2995000 | 3112212 |
| Blackstone Private Credit <br> Fund 5.60% 11/22/29<br>| 4850000 | 4883505 |
| Blue Owl Credit Income Corp. |  |  |
| 5.80% 3/15/30 | 15700000 | 15725589 |
| 6.60% 9/15/29 | 5915000 | 6086225 |
| HPS Corporate Lending Fund <br> 5.95% 4/14/32<br>| 6732000 | 6689152 |
|  |  | **36496683** |
| **Iron & Steel–0.24%** | **Iron & Steel–0.24%** | **Iron & Steel–0.24%** |
| Cleveland-Cliffs, Inc. 7.00% <br> 3/15/32<br>| 6910000 | 6513790 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Nucor Corp. 5.10% 6/1/35 | 8760000 | $8787339 |
|  |  | **15301129** |
| **Machinery Construction & Mining–0.13%** | **Machinery Construction & Mining–0.13%** | **Machinery Construction & Mining–0.13%** |
| Caterpillar, Inc. 5.20% <br> 5/15/35<br>| 7765000 | 7915256 |
|  |  | **7915256** |
| **Media–0.66%** | **Media–0.66%** | **Media–0.66%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital 3.85% 4/1/61<br>| 7510000 | 4811456 |
| Midcontinent <br> Communications 8.00% <br> 8/15/32<br>| 7015000 | 7423792 |
| Sirius XM Radio LLC 4.13% <br> 7/1/30<br>| 7945000 | 7325604 |
| Time Warner Cable LLC |  |  |
| 6.75% 6/15/39 | 6015000 | 6235090 |
| 7.30% 7/1/38 | 14595000 | 15915751 |
|  |  | **41711693** |
| **Mining–0.20%** | **Mining–0.20%** | **Mining–0.20%** |
| AngloGold Ashanti Holdings <br> PLC 6.50% 4/15/40<br>| 4370000 | 4481027 |
| FMG Resources August 2006 <br> Pty. Ltd.<br>|  |  |
| 5.88% 4/15/30 | 3555000 | 3599487 |
| 6.13% 4/15/32 | 3530000 | 3590631 |
| Freeport-McMoRan, Inc. <br> 5.45% 3/15/43<br>| 1244000 | 1175600 |
|  |  | **12846745** |
| **Miscellaneous Manufacturing–0.13%** | **Miscellaneous Manufacturing–0.13%** | **Miscellaneous Manufacturing–0.13%** |
| Siemens Funding BV |  |  |
| 4.60% 5/28/30 | 3695000 | 3731928 |
| 4.90% 5/28/32 | 4660000 | 4727173 |
|  |  | **8459101** |
| **Office Business Equipment–0.35%** | **Office Business Equipment–0.35%** | **Office Business Equipment–0.35%** |
| CDW LLC/CDW Finance Corp. <br> 3.28% 12/1/28<br>| 23485000 | 22416191 |
|  |  | **22416191** |
| **Oil & Gas–1.60%** | **Oil & Gas–1.60%** | **Oil & Gas–1.60%** |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 2.72% 1/12/32 | 7265000 | 6495343 |
| 5.23% 11/17/34 | 14655000 | 14910753 |
| μBP Capital Markets PLC <br> 4.88% 3/22/30<br>| 5850000 | 5789377 |
| ConocoPhillips Co. |  |  |
| 5.00% 1/15/35 | 7510000 | 7504508 |
| 5.05% 9/15/33 | 16550000 | 16843689 |
| 5.50% 1/15/55 | 7850000 | 7448229 |
| Ecopetrol SA 8.38% 1/19/36 | 4795000 | 4626535 |
| EOG Resources, Inc. |  |  |
| 5.00% 7/15/32 | 9206000 | 9317962 |
| 5.35% 1/15/36 | 3031000 | 3073812 |
| 5.95% 7/15/55 | 3570000 | 3635488 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co.<br>|  |  |
| 6.00% 2/1/31 | 3620000 | 3491053 |
| 6.25% 4/15/32 | 3445000 | 3289533 |
| Petroleos Mexicanos 6.75% <br> 9/21/47<br>| 4492000 | 3253515 |
| Raizen Fuels Finance SA <br> 6.95% 3/5/54<br>| 5360000 | 4972625 |

---

LVIP Macquarie Bond Fund-5

------

**LVIP Macquarie 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)** |
| Woodside Finance Ltd. 5.70% <br> 5/19/32<br>| 6580000 | $6699269 |
|  |  | **101351691** |
| **Oil & Gas Services–0.07%** | **Oil & Gas Services–0.07%** | **Oil & Gas Services–0.07%** |
| Guara Norte SARL 5.20% <br> 6/15/34<br>| 4763398 | 4514408 |
|  |  | **4514408** |
| **Packaging & Containers–0.08%** | **Packaging & Containers–0.08%** | **Packaging & Containers–0.08%** |
| Amcor Flexibles North <br> America, Inc. 5.50% 3/17/35<br>| 5020000 | 5093117 |
|  |  | **5093117** |
| **Pharmaceuticals–0.20%** | **Pharmaceuticals–0.20%** | **Pharmaceuticals–0.20%** |
| Eli Lilly & Co. |  |  |
| 5.10% 2/12/35 | 7330000 | 7512995 |
| 5.50% 2/12/55 | 5240000 | 5272655 |
|  |  | **12785650** |
| **Pipelines–2.29%** | **Pipelines–2.29%** | **Pipelines–2.29%** |
| Enbridge, Inc. |  |  |
| 4.90% 6/20/30 | 3925000 | 3964305 |
| 5.25% 4/5/27 | 6810000 | 6909638 |
| 5.55% 6/20/35 | 6155000 | 6257267 |
| μ5.75% 7/15/80 | 2980000 | 2971660 |
| Energy Transfer LP |  |  |
| 5.95% 5/15/54 | 5450000 | 5184571 |
| 6.05% 9/1/54 | 6745000 | 6482448 |
| 6.10% 12/1/28 | 6520000 | 6849064 |
| μ6.50% 11/15/26 | 15980000 | 16051397 |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 3.20% 2/15/52 | 11315000 | 7383178 |
| 3.30% 2/15/53 | 16872000 | 11156617 |
| 4.60% 1/15/31 | 6620000 | 6670361 |
| 4.95% 2/15/35 | 4700000 | 4683634 |
| 5.35% 1/31/33 | 5635000 | 5840042 |
| 5.55% 2/16/55 | 4430000 | 4273754 |
| Galaxy Pipeline Assets Bidco <br> Ltd. 2.16% 3/31/34<br>| 8779457 | 7783779 |
| Greensaif Pipelines Bidco <br> SARL 6.51% 2/23/42<br>| 3895000 | 4036130 |
| ONEOK, Inc. |  |  |
| 5.05% 11/1/34 | 2959000 | 2879541 |
| 5.70% 11/1/54 | 4840000 | 4467528 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 5.00% 1/15/28<br>| 11805000 | 11813306 |
| Tennessee Gas Pipeline Co. <br> LLC 2.90% 3/1/30<br>| 14002000 | 12932309 |
| Venture Global Calcasieu <br> Pass LLC 3.88% 11/1/33<br>| 7630000 | 6672274 |
|  |  | **145262803** |
| **Private Equity–0.16%** | **Private Equity–0.16%** | **Private Equity–0.16%** |
| Blackstone Reg Finance Co. <br> LLC 5.00% 12/6/34<br>| 10060000 | 10014991 |
|  |  | **10014991** |
| **Real Estate Investment Trusts–0.42%** | **Real Estate Investment Trusts–0.42%** | **Real Estate Investment Trusts–0.42%** |
| Extra Space Storage LP 5.40% <br> 2/1/34<br>| 11580000 | 11761220 |
| VICI Properties LP |  |  |
| 4.95% 2/15/30 | 8625000 | 8675457 |
| 5.63% 4/1/35 | 3495000 | 3527128 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| VICI Properties LP/VICI <br> Note Co., Inc. 4.63% 12/1/29<br>| 2945000 | $2893280 |
|  |  | **26857085** |
| **Retail–0.30%** | **Retail–0.30%** | **Retail–0.30%** |
| El Puerto de Liverpool SAB <br> de CV 6.66% 1/22/37<br>| 7405000 | 7622707 |
| Home Depot, Inc. |  |  |
| 4.88% 6/25/27 | 2605000 | 2646045 |
| 4.95% 6/25/34 | 6830000 | 6912291 |
| QXO Building Products, Inc. <br> 6.75% 4/30/32<br>| 1535000 | 1581360 |
|  |  | **18762403** |
| **Semiconductors–0.58%** | **Semiconductors–0.58%** | **Semiconductors–0.58%** |
| Broadcom, Inc. |  |  |
| 3.14% 11/15/35 | 3000 | 2530 |
| 3.19% 11/15/36 | 14715000 | 12198594 |
| 5.05% 7/12/29 | 10170000 | 10414270 |
| Entegris, Inc. 4.75% 4/15/29 | 5905000 | 5839517 |
| Foundry JV Holdco LLC 6.10% <br> 1/25/36<br>| 7885000 | 8157925 |
|  |  | **36612836** |
| **Software–0.61%** | **Software–0.61%** | **Software–0.61%** |
| Oracle Corp. |  |  |
| 3.60% 4/1/50 | 18861000 | 13190302 |
| 5.25% 2/3/32 | 3600000 | 3692829 |
| 6.00% 8/3/55 | 4030000 | 4023209 |
| Roper Technologies, Inc. <br> 4.90% 10/15/34<br>| 13660000 | 13470985 |
| Synopsys, Inc. 5.70% 4/1/55 | 4585000 | 4558675 |
|  |  | **38936000** |
| **Telecommunications–1.66%** | **Telecommunications–1.66%** | **Telecommunications–1.66%** |
| AT&T, Inc. |  |  |
| 3.50% 9/15/53 | 17244000 | 11671728 |
| 5.38% 8/15/35 | 3065000 | 3120947 |
| 6.05% 8/15/56 | 3045000 | 3107474 |
| 6.30% 1/15/38 | 4500000 | 4860020 |
| Iliad Holding SASU 8.50% <br> 4/15/31<br>| 440000 | 470635 |
| Millicom International <br> Cellular SA 7.38% 4/2/32<br>| 5500000 | 5645723 |
| Rogers Communications, Inc. <br> 5.30% 2/15/34<br>| 11015000 | 11026701 |
| Softbank Corp. |  |  |
| 4.70% 7/9/30 | 10915000 | 10915000 |
| 5.33% 7/9/35 | 13345000 | 13345000 |
| T-Mobile USA, Inc. |  |  |
| 3.00% 2/15/41 | 6441000 | 4713237 |
| 3.75% 4/15/27 | 13240000 | 13101745 |
| 5.13% 5/15/32 | 2705000 | 2758540 |
| 5.75% 1/15/34 | 3335000 | 3492746 |
| 5.88% 11/15/55 | 8315000 | 8311565 |
| Verizon Communications, Inc. |  |  |
| 2.88% 11/20/50 | 5390000 | 3357488 |
| 5.25% 4/2/35 | 5485000 | 5530699 |
|  |  | **105429248** |
| **Transportation–0.53%** | **Transportation–0.53%** | **Transportation–0.53%** |
| Burlington Northern Santa <br> Fe LLC 5.80% 3/15/56<br>| 10790000 | 11103104 |
| Union Pacific Corp. |  |  |
| 5.10% 2/20/35 | 6955000 | 7073594 |

---

LVIP Macquarie Bond Fund-6

------

**LVIP Macquarie 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)** |
| Union Pacific <br> Corp. (continued)<br>|  |  |
| 5.60% 12/1/54 | 15359000 | $15276653 |
|  |  | **33453351** |
| **Total Corporate Bonds** <br>**(Cost $2,107,717,054)** | **Total Corporate Bonds** <br>**(Cost $2,107,717,054)** | **2088432524** |
| **LOAN AGREEMENTS–1.25%** | **LOAN AGREEMENTS–1.25%** | **LOAN AGREEMENTS–1.25%** |
| •Alliance Laundry <br> Systems LLC 6.83% (1 mo. <br> USD Term SOFR + 2.50%) <br> 8/19/31<br>| 5048000 | 5055572 |
| •Amentum Government <br> Services Holdings LLC 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 9/29/31<br>| 8879888 | 8857688 |
| •Ardonagh Midco 3 PLC 7.02 - <br> 7.05% (6 mo. USD Term <br> SOFR + 2.75%) 2/15/31<br>| 14364000 | 14238315 |
| •Azorra Soar TLB Finance Ltd. <br> 7.82% (3 mo. USD Term <br> SOFR + 3.50%) 10/18/29<br>| 3324875 | 3337343 |
| •Dragon Buyer, Inc. 7.30% (3 <br> mo. USD Term SOFR + <br> 3.00%) 9/30/31<br>| 7024700 | 7033481 |
| •Instructure Holdings, Inc. <br> 7.21% (6 mo. USD Term <br> SOFR + 3.00%) 11/13/31<br>| 5107200 | 5111388 |
| Janney Montgomery Scott LLC | Janney Montgomery Scott LLC | Janney Montgomery Scott LLC |
| ✠0.00% 11/28/31 | 997857 | 1001599 |
| •7.47% (6 mo. USD Term <br> SOFR + 3.25%) 11/28/31<br>| 5972175 | 5994571 |
| •Jefferies Finance LLC 7.32% <br> (1 mo. USD Term SOFR + <br> 3.00%) 10/21/31<br>| 3435735 | 3440030 |
| •Lightning Power LLC 6.55% <br> (3 mo. USD Term SOFR + <br> 2.25%) 8/18/31<br>| 7462406 | 7470689 |
| •Midcontinent <br> Communications 6.82% (1 <br> mo. USD Term SOFR + <br> 2.50%) 8/16/31<br>| 6203125 | 6216027 |
| •White Cap Buyer LLC 7.58% <br> (1 mo. USD Term SOFR + <br> 3.25%) 10/19/29<br>| 11696225 | 11614351 |
| **Total Loan Agreements** <br>**(Cost $79,159,603)** | **Total Loan Agreements** <br>**(Cost $79,159,603)** | **79371054** |
| **NON-AGENCY ASSET-BACKED SECURITIES–4.88%** | **NON-AGENCY ASSET-BACKED SECURITIES–4.88%** | **NON-AGENCY ASSET-BACKED SECURITIES–4.88%** |
| •Black Diamond CLO DAC <br> Series 2017-2A Class A2 <br> 5.83% (3 mo. USD Term <br> SOFR + 1.56%) 1/20/32<br>| 228297 | 228281 |
| •Catamaran CLO Ltd. Series <br> 2014-1A Class A1BR 5.92% <br> (3 mo. USD Term SOFR + <br> 1.65%) 4/22/30<br>| 11150000 | 11154850 |
| DataBank Issuer LLC Series <br> 2021-1A Class A2 2.06% <br> 2/27/51<br>| 8500000 | 8314601 |
| Diamond Infrastructure <br> Funding LLC Series 2021-1A <br> Class A 1.76% 4/15/49<br>| 26305000 | 25019856 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Domino's Pizza Master <br> Issuer LLC Series 2021-1A <br> Class A2I 2.66% 4/25/51<br>| 42790000 | $39924764 |
| Ford Credit Auto Owner Trust <br> Series 2024-B Class A3 5.10% <br> 4/15/29<br>| 14000000 | 14177824 |
| Ford Credit Floorplan Master <br> Owner Trust A Series 2020-2 <br> Class A 1.06% 9/15/27<br>| 5372000 | 5332483 |
| Frontier Issuer LLC Series <br> 2024-1 Class A2 6.19% <br> 6/20/54<br>| 7000000 | 7208039 |
| GM Financial Automobile <br> Leasing Trust Series 2024-1 <br> Class A3 5.09% 3/22/27<br>| 11089000 | 11122346 |
| GMF Floorplan Owner <br> Revolving Trust Series <br> 2024-1A Class A1 5.13% <br> 3/15/29<br>| 29000000 | 29422429 |
| •ICG U.S. CLO Ltd. Series <br> 2014-1A Class A1A2 5.73% (3 <br> mo. USD Term SOFR + <br> 1.46%) 10/20/34<br>| 4000000 | 4001224 |
| •KKR CLO 41 Ltd. Series <br> 2022-41A Class A1 5.59% (3 <br> mo. USD Term SOFR + <br> 1.33%) 4/15/35<br>| 5600000 | 5605886 |
| •Octagon Investment Partners <br> 51 Ltd. Series 2021-1A <br> Class AR 5.26% (3 mo. USD <br> Term SOFR + 0.99%) <br> 7/20/34<br>| 11000000 | 11029392 |
| Porsche Innovative Lease <br> Owner Trust Series 2024-1A <br> Class A3 4.67% 11/22/27<br>| 20000000 | 20061374 |
| •Regatta XIX Funding Ltd. <br> Series 2022-1A Class A1 <br> 5.59% (3 mo. USD Term <br> SOFR + 1.32%) 4/20/35<br>| 3000000 | 3005736 |
| Santander Drive Auto <br> Receivables Trust Series <br> 2025-1 Class D 5.43% <br> 3/17/31<br>| 7750000 | 7873685 |
| •Signal Peak CLO 5 Ltd. Series <br> 2018-5A Class A1R 5.83% (3 <br> mo. USD Term SOFR + <br> 1.55%) 4/25/37<br>| 4000000 | 4012040 |
| •Steele Creek CLO Ltd. Series <br> 2017-1A Class A 5.77% (3 <br> mo. USD Term SOFR + <br> 1.51%) 10/15/30<br>| 683877 | 684485 |
| Toyota Auto Receivables <br> Owner Trust Series 2024-B <br> Class A3 5.33% 1/16/29<br>| 28575000 | 28956159 |
| •Venture 34 CLO Ltd. Series <br> 2018-34A Class AR 5.54% (3 <br> mo. USD Term SOFR + <br> 1.28%) 10/15/31<br>| 5507617 | 5507909 |
| •Venture 42 CLO Ltd. Series <br> 2021-42A Class A1A 5.65% (3 <br> mo. USD Term SOFR + <br> 1.39%) 4/15/34<br>| 15000000 | 15010215 |

---

LVIP Macquarie Bond Fund-7

------

**LVIP Macquarie 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)** |
| Verizon Master Trust Series <br> 2024-3 Class A1A 5.34% <br> 4/22/30<br>| 17000000 | $17358357 |
| Volkswagen Auto Lease Trust <br> Series 2024-A Class A3 5.21% <br> 6/21/27<br>| 34000000 | 34302784 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $311,776,371)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $311,776,371)** | **309314719** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.02%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.02%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.02%** |
| •Agate Bay Mortgage Trust | •Agate Bay Mortgage Trust | •Agate Bay Mortgage Trust |
| Series 2015-1 Class B1 3.63% <br> 1/25/45<br>| 524209 | 509698 |
| Series 2015-1 Class B2 3.63% <br> 1/25/45<br>| 296211 | 288011 |
| •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust |
| Series 2021-PJ7 Class A2 <br> 2.50% 1/25/52<br>| 9885942 | 8057815 |
| Series 2021-PJ8 Class A2 <br> 2.50% 1/25/52<br>| 13586101 | 11073733 |
| Series 2021-PJ9 Class A2 <br> 2.50% 2/26/52<br>| 15311483 | 12480055 |
| •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust |
| Series 2014-2 Class B1 3.40% <br> 6/25/29<br>| 588553 | 567626 |
| Series 2014-2 Class B2 3.40% <br> 6/25/29<br>| 219277 | 211481 |
| Series 2015-1 Class B2 5.66% <br> 12/25/44<br>| 927912 | 926452 |
| Series 2015-4 Class B1 3.51% <br> 6/25/45<br>| 1170198 | 1088375 |
| Series 2015-4 Class B2 3.51% <br> 6/25/45<br>| 838039 | 779441 |
| Series 2015-5 Class B2 5.93% <br> 5/25/45<br>| 464900 | 460948 |
| Series 2015-6 Class B1 3.50% <br> 10/25/45<br>| 812151 | 781079 |
| Series 2015-6 Class B2 3.50% <br> 10/25/45<br>| 688120 | 660286 |
| Series 2015-6 Class B3 3.50% <br> 10/25/45<br>| 1238595 | 1110936 |
| Series 2016-4 Class B1 3.78% <br> 10/25/46<br>| 921635 | 867959 |
| Series 2016-4 Class B2 3.78% <br> 10/25/46<br>| 1687558 | 1589275 |
| Series 2017-1 Class B3 3.45% <br> 1/25/47<br>| 3586919 | 3251992 |
| Series 2017-2 Class A3 3.50% <br> 5/25/47<br>| 277312 | 247791 |
| Series 2020-2 Class A3 3.50% <br> 7/25/50<br>| 396032 | 350704 |
| Series 2020-7 Class A3 3.00% <br> 1/25/51<br>| 1779231 | 1521623 |
| Series 2021-1 Class A3 2.50% <br> 6/25/51<br>| 3098591 | 2525594 |
| Series 2021-10 Class A3 <br> 2.50% 12/25/51<br>| 6530791 | 5323105 |
| Series 2021-11 Class A3 <br> 2.50% 1/25/52<br>| 11042319 | 9017606 |
| Series 2021-12 Class A3 <br> 2.50% 2/25/52<br>| 14305377 | 11659999 |
| Series 2021-13 Class A3 <br> 2.50% 4/25/52<br>| 14409904 | 11745197 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •Morgan Stanley Residential Mortgage Loan Trust | •Morgan Stanley Residential Mortgage Loan Trust | •Morgan Stanley Residential Mortgage Loan Trust |
| Series 2020-1 Class A2A <br> 2.50% 12/25/50<br>| 4329419 | $3519405 |
| Series 2021-1 Class A2 2.50% <br> 3/25/51<br>| 3008541 | 2452196 |
| Series 2021-4 Class A3 2.50% <br> 7/25/51<br>| 3077014 | 2508006 |
| Series 2021-5 Class A3 2.50% <br> 8/25/51<br>| 9831122 | 8013132 |
| •New Residential Mortgage <br> Loan Trust Series 2018-RPL1 <br> Class A1 3.50% 12/25/57<br>| 512935 | 497446 |
| •RCKT Mortgage Trust | •RCKT Mortgage Trust | •RCKT Mortgage Trust |
| Series 2021-1 Class A1 2.50% <br> 3/25/51<br>| 3138722 | 2558304 |
| Series 2021-4 Class A1 2.50% <br> 9/25/51<br>| 14788853 | 12054070 |
| Series 2021-6 Class A1 2.50% <br> 12/25/51<br>| 6611068 | 5388537 |
| •Sequoia Mortgage Trust | •Sequoia Mortgage Trust | •Sequoia Mortgage Trust |
| Series 2013-4 Class B2 3.43% <br> 4/25/43<br>| 301850 | 290606 |
| Series 2015-1 Class B2 3.94% <br> 1/25/45<br>| 499325 | 485028 |
| Series 2020-4 Class A2 2.50% <br> 11/25/50<br>| 2532918 | 2067571 |
| •Towd Point Mortgage Trust <br> Series 2018-1 Class A1 3.00% <br> 1/25/58<br>| 260365 | 256859 |
| •Wells Fargo Mortgage-Backed <br> Securities Trust Series <br> 2020-1 Class A1 3.00% <br> 12/25/49<br>| 614069 | 523418 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $155,844,433)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $155,844,433)** | **127711359** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–8.54%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–8.54%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–8.54%** |
| Bank | Bank | Bank |
| •Series 2017-BNK5 Class B <br> 3.90% 6/15/60<br>| 4085000 | 3919233 |
| Series 2017-BNK7 Class A5 <br> 3.44% 9/15/60<br>| 17405000 | 17007668 |
| Series 2019-BN20 Class A3 <br> 3.01% 9/15/62<br>| 6159000 | 5702407 |
| Series 2019-BN21 Class A5 <br> 2.85% 10/17/52<br>| 12550000 | 11560756 |
| Series 2020-BN25 Class A5 <br> 2.65% 1/15/63<br>| 40000000 | 36296420 |
| •Series 2022-BNK40 Class B <br> 3.50% 3/15/64<br>| 8850000 | 7746330 |
| BBCMS Mortgage Trust Series <br> 2020-C7 Class A5 2.04% <br> 4/15/53<br>| 18580000 | 16511507 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| •Series 2018-B1 Class A5 <br> 3.67% 1/15/51<br>| 1220000 | 1192527 |
| Series 2020-B17 Class A5 <br> 2.29% 3/15/53<br>| 23500000 | 20773022 |
| Series 2020-B19 Class A5 <br> 1.85% 9/15/53<br>| 30108000 | 26021053 |
| Series 2020-B20 Class A5 <br> 2.03% 10/15/53<br>| 22100000 | 19051148 |

---

LVIP Macquarie Bond Fund-8

------

**LVIP Macquarie 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)** |
| Benchmark Mortgage Trust (continued) | Benchmark Mortgage Trust (continued) | Benchmark Mortgage Trust (continued) |
| Series 2020-B21 Class A5 <br> 1.98% 12/17/53<br>| 13290000 | $11497979 |
| Series 2020-B22 Class A5 <br> 1.97% 1/15/54<br>| 24350000 | 20891538 |
| Series 2021-B24 Class A5 <br> 2.58% 3/15/54<br>| 6634000 | 5811989 |
| Series 2021-B25 Class A5 <br> 2.58% 4/15/54<br>| 14130000 | 12410159 |
| •Series 2022-B32 Class B <br> 3.20% 1/15/55<br>| 9000000 | 7259263 |
| •Series 2022-B32 Class C <br> 3.57% 1/15/55<br>| 11000000 | 8300714 |
| •Series 2022-B33 Class B <br> 3.73% 3/15/55<br>| 4450000 | 3852992 |
| •Series 2022-B33 Class C <br> 3.73% 3/15/55<br>| 4450000 | 3491745 |
| •Series 2022-B34 Class A5 <br> 3.79% 4/15/55<br>| 4735866 | 4362923 |
| •Series 2022-B35 Class A5 <br> 4.59% 5/15/55<br>| 10445000 | 10087127 |
| •BMO Mortgage Trust Series <br> 2022-C1 Class A5 3.37% <br> 2/15/55<br>| 3555000 | 3241044 |
| Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
| Series 2019-CF1 Class A5 <br> 3.79% 5/15/52<br>| 16282000 | 15696185 |
| Series 2019-CF2 Class A5 <br> 2.87% 11/15/52<br>| 5950000 | 5518186 |
| Series 2019-CF3 Class A4 <br> 3.01% 1/15/53<br>| 13150000 | 12229791 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| Series 2016-CD2 Class A3 <br> 3.25% 11/10/49<br>| 9638427 | 9461336 |
| •Series 2017-CD6 Class B <br> 3.91% 11/13/50<br>| 2760000 | 2608093 |
| Series 2019-CD8 Class A4 <br> 2.91% 8/15/57<br>| 16075000 | 14739237 |
| CFCRE Commercial Mortgage <br> Trust Series 2016-C7 <br> Class A3 3.84% 12/10/54<br>| 7090000 | 6994226 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| Series 2016-P3 Class A4 <br> 3.33% 4/15/49<br>| 7897000 | 7775075 |
| Series 2017-C4 Class A4 <br> 3.47% 10/12/50<br>| 18940000 | 18501728 |
| Series 2019-C7 Class A4 <br> 3.10% 12/15/72<br>| 11904000 | 11191294 |
| Series 2020-555 Class A <br> 2.65% 12/10/41<br>| 6700000 | 5968876 |
| COMM Mortgage Trust Series <br> 2016-CR28 Class A4 3.76% <br> 2/10/49<br>| 8148000 | 8111720 |
| DB-JPM Mortgage Trust | DB-JPM Mortgage Trust | DB-JPM Mortgage Trust |
| Series 2016-C1 Class A4 <br> 3.28% 5/10/49<br>| 4585000 | 4522913 |
| Series 2020-C9 Class A5 <br> 1.93% 8/15/53<br>| 11250000 | 9867190 |
| Series 2020-C9 Class B 2.57% <br> 8/15/53<br>| 3250000 | 2735412 |
| Grace Trust Series <br> 2020-GRCE Class A 2.35% <br> 12/10/40<br>| 9310000 | 8184769 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2015-GC32 Class A4 <br> 3.76% 7/10/48<br>| 638599 | $635369 |
| Series 2017-GS6 Class A3 <br> 3.43% 5/10/50<br>| 14900000 | 14503605 |
| •Series 2018-GS9 Class B <br> 4.32% 3/10/51<br>| 2875000 | 2656201 |
| Series 2019-GC39 Class A4 <br> 3.57% 5/10/52<br>| 2200000 | 2055329 |
| Series 2019-GC42 Class A4 <br> 3.00% 9/10/52<br>| 20000000 | 18629784 |
| Series 2020-GC47 Class A5 <br> 2.38% 5/12/53<br>| 14250000 | 12827980 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| Series 2013-LC11 Class B <br> 3.50% 4/15/46<br>| 1494584 | 1413444 |
| Series 2015-JP1 Class A5 <br> 3.91% 1/15/49<br>| 8627000 | 8552445 |
| Series 2016-JP2 Class A4 <br> 2.82% 8/15/49<br>| 10654000 | 10439974 |
| JPM-BB Commercial Mortgage Securities Trust | JPM-BB Commercial Mortgage Securities Trust | JPM-BB Commercial Mortgage Securities Trust |
| Series 2015-C31 Class A3 <br> 3.80% 8/15/48<br>| 3291986 | 3094467 |
| Series 2015-C33 Class A4 <br> 3.77% 12/15/48<br>| 17407056 | 17309195 |
| JPM-DB Commercial Mortgage Securities Trust | JPM-DB Commercial Mortgage Securities Trust | JPM-DB Commercial Mortgage Securities Trust |
| Series 2016-C2 Class A4 <br> 3.14% 6/15/49<br>| 11776000 | 11562279 |
| Series 2016-C4 Class A3 <br> 3.14% 12/15/49<br>| 7150000 | 6962955 |
| Series 2017-C7 Class A5 <br> 3.41% 10/15/50<br>| 4220000 | 4094352 |
| Morgan Stanley Bank of <br> America Merrill Lynch Trust <br> Series 2015-C26 Class A5 <br> 3.53% 10/15/48<br>| 5664775 | 5622846 |
| Morgan Stanley Capital I <br> Trust Series 2019-L3 <br> Class A4 3.13% 11/15/52<br>| 6400000 | 5965485 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2015-NXS3 Class A4 <br> 3.62% 9/15/57<br>| 3185000 | 3172797 |
| Series 2016-BNK1 Class A3 <br> 2.65% 8/15/49<br>| 7895000 | 7698021 |
| Series 2020-C58 Class A4 <br> 2.09% 7/15/53<br>| 3275000 | 2853935 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $601,835,502)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $601,835,502)** | **541146038** |
| **SUPRANATIONAL BANKS–0.23%** | **SUPRANATIONAL BANKS–0.23%** | **SUPRANATIONAL BANKS–0.23%** |
| Africa Finance Corp. 5.55% <br> 10/8/29<br>| 5905000 | 5863964 |
| μAfrican Development Bank <br> 5.75% 5/7/34<br>| 6475000 | 6239535 |
| μCorp. Andina de Fomento <br> 6.75% 6/17/30<br>| 2610000 | 2656783 |
| **Total Supranational Banks** <br>**(Cost $14,812,107)** | **Total Supranational Banks** <br>**(Cost $14,812,107)** | **14760282** |
| **U.S. TREASURY OBLIGATIONS–16.00%** | **U.S. TREASURY OBLIGATIONS–16.00%** | **U.S. TREASURY OBLIGATIONS–16.00%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 2.25% 8/15/46 | 131705000 | 86282209 |
| 4.13% 8/15/44 | 7500000 | 6870996 |
| 4.25% 2/15/54 | 77690000 | 70867847 |
| 4.63% 11/15/44 | 197215000 | 193054996 |

---

LVIP Macquarie Bond Fund-9

------

**LVIP Macquarie 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 Bonds (continued) | U.S. Treasury Bonds (continued) | U.S. Treasury Bonds (continued) |
| 4.63% 2/15/55 | 25135000 | $24467352 |
| 4.75% 5/15/55 | 24010000 | 23874944 |
| 5.00% 5/15/45 | 106125000 | 109010273 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.75% 5/15/28 | 15740000 | 15763364 |
| 3.88% 6/30/30 | 166200000 | 166836234 |
| 4.13% 3/31/29 | 79300000 | 80371789 |
| 4.25% 5/15/35 | 55485000 | 55571695 |
| 4.63% 9/30/28 | 175350000 | 180206373 |
| **Total U.S. Treasury Obligations** <br>**(Cost $1,047,425,309)** | **Total U.S. Treasury Obligations** <br>**(Cost $1,047,425,309)** | **1013178072** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–0.00%** | **COMMON STOCK–0.00%** | **COMMON STOCK–0.00%** |
| =†MNSN Holdings, Inc. | 10379 | 44111 |
| **Total Common Stock** <br>**(Cost $0)** | **Total Common Stock** <br>**(Cost $0)** | **44111** |
| **PREFERRED STOCK–0.10%** | **PREFERRED STOCK–0.10%** | **PREFERRED STOCK–0.10%** |
| †SVB Financial Trust 11.00% <br> 11/7/29<br>| 11831 | 6187613 |
| **Total Preferred Stock** <br>**(Cost $6,683,667)** | **Total Preferred Stock** <br>**(Cost $6,683,667)** | **6187613** |
| **MONEY MARKET FUND–0.09%** | **MONEY MARKET FUND–0.09%** | **MONEY MARKET FUND–0.09%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 5546964 | 5546964 |
| **Total Money Market Fund** <br>**(Cost $5,546,964)** | **Total Money Market Fund** <br>**(Cost $5,546,964)** | **5546964** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Principal** <br>**Amount°**<br>|
| **SHORT-TERM INVESTMENTS—2.79%** | **SHORT-TERM INVESTMENTS—2.79%** |
| **Discounted Commercial Paper–2.79%** | **Discounted Commercial Paper–2.79%** |
| ≠ABN AMRO Funding USA LLC | ≠ABN AMRO Funding USA LLC |
| 4.41% 7/1/25 | 5000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |
| **Discounted Commercial Paper (continued)** | **Discounted Commercial Paper (continued)** | **Discounted Commercial Paper (continued)** |
| ≠American Crystal Sugar Co. | ≠American Crystal Sugar Co. | ≠American Crystal Sugar Co. |
| 4.66% 7/1/25 | 1500000 | $1500000 |
| 4.66% 7/1/25 | 1500000 | 1500000 |
| 4.72% 7/1/25 | 6000000 | 6000000 |
| 4.72% 7/3/25 | 4500000 | 4498842 |
| ≠Avery Dennison Corp. | ≠Avery Dennison Corp. | ≠Avery Dennison Corp. |
| 4.53% 7/1/25 | 16100000 | 16100000 |
| ≠Banco Santander Chile | ≠Banco Santander Chile | ≠Banco Santander Chile |
| 4.67% 9/8/25 | 10000000 | 9905889 |
| ≠Brown-Forman Corp. | ≠Brown-Forman Corp. | ≠Brown-Forman Corp. |
| 4.57% 7/16/25 | 15000000 | 14971875 |
| 4.58% 7/7/25 | 12000000 | 11991000 |
| ≠Dairy Farmers of America, Inc. | ≠Dairy Farmers of America, Inc. | ≠Dairy Farmers of America, Inc. |
| 4.62% 7/1/25 | 11150000 | 11150000 |
| ≠Fiserv, Inc. | ≠Fiserv, Inc. | ≠Fiserv, Inc. |
| 4.60% 7/10/25 | 15400000 | 15382559 |
| 4.61% 7/9/25 | 6000000 | 5993947 |
| ≠Johnson Controls International PLC | ≠Johnson Controls International PLC | ≠Johnson Controls International PLC |
| 4.56% 7/1/25 | 20000000 | 20000000 |
| ≠Keurig Dr. Pepper, Inc. | ≠Keurig Dr. Pepper, Inc. | ≠Keurig Dr. Pepper, Inc. |
| 4.64% 7/14/25 | 3140000 | 3134829 |
| ≠Mondelez International, Inc. | ≠Mondelez International, Inc. | ≠Mondelez International, Inc. |
| 4.67% 7/21/25 | 3150000 | 3142003 |
| ≠Parker-Hannifin Corp. | ≠Parker-Hannifin Corp. | ≠Parker-Hannifin Corp. |
| 4.66% 7/28/25 | 10000000 | 9965725 |
| ≠Peoples Gas Light & Coke Co. | ≠Peoples Gas Light & Coke Co. | ≠Peoples Gas Light & Coke Co. |
| 4.53% 7/1/25 | 15180000 | 15180000 |
| ≠South Jersey Gas Co. | ≠South Jersey Gas Co. | ≠South Jersey Gas Co. |
| 4.58% 7/7/25 | 9700000 | 9692709 |
| ≠Sysco Corp. | ≠Sysco Corp. | ≠Sysco Corp. |
| 4.54% 7/1/25 | 1500000 | 1500000 |
| ≠Wisconsin Electric Power Co. | ≠Wisconsin Electric Power Co. | ≠Wisconsin Electric Power Co. |
| 4.52% 7/1/25 | 10000000 | 10000000 |
| **Total Short-Term** <br> **Investments** <br>**(Cost $176,616,281)**<br>|  | **176609378** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.85% (Cost $6,597,621,866)** | **6387020762** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.85%)** | **(53818445)**<br>|
| **NET ASSETS APPLICABLE TO 537,683,728 SHARES OUTSTANDING–100.00%** | **$6333202317** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE BOND FUND STANDARD CLASS** <br>**($2,235,467,903 / 189,501,492 Shares)** | **$11.797** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE BOND FUND SERVICE CLASS** <br>**($4,097,734,414 / 348,182,236 Shares)** | **$11.769** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$7343668216** |
| Distributable earnings/(accumulated loss) | **(1010465899)**<br>|
| **TOTAL NET ASSETS** | **$6333202317** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Macquarie Bond Fund-10

------

**LVIP Macquarie Bond 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. |
| ♦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. |
| ✠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. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| †Non-income producing. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $10,263,000 cash collateral held at broker for futures contracts, $1,403,827 variation margin due from broker on futures contracts, <br> $129,106,440 payable for securities purchased, $2,411,055 payable for fund shares redeemed, $98,515 other accrued expenses payable, <br> $997,857 payable for unfunded loan commitments, $2,910,963 due to manager and affiliates, $34,579 payable for audit fee and $139,037 <br> 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:** |
| 816 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $91494000 | &nbsp;&nbsp; $89863051 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $1630949 | &nbsp;&nbsp; $— |
| 2140 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 445170157 | &nbsp;&nbsp; 443454523 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 1715634 | &nbsp;&nbsp; — |
| 516 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 56244000 | &nbsp;&nbsp; 55584444 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 659556 | &nbsp;&nbsp; — |
| 1094 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 126322813 | &nbsp;&nbsp; 121779201 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 4543612 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $8549751 | &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:** |
| BMO–Bank of Montreal  |
| BNP–BNP Paribas |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| DB-JPM–Deutsche Bank JPMorgan |
| FREMF–Freddie Mac Multifamily |
| GS–Goldman Sachs |
| JPM-BB–JPMorgan Barclays Bank |
| JPM-DB–JPMorgan Deutsche Bank |
| REMIC–Real Estate Mortgage Investment Conduits |
| SOFR–Secured Overnight Financing Rate |
| STACR–Structured Agency Credit Risk |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Bond Fund-11

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie Bond Fund** | **LVIP Macquarie 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 | $151909115 |
| Foreign taxes withheld | (2151)<br>|
|  | 151906964 |
| **EXPENSES:** |  |
| Management fees | 10008361 |
| Distribution fees-Service Class | 7218092 |
| Shareholder servicing fees | 940631 |
| Accounting and administration expenses | 541655 |
| Professional fees | 111156 |
| Trustees' fees and expenses | 98922 |
| Reports and statements to shareholders | 69023 |
| Custodian fees | 55289 |
| Pricing fees | 26105 |
| Consulting fees | 21565 |
| Other | 60536 |
| Total operating expenses | 19151335 |
| **NET INVESTMENT INCOME**  | 132755629 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss from: |  |
| Investments | (56230116)<br>|
| Futures contracts | (11582065)<br>|
| Swap contracts | (461473)<br>|
| Net realized loss | (68273654)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 165480346 |
| Foreign currencies | 83 |
| Futures contracts | 16893081 |
| Swap contracts | 577038 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 182950548 |
| **NET REALIZED AND UNREALIZED GAIN** | 114676894 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $247432523 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie Bond Fund** | **LVIP Macquarie Bond Fund** | **LVIP Macquarie 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 | $132755629 | $278403121 |
| Net realized loss | (68273654)<br>| (84041687)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 182950548 | (95030549)<br>|
| Net increase in net assets <br> resulting from operations<br>| 247432523 | 99330885 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (130015921)<br>|
| Service Class |  | (193000979)<br>|
|  |  | (323016900)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 130372255 | 336394127 |
| Service Class | 125370219 | 457599207 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 130015921 |
| Service Class |  | 193000979 |
|  | 255742474 | 1117010234 |
| Cost of shares redeemed: |  |  |
| Standard Class | (584979517)<br>| (586564917)<br>|
| Service Class | (398967229)<br>| (347943369)<br>|
|  | (983946746)<br>| (934508286)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (728204272)<br>| 182501948 |
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (480771749)<br>| (41184067)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 6813974066 | 6855158133 |
| End of period | $6333202317 | $6813974066 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Bond Fund-12

------

**LVIP Macquarie Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Bond Fund Standard Class** | **LVIP Macquarie Bond Fund Standard Class** | **LVIP Macquarie Bond Fund Standard Class** | **LVIP Macquarie Bond Fund Standard Class** | **LVIP Macquarie Bond Fund Standard Class** | **LVIP Macquarie 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; $11.342 | &nbsp;&nbsp; $11.728 | &nbsp;&nbsp; $11.430 | &nbsp;&nbsp; $13.691 | &nbsp;&nbsp; $14.404 | &nbsp;&nbsp; $13.701 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.247 | 0.501 | 0.471 | 0.343 | 0.236 | 0.303 |
| Net realized and unrealized gain (loss) | 0.208 | &nbsp;&nbsp; (0.302)<br>| 0.203 | &nbsp;&nbsp; (2.209)<br>| &nbsp;&nbsp; (0.493)<br>| 1.047 |
| Total from investment operations | 0.455 | 0.199 | 0.674 | &nbsp;&nbsp; (1.866)<br>| &nbsp;&nbsp; (0.257)<br>| 1.350 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.585)<br>| &nbsp;&nbsp; (0.376)<br>| &nbsp;&nbsp; (0.375)<br>| &nbsp;&nbsp; (0.284)<br>| &nbsp;&nbsp; (0.344)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.172)<br>| &nbsp;&nbsp; (0.303)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.585)<br>| &nbsp;&nbsp; (0.376)<br>| &nbsp;&nbsp; (0.395)<br>| &nbsp;&nbsp; (0.456)<br>| &nbsp;&nbsp; (0.647)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.797 | &nbsp;&nbsp; $11.342 | &nbsp;&nbsp; $11.728 | &nbsp;&nbsp; $11.430 | &nbsp;&nbsp; $13.691 | &nbsp;&nbsp; $14.404 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 1.61% <br><sup>4</sup><br>| &nbsp;&nbsp; 5.93% | &nbsp;&nbsp; (13.70%)<br>| &nbsp;&nbsp; (1.80%)<br>| &nbsp;&nbsp; 9.87% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2235468 | &nbsp;&nbsp; $2598535 | &nbsp;&nbsp; $2805120 | &nbsp;&nbsp; $2334652 | &nbsp;&nbsp; $2932099 | &nbsp;&nbsp; $2816560 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.37% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 4.26% | &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 2.09% |
| Portfolio turnover | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 156% | &nbsp;&nbsp; 298% | &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 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> In 2024, 0.06% of the fund's total return consists of a voluntary reimbursement by sub-adviser Delaware Investments Fund Advisers for a realized investment loss. Excluding this item, total return would have been 1.55%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Bond Fund-13

------

**LVIP Macquarie Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Bond Fund Service Class** | **LVIP Macquarie Bond Fund Service Class** | **LVIP Macquarie Bond Fund Service Class** | **LVIP Macquarie Bond Fund Service Class** | **LVIP Macquarie Bond Fund Service Class** | **LVIP Macquarie 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; $11.335 | &nbsp;&nbsp; $11.723 | &nbsp;&nbsp; $11.426 | &nbsp;&nbsp; $13.684 | &nbsp;&nbsp; $14.398 | &nbsp;&nbsp; $13.699 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.226 | 0.459 | 0.430 | 0.299 | 0.186 | 0.252 |
| Net realized and unrealized gain (loss) | 0.208 | &nbsp;&nbsp; (0.302)<br>| 0.202 | &nbsp;&nbsp; (2.206)<br>| &nbsp;&nbsp; (0.492)<br>| 1.044 |
| Total from investment operations | 0.434 | 0.157 | 0.632 | &nbsp;&nbsp; (1.907)<br>| &nbsp;&nbsp; (0.306)<br>| 1.296 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.331)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.294)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.172)<br>| &nbsp;&nbsp; (0.303)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.408)<br>| &nbsp;&nbsp; (0.597)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.769 | &nbsp;&nbsp; $11.335 | &nbsp;&nbsp; $11.723 | &nbsp;&nbsp; $11.426 | &nbsp;&nbsp; $13.684 | &nbsp;&nbsp; $14.398 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 1.25% <br><sup>4</sup><br>| &nbsp;&nbsp; 5.57% | &nbsp;&nbsp; (14.00%)<br>| &nbsp;&nbsp; (2.14%)<br>| &nbsp;&nbsp; 9.48% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4097734 | &nbsp;&nbsp; $4215439 | &nbsp;&nbsp; $4050038 | &nbsp;&nbsp; $3843448 | &nbsp;&nbsp; $4823857 | &nbsp;&nbsp; $4518452 |
| 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; 0.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 3.91% | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.74% |
| Portfolio turnover | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 156% | &nbsp;&nbsp; 298% | &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 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> In 2024, 0.05% of the fund's total return consists of a voluntary reimbursement by sub-adviser Delaware Investments Fund Advisers for a realized investment loss. Excluding this item, total return would have been 1.20%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Bond Fund-14

------

**LVIP Macquarie 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 Macquarie Bond Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to maximize current income yield consistent with a prudent investment strategy.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a

LVIP Macquarie Bond Fund-15

------

**LVIP Macquarie Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Net Assets.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP Macquarie Bond Fund is $687 and $640 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. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.48% of the first $200 million of the Fund's average daily net assets; 0.40% of the next $200 million; and 0.30% of the Fund's average daily net assets in excess of $400 million. The management fee is calculated daily and paid monthly.

LVIP Macquarie Bond Fund-16

------

**LVIP Macquarie 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)**

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA 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; $279539 |
| Legal | &nbsp;&nbsp; 42603 |

---

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 $37,112 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; $1594568 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 1163629 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 3074 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 149692 |

---

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; $853279315 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 2668388832 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 904671468 |
| Sales of U.S. government securities | &nbsp;&nbsp; 3097115730 |

---

LVIP Macquarie Bond Fund-17

------

**LVIP Macquarie 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; $6597621866 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $73731230 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (275782583)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(202051353)<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.

LVIP Macquarie Bond Fund-18

------

**LVIP Macquarie 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; $115217594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115217594 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 42786740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42786740 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1866714314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1866714314 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2088432524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2088432524 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 79371054 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79371054 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 309314719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 309314719 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 127711359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127711359 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 541146038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 541146038 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 14760282 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14760282 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1013178072 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1013178072 |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44111 | &nbsp;&nbsp; 44111 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 6187613 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6187613 |
| Money Market Fund | &nbsp;&nbsp; 5546964 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5546964 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 176609378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 176609378 |
| **Total Investments** | &nbsp;&nbsp; $5546964 | &nbsp;&nbsp; $6381429687 | &nbsp;&nbsp; $44111 | &nbsp;&nbsp; $6387020762 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $8549751 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8549751 |

---

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; 11312444 | &nbsp;&nbsp; 28739961 |
| Service Class | &nbsp;&nbsp; 10896307 | &nbsp;&nbsp; 39289150 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 11161521 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 16574795 |
|  | &nbsp;&nbsp; 22208751 | &nbsp;&nbsp; 95765427 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (50912862)<br>| &nbsp;&nbsp; (49975858)<br>|
| Service Class | &nbsp;&nbsp; (34599078)<br>| &nbsp;&nbsp; (29462970)<br>|
|  | &nbsp;&nbsp; (85511940)<br>| &nbsp;&nbsp; (79438828)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (63303189)<br>| &nbsp;&nbsp; 16326599 |

---

**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 Macquarie Bond Fund-19

------

**LVIP Macquarie 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**

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 CDS contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

During the 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.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and for centrally cleared swaps, by trading these instruments through a central counterparty.

During the six months ended June 30, 2025, the Fund used CDS contracts to gain exposure to certain securities or markets.

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>| $8549751 | Liabilities net of receivables and other <br> assets<br>| $— |

---

LVIP Macquarie Bond Fund-20

------

**LVIP Macquarie 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>|
| 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; $(11582065)<br>| &nbsp;&nbsp; $16893081 |
| 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; (461473)<br>| &nbsp;&nbsp; 577038 |
| Total |  | &nbsp;&nbsp; $(12043538)<br>| &nbsp;&nbsp; $17470119 |

---

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) | $787643438 | $44467875 |
| CDS contracts (average notional value)\* |  | 13681429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents buying protection and short represents selling protection.<br>

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At June 30, 2025, the Fund had no assets and liabilities subject to offsetting provisions.

**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.

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 Macquarie Bond Fund-21

------

**LVIP Macquarie 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.

**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 of the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") on June 3-4, 2025, the Board approved the appointment of Franklin Advisers, Inc. ("FAV") as the new sub-adviser to the Fund, effective on or about August 1, 2025 ("Effective Date"). FAV will replace Delaware Investments Fund Advisers ("DIFA") and the Fund's name will change to LVIP Franklin Templeton Core Bond Fund. Management has determined that no additional material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Macquarie Bond Fund-22

------

![](imgb782bccc1.jpg)

LVIP Macquarie Diversified Floating Rate Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie Diversified Floating Rate Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_27d0b908-8a1d-4be3-92d9-b7d6c7318dfb_SOI-continued-237_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_27d0b908-8a1d-4be3-92d9-b7d6c7318dfb_FS-continued-237_1)**  | &nbsp;&nbsp; **12** |
| **[Statements of Changes in Net Assets](#xx_27d0b908-8a1d-4be3-92d9-b7d6c7318dfb_FS-continued-237_1)**  | &nbsp;&nbsp; **12** |
| **[Financial Highlights](#xx_27d0b908-8a1d-4be3-92d9-b7d6c7318dfb_FIHI-continued-237_1)**  | &nbsp;&nbsp; **13** |
| **[Notes to Financial Statements](#xx_27d0b908-8a1d-4be3-92d9-b7d6c7318dfb_NTF-continued-237_1)**  | &nbsp;&nbsp; **15** |

---

------

**LVIP Macquarie Diversified Floating Rate 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–2.05%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–2.05%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–2.05%** |
| •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| Series 2023-HQA3 Class A1 <br> 6.16% (30 day USD SOFR <br> Average + 1.85%) 11/25/43<br>| 2720354 | $2752268 |
| Series 2024-DNA3 Class M1 <br> 5.31% (30 day USD SOFR <br> Average + 1.00%) 10/25/44<br>| 998677 | 999221 |
| Series 2025-DNA2 Class M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 605000 | 606311 |
| Series 2025-HQA1 Class M2 <br> 5.96% (30 day USD SOFR <br> Average + 1.65%) 2/25/45<br>| 800000 | 802312 |
| •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust |
| Series 2023-R07 Class 2M1 <br> 6.26% (30 day USD SOFR <br> Average + 1.95%) 9/25/43<br>| 2443247 | 2461571 |
| Series 2023-R08 Class 1M1 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 10/25/43<br>| 1330675 | 1335954 |
| Series 2024-R04 Class 1A1 <br> 5.31% (30 day USD SOFR <br> Average + 1.00%) 5/25/44<br>| 1869355 | 1869349 |
| Series 2025-R01 Class 1M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 1/25/45<br>| 1670000 | 1671280 |
| Series 2025-R02 Class 1M2 <br> 5.91% (30 day USD SOFR <br> Average + 1.60%) 2/25/45<br>| 1570000 | 1574803 |
| Series 2025-R03 Class 2M1 <br> 5.91% (30 day USD SOFR <br> Average + 1.60%) 3/25/45<br>| 162235 | 163001 |
| Series 2025-R04 Class 1M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 1445000 | 1446129 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $15,614,599)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $15,614,599)** | **15682199** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.79%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.79%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.79%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates |
| ♦Series K144 Class A2 2.45% <br> 4/25/32<br>| 1250000 | 1104677 |
| ♦•Series K-150 Class A2 3.71% <br> 9/25/32<br>| 1500000 | 1432679 |
| ♦•Series K-170 Class A2 5.00% <br> 2/25/35<br>| 2450000 | 2511301 |
| ♦Series K753 Class A2 4.40% <br> 10/25/30<br>| 1000000 | 1005189 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $6,009,820)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $6,009,820)** | **6053846** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES–7.21%** | **AGENCY MORTGAGE-BACKED SECURITIES–7.21%** | **AGENCY MORTGAGE-BACKED SECURITIES–7.21%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 4.50% 5/1/38 | 6445372 | $6412598 |
| 4.50% 10/1/52 | 3498397 | 3352656 |
| 5.00% 6/1/53 | 8251484 | 8104438 |
| 5.50% 7/1/43 | 2586613 | 2634998 |
| 5.50% 11/1/52 | 2160440 | 2167522 |
| 6.00% 9/1/53 | 6386572 | 6496957 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 4.50% 10/1/52 | 4892933 | 4689270 |
| 5.50% 3/1/53 | 4026898 | 4035433 |
| 6.00% 12/1/52 | 5594916 | 5713311 |
| 6.00% 6/1/53 | 1255216 | 1278067 |
| 6.00% 2/1/54 | 7184416 | 7307771 |
| Government National <br> Mortgage Association 5.00% <br> 9/20/52<br>| 3128356 | 3089826 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $54,778,799)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $54,778,799)** | **55282847** |
| **AGENCY OBLIGATIONS–1.61%** | **AGENCY OBLIGATIONS–1.61%** | **AGENCY OBLIGATIONS–1.61%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 0.63% 9/8/25 | 8165000 | 8106741 |
| 4.20% 8/28/25 | 4220000 | 4218379 |
| **Total Agency Obligations** <br>**(Cost $12,385,000)** | **Total Agency Obligations** <br>**(Cost $12,385,000)** | **12325120** |
| **CORPORATE BONDS–18.86%** | **CORPORATE BONDS–18.86%** | **CORPORATE BONDS–18.86%** |
| **Aerospace & Defense–0.42%** | **Aerospace & Defense–0.42%** | **Aerospace & Defense–0.42%** |
| Boeing Co. |  |  |
| 2.20% 2/4/26 | 910000 | 895797 |
| 6.86% 5/1/54 | 980000 | 1072822 |
| Bombardier, Inc. |  |  |
| 7.00% 6/1/32 | 405000 | 421761 |
| 7.25% 7/1/31 | 405000 | 425128 |
| TransDigm, Inc. 6.63% 3/1/32 | 405000 | 419334 |
|  |  | **3234842** |
| **Agriculture–0.19%** | **Agriculture–0.19%** | **Agriculture–0.19%** |
| Bunge Ltd. Finance Corp. <br> 4.20% 9/17/29<br>| 1445000 | 1428994 |
|  |  | **1428994** |
| **Auto Manufacturers–0.09%** | **Auto Manufacturers–0.09%** | **Auto Manufacturers–0.09%** |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 5.60% 6/18/31 | 291000 | 296803 |
| 5.63% 4/4/32 | 360000 | 364250 |
|  |  | **661053** |
| **Banks–7.32%** | **Banks–7.32%** | **Banks–7.32%** |
| μBank of America Corp. |  |  |
| 5.16% 1/24/31 | 1140000 | 1168443 |
| 5.52% 10/25/35 | 2548000 | 2548023 |
| 5.82% 9/15/29 | 984000 | 1025050 |
| 5.87% 9/15/34 | 485000 | 511801 |
| 6.20% 11/10/28 | 1315000 | 1368492 |

---

LVIP Macquarie Diversified Floating Rate Fund-1

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μBank of America <br> Corp. (continued)<br>|  |  |
| 6.63% 5/1/30 | 575000 | $595500 |
| μBank of New York Mellon <br> Corp.<br>|  |  |
| 4.94% 2/11/31 | 900000 | 919052 |
| 5.80% 10/25/28 | 150000 | 155316 |
| 6.30% 3/20/30 | 755000 | 775621 |
| μBNP Paribas SA 7.45% <br> 6/27/35<br>| 815000 | 819890 |
| Citibank NA |  |  |
| 5.44% 4/30/26 | 595000 | 599617 |
| 5.49% 12/4/26 | 505000 | 512998 |
| μCitigroup, Inc. |  |  |
| 6.02% 1/24/36 | 745000 | 765053 |
| 6.75% 2/15/30 | 915000 | 921738 |
| μCitizens Financial Group, Inc. |  |  |
| 4.30% 2/11/31 | 750000 | 738891 |
| 5.25% 3/5/31 | 1090000 | 1104601 |
| μCredit Agricole SA 5.22% <br> 5/27/31<br>| 835000 | 850571 |
| μDeutsche Bank AG |  |  |
| 5.30% 5/9/31 | 730000 | 741403 |
| 6.72% 1/18/29 | 492000 | 516833 |
| 6.82% 11/20/29 | 252000 | 268789 |
| 7.15% 7/13/27 | 640000 | 656170 |
| Goldman Sachs Group, Inc. |  |  |
| •5.20% (1 day USD SOFR + <br> 0.81%) 3/9/27<br>| 2705000 | 2708598 |
| μ5.22% 4/23/31 | 1155000 | 1184073 |
| μ5.73% 1/28/56 | 1185000 | 1184789 |
| μ6.48% 10/24/29 | 1085000 | 1150931 |
| μHuntington Bancshares, Inc. <br> 6.21% 8/21/29<br>| 365000 | 383001 |
| μJPMorgan Chase & Co. |  |  |
| 5.01% 1/23/30 | 735000 | 748566 |
| 5.10% 4/22/31 | 975000 | 999184 |
| 5.14% 1/24/31 | 670000 | 687071 |
| 5.57% 4/22/28 | 850000 | 867442 |
| 5.57% 4/22/36 | 1270000 | 1316156 |
| μM&T Bank Corp. 5.18% 7/8/31 | 600000 | 609939 |
| μMorgan Stanley |  |  |
| 5.19% 4/17/31 | 775000 | 794475 |
| 5.66% 4/17/36 | 605000 | 626930 |
| 5.83% 4/19/35 | 56000 | 58669 |
| 6.14% 10/16/26 | 4755000 | 4775452 |
| 6.30% 10/18/28 | 2105000 | 2192728 |
| 6.41% 11/1/29 | 1005000 | 1064518 |
| 6.63% 11/1/34 | 960000 | 1058207 |
| μMorgan Stanley Bank NA <br> 5.50% 5/26/28<br>| 895000 | 913898 |
| μPNC Financial Services <br> Group, Inc.<br>|  |  |
| 4.90% 5/13/31 | 480000 | 486097 |
| 5.22% 1/29/31 | 1975000 | 2026875 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μPNC Financial Services <br> Group, Inc. (continued)<br>|  |  |
| 5.58% 1/29/36 | 600000 | $618402 |
| 5.68% 1/22/35 | 625000 | 649372 |
| 6.88% 10/20/34 | 1070000 | 1196155 |
| Popular, Inc. 7.25% 3/13/28 | 555000 | 589640 |
| State Street Corp. 4.83% <br> 4/24/30<br>| 525000 | 534739 |
| μTruist Bank 4.63% 9/17/29 | 653000 | 645257 |
| μTruist Financial Corp. 1.89% <br> 6/7/29<br>| 810000 | 753768 |
| μU.S. Bancorp |  |  |
| 4.65% 2/1/29 | 717000 | 721651 |
| 5.05% 2/12/31 | 895000 | 911068 |
| 5.38% 1/23/30 | 285000 | 293441 |
| 5.42% 2/12/36 | 480000 | 489110 |
| 5.73% 10/21/26 | 175000 | 175587 |
| 6.79% 10/26/27 | 435000 | 447798 |
| μU.S. Bank NA 4.73% 5/15/28 | 835000 | 839195 |
| μUBS Group AG |  |  |
| 5.58% 5/9/36 | 540000 | 552213 |
| 5.70% 2/8/35 | 350000 | 363543 |
| 6.85% 9/10/29 | 1690000 | 1697417 |
| 7.00% 2/10/30 | 540000 | 537182 |
| μWells Fargo & Co. 5.24% <br> 1/24/31<br>| 685000 | 702699 |
|  |  | **56119688** |
| **Beverages–0.31%** | **Beverages–0.31%** | **Beverages–0.31%** |
| Coca-Cola Consolidated, Inc. <br> 5.25% 6/1/29<br>| 1970000 | 2030039 |
| PepsiCo, Inc. 5.00% 2/7/35 | 330000 | 335017 |
|  |  | **2365056** |
| **Biotechnology–0.06%** | **Biotechnology–0.06%** | **Biotechnology–0.06%** |
| Amgen, Inc. 5.15% 3/2/28 | 485000 | 495554 |
|  |  | **495554** |
| **Computers–0.59%** | **Computers–0.59%** | **Computers–0.59%** |
| Accenture Capital, Inc. |  |  |
| 4.05% 10/4/29 | 1040000 | 1033262 |
| 4.25% 10/4/31 | 620000 | 614204 |
| Amentum Holdings, Inc. <br> 7.25% 8/1/32<br>| 810000 | 833614 |
| Leidos, Inc. |  |  |
| 5.40% 3/15/32 | 460000 | 469500 |
| 5.50% 3/15/35 | 1555000 | 1578706 |
|  |  | **4529286** |
| **Distribution/Wholesale–0.04%** | **Distribution/Wholesale–0.04%** | **Distribution/Wholesale–0.04%** |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 306000 | 313495 |
|  |  | **313495** |

---

LVIP Macquarie Diversified Floating Rate Fund-2

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Diversified Financial Services–1.61%** | **Diversified Financial Services–1.61%** | **Diversified Financial Services–1.61%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 630000 | $613794 |
| 3.65% 7/21/27 | 1530000 | 1506785 |
| 4.63% 10/15/27 | 440000 | 441753 |
| 6.50% 7/15/25 | 365000 | 365233 |
| Air Lease Corp. |  |  |
| 3.38% 7/1/25 | 400000 | 400000 |
| μ4.13% 12/15/26 | 550000 | 533257 |
| 4.63% 10/1/28 | 24000 | 24156 |
| 5.10% 3/1/29 | 18000 | 18384 |
| 5.20% 7/15/31 | 135000 | 137930 |
| Avolon Holdings Funding Ltd. <br> 4.95% 1/15/28<br>| 635000 | 638317 |
| Jefferies Financial Group, <br> Inc.<br>|  |  |
| 2.63% 10/15/31 | 405000 | 352371 |
| 5.88% 7/21/28 | 2048000 | 2123971 |
| OneMain Finance Corp. 7.13% <br> 9/15/32<br>| 1535000 | 1589138 |
| PennyMac Financial Services, <br> Inc. 6.88% 5/15/32<br>| 1545000 | 1579716 |
| Rocket Cos., Inc. 6.38% <br> 8/1/33<br>| 2015000 | 2061749 |
|  |  | **12386554** |
| **Electric–0.94%** | **Electric–0.94%** | **Electric–0.94%** |
| AEP Texas, Inc. |  |  |
| 5.40% 6/1/33 | 330000 | 334757 |
| 5.45% 5/15/29 | 745000 | 769004 |
| μDominion Energy, Inc. 6.88% <br> 2/1/55<br>| 795000 | 836327 |
| DTE Energy Co. 5.10% 3/1/29 | 835000 | 851447 |
| Enel Finance International <br> NV<br>|  |  |
| 2.13% 7/12/28 | 380000 | 354720 |
| 2.50% 7/12/31 | 210000 | 184209 |
| Engie SA 5.25% 4/10/29 | 590000 | 603384 |
| Exelon Corp. 5.45% 3/15/34 | 415000 | 425802 |
| μNextEra Energy Capital <br> Holdings, Inc. 6.50% 8/15/55<br>| 400000 | 408880 |
| PacifiCorp |  |  |
| 5.10% 2/15/29 | 205000 | 208995 |
| 5.45% 2/15/34 | 350000 | 354949 |
| μSempra 4.88% 10/15/25 | 340000 | 338598 |
| Vistra Operations Co. LLC |  |  |
| 6.00% 4/15/34 | 365000 | 379038 |
| 6.95% 10/15/33 | 1040000 | 1142009 |
|  |  | **7192119** |
| **Entertainment–0.11%** | **Entertainment–0.11%** | **Entertainment–0.11%** |
| Caesars Entertainment, Inc. <br> 6.50% 2/15/32<br>| 810000 | 831154 |
|  |  | **831154** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food–0.47%** | **Food–0.47%** | **Food–0.47%** |
| JBS USA Holding Lux <br> SARL/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food <br> Co. 5.50% 1/15/36<br>| 825000 | $826213 |
| Mars, Inc. |  |  |
| 4.80% 3/1/30 | 1175000 | 1190510 |
| 5.20% 3/1/35 | 1035000 | 1047398 |
| Sysco Corp. 5.10% 9/23/30 | 555000 | 568612 |
|  |  | **3632733** |
| **Health Care Products–0.10%** | **Health Care Products–0.10%** | **Health Care Products–0.10%** |
| GE HealthCare Technologies, <br> Inc.<br>|  |  |
| 4.80% 1/15/31 | 395000 | 398264 |
| 5.50% 6/15/35 | 385000 | 394254 |
|  |  | **792518** |
| **Health Care Services–0.08%** | **Health Care Services–0.08%** | **Health Care Services–0.08%** |
| HCA, Inc. 5.45% 9/15/34 | 645000 | 650582 |
|  |  | **650582** |
| **Insurance–0.67%** | **Insurance–0.67%** | **Insurance–0.67%** |
| Arthur J Gallagher & Co. <br> 4.85% 12/15/29<br>| 1885000 | 1912700 |
| μAthene Holding Ltd. 6.88% <br> 6/28/55<br>| 710000 | 706521 |
| Henneman Trust 6.58% <br> 5/15/55<br>| 1275000 | 1281381 |
| New York Life Global Funding <br> 5.45% 9/18/26<br>| 1215000 | 1232776 |
|  |  | **5133378** |
| **Internet–0.03%** | **Internet–0.03%** | **Internet–0.03%** |
| Meta Platforms, Inc. 3.85% <br> 8/15/32<br>| 205000 | 197158 |
|  |  | **197158** |
| **Investment Companies–0.22%** | **Investment Companies–0.22%** | **Investment Companies–0.22%** |
| Apollo Debt Solutions BDC <br> 6.70% 7/29/31<br>| 375000 | 389676 |
| Blackstone Private Credit <br> Fund 5.60% 11/22/29<br>| 560000 | 563869 |
| Blue Owl Credit Income Corp. <br> 6.60% 9/15/29<br>| 720000 | 740842 |
|  |  | **1694387** |
| **Iron & Steel–0.16%** | **Iron & Steel–0.16%** | **Iron & Steel–0.16%** |
| Cleveland-Cliffs, Inc. 7.00% <br> 3/15/32<br>| 810000 | 763556 |
| Nucor Corp. 5.10% 6/1/35 | 465000 | 466451 |
|  |  | **1230007** |
| **Machinery Construction & Mining–0.12%** | **Machinery Construction & Mining–0.12%** | **Machinery Construction & Mining–0.12%** |
| Caterpillar, Inc. 5.20% <br> 5/15/35<br>| 945000 | 963286 |
|  |  | **963286** |

---

LVIP Macquarie Diversified Floating Rate Fund-3

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media–0.23%** | **Media–0.23%** | **Media–0.23%** |
| Midcontinent <br> Communications 8.00% <br> 8/15/32<br>| 830000 | $878367 |
| Sirius XM Radio LLC 4.13% <br> 7/1/30<br>| 930000 | 857497 |
|  |  | **1735864** |
| **Mining–0.26%** | **Mining–0.26%** | **Mining–0.26%** |
| FMG Resources August 2006 <br> Pty. Ltd.<br>|  |  |
| 5.88% 4/15/30 | 415000 | 420194 |
| 6.13% 4/15/32 | 415000 | 422128 |
| Rio Tinto Finance USA PLC <br> 4.50% 3/14/28<br>| 1150000 | 1159057 |
|  |  | **2001379** |
| **Miscellaneous Manufacturing–0.15%** | **Miscellaneous Manufacturing–0.15%** | **Miscellaneous Manufacturing–0.15%** |
| Siemens Funding BV |  |  |
| 4.60% 5/28/30 | 515000 | 520147 |
| 4.90% 5/28/32 | 595000 | 603577 |
|  |  | **1123724** |
| **Office Business Equipment–0.12%** | **Office Business Equipment–0.12%** | **Office Business Equipment–0.12%** |
| CDW LLC/CDW Finance Corp. <br> 3.28% 12/1/28<br>| 965000 | 921083 |
|  |  | **921083** |
| **Oil & Gas–0.51%** | **Oil & Gas–0.51%** | **Oil & Gas–0.51%** |
| EOG Resources, Inc. |  |  |
| 5.00% 7/15/32 | 1121000 | 1134634 |
| 5.35% 1/15/36 | 370000 | 375226 |
| 5.95% 7/15/55 | 440000 | 448071 |
| Exxon Mobil Corp. 2.28% <br> 8/16/26<br>| 310000 | 303980 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co.<br>|  |  |
| 6.00% 2/1/31 | 425000 | 409861 |
| 6.25% 4/15/32 | 405000 | 386723 |
| Woodside Finance Ltd. 5.70% <br> 5/19/32<br>| 805000 | 819591 |
|  |  | **3878086** |
| **Packaging & Containers–0.08%** | **Packaging & Containers–0.08%** | **Packaging & Containers–0.08%** |
| Amcor Flexibles North <br> America, Inc. 5.50% 3/17/35<br>| 600000 | 608739 |
|  |  | **608739** |
| **Pharmaceuticals–0.12%** | **Pharmaceuticals–0.12%** | **Pharmaceuticals–0.12%** |
| Eli Lilly & Co. 5.10% 2/12/35 | 900000 | 922469 |
|  |  | **922469** |
| **Pipelines–0.93%** | **Pipelines–0.93%** | **Pipelines–0.93%** |
| Enbridge, Inc. |  |  |
| 4.90% 6/20/30 | 480000 | 484807 |
| 5.55% 6/20/35 | 750000 | 762461 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| μEnergy Transfer LP 6.50% <br> 11/15/26<br>| 1405000 | $1411277 |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 4.60% 1/15/31 | 805000 | 811124 |
| 5.35% 1/31/33 | 185000 | 191732 |
| Kinder Morgan, Inc. 5.10% <br> 8/1/29<br>| 450000 | 459178 |
| ONEOK, Inc. 5.65% 11/1/28 | 310000 | 321146 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 5.00% 1/15/28<br>| 1645000 | 1646157 |
| Tennessee Gas Pipeline Co. <br> LLC 2.90% 3/1/30<br>| 230000 | 212429 |
| Venture Global Calcasieu <br> Pass LLC 3.88% 11/1/33<br>| 925000 | 808893 |
|  |  | **7109204** |
| **Real Estate Investment Trusts–0.59%** | **Real Estate Investment Trusts–0.59%** | **Real Estate Investment Trusts–0.59%** |
| Crown Castle, Inc. 1.05% <br> 7/15/26<br>| 3025000 | 2913413 |
| VICI Properties LP 4.95% <br> 2/15/30<br>| 1205000 | 1212049 |
| VICI Properties LP/VICI <br> Note Co., Inc. 4.63% 12/1/29<br>| 400000 | 392975 |
|  |  | **4518437** |
| **Retail–0.09%** | **Retail–0.09%** | **Retail–0.09%** |
| Home Depot, Inc. 4.88% <br> 6/25/27<br>| 325000 | 330121 |
| QXO Building Products, Inc. <br> 6.75% 4/30/32<br>| 379000 | 390446 |
|  |  | **720567** |
| **Semiconductors–0.41%** | **Semiconductors–0.41%** | **Semiconductors–0.41%** |
| Broadcom, Inc. |  |  |
| 3.42% 4/15/33 | 737000 | 668407 |
| 5.05% 7/12/29 | 760000 | 778254 |
| Entegris, Inc. 4.75% 4/15/29 | 740000 | 731794 |
| Foundry JV Holdco LLC 6.10% <br> 1/25/36<br>| 935000 | 967363 |
|  |  | **3145818** |
| **Software–0.45%** | **Software–0.45%** | **Software–0.45%** |
| Oracle Corp. |  |  |
| 5.25% 2/3/32 | 2440000 | 2502917 |
| 5.80% 11/10/25 | 190000 | 190764 |
| 6.15% 11/9/29 | 405000 | 432134 |
| Workday, Inc. |  |  |
| 3.50% 4/1/27 | 120000 | 118447 |
| 3.70% 4/1/29 | 185000 | 180685 |
|  |  | **3424947** |

---

LVIP Macquarie Diversified Floating Rate Fund-4

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications–1.12%** | **Telecommunications–1.12%** | **Telecommunications–1.12%** |
| AT&T, Inc. |  |  |
| 1.70% 3/25/26 | 3790000 | $3714050 |
| 2.30% 6/1/27 | 510000 | 491726 |
| 5.38% 8/15/35 | 375000 | 381845 |
| 6.30% 1/15/38 | 190000 | 205201 |
| Softbank Corp. |  |  |
| 4.70% 7/9/30 | 1350000 | 1350000 |
| 5.33% 7/9/35 | 1625000 | 1625000 |
| T-Mobile USA, Inc. |  |  |
| 5.13% 5/15/32 | 335000 | 341631 |
| 5.75% 1/15/34 | 435000 | 455575 |
|  |  | **8565028** |
| **Transportation–0.27%** | **Transportation–0.27%** | **Transportation–0.27%** |
| Union Pacific Corp. |  |  |
| 5.10% 2/20/35 | 840000 | 854323 |
| 5.60% 12/1/54 | 1240000 | 1233352 |
|  |  | **2087675** |
| **Total Corporate Bonds** <br>**(Cost $142,464,923)** | **Total Corporate Bonds** <br>**(Cost $142,464,923)** | **144614864** |
| **LOAN AGREEMENTS–8.11%** | **LOAN AGREEMENTS–8.11%** | **LOAN AGREEMENTS–8.11%** |
| •Alliance Laundry <br> Systems LLC 6.83% (1 mo. <br> USD Term SOFR + 2.50%) <br> 8/19/31<br>| 1500000 | 1502250 |
| •Amentum Government <br> Services Holdings LLC 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 9/29/31<br>| 1416250 | 1412709 |
| •AmWINS Group, Inc. 6.58% (1 <br> mo. USD Term SOFR + <br> 2.25%) 1/30/32<br>| 2089500 | 2089876 |
| •Aramark Services, Inc. 6.33% <br> (1 mo. USD Term SOFR + <br> 2.00%) 4/6/28<br>| 903715 | 904203 |
| •Ardonagh Midco 3 PLC 7.03 - <br> 7.05% (6 mo. USD Term <br> SOFR + 2.75%) 2/15/31<br>| 997500 | 988772 |
| •Asplundh Tree Expert LLC <br> 6.18% (1 mo. USD Term <br> SOFR + 1.75%) 9/7/27<br>| 1254013 | 1256132 |
| •Avantor Funding, Inc. 6.43% <br> (1 mo. USD Term SOFR + <br> 2.00%) 11/8/27<br>| 79578 | 79843 |
| •Azorra Soar TLB Finance Ltd. <br> 7.82% (3 mo. USD Term <br> SOFR + 3.50%) 10/18/29<br>| 1240625 | 1245277 |
| •Boost Newco Borrower LLC <br> 6.30% (3 mo. USD Term <br> SOFR + 2.00%) 1/31/31<br>| 1990013 | 1994152 |
| •Caesars Entertainment, Inc. <br> 6.58% (1 mo. USD Term <br> SOFR + 2.25%) 2/6/31<br>| 1234375 | 1232067 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Calpine Construction Finance <br> Co. LP 6.33% (1 mo. USD <br> Term SOFR + 2.00%) <br> 7/31/30<br>| 1861274 | $1860083 |
| •Calpine Corp. 6.08% (1 mo. <br> USD Term SOFR + 1.75%) <br> 1/31/31<br>| 2042000 | 2040468 |
| •Celsius Holdings, Inc. 7.49% <br> (3 mo. USD Term SOFR + <br> 3.25%) 4/1/32<br>| 1500000 | 1507125 |
| •Charter Communications <br> Operating LLC 6.55% (3 mo. <br> USD Term SOFR + 2.25%) <br> 12/15/31<br>| 2186015 | 2189032 |
| Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
| ✠0.00% 4/1/32 | 18900 | 18816 |
| •7.58% (1 mo. USD Term <br> SOFR + 3.25%) 4/1/32<br>| 1081100 | 1076300 |
| ∞Colossus Acquireco LLC <br> 0.00% 6/11/32<br>| 750000 | 744563 |
| •Cotiviti Corp. 7.07% (1 mo. <br> USD Term SOFR + 2.75%) <br> 5/1/31<br>| 1492481 | 1484093 |
| •DaVita, Inc. 6.33% (1 mo. USD <br> Term SOFR + 2.00%) 5/9/31<br>| 2977500 | 2992030 |
| •Dragon Buyer, Inc. 7.30% (3 <br> mo. USD Term SOFR + <br> 3.00%) 9/30/31<br>| 1492500 | 1494366 |
| •Flutter Financing BV 6.05% (3 <br> mo. USD Term SOFR + <br> 1.75%) 11/30/30<br>| 1970000 | 1962613 |
| •Instructure Holdings, Inc. <br> 7.21% (6 mo. USD Term <br> SOFR + 3.00%) 11/13/31<br>| 997500 | 998318 |
| •Iron Mountain, Inc. 6.33% (1 <br> mo. USD Term SOFR + <br> 2.00%) 1/31/31<br>| 1920750 | 1917542 |
| Janney Montgomery Scott LLC | Janney Montgomery Scott LLC | Janney Montgomery Scott LLC |
| ✠0.00% 11/28/31 | 214286 | 215089 |
| •7.47% (6 mo. USD Term <br> SOFR + 3.25%) 11/28/31<br>| 1293022 | 1297871 |
| •Jazz Financing Lux SARL <br> 6.58% (1 mo. USD Term <br> SOFR + 2.25%) 5/5/28<br>| 835690 | 838899 |
| •Lamar Media Corp. 5.93% (1 <br> mo. USD Term SOFR + <br> 1.50%) 2/5/27<br>| 1000435 | 997934 |
| •Lightning Power LLC 6.55% <br> (3 mo. USD Term SOFR + <br> 2.25%) 8/18/31<br>| 1492481 | 1494138 |
| •Murphy USA, Inc. 6.07% (1 <br> mo. USD Term SOFR + <br> 1.75%) 4/7/32<br>| 500000 | 503480 |
| •Opal Bidco SAS 7.58% (3 mo. <br> USD Term SOFR + 3.25%) <br> 4/28/32<br>| 1500000 | 1505160 |

---

LVIP Macquarie Diversified Floating Rate Fund-5

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Peer Holding III BV 6.80% (3 <br> mo. USD Term SOFR + <br> 2.50%) 10/28/30<br>| 2468750 | $2481859 |
| •Quikrete Holdings, Inc. 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 4/14/31<br>| 995000 | 992791 |
| •Roper Industrial Products <br> Investment Co. LLC 7.05% <br> (3 mo. USD Term SOFR + <br> 2.75%) 11/22/29<br>| 1492500 | 1488306 |
| •Setanta Aircraft Leasing DAC <br> 6.05% (3 mo. USD Term <br> SOFR + 1.75%) 11/5/28<br>| 1225000 | 1230684 |
| ∞Six Flags Entertainment <br> Corp. 0.00% 5/1/31<br>| 498741 | 498741 |
| •SkyMiles IP Ltd. 8.02% (3 mo. <br> USD Term SOFR + 3.75%) <br> 10/20/27<br>| 306625 | 308122 |
| ∞Somnigroup International, <br> Inc. 0.00% 10/24/31<br>| 1870000 | 1875376 |
| •Standard Industries, Inc. <br> 6.07% (1 mo. USD Term <br> SOFR + 1.75%) 9/22/28<br>| 584962 | 585723 |
| •Stonepeak Nile Parent LLC <br> 9.25% (3 mo. Prime Rate + <br> 1.75%) 4/9/32<br>| 1500000 | 1504125 |
| •Trans Union LLC 6.08% (1 mo. <br> USD Term SOFR + 1.75%) <br> 6/24/31<br>| 1980000 | 1981584 |
| •TransDigm, Inc. 6.80% (3 mo. <br> USD Term SOFR + 2.50%) <br> 2/28/31<br>| 1492462 | 1495000 |
| •UKG, Inc. 7.31% (1 mo. USD <br> Term SOFR + 3.00%) <br> 2/10/31<br>| 1905980 | 1912689 |
| •United Rentals, Inc. 6.08% (1 <br> mo. USD Term SOFR + <br> 1.75%) 2/14/31<br>| 987500 | 994906 |
| •USI, Inc. 6.55% (3 mo. USD <br> Term SOFR + 2.25%) <br> 11/21/29<br>| 1989975 | 1985935 |
| ∞Valvoline, Inc. 0.00% 3/19/32 | 1000000 | 1002780 |
| •Vistra Operations Co. LLC <br> 6.08% (1 mo. USD Term <br> SOFR + 1.75%) 12/20/30<br>| 994950 | 996949 |
| •Zekelman Industries, Inc. <br> 6.56% (1 mo. USD Term <br> SOFR + 2.25%) 1/24/31<br>| 987500 | 987056 |
| **Total Loan Agreements** <br>**(Cost $61,958,158)** | **Total Loan Agreements** <br>**(Cost $61,958,158)** | **62165827** |
| **NON-AGENCY ASSET-BACKED SECURITIES–12.45%** | **NON-AGENCY ASSET-BACKED SECURITIES–12.45%** | **NON-AGENCY ASSET-BACKED SECURITIES–12.45%** |
| •AGL CLO 17 Ltd. Series <br> 2022-17A Class AR 5.22% (3 <br> mo. USD Term SOFR + <br> 0.95%) 1/21/35<br>| 1550000 | 1552847 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •AIMCO CLO 15 Ltd. Series <br> 2021-15A Class D1R 7.03% (3 <br> mo. USD Term SOFR + <br> 2.75%) 4/17/38<br>| 550000 | $551673 |
| ARI Fleet Lease Trust Series <br> 2024-B Class A2 5.54% <br> 4/15/33<br>| 6080808 | 6118608 |
| •Bain Capital Credit CLO Ltd. <br> Series 2021-7A Class A1R <br> 5.25% (3 mo. USD Term <br> SOFR + 0.98%) 1/22/35<br>| 800000 | 802166 |
| •Ballyrock CLO 18 Ltd. Series <br> 2021-18A Class C1R 6.07% (3 <br> mo. USD Term SOFR + <br> 2.85%) 4/15/38<br>| 650000 | 650820 |
| •Ballyrock CLO 27 Ltd. Series <br> 2024-27A Class A1A 5.63% (3 <br> mo. USD Term SOFR + <br> 1.35%) 10/25/37<br>| 1250000 | 1251676 |
| •Canyon Capital CLO Ltd. <br> Series 2019-2A Class AR2 <br> 5.27% (3 mo. USD Term <br> SOFR + 1.01%) 10/15/34<br>| 850000 | 850170 |
| •Canyon CLO Ltd. Series <br> 2020-2A Class AR2 5.29% (3 <br> mo. USD Term SOFR + <br> 1.03%) 10/15/34<br>| 1150000 | 1143001 |
| •Carlyle Global Market <br> Strategies CLO Ltd. Series <br> 2014-2RA Class A1 5.64% (3 <br> mo. USD Term SOFR + <br> 1.31%) 5/15/31<br>| 319023 | 319241 |
| •CBAMR LLC Series 2021-15A <br> Class D1R 7.20% (3 mo. USD <br> Term SOFR + 2.90%) <br> 1/20/38<br>| 550000 | 554970 |
| Chase Issuance Trust Series <br> 2024-A1 Class A 4.60% <br> 1/16/29<br>| 4480000 | 4512811 |
| •CIFC Funding Ltd. Series <br> 2025-1A Class D1 6.75% (3 <br> mo. USD Term SOFR + <br> 2.50%) 4/23/38<br>| 550000 | 549760 |
| CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust |
| Series 2024-A Class A2 5.19% <br> 7/15/27<br>| 848020 | 848945 |
| •Series 2024-B Class A2B <br> 4.70% (30 day USD SOFR <br> Average + 0.40%) 10/15/27<br>| 3126293 | 3126282 |
| Dell Equipment Finance <br> Trust Series 2023-1 Class A3 <br> 5.65% 9/22/28<br>| 1858411 | 1862531 |
| •Dryden 109 CLO Ltd. Series <br> 2022-109A Class DR 6.96% (3 <br> mo. USD Term SOFR + <br> 2.70%) 4/15/38<br>| 550000 | 546828 |

---

LVIP Macquarie Diversified Floating Rate Fund-6

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Elmwood CLO 22 Ltd. Series <br> 2023-1A Class D1R 7.08% (3 <br> mo. USD Term SOFR + <br> 2.80%) 4/17/38<br>| 550000 | $551737 |
| Enterprise Fleet <br> Financing LLC Series 2022-4 <br> Class A2 5.76% 10/22/29<br>| 1456755 | 1462619 |
| Ford Credit Auto Lease Trust <br> Series 2024-A Class A3 5.06% <br> 5/15/27<br>| 100000 | 100203 |
| Ford Credit Floorplan Master <br> Owner Trust A Series 2024-1 <br> Class A1 5.29% 4/15/29<br>| 8000000 | 8141296 |
| •Generate CLO 10 Ltd. Series <br> 2022-10A Class D1R 7.17% (3 <br> mo. USD Term SOFR + <br> 2.85%) 1/22/38<br>| 1200000 | 1186500 |
| GM Financial Automobile <br> Leasing Trust Series 2023-2 <br> Class A3 5.05% 7/20/26<br>| 1374086 | 1374851 |
| Huntington Auto Trust Series <br> 2024-1A Class A3 5.23% <br> 1/16/29<br>| 10000000 | 10088215 |
| Hyundai Auto Lease <br> Securitization Trust Series <br> 2024-A Class A3 5.02% <br> 3/15/27<br>| 5100000 | 5113939 |
| •ICG U.S. CLO Ltd. Series <br> 2014-1A Class A1A2 5.73% (3 <br> mo. USD Term SOFR + <br> 1.46%) 10/20/34<br>| 2000000 | 2000612 |
| •Madison Park Funding XXVII <br> Ltd. Series 2018-27A <br> Class D1R 7.17% (3 mo. USD <br> Term SOFR + 2.85%) <br> 4/20/38<br>| 550000 | 551924 |
| •Magnetite XL Ltd. Series <br> 2024-40A Class A1 5.71% (3 <br> mo. USD Term SOFR + <br> 1.45%) 7/15/37<br>| 2000000 | 2006180 |
| •Magnetite XLV Ltd. Series <br> 2025-45A Class D1 6.79% (3 <br> mo. USD Term SOFR + <br> 2.50%) 4/15/38<br>| 550000 | 542014 |
| •Marathon CLO Ltd. | •Marathon CLO Ltd. | •Marathon CLO Ltd. |
| Series 2021-16A Class A1A <br> 5.72% (3 mo. USD Term <br> SOFR + 1.46%) 4/15/34<br>| 2000000 | 2000000 |
| Series 2021-16A Class A1AR <br> 1.00% (1.11% minus 3 mo. <br> USD Term SOFR) 4/15/34<br>| 2000000 | 2000000 |
| •Mercedes-Benz Auto Lease <br> Trust Series 2024-A <br> Class A2B 4.72% (30 day <br> USD SOFR Average + 0.42%) <br> 2/16/27<br>| 4318589 | 4319453 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Neuberger Berman CLO XX <br> Ltd. Series 2015-20A <br> Class D1R3 6.97% (3 mo. <br> USD Term SOFR + 2.65%) <br> 4/15/39<br>| 250000 | $250961 |
| •Oaktree CLO Ltd. Series <br> 2020-1A Class D1RR 6.86% <br> (3 mo. USD Term SOFR + <br> 2.60%) 1/15/38<br>| 500000 | 495026 |
| •Octagon Investment Partners <br> 51 Ltd. Series 2021-1A <br> Class AR 5.26% (3 mo. USD <br> Term SOFR + 0.99%) <br> 7/20/34<br>| 1700000 | 1704542 |
| •OFSI BSL XII Ltd. Series <br> 2023-12A Class D1R 7.47% (3 <br> mo. USD Term SOFR + <br> 3.20%) 1/20/38<br>| 500000 | 497895 |
| •OHA Credit Partners VII Ltd. <br> Series 2012-7A Class D1R4 <br> 6.82% (3 mo. USD Term <br> SOFR + 2.50%) 2/20/38<br>| 550000 | 552133 |
| •Park Avenue Institutional <br> Advisers CLO Ltd. Series <br> 2021-1A Class A1A 5.92% (3 <br> mo. USD Term SOFR + <br> 1.65%) 1/20/34<br>| 2750000 | 2754554 |
| PFS Financing Corp. Series <br> 2024-B Class A 4.95% <br> 2/15/29<br>| 5000000 | 5048632 |
| Santander Drive Auto <br> Receivables Trust Series <br> 2025-1 Class D 5.43% <br> 3/17/31<br>| 2350000 | 2387505 |
| •Signal Peak CLO 5 Ltd. Series <br> 2018-5A Class A1R 5.83% (3 <br> mo. USD Term SOFR + <br> 1.55%) 4/25/37<br>| 500000 | 501505 |
| •Steele Creek CLO Ltd. Series <br> 2017-1A Class A 5.77% (3 <br> mo. USD Term SOFR + <br> 1.51%) 10/15/30<br>| 186512 | 186678 |
| •TCW CLO Ltd. Series 2019-2A <br> Class D1R2 7.32% (3 mo. <br> USD Term SOFR + 3.00%) <br> 1/20/38<br>| 500000 | 500735 |
| Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
| Series 2024-A Class A3 4.83% <br> 10/16/28<br>| 1000000 | 1005957 |
| Series 2024-B Class A3 5.33% <br> 1/16/29<br>| 3500000 | 3546686 |
| •Venture 42 CLO Ltd. Series <br> 2021-42A Class A1A 5.65% (3 <br> mo. USD Term SOFR + <br> 1.39%) 4/15/34<br>| 1500000 | 1501021 |

---

LVIP Macquarie Diversified Floating Rate Fund-7

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Volkswagen Auto Loan <br> Enhanced Trust Series <br> 2023-2 Class A2B 4.93% (30 <br> day USD SOFR Average + <br> 0.63%) 3/22/27<br>| 1546580 | $1547645 |
| Wheels Fleet Lease Funding 1 <br> LLC Series 2024-3A Class A1 <br> 4.80% 9/19/39<br>| 4000000 | 4019500 |
| •Zais CLO 16 Ltd. Series <br> 2020-16A Class A1R2 5.40% <br> (3 mo. USD Term SOFR + <br> 1.13%) 10/20/34<br>| 2300000 | 2289914 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $95,016,116)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $95,016,116)** | **95472761** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATION–0.02%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATION–0.02%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATION–0.02%** |
| •Radnor Re Ltd. Series 2024-1 <br> Class M1B 7.21% (30 day <br> USD SOFR Average + 2.90%) <br> 9/25/34<br>| 150000 | 151761 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligation** <br>**(Cost $150,000)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligation** <br>**(Cost $150,000)** | **151761** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–7.66%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–7.66%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–7.66%** |
| Bank Series 2020-BN25 <br> Class A5 2.65% 1/15/63<br>| 4000000 | 3629642 |
| BBCMS Mortgage Trust Series <br> 2020-C7 Class A5 2.04% <br> 4/15/53<br>| 2000000 | 1777342 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| Series 2019-B15 Class A5 <br> 2.93% 12/15/72<br>| 5185000 | 4784356 |
| Series 2020-B17 Class A5 <br> 2.29% 3/15/53<br>| 8000000 | 7071667 |
| Series 2020-B18 Class A5 <br> 1.93% 7/15/53<br>| 2250000 | 1957247 |
| Series 2020-B19 Class A5 <br> 1.85% 9/15/53<br>| 5855000 | 5060225 |
| Series 2020-B22 Class A5 <br> 1.97% 1/15/54<br>| 3500000 | 3002890 |
| Series 2021-B24 Class A5 <br> 2.58% 3/15/54<br>| 2500000 | 2190228 |
| •Series 2022-B32 Class A5 <br> 3.00% 1/15/55<br>| 5000000 | 4409004 |
| Citigroup Commercial <br> Mortgage Trust Series <br> 2019-C7 Class A4 3.10% <br> 12/15/72<br>| 8000000 | 7521031 |
| GS Mortgage Securities Trust <br> Series 2020-GC47 Class A5 <br> 2.38% 5/12/53<br>| 8000000 | 7201673 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| JPM-BB Commercial <br> Mortgage Securities Trust <br> Series 2015-C33 Class A4 <br> 3.77% 12/15/48<br>| 7718032 | $7674642 |
| Wells Fargo Commercial <br> Mortgage Trust Series <br> 2021-C61 Class A4 2.66% <br> 11/15/54<br>| 2780000 | 2438394 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $66,553,271)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $66,553,271)** | **58718341** |
| **ΔREGIONAL BONDS–2.78%** | **ΔREGIONAL BONDS–2.78%** | **ΔREGIONAL BONDS–2.78%** |
| **Canada—2.78%** | **Canada—2.78%** | **Canada—2.78%** |
| Province of British Columbia <br> Canada 4.20% 7/6/33<br>| 8500000 | 8340116 |
| Province of Manitoba Canada <br> 4.30% 7/27/33<br>| 8000000 | 7885624 |
| Province of Quebec Canada <br> 4.50% 4/3/29<br>| 5000000 | 5100975 |
|  |  | **21326715** |
| **Total Regional Bonds** <br>**(Cost $21,469,515)** | **Total Regional Bonds** <br>**(Cost $21,469,515)** | **21326715** |
| **ΔSOVEREIGN BONDS–3.15%** | **ΔSOVEREIGN BONDS–3.15%** | **ΔSOVEREIGN BONDS–3.15%** |
| **Australia—0.52%** | **Australia—0.52%** | **Australia—0.52%** |
| Export Finance & Insurance <br> Corp. 4.63% 10/26/27<br>| 3900000 | 3967935 |
|  |  | **3967935** |
| **Canada—1.92%** | **Canada—1.92%** | **Canada—1.92%** |
| OMERS Finance Trust 1.10% <br> 3/26/26<br>| 5000000 | 4888730 |
| Ontario Teachers' Finance <br> Trust 3.00% 4/13/27<br>| 10000000 | 9839817 |
|  |  | **14728547** |
| **Japan—0.71%** | **Japan—0.71%** | **Japan—0.71%** |
| Development Bank of Japan, <br> Inc. 0.50% 8/27/25<br>| 3000000 | 2981049 |
| Japan Finance Organization <br> for Municipalities 0.63% <br> 9/2/25<br>| 2500000 | 2483504 |
|  |  | **5464553** |
| **Total Sovereign Bonds** <br>**(Cost $24,384,549)** | **Total Sovereign Bonds** <br>**(Cost $24,384,549)** | **24161035** |
| **SUPRANATIONAL BANKS–8.59%** | **SUPRANATIONAL BANKS–8.59%** | **SUPRANATIONAL BANKS–8.59%** |
| European Investment Bank <br> 2.75% 8/15/25<br>| 6000000 | 5986810 |
| •Inter-American Development Bank | •Inter-American Development Bank | •Inter-American Development Bank |
| 4.56% (1 day USD SOFR <br> Index + 0.20%) 2/10/26<br>| 6000000 | 6004793 |

---

LVIP Macquarie Diversified Floating Rate Fund-8

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** |
| •Inter-American Development Bank (continued) | •Inter-American Development Bank (continued) | •Inter-American Development Bank (continued) |
| 4.66% (1 day USD SOFR <br> Index + 0.30%) 2/15/29<br>| 10000000 | $9978300 |
| 4.75% (1 day USD SOFR <br> Index + 0.36%) 6/10/31<br>| 7000000 | 6954990 |
| •International Bank for Reconstruction & Development | •International Bank for Reconstruction & Development | •International Bank for Reconstruction & Development |
| 4.58% (1 day USD SOFR <br> Index + 0.18%) 6/15/26<br>| 12000000 | 11994840 |
| 4.66% (1 day USD SOFR <br> Index + 0.30%) 5/15/28<br>| 8000000 | 8001072 |
| 4.66% (1 day USD SOFR <br> Index + 0.29%) 11/22/28<br>| 7000000 | 6986840 |
| 4.73% (1 day USD SOFR <br> Index + 0.37%) 2/11/31<br>| 10000000 | 9951700 |
| **Total Supranational Banks** <br>**(Cost $65,999,462)** | **Total Supranational Banks** <br>**(Cost $65,999,462)** | **65859345** |
| **U.S. TREASURY OBLIGATIONS–25.00%** | **U.S. TREASURY OBLIGATIONS–25.00%** | **U.S. TREASURY OBLIGATIONS–25.00%** |
| •U.S. Treasury Floating Rate Notes | •U.S. Treasury Floating Rate Notes | •U.S. Treasury Floating Rate Notes |
| 4.43% 4/30/26 (3 mo. <br> Treasury money market <br> yield + 0.15%)<br>| 28730000 | 28746886 |
| 4.44% 4/30/27 (3 mo. <br> Treasury money market <br> yield + 0.16%)<br>| 155855000 | 155858200 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.88% 6/30/30 | 1090000 | 1094172 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 5/15/35 | 5955000 | $5964305 |
| **Total U.S. Treasury Obligations** <br>**(Cost $191,633,225)** | **Total U.S. Treasury Obligations** <br>**(Cost $191,633,225)** | **191663563** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–0.00%** | **COMMON STOCK–0.00%** | **COMMON STOCK–0.00%** |
| =†MNSN Holdings, Inc. | 852 | 3621 |
| **Total Common Stock** <br>**(Cost $0)** | **Total Common Stock** <br>**(Cost $0)** | **3621** |
| **PREFERRED STOCK–0.07%** | **PREFERRED STOCK–0.07%** | **PREFERRED STOCK–0.07%** |
| †SVB Financial Trust 11.00% <br> 11/7/29<br>| 971 | 507833 |
| **Total Preferred Stock** <br>**(Cost $548,050)** | **Total Preferred Stock** <br>**(Cost $548,050)** | **507833** |
| **MONEY MARKET FUND–1.91%** | **MONEY MARKET FUND–1.91%** | **MONEY MARKET FUND–1.91%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 14632917 | 14632917 |
| **Total Money Market Fund** <br>**(Cost $14,632,917)** | **Total Money Market Fund** <br>**(Cost $14,632,917)** | **14632917** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.26% (Cost $773,598,404)** | **768622595** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.26%)** | **(1972539)**<br>|
| **NET ASSETS APPLICABLE TO 76,819,646 SHARES OUTSTANDING–100.00%** | **$766650056** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE DIVERSIFIED FLOATING RATE FUND STANDARD CLASS** <br>**($75,158,522 / 7,519,986 Shares)** | **$9.995** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE DIVERSIFIED FLOATING RATE FUND SERVICE CLASS** <br>**($691,491,534 / 69,299,660 Shares)** | **$9.978** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$776924956** |
| Distributable earnings/(accumulated loss) | **(10274900)**<br>|
| **TOTAL NET ASSETS** | **$766650056** |

---

&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. |

---

LVIP Macquarie Diversified Floating Rate Fund-9

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| 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. |
| ✠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. |
| ΔSecurities have been classified by country of origin. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| †Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $350,000 cash collateral held at broker for futures contracts, $5,082,289 cash collateral held at brokers for centrally cleared swap <br> contracts, $14,236,550 payable for securities purchased, $433,993 payable for fund shares redeemed, $873,265 variation margin due to <br> brokers on centrally cleared interest rate swap contracts, $31,212 other accrued expenses payable, $232,619 payable for unfunded loan <br> commitments, $508,387 due to manager and affiliates, $59,096 variation margin due to broker on futures contracts, $25,953 payable for <br> audit fee and $23,578 payable 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:** |
| (122) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(13940406)<br>| &nbsp;&nbsp; $(13630522)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(309884)<br>|

---

**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>|  |  |  |  |  |  |  |  |  |
| 8190000 | 3.75 | SOFR12M | Receive | Annual | 5/9/35 | $(41227) | $— | $— | $(41227) |
| 6795000 | 4.56 | SOFR12M | Receive | Annual | 10/24/30 | (373241) |  |  | (373241) |
| 6115000 | 4.96 | SOFR12M | Receive | Annual | 11/2/25 | (34661) |  |  | (34661) |
| 16255000 | 4.79 | SOFR12M | Receive | Annual | 11/13/25 | (69079) |  |  | (69079) |
| 8585000 | 4.27 | SOFR12M | Receive | Annual | 11/13/28 | (230529) |  |  | (230529) |
| 19415000 | 3.52 | SOFR12M | Receive | Annual | 12/28/30 | 12964 |  | 12964 |  |
| 20315000 | 4.14 | SOFR12M | Receive | Annual | 12/28/25 | 29902 |  | 29902 |  |
| 19725000 | 3.76 | SOFR12M | Receive | Annual | 2/5/27 | (1221) |  |  | (1221) |
| 37820000 | 4.13 | SOFR12M | Receive | Annual | 6/12/31 | (1327076) |  |  | (1327076) |
| 29290000 | 4.49 | SOFR12M | Receive | Annual | 6/12/27 | (545623) |  |  | (545623) |
| 30245000 | 4.74 | SOFR12M | Receive | Annual | 6/12/26 | (242503) |  |  | (242503) |
| 13075000 | 3.27 | SOFR12M | Receive | Annual | 9/30/31 | 283723 |  | 283723 |  |
| 17390000 | 3.60 | SOFR12M | Receive | Annual | 10/18/27 | 45380 |  | 45380 |  |
| 12065000 | 3.51 | SOFR12M | Receive | Annual | 10/18/31 | 68883 |  | 68883 |  |
| 9500000 | 0.28 | SOFR12M | Receive | Annual | 10/5/27 | 950402 |  | 950402 |  |
| 19545000 | 0.09 | SOFR12M | Receive | Annual | 8/24/25 | 879634 |  | 879634 |  |
| 19825000 | 0.72 | SOFR12M | Receive | Annual | 3/25/26 | 666924 |  | 666924 |  |
| 5700000 | 1.65 | SOFR12M | Receive | Annual/Semiannual | 2/22/27 | 231307 |  | 231307 |  |
| 17655000 | 2.81 | SOFR12M | Receive | Annual | 8/8/25 | 315320 |  | 315320 |  |
| 18405000 | 3.53 | SOFR12M | Receive | Annual | 5/26/28 | (46079) |  |  | (46079) |
| 3605000 | 3.68 | SOFR12M | Receive | Annual | 6/13/28 | (26469) |  |  | (26469) |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $— | $3484439 | $(2937708) |

---

&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. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures and centrally cleared swap contracts from the date the contracts were opened through June 30, 2025.

LVIP Macquarie Diversified Floating Rate Fund-10

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

<sup>3</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| BNP–BNP Paribas |
| CLO–Collateralized Loan Obligation |
| GS–Goldman Sachs |
| IRS–Interest Rate Swap |
| JPM-BB–JPMorgan Barclays Bank |
| Prime Rate–Interest rate charged by banks to their most credit worthy customers |
| REMIC–Real Estate Mortgage Investment Conduits |
| SOFR–Secured Overnight Financing Rate |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| STACR–Structured Agency Credit Risk |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Diversified Floating Rate Fund-11

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie Diversified Floating Rate Fund** | **LVIP Macquarie Diversified Floating Rate Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $18449334 |
| **EXPENSES:** |  |
| Management fees | 2289928 |
| Distribution fees-Service Class | 891356 |
| Shareholder servicing fees | 114205 |
| Accounting and administration expenses | 75814 |
| Professional fees | 39166 |
| Custodian fees | 21120 |
| Pricing fees | 12572 |
| Reports and statements to shareholders | 12497 |
| Trustees' fees and expenses | 11903 |
| Consulting fees | 4219 |
| Other | 9964 |
|  | 3482744 |
| Less:  |  |
| Management fees waived | (118143)<br>|
| Total operating expenses | 3364601 |
| **NET INVESTMENT INCOME**  | 15084733 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (2036116)<br>|
| Futures contracts | (1833543)<br>|
| Swap contracts | 3673119 |
| Net realized loss | (196540)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 8801820 |
| Futures contracts | (385443)<br>|
| Swap contracts | (7174260)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 1242117 |
| **NET REALIZED AND UNREALIZED GAIN** | 1045577 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $16130310 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie Diversified Floating Rate Fund** | **LVIP Macquarie Diversified Floating Rate Fund** | **LVIP Macquarie Diversified Floating Rate 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 | $15084733 | $32158474 |
| Net realized gain (loss) | (196540)<br>| 11109168 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 1242117 | 2501810 |
| Net increase in net assets resulting <br> from operations<br>| 16130310 | 45769452 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (3703777)<br>|
| Service Class |  | (34863526)<br>|
|  |  | (38567303)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 7608680 | 20658241 |
| Service Class | 25398314 | 98908660 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 3703777 |
| Service Class |  | 34863526 |
|  | 33006994 | 158134204 |
| Cost of shares redeemed: |  |  |
| Standard Class | (10643351)<br>| (16368899)<br>|
| Service Class | (94631976)<br>| (102361472)<br>|
|  | (105275327)<br>| (118730371)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (72268333)<br>| 39403833 |
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (56138023)<br>| 46605982 |
| **NET ASSETS:** |  |  |
| Beginning of period | 822788079 | 776182097 |
| End of period | $766650056 | $822788079 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Diversified Floating Rate Fund-12

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Diversified Floating Rate Fund Standard Class** | **LVIP Macquarie Diversified Floating Rate Fund Standard Class** | **LVIP Macquarie Diversified Floating Rate Fund Standard Class** | **LVIP Macquarie Diversified Floating Rate Fund Standard Class** | **LVIP Macquarie Diversified Floating Rate Fund Standard Class** | **LVIP Macquarie Diversified Floating Rate 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; $9.780 | &nbsp;&nbsp; $9.694 | &nbsp;&nbsp; $9.682 | &nbsp;&nbsp; $9.908 | &nbsp;&nbsp; $9.988 | &nbsp;&nbsp; $10.003 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.199 | 0.419 | 0.373 | 0.186 | 0.110 | 0.146 |
| Net realized and unrealized gain (loss) | 0.016 | 0.169 | 0.165 | &nbsp;&nbsp; (0.176)<br>| &nbsp;&nbsp; (0.070)<br>| &nbsp;&nbsp; (0.010)<br>|
| Total from investment operations | 0.215 | 0.588 | 0.538 | 0.010 | 0.040 | 0.136 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.502)<br>| &nbsp;&nbsp; (0.519)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.112)<br>| &nbsp;&nbsp; (0.143)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.007)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; (0.008)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.502)<br>| &nbsp;&nbsp; (0.526)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.151)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.995 | &nbsp;&nbsp; $9.780 | &nbsp;&nbsp; $9.694 | &nbsp;&nbsp; $9.682 | &nbsp;&nbsp; $9.908 | &nbsp;&nbsp; $9.988 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 6.07% | &nbsp;&nbsp; 5.57% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 1.36% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $75158 | &nbsp;&nbsp; $76568 | &nbsp;&nbsp; $67981 | &nbsp;&nbsp; $67448 | &nbsp;&nbsp; $64208 | &nbsp;&nbsp; $56114 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.46% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 4.16% | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.43% |
| Portfolio turnover | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 70% | &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 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 Macquarie Diversified Floating Rate Fund-13

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Diversified Floating Rate Fund Service Class** | **LVIP Macquarie Diversified Floating Rate Fund Service Class** | **LVIP Macquarie Diversified Floating Rate Fund Service Class** | **LVIP Macquarie Diversified Floating Rate Fund Service Class** | **LVIP Macquarie Diversified Floating Rate Fund Service Class** | **LVIP Macquarie Diversified Floating Rate 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; $9.776 | &nbsp;&nbsp; $9.691 | &nbsp;&nbsp; $9.679 | &nbsp;&nbsp; $9.904 | &nbsp;&nbsp; $9.985 | &nbsp;&nbsp; $9.999 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.186 | 0.393 | 0.347 | 0.162 | 0.085 | 0.121 |
| Net realized and unrealized gain (loss) | 0.016 | 0.168 | 0.165 | &nbsp;&nbsp; (0.176)<br>| &nbsp;&nbsp; (0.071)<br>| &nbsp;&nbsp; (0.009)<br>|
| Total from investment operations | 0.202 | 0.561 | 0.512 | &nbsp;&nbsp; (0.014)<br>| 0.014 | 0.112 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.476)<br>| &nbsp;&nbsp; (0.493)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.089)<br>| &nbsp;&nbsp; (0.119)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.007)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; (0.007)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.476)<br>| &nbsp;&nbsp; (0.500)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.126)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.978 | &nbsp;&nbsp; $9.776 | &nbsp;&nbsp; $9.691 | &nbsp;&nbsp; $9.679 | &nbsp;&nbsp; $9.904 | &nbsp;&nbsp; $9.985 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 1.12% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $691492 | &nbsp;&nbsp; $746220 | &nbsp;&nbsp; $708201 | &nbsp;&nbsp; $732859 | &nbsp;&nbsp; $803024 | &nbsp;&nbsp; $763495 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 3.94% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.21% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 3.91% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 1.18% |
| Portfolio turnover | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 70% | &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 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 Macquarie Diversified Floating Rate Fund-14

------

**LVIP Macquarie Diversified Floating Rate 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 Macquarie Diversified Floating Rate Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek total return.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 Macquarie Diversified Floating Rate Fund-15

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Net Assets.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on an accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.60% of the first $500 million of the Fund's average daily net assets; and 0.55% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.03% on the first $2 billion of the Fund's average daily net assets and 0.05% of the Fund's average daily net assets in excess of $2 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA 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; $33846 |
| Legal | &nbsp;&nbsp; 5158 |

---

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 $7,537 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

LVIP Macquarie Diversified Floating Rate Fund-16

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $347770 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 142028 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 340 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 18249 |

---

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; $118098720 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 380857060 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 164697914 |
| Sales of U.S. government securities | &nbsp;&nbsp; 318495522 |

---

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; $773598404 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $8130912 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (12869874)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(4738962)<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 Macquarie Diversified Floating Rate Fund-17

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $15682199 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15682199 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6053846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6053846 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 55282847 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55282847 |
| Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 12325120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12325120 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 144614864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144614864 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 62165827 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62165827 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 95472761 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95472761 |
| Non-Agency Collateralized Mortgage Obligation | &nbsp;&nbsp; — | &nbsp;&nbsp; 151761 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151761 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 58718341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58718341 |
| Regional Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 21326715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21326715 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 24161035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24161035 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 65859345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65859345 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 191663563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191663563 |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3621 | &nbsp;&nbsp; 3621 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 507833 | &nbsp;&nbsp; — | &nbsp;&nbsp; 507833 |
| Money Market Fund | &nbsp;&nbsp; 14632917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14632917 |
| **Total Investments** | &nbsp;&nbsp; $14632917 | &nbsp;&nbsp; $753986057 | &nbsp;&nbsp; $3621 | &nbsp;&nbsp; $768622595 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3484439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3484439 |
| **Liabilities:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(309884)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(309884)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2937708)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2937708)<br>|

---

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 Macquarie Diversified Floating Rate Fund-18

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 771086 | &nbsp;&nbsp; 2077778 |
| Service Class | &nbsp;&nbsp; 2574614 | &nbsp;&nbsp; 9940420 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 379214 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3570619 |
|  | &nbsp;&nbsp; 3345700 | &nbsp;&nbsp; 15968031 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1080516)<br>| &nbsp;&nbsp; (1640025)<br>|
| Service Class | &nbsp;&nbsp; (9608329)<br>| &nbsp;&nbsp; (10255137)<br>|
|  | &nbsp;&nbsp; (10688845)<br>| &nbsp;&nbsp; (11895162)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7343145)<br>| &nbsp;&nbsp; 4072869 |

---

**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.

Swap Contracts–The Fund enters into interest rate swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may use interest rate swaps to manage the Fund's sensitivity to interest rates or hedge against changes in interest rates.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such a swap contract. Interest rate swaps may be used to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as

LVIP Macquarie Diversified Floating Rate Fund-19

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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.

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>| $— | Liabilities net of receivables and other <br> assets<br>| $(309884)<br>|
| Swap contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 3484439 | Liabilities net of receivables and other <br> assets<br>| (2937708)<br>|
| Total |  | $3484439 |  | $(3247592)<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; $(1833543)<br>| &nbsp;&nbsp; $(385443)<br>|
| 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; 3673119 | &nbsp;&nbsp; (7174260)<br>|
| Total |  | &nbsp;&nbsp; $1839576 | &nbsp;&nbsp; $(7559703)<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>|
| Futures contracts (average notional value) | $— | $31866647 |
| Interest rate swap contracts (average notional value)\* | 165817143 | 171814286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents paying floating interest payments and short represent receiving floating interest payments.<br>

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

LVIP Macquarie Diversified Floating Rate Fund-20

------

**LVIP Macquarie Diversified Floating Rate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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**

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor's Financial Services LLC or Ba or lower by Moody's Investor Services Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**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 Macquarie Diversified Floating Rate Fund-21

------

![](img0c30ceb61.jpg)

LVIP Macquarie High Yield Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie High Yield Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_61b5f959-7528-4413-8376-0f5abf7baefd_SOI-continued-456_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_61b5f959-7528-4413-8376-0f5abf7baefd_FS-continued-456_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_61b5f959-7528-4413-8376-0f5abf7baefd_FS-continued-456_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_61b5f959-7528-4413-8376-0f5abf7baefd_FIHI-continued-456_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_61b5f959-7528-4413-8376-0f5abf7baefd_NTF-continued-456_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Macquarie 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>|
| **CORPORATE BONDS–84.83%** | **CORPORATE BONDS–84.83%** | **CORPORATE BONDS–84.83%** |
| **Advertising–1.30%** | **Advertising–1.30%** | **Advertising–1.30%** |
| Advantage Sales & Marketing, <br> Inc. 6.50% 11/15/28<br>| 450000 | $350784 |
| CMG Media Corp. 8.88% <br> 6/18/29<br>| 920000 | 867250 |
| Stagwell Global LLC 5.63% <br> 8/15/29<br>| 865000 | 827394 |
|  |  | **2045428** |
| **Aerospace & Defense–2.02%** | **Aerospace & Defense–2.02%** | **Aerospace & Defense–2.02%** |
| Bombardier, Inc. |  |  |
| 7.00% 6/1/32 | 65000 | 67690 |
| 7.25% 7/1/31 | 395000 | 414632 |
| 8.75% 11/15/30 | 695000 | 752392 |
| Goat Holdco LLC 6.75% <br> 2/1/32<br>| 385000 | 391368 |
| TransDigm, Inc. |  |  |
| 6.63% 3/1/32 | 180000 | 186371 |
| 6.88% 12/15/30 | 1320000 | 1369616 |
|  |  | **3182069** |
| **Auto Manufacturers–0.47%** | **Auto Manufacturers–0.47%** | **Auto Manufacturers–0.47%** |
| Allison Transmission, Inc. <br> 5.88% 6/1/29<br>| 735000 | 742487 |
|  |  | **742487** |
| **Auto Parts & Equipment–2.83%** | **Auto Parts & Equipment–2.83%** | **Auto Parts & Equipment–2.83%** |
| Clarios Global LP/Clarios <br> U.S. Finance Co.<br>|  |  |
| 6.75% 2/15/30 | 622000 | 646747 |
| 8.50% 5/15/27 | 565000 | 567475 |
| Garrett Motion Holdings, <br> Inc./Garrett LX I SARL <br> 7.75% 5/31/32<br>| 1235000 | 1285796 |
| Goodyear Tire & Rubber Co. <br> 5.25% 7/15/31<br>| 830000 | 795852 |
| Phinia, Inc. 6.63% 10/15/32 | 410000 | 416389 |
| ZF North America Capital, <br> Inc. 6.75% 4/23/30<br>| 795000 | 763449 |
|  |  | **4475708** |
| **Banks–3.34%** | **Banks–3.34%** | **Banks–3.34%** |
| μBanco Santander SA 8.00% <br> 2/1/34<br>| 1200000 | 1269149 |
| μBank of Montreal 7.70% <br> 5/26/84<br>| 585000 | 604062 |
| μBarclays PLC 7.63% 3/15/35 | 1255000 | 1260388 |
| μDeutsche Bank AG 6.00% <br> 10/30/25<br>| 1250000 | 1244306 |
| μUBS Group AG |  |  |
| 6.85% 9/10/29 | 200000 | 200878 |
| 7.13% 8/10/34 | 700000 | 697122 |
|  |  | **5275905** |
| **Building Materials–1.36%** | **Building Materials–1.36%** | **Building Materials–1.36%** |
| Quikrete Holdings, Inc. 6.75% <br> 3/1/33<br>| 835000 | 861575 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Standard Building Solutions, <br> Inc. 6.50% 8/15/32<br>| 835000 | $855569 |
| Standard Industries, Inc. <br> 3.38% 1/15/31<br>| 475000 | 425978 |
|  |  | **2143122** |
| **Chemicals–1.96%** | **Chemicals–1.96%** | **Chemicals–1.96%** |
| Celanese U.S. Holdings LLC |  |  |
| 6.50% 4/15/30 | 63000 | 64489 |
| 6.75% 4/15/33 | 519000 | 524390 |
| Cerdia Finanz GmbH 9.38% <br> 10/3/31<br>| 845000 | 875817 |
| Olin Corp. 6.63% 4/1/33 | 620000 | 610216 |
| Olympus Water U.S. Holding <br> Corp.<br>|  |  |
| 7.25% 6/15/31 | 200000 | 204000 |
| 9.75% 11/15/28 | 775000 | 816098 |
|  |  | **3095010** |
| **Commercial Services–5.08%** | **Commercial Services–5.08%** | **Commercial Services–5.08%** |
| ADT Security Corp. 4.13% <br> 8/1/29<br>| 970000 | 937059 |
| Albion Financing 1 <br> SARL/Aggreko Holdings, <br> Inc. 7.00% 5/21/30<br>| 385000 | 392903 |
| Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |
| 5.75% 7/15/27 | 104000 | 103706 |
| 5.75% 7/15/27 | 95000 | 94178 |
| Block, Inc. 6.50% 5/15/32 | 615000 | 634510 |
| Cimpress PLC 7.38% 9/15/32 | 585000 | 558384 |
| Herc Holdings, Inc. |  |  |
| 7.00% 6/15/30 | 255000 | 266311 |
| 7.25% 6/15/33 | 175000 | 183365 |
| Prime Security Services <br> Borrower LLC/Prime <br> Finance, Inc. 5.75% 4/15/26<br>| 340000 | 341763 |
| Raven Acquisition <br> Holdings LLC 6.88% <br> 11/15/31<br>| 755000 | 755032 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc. <br> 6.75% 8/15/32<br>| 1190000 | 1235897 |
| United Rentals North <br> America, Inc. 3.88% 2/15/31<br>| 895000 | 841620 |
| Wand NewCo 3, Inc. 7.63% <br> 1/30/32<br>| 788000 | 828132 |
| Williams Scotsman, Inc. <br> 6.63% 4/15/30<br>| 820000 | 851776 |
|  |  | **8024636** |
| **Computers–1.65%** | **Computers–1.65%** | **Computers–1.65%** |
| Amentum Holdings, Inc. <br> 7.25% 8/1/32<br>| 1070000 | 1101194 |

---

LVIP Macquarie High Yield Fund-1

------

**LVIP Macquarie 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)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| CACI International, Inc. <br> 6.38% 6/15/33<br>| 1034000 | $1067034 |
| Seagate Data Storage <br> Technology Pte. Ltd. 5.75% <br> 12/1/34<br>| 450000 | 442586 |
|  |  | **2610814** |
| **Cosmetics & Personal Care–0.47%** | **Cosmetics & Personal Care–0.47%** | **Cosmetics & Personal Care–0.47%** |
| Opal Bidco SAS 6.50% <br> 3/31/32<br>| 725000 | 739944 |
|  |  | **739944** |
| **Distribution/Wholesale–0.46%** | **Distribution/Wholesale–0.46%** | **Distribution/Wholesale–0.46%** |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 705000 | 722267 |
|  |  | **722267** |
| **Diversified Financial Services–4.23%** | **Diversified Financial Services–4.23%** | **Diversified Financial Services–4.23%** |
| μAir Lease Corp. 4.65% 6/15/26 | 905000 | 899783 |
| Azorra Finance Ltd. 7.75% <br> 4/15/30<br>| 860000 | 896763 |
| Focus Financial Partners LLC <br> 6.75% 9/15/31<br>| 810000 | 826819 |
| Jefferies Finance LLC/JFIN <br> Co-Issuer Corp.<br>|  |  |
| 5.00% 8/15/28 | 440000 | 425337 |
| 6.63% 10/15/31 | 800000 | 797117 |
| OneMain Finance Corp. |  |  |
| 6.63% 5/15/29 | 581000 | 596717 |
| 7.13% 9/15/32 | 192000 | 198772 |
| PennyMac Financial Services, <br> Inc.<br>|  |  |
| 6.88% 5/15/32 | 395000 | 403876 |
| 6.88% 2/15/33 | 590000 | 604750 |
| Rocket Cos., Inc. 6.38% <br> 8/1/33<br>| 777000 | 795027 |
| UWM Holdings LLC 6.63% <br> 2/1/30<br>| 230000 | 230238 |
|  |  | **6675199** |
| **Electric–3.01%** | **Electric–3.01%** | **Electric–3.01%** |
| California Buyer <br> Ltd./Atlantica Sustainable <br> Infrastructure PLC 6.38% <br> 2/15/32<br>| 568000 | 568926 |
| Lightning Power LLC 7.25% <br> 8/15/32<br>| 1010000 | 1062975 |
| NRG Energy, Inc. 6.25% <br> 11/1/34<br>| 840000 | 855832 |
| μVistra Corp. |  |  |
| 7.00% 12/15/26 | 795000 | 804566 |
| 8.00% 10/15/26 | 760000 | 778429 |
| Vistra Operations Co. LLC <br> 6.95% 10/15/33<br>| 625000 | 686303 |
|  |  | **4757031** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electronics–0.62%** | **Electronics–0.62%** | **Electronics–0.62%** |
| Sensata Technologies BV <br> 4.00% 4/15/29<br>| 1030000 | $979613 |
|  |  | **979613** |
| **Engineering & Construction–0.53%** | **Engineering & Construction–0.53%** | **Engineering & Construction–0.53%** |
| Arcosa, Inc. 6.88% 8/15/32 | 805000 | 835445 |
|  |  | **835445** |
| **Entertainment–1.54%** | **Entertainment–1.54%** | **Entertainment–1.54%** |
| Caesars Entertainment, Inc. |  |  |
| 6.00% 10/15/32 | 845000 | 828702 |
| 6.50% 2/15/32 | 390000 | 400185 |
| 7.00% 2/15/30 | 560000 | 579926 |
| Six Flags Entertainment <br> Corp. /Six Flags Theme <br> Parks, Inc./Canada's <br> Wonderland Co. 6.63% <br> 5/1/32<br>| 605000 | 624018 |
|  |  | **2432831** |
| **Environmental Control–0.27%** | **Environmental Control–0.27%** | **Environmental Control–0.27%** |
| Waste Pro USA, Inc. 7.00% <br> 2/1/33<br>| 405000 | 420438 |
|  |  | **420438** |
| **Food–0.52%** | **Food–0.52%** | **Food–0.52%** |
| Fiesta Purchaser, Inc. |  |  |
| 7.88% 3/1/31 | 398000 | 422359 |
| 9.63% 9/15/32 | 385000 | 406240 |
|  |  | **828599** |
| **Forest Products & Paper–0.59%** | **Forest Products & Paper–0.59%** | **Forest Products & Paper–0.59%** |
| Magnera Corp. 7.25% <br> 11/15/31<br>| 980000 | 924042 |
|  |  | **924042** |
| **Gas–0.53%** | **Gas–0.53%** | **Gas–0.53%** |
| Venture Global Plaquemines <br> LNG LLC 7.50% 5/1/33<br>| 780000 | 835242 |
|  |  | **835242** |
| **Health Care Products–0.53%** | **Health Care Products–0.53%** | **Health Care Products–0.53%** |
| Avantor Funding, Inc. 3.88% <br> 11/1/29<br>| 885000 | 837919 |
|  |  | **837919** |
| **Health Care Services–2.36%** | **Health Care Services–2.36%** | **Health Care Services–2.36%** |
| Acadia Healthcare Co., Inc. <br> 7.38% 3/15/33<br>| 830000 | 855093 |
| CHS/Community Health <br> Systems, Inc.<br>|  |  |
| 4.75% 2/15/31 | 955000 | 816413 |
| 6.13% 4/1/30 | 200000 | 147892 |
| 6.88% 4/15/29 | 200000 | 159470 |
| DaVita, Inc. |  |  |
| 3.75% 2/15/31 | 490000 | 445655 |

---

LVIP Macquarie High Yield Fund-2

------

**LVIP Macquarie High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| DaVita, Inc. (continued) |  |  |
| 4.63% 6/1/30 | 480000 | $459898 |
| Surgery Center Holdings, Inc. <br> 7.25% 4/15/32<br>| 825000 | 840685 |
|  |  | **3725106** |
| **Home Builders–0.61%** | **Home Builders–0.61%** | **Home Builders–0.61%** |
| Forestar Group, Inc. 6.50% <br> 3/15/33<br>| 405000 | 408072 |
| K Hovnanian Enterprises, Inc. <br> 11.75% 9/30/29<br>| 515000 | 558291 |
|  |  | **966363** |
| **Insurance–2.87%** | **Insurance–2.87%** | **Insurance–2.87%** |
| Acrisure LLC/Acrisure <br> Finance, Inc. 6.75% 7/1/32<br>| 770000 | 780913 |
| Ardonagh Finco Ltd. 7.75% <br> 2/15/31<br>| 945000 | 987968 |
| Howden U.K. Refinance <br> PLC/Howden U.K. Refinance <br> 2 PLC/Howden <br> U.S. Refinance LLC<br>|  |  |
| 7.25% 2/15/31 | 525000 | 543647 |
| 8.13% 2/15/32 | 480000 | 499209 |
| HUB International Ltd. |  |  |
| 5.63% 12/1/29 | 475000 | 475064 |
| 7.38% 1/31/32 | 410000 | 428995 |
| Jones Deslauriers Insurance <br> Management, Inc. 8.50% <br> 3/15/30<br>| 775000 | 821444 |
|  |  | **4537240** |
| **Internet–0.83%** | **Internet–0.83%** | **Internet–0.83%** |
| Arches Buyer, Inc. 6.13% <br> 12/1/28<br>| 490000 | 450659 |
| Snap, Inc. 6.88% 3/1/33 | 835000 | 856815 |
|  |  | **1307474** |
| **Iron & Steel–0.67%** | **Iron & Steel–0.67%** | **Iron & Steel–0.67%** |
| Cleveland-Cliffs, Inc. 7.00% <br> 3/15/32<br>| 1130000 | 1065207 |
|  |  | **1065207** |
| **Leisure Time–2.42%** | **Leisure Time–2.42%** | **Leisure Time–2.42%** |
| Carnival Corp. |  |  |
| 5.75% 3/1/27 | 195000 | 196610 |
| 6.00% 5/1/29 | 895000 | 904346 |
| 6.13% 2/15/33 | 609000 | 623099 |
| Life Time, Inc. 6.00% <br> 11/15/31<br>| 835000 | 848318 |
| Royal Caribbean Cruises Ltd. <br> 5.50% 4/1/28<br>| 1239000 | 1254417 |
|  |  | **3826790** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Lodging–0.54%** | **Lodging–0.54%** | **Lodging–0.54%** |
| Boyd Gaming Corp. 4.75% <br> 6/15/31<br>| 895000 | $857809 |
|  |  | **857809** |
| **Machinery Construction & Mining–1.05%** | **Machinery Construction & Mining–1.05%** | **Machinery Construction & Mining–1.05%** |
| Manitowoc Co., Inc. 9.25% <br> 10/1/31<br>| 815000 | 857741 |
| Terex Corp. 6.25% 10/15/32 | 795000 | 796611 |
|  |  | **1654352** |
| **Machinery Diversified–0.50%** | **Machinery Diversified–0.50%** | **Machinery Diversified–0.50%** |
| Esab Corp. 6.25% 4/15/29 | 770000 | 788373 |
|  |  | **788373** |
| **Media–7.62%** | **Media–7.62%** | **Media–7.62%** |
| AMC Networks, Inc. 4.25% <br> 2/15/29<br>| 1020000 | 817132 |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.<br>|  |  |
| 4.50% 8/15/30 | 1215000 | 1158356 |
| 4.50% 5/1/32 | 230000 | 214186 |
| 5.38% 6/1/29 | 765000 | 762203 |
| 6.38% 9/1/29 | 830000 | 846630 |
| CSC Holdings LLC |  |  |
| 4.50% 11/15/31 | 625000 | 439803 |
| 5.00% 11/15/31 | 655000 | 304575 |
| Cumulus Media New <br> Holdings, Inc. 8.00% 7/1/29<br>| 811000 | 223025 |
| Gray Media, Inc. 5.38% <br> 11/15/31<br>| 2180000 | 1634643 |
| McGraw-Hill Education, Inc. <br> 7.38% 9/1/31<br>| 989000 | 1031667 |
| Midcontinent <br> Communications 8.00% <br> 8/15/32<br>| 790000 | 836036 |
| Nexstar Media, Inc. 4.75% <br> 11/1/28<br>| 640000 | 623396 |
| Sirius XM Radio LLC |  |  |
| 4.00% 7/15/28 | 920000 | 883590 |
| 4.13% 7/1/30 | 955000 | 880548 |
| Univision Communications, <br> Inc. 7.38% 6/30/30<br>| 865000 | 850066 |
| VZ Secured Financing BV <br> 5.00% 1/15/32<br>| 595000 | 529317 |
|  |  | **12035173** |
| **Mining–4.29%** | **Mining–4.29%** | **Mining–4.29%** |
| Alumina Pty. Ltd. 6.13% <br> 3/15/30<br>| 580000 | 588734 |
| Arsenal AIC Parent LLC <br> 8.00% 10/1/30<br>| 1140000 | 1216597 |
| Capstone Copper Corp. 6.75% <br> 3/31/33<br>| 1037000 | 1061846 |
| Constellium SE 6.38% 8/15/32 | 1250000 | 1270788 |
| FMG Resources August 2006 <br> Pty. Ltd. 5.88% 4/15/30<br>| 685000 | 693572 |

---

LVIP Macquarie High Yield Fund-3

------

**LVIP Macquarie 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)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Novelis Corp. |  |  |
| 3.88% 8/15/31 | 195000 | $175220 |
| 4.75% 1/30/30 | 1850000 | 1772645 |
|  |  | **6779402** |
| **Miscellaneous Manufacturing–0.95%** | **Miscellaneous Manufacturing–0.95%** | **Miscellaneous Manufacturing–0.95%** |
| Amsted Industries, Inc. 6.38% <br> 3/15/33<br>| 585000 | 594633 |
| Enpro, Inc. 6.13% 6/1/33 | 890000 | 909867 |
|  |  | **1504500** |
| **Office Business Equipment–0.15%** | **Office Business Equipment–0.15%** | **Office Business Equipment–0.15%** |
| Zebra Technologies Corp. <br> 6.50% 6/1/32<br>| 235000 | 241645 |
|  |  | **241645** |
| **Oil & Gas–5.62%** | **Oil & Gas–5.62%** | **Oil & Gas–5.62%** |
| Civitas Resources, Inc. 8.63% <br> 11/1/30<br>| 765000 | 776657 |
| Crescent Energy Finance LLC <br> 8.38% 1/15/34<br>| 354000 | 354221 |
| Gulfport Energy Operating <br> Corp. 6.75% 9/1/29<br>| 840000 | 860876 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co.<br>|  |  |
| 6.00% 4/15/30 | 1080000 | 1049915 |
| 6.00% 2/1/31 | 469000 | 452294 |
| 6.25% 4/15/32 | 128000 | 122224 |
| Matador Resources Co. 6.25% <br> 4/15/33<br>| 590000 | 585638 |
| Murphy Oil Corp. 6.00% <br> 10/1/32<br>| 322000 | 306991 |
| Nabors Industries, Inc. |  |  |
| 8.88% 8/15/31 | 335000 | 248841 |
| 9.13% 1/31/30 | 565000 | 540990 |
| Noble Finance II LLC 8.00% <br> 4/15/30<br>| 625000 | 636389 |
| Permian Resources <br> Operating LLC 7.00% <br> 1/15/32<br>| 535000 | 554625 |
| SM Energy Co. |  |  |
| 6.75% 8/1/29 | 290000 | 288934 |
| 7.00% 8/1/32 | 367000 | 361639 |
| Sunoco LP 7.25% 5/1/32 | 460000 | 482991 |
| Transocean, Inc. |  |  |
| 8.00% 2/1/27 | 948000 | 933893 |
| 8.50% 5/15/31 | 365000 | 325817 |
|  |  | **8882935** |
| **Oil & Gas Services–1.88%** | **Oil & Gas Services–1.88%** | **Oil & Gas Services–1.88%** |
| Archrock <br> Partners LP/Archrock <br> Partners Finance Corp. <br> 6.63% 9/1/32<br>| 820000 | 835447 |
| Aris Water Holdings LLC <br> 7.25% 4/1/30<br>| 560000 | 577768 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| USA Compression <br> Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| 6.88% 9/1/27 | 475000 | $475955 |
| 7.13% 3/15/29 | 320000 | 327978 |
| Weatherford International <br> Ltd. 8.63% 4/30/30<br>| 730000 | 752431 |
|  |  | **2969579** |
| **Packaging & Containers–1.80%** | **Packaging & Containers–1.80%** | **Packaging & Containers–1.80%** |
| Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC 4.00% 9/1/29<br>| 485000 | 442745 |
| Clydesdale Acquisition <br> Holdings, Inc. 8.75% 4/15/30<br>| 500000 | 511412 |
| Mauser Packaging Solutions <br> Holding Co.<br>|  |  |
| 7.88% 4/15/27 | 560000 | 569180 |
| 9.25% 4/15/27 | 395000 | 392230 |
| Sealed Air Corp. 6.50% <br> 7/15/32<br>| 300000 | 310879 |
| Sealed Air Corp./Sealed Air <br> Corp. U.S. 7.25% 2/15/31<br>| 200000 | 210496 |
| Trivium Packaging Finance <br> BV 8.25% 7/15/30<br>| 390000 | 412420 |
|  |  | **2849362** |
| **Pharmaceuticals–1.46%** | **Pharmaceuticals–1.46%** | **Pharmaceuticals–1.46%** |
| Cheplapharm Arzneimittel <br> GmbH 5.50% 1/15/28<br>| 935000 | 903702 |
| Grifols SA 4.75% 10/15/28 | 610000 | 586409 |
| Organon & Co./Organon <br> Foreign Debt Co-Issuer BV <br> 5.13% 4/30/31<br>| 945000 | 820124 |
|  |  | **2310235** |
| **Pipelines–2.86%** | **Pipelines–2.86%** | **Pipelines–2.86%** |
| Genesis Energy LP/Genesis <br> Energy Finance Corp.<br>|  |  |
| 7.75% 2/1/28 | 405000 | 410991 |
| 7.88% 5/15/32 | 195000 | 202751 |
| NGL Energy <br> Operating LLC/NGL Energy <br> Finance Corp. 8.38% 2/15/32<br>| 790000 | 792372 |
| NuStar Logistics LP |  |  |
| 6.00% 6/1/26 | 642000 | 644436 |
| 6.38% 10/1/30 | 586000 | 607248 |
| Rockies Express Pipeline LLC <br> 6.75% 3/15/33<br>| 618000 | 644987 |
| Venture Global LNG, Inc. |  |  |
| 7.00% 1/15/30 | 405000 | 409420 |
| 8.38% 6/1/31 | 780000 | 810136 |
|  |  | **4522341** |

---

LVIP Macquarie High Yield Fund-4

------

**LVIP Macquarie 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–0.68%** | **Real Estate Investment Trusts–0.68%** | **Real Estate Investment Trusts–0.68%** |
| RHP Hotel <br> Properties LP/RHP Finance <br> Corp. 6.50% 6/15/33<br>| 775000 | $797278 |
| Starwood Property Trust, Inc. <br> 6.50% 7/1/30<br>| 261000 | 269577 |
|  |  | **1066855** |
| **Retail–4.34%** | **Retail–4.34%** | **Retail–4.34%** |
| Asbury Automotive Group, <br> Inc.<br>|  |  |
| 4.63% 11/15/29 | 220000 | 212407 |
| 4.75% 3/1/30 | 660000 | 639031 |
| Bath & Body Works, Inc. |  |  |
| 6.88% 11/1/35 | 590000 | 611908 |
| 6.95% 3/1/33 | 431000 | 443078 |
| @Carvana Co. |  |  |
| 9.00% 6/1/30 | 308850 | 324709 |
| 9.00% 6/1/31 | 309123 | 366185 |
| Murphy Oil USA, Inc. 3.75% <br> 2/15/31<br>| 920000 | 848680 |
| PetSmart, Inc./PetSmart <br> Finance Corp. 7.75% 2/15/29<br>| 1205000 | 1170949 |
| QXO Building Products, Inc. <br> 6.75% 4/30/32<br>| 199000 | 205010 |
| Victra Holdings LLC/Victra <br> Finance Corp. 8.75% 9/15/29<br>| 630000 | 660042 |
| White Cap Buyer LLC 6.88% <br> 10/15/28<br>| 1381000 | 1378808 |
|  |  | **6860807** |
| **Semiconductors–0.54%** | **Semiconductors–0.54%** | **Semiconductors–0.54%** |
| Entegris, Inc. |  |  |
| 4.75% 4/15/29 | 437000 | 432154 |
| 5.95% 6/15/30 | 410000 | 416516 |
|  |  | **848670** |
| **Software–1.97%** | **Software–1.97%** | **Software–1.97%** |
| AthenaHealth Group, Inc. <br> 6.50% 2/15/30<br>| 420000 | 413391 |
| Capstone Borrower, Inc. <br> 8.00% 6/15/30<br>| 481000 | 500543 |
| Cloud Software Group, Inc. <br> 6.50% 3/31/29<br>| 2170000 | 2190209 |
|  |  | **3104143** |
| **Telecommunications–4.97%** | **Telecommunications–4.97%** | **Telecommunications–4.97%** |
| CommScope LLC 8.25% <br> 3/1/27<br>| 585000 | 582746 |
| CommScope <br> Technologies LLC 5.00% <br> 3/15/27<br>| 265000 | 258098 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC 9.00% <br> 9/15/29<br>| 875000 | 879487 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Consolidated <br> Communications, Inc.<br>|  |  |
| 5.00% 10/1/28 | 365000 | $368826 |
| 6.50% 10/1/28 | 760000 | 773515 |
| Frontier Communications <br> Holdings LLC<br>|  |  |
| 5.88% 11/1/29 | 435000 | 439341 |
| 6.00% 1/15/30 | 230000 | 232967 |
| 6.75% 5/1/29 | 515000 | 521734 |
| Iliad Holding SASU 8.50% <br> 4/15/31<br>| 1210000 | 1294246 |
| μRogers Communications, Inc. <br> 7.13% 4/15/55<br>| 715000 | 724727 |
| Sable International Finance <br> Ltd. 7.13% 10/15/32<br>| 845000 | 847245 |
| Vmed O2 U.K. Financing I <br> PLC 4.75% 7/15/31<br>| 1000000 | 925026 |
|  |  | **7847958** |
| **Trucking & Leasing–0.54%** | **Trucking & Leasing–0.54%** | **Trucking & Leasing–0.54%** |
| Fortress Transportation & <br> Infrastructure Investors LLC <br> 7.00% 6/15/32<br>| 820000 | 846673 |
|  |  | **846673** |
| **Total Corporate Bonds** <br>**(Cost $133,436,953)** | **Total Corporate Bonds** <br>**(Cost $133,436,953)** | **133982741** |
| **LOAN AGREEMENTS–7.23%** | **LOAN AGREEMENTS–7.23%** | **LOAN AGREEMENTS–7.23%** |
| •Applied Systems, Inc. 8.80% <br> (3 mo. USD Term SOFR + <br> 4.50%) 2/23/32<br>| 763000 | 780740 |
| •Bausch & Lomb Corp. 8.67% <br> (1 mo. USD Term SOFR + <br> 4.25%) 5/10/27<br>| 746818 | 745205 |
| •CD&R Hydra Buyer, Inc. <br> 8.43% (1 mo. USD Term <br> SOFR + 4.00%) 3/25/31<br>| 814688 | 800634 |
| •Clarios Global LP 7.08% (1 <br> mo. USD Term SOFR + <br> 2.75%) 1/28/32<br>| 315000 | 315198 |
| Clover Holdings 2 LLC 7.75% <br> 12/9/31<br>| 920000 | 926900 |
| Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
| ✠0.00% 4/1/32 | 1949 | 1940 |
| •7.58% (1 mo. USD Term <br> SOFR + 3.25%) 4/1/32<br>| 111466 | 110971 |
| •CommScope, Inc. 9.58% (1 <br> mo. USD Term SOFR + <br> 5.25%) 12/17/29<br>| 400000 | 404376 |
| Cotiviti Corp. 7.63% 5/1/31 | 806000 | 809023 |
| •Flynn Restaurant Group LP <br> 8.08% (1 mo. USD Term <br> SOFR + 3.75%) 1/28/32<br>| 460845 | 459693 |

---

LVIP Macquarie High Yield Fund-5

------

**LVIP Macquarie 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)** |
| •Form Technologies LLC <br> 10.02% (3 mo. USD Term <br> SOFR + 5.75%) 7/19/30<br>| 364000 | $343525 |
| •Heartland Dental LLC 8.83% <br> (1 mo. USD Term SOFR + <br> 4.50%) 4/28/28<br>| 1229437 | 1229597 |
| •Hunter Douglas, Inc. 7.55% (3 <br> mo. USD Term SOFR + <br> 3.25%) 1/20/32<br>| 380398 | 378656 |
| •INEOS Quattro Holdings U.K. <br> Ltd. 8.58% (1 mo. USD Term <br> SOFR + 4.25%) 10/7/31<br>| 399000 | 363090 |
| •Instructure Holdings, Inc. <br> 9.21% (6 mo. USD Term <br> SOFR + 5.00%) 11/12/32<br>| 296000 | 298220 |
| •LSF12 Crown <br> U.S. Commercial Bidco LLC <br> 8.57% (1 mo. USD Term <br> SOFR + 4.25%) 12/2/31<br>| 456000 | 457997 |
| •Scientific Games Holdings LP <br> 7.28% (3 mo. USD Term <br> SOFR + 3.00%) 4/4/29<br>| 1231897 | 1230283 |
| •SPX Flow, Inc. 7.33% (1 mo. <br> USD Term SOFR + 3.00%) <br> 4/5/29<br>| 530000 | 531569 |
| •Staples, Inc. 10.03% (3 mo. <br> USD Term SOFR + 5.75%) <br> 9/4/29<br>| 848587 | 781303 |
| •Univision Communications, <br> Inc. 8.55% (3 mo. USD Term <br> SOFR + 4.25%) 6/24/29<br>| 70186 | 69602 |
| USALCO LLC | USALCO LLC | USALCO LLC |
| ✠0.00% 9/30/31 | 35962 | 36121 |
| •8.33% (1 mo. USD Term <br> SOFR + 4.00%) 9/30/31<br>| 347293 | 348835 |
| **Total Loan Agreements** <br>**(Cost $11,472,932)** | **Total Loan Agreements** <br>**(Cost $11,472,932)** | **11423478** |
| **NON-AGENCY ASSET-BACKED SECURITIES–4.79%** | **NON-AGENCY ASSET-BACKED SECURITIES–4.79%** | **NON-AGENCY ASSET-BACKED SECURITIES–4.79%** |
| •AGL CLO 3 Ltd. Series <br> 2020-3A Class ER 9.51% (3 <br> mo. USD Term SOFR + <br> 5.25%) 4/15/38<br>| 250000 | 247483 |
| •AIMCO CLO 19 Ltd. Series <br> 2024-19A Class E 9.27% (3 <br> mo. USD Term SOFR + <br> 5.00%) 10/20/37<br>| 150000 | 150007 |
| •Atlas Senior Loan Fund XX <br> Ltd. Series 2022-20A <br> Class D1R 8.12% (3 mo. USD <br> Term SOFR + 3.85%) <br> 10/19/37<br>| 250000 | 250129 |
| •Ballyrock CLO 18 Ltd. Series <br> 2021-18A Class DR 8.97% (3 <br> mo. USD Term SOFR + <br> 5.75%) 4/15/38<br>| 250000 | 240646 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Ballyrock CLO 25 Ltd. Series <br> 2023-25A Class DR 9.08% (3 <br> mo. USD Term SOFR + <br> 4.80%) 1/25/38<br>| 250000 | $243367 |
| •Barings CLO Ltd. | •Barings CLO Ltd. | •Barings CLO Ltd. |
| Series 2018-2A Class ER <br> 11.16% (3 mo. USD Term <br> SOFR + 6.90%) 7/15/36<br>| 150000 | 150584 |
| Series 2024-2A Class E <br> 10.16% (3 mo. USD Term <br> SOFR + 5.90%) 7/15/39<br>| 150000 | 150569 |
| •BBAM U.S. CLO III Ltd. <br> Series 2023-3A Class D <br> 12.86% (3 mo. USD Term <br> SOFR + 8.60%) 10/15/38<br>| 250000 | 253235 |
| •Bear Mountain Park CLO Ltd. <br> Series 2022-1A Class ER <br> 10.21% (3 mo. USD Term <br> SOFR + 5.95%) 7/15/37<br>| 150000 | 149986 |
| •Benefit Street Partners CLO <br> Ltd. Series 2015-6BR <br> Class ER 9.03% (3 mo. USD <br> Term SOFR + 4.75%) <br> 4/20/38<br>| 220000 | 218040 |
| •Benefit Street Partners CLO <br> XII-B Ltd. Series <br> 2017-12BRA Class E 10.51% <br> (3 mo. USD Term SOFR + <br> 6.25%) 10/15/37<br>| 150000 | 150852 |
| •Brookhaven Park CLO Ltd. <br> Series 2024-1A Class E <br> 10.77% (3 mo. USD Term <br> SOFR + 6.50%) 4/19/37<br>| 250000 | 250616 |
| •Carlyle U.S. CLO Ltd. | •Carlyle U.S. CLO Ltd. | •Carlyle U.S. CLO Ltd. |
| Series 2024-1A Class E <br> 11.18% (3 mo. USD Term <br> SOFR + 6.92%) 4/15/37<br>| 250000 | 253704 |
| Series 2024-5A Class E 9.93% <br> (3 mo. USD Term SOFR + <br> 5.65%) 10/25/36<br>| 250000 | 251809 |
| •CBAMR LLC Series 2021-15A <br> Class ER 9.80% (3 mo. USD <br> Term SOFR + 5.50%) <br> 1/20/38<br>| 250000 | 247057 |
| •Dryden 109 CLO Ltd. Series <br> 2022-109A Class ER 9.61% (3 <br> mo. USD Term SOFR + <br> 5.35%) 4/15/38<br>| 250000 | 249485 |
| •Elmwood CLO IX Ltd. Series <br> 2021-2A Class ER 8.97% (3 <br> mo. USD Term SOFR + <br> 4.65%) 4/20/38<br>| 150000 | 148123 |
| •Empower CLO Ltd. Series <br> 2022-1A Class ER 10.17% (3 <br> mo. USD Term SOFR + <br> 5.90%) 10/20/37<br>| 150000 | 148469 |

---

LVIP Macquarie High Yield Fund-6

------

**LVIP Macquarie High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Golub Capital Partners CLO <br> 76 B Ltd. Series 2024-76A <br> Class E 10.03% (3 mo. USD <br> Term SOFR + 5.75%) <br> 10/25/37<br>| 300000 | $302953 |
| •Invesco U.S. CLO Ltd. Series <br> 2024-3A Class E 10.77% (3 <br> mo. USD Term SOFR + <br> 6.50%) 7/20/37<br>| 250000 | 252699 |
| •KKR CLO 27 Ltd. Series 27A <br> Class ER2 10.51% (3 mo. <br> USD Term SOFR + 6.25%) <br> 1/15/35<br>| 250000 | 246281 |
| •Madison Park Funding XXX <br> Ltd. Series 2018-30A <br> Class ER 10.66% (3 mo. USD <br> Term SOFR + 6.40%) <br> 7/16/37<br>| 150000 | 149801 |
| •Magnetite XLV Ltd. Series <br> 2025-45A Class E 8.79% (3 <br> mo. USD Term SOFR + <br> 4.50%) 4/15/38<br>| 200000 | 199292 |
| •Neuberger Berman CLO XX <br> Ltd. Series 2015-20A <br> Class ER3 9.07% (3 mo. USD <br> Term SOFR + 4.75%) <br> 4/15/39<br>| 250000 | 247262 |
| •Oaktree CLO Ltd. | •Oaktree CLO Ltd. | •Oaktree CLO Ltd. |
| Series 2019-3A Class ER2 <br> 11.02% (3 mo. USD Term <br> SOFR + 6.75%) 1/20/38<br>| 200000 | 199849 |
| Series 2020-1A Class ERR <br> 9.26% (3 mo. USD Term <br> SOFR + 5.00%) 1/15/38<br>| 200000 | 194734 |
| •OFSI BSL XIV CLO Ltd. <br> Series 2024-14A Class E <br> 12.01% (3 mo. USD Term <br> SOFR + 7.74%) 7/20/37<br>| 300000 | 289519 |
| •OHA Credit Funding 11 Ltd. <br> Series 2022-11A Class ER <br> 9.67% (3 mo. USD Term <br> SOFR + 5.40%) 7/19/37<br>| 150000 | 151373 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •OHA Credit Funding 9 Ltd. <br> Series 2021-9A Class ER <br> 9.77% (3 mo. USD Term <br> SOFR + 5.50%) 10/19/37<br>| 150000 | $151112 |
| •Palmer Square CLO Ltd. <br> Series 2024-2A Class D2 <br> 8.62% (3 mo. USD Term <br> SOFR + 4.35%) 7/20/37<br>| 250000 | 251163 |
| •Sound Point CLO Ltd. Series <br> 2025-1RA Class E 11.90% (3 <br> mo. USD Term SOFR + <br> 7.58%) 2/20/38<br>| 250000 | 242819 |
| •Storm King Park CLO Ltd. <br> Series 2022-1A Class ER <br> 10.41% (3 mo. USD Term <br> SOFR + 6.15%) 10/15/37<br>| 200000 | 199858 |
| •TCW CLO Ltd. | •TCW CLO Ltd. | •TCW CLO Ltd. |
| Series 2022-1A Class ER <br> 10.82% (3 mo. USD Term <br> SOFR + 6.50%) 1/20/38<br>| 250000 | 244868 |
| Series 2024-2A Class E <br> 11.53% (3 mo. USD Term <br> SOFR + 7.25%) 7/17/37<br>| 250000 | 251311 |
| •Wellfleet CLO Ltd. Series <br> 2022-1A Class ER 12.01% (3 <br> mo. USD Term SOFR + <br> 7.75%) 7/15/37<br>| 250000 | 241217 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $7,636,209)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $7,636,209)** | **7570272** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–2.59%** | **MONEY MARKET FUND–2.59%** | **MONEY MARKET FUND–2.59%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 4083247 | 4083247 |
| **Total Money Market Fund** <br>**(Cost $4,083,247)** | **Total Money Market Fund** <br>**(Cost $4,083,247)** | **4083247** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.44% (Cost $156,629,341)** | **157059738** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.56%** | **890920** |
| **NET ASSETS APPLICABLE TO 35,607,573 SHARES OUTSTANDING–100.00%** | **$157950658** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE HIGH YIELD FUND STANDARD CLASS** <br>**($69,129,161 / 15,572,689 Shares)** | **$4.439** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE HIGH YIELD FUND SERVICE CLASS** <br>**($88,821,497 / 20,034,884 Shares)** | **$4.433** |

---

LVIP Macquarie High Yield Fund-7

------

**LVIP Macquarie High Yield Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$200128794** |
| Distributable earnings/(accumulated loss) | **(42178136)**<br>|
| **TOTAL NET ASSETS** | **$157950658** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| @PIK. 100% of the income received was in the form of additional par. |
| •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. |
| ✠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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $6,027 expense reimbursement receivable from Lincoln Financial Investments Corporation, $1,513,178 payable for securities <br> purchased, $78,545 payable for fund shares redeemed, $12,797 other accrued expenses payable, $37,852 payable for unfunded loan <br> commitments, $109,949 due to manager and affiliates, $18,605 payable for audit fee and $11,124 payable for fund accounting fee as of June <br> 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CLO–Collateralized Loan Obligation |
| LNG–Liquefied Natural Gas |
| SOFR–Secured Overnight Financing Rate |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie High Yield Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie High Yield Fund** | **LVIP Macquarie 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 | $5736494 |
| **EXPENSES:** |  |
| Management fees | 518477 |
| Distribution fees-Service Class | 134022 |
| Accounting and administration expenses | 25118 |
| Professional fees | 24835 |
| Shareholder servicing fees | 23132 |
| Pricing fees | 9260 |
| Reports and statements to shareholders | 5858 |
| Custodian fees | 3998 |
| Trustees' fees and expenses | 2410 |
| Consulting fees | 2211 |
| Other | 4329 |
|  | 753650 |
| Less:  |  |
| Expenses reimbursed | (29362)<br>|
| Total operating expenses | 724288 |
| **NET INVESTMENT INCOME**  | 5012206 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 317456 |
| Net change in unrealized appreciation (depreciation) <br> of investments<br>| 2480092 |
| **NET REALIZED AND UNREALIZED GAIN** | 2797548 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $7809754 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie High Yield Fund** | **LVIP Macquarie High Yield Fund** | **LVIP Macquarie 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 NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $5012206 | $10209623 |
| Net realized gain (loss) | 317456 | (4443719)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 2480092 | 4649977 |
| Net increase in net assets resulting <br> from operations<br>| 7809754 | 10415881 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (4642903)<br>|
| Service Class |  | (5662671)<br>|
|  |  | (10305574)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 4802803 | 13778277 |
| Service Class | 3806688 | 15182450 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 4642903 |
| Service Class |  | 5662671 |
|  | 8609491 | 39266301 |
| Cost of shares redeemed: |  |  |
| Standard Class | (11896002)<br>| (16433282)<br>|
| Service Class | (11967653)<br>| (20985826)<br>|
|  | (23863655)<br>| (37419108)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (15254164)<br>| 1847193 |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (7444410)<br>| 1957500 |
| **NET ASSETS:** |  |  |
| Beginning of period | 165395068 | 163437568 |
| End of period | $157950658 | $165395068 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie High Yield Fund-9

------

**LVIP Macquarie High Yield Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie High Yield Fund Standard Class** | **LVIP Macquarie High Yield Fund Standard Class** | **LVIP Macquarie High Yield Fund Standard Class** | **LVIP Macquarie High Yield Fund Standard Class** | **LVIP Macquarie High Yield Fund Standard Class** | **LVIP Macquarie 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**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $4.222 | &nbsp;&nbsp; $4.228 | &nbsp;&nbsp; $4.013 | &nbsp;&nbsp; $4.845 | &nbsp;&nbsp; $5.100 | &nbsp;&nbsp; $5.080 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.137 | 0.276 | 0.276 | 0.242 | 0.225 | 0.240 |
| Net realized and unrealized gain (loss) | 0.080 | 0.005 | 0.232 | &nbsp;&nbsp; (0.795)<br>| 0.016 | 0.080 |
| Total from investment operations | 0.217 | 0.281 | 0.508 | &nbsp;&nbsp; (0.553)<br>| 0.241 | 0.320 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.287)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.496)<br>| &nbsp;&nbsp; (0.300)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.001 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.287)<br>| &nbsp;&nbsp; (0.293)<br>| &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.496)<br>| &nbsp;&nbsp; (0.300)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $4.439 | &nbsp;&nbsp; $4.222 | &nbsp;&nbsp; $4.228 | &nbsp;&nbsp; $4.013 | &nbsp;&nbsp; $4.845 | &nbsp;&nbsp; $5.100 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 5.14% | &nbsp;&nbsp; 6.66% | &nbsp;&nbsp; 12.67% | &nbsp;&nbsp; (11.41%)<br>| &nbsp;&nbsp; 4.92% | &nbsp;&nbsp; 7.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $69129 | &nbsp;&nbsp; $72734 | &nbsp;&nbsp; $70718 | &nbsp;&nbsp; $65564 | &nbsp;&nbsp; $80790 | &nbsp;&nbsp; $76743 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.34% | &nbsp;&nbsp; 6.58% | &nbsp;&nbsp; 5.47% | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 5.08% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 6.41% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.56% | &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 5.04% |
| Portfolio turnover | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 93% | &nbsp;&nbsp; 124% |

---

&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 High Yield Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP High Yield Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Amount is less than $(0.005) per share.

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie High Yield Fund-10

------

**LVIP Macquarie High Yield Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie High Yield Fund Service Class** | **LVIP Macquarie High Yield Fund Service Class** | **LVIP Macquarie High Yield Fund Service Class** | **LVIP Macquarie High Yield Fund Service Class** | **LVIP Macquarie High Yield Fund Service Class** | **LVIP Macquarie 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**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $4.223 | &nbsp;&nbsp; $4.229 | &nbsp;&nbsp; $4.014 | &nbsp;&nbsp; $4.845 | &nbsp;&nbsp; $5.080 | &nbsp;&nbsp; $5.060 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.131 | 0.263 | 0.263 | 0.229 | 0.216 | 0.230 |
| Net realized and unrealized gain (loss) | 0.079 | 0.004 | 0.233 | &nbsp;&nbsp; (0.795)<br>| 0.009 | 0.070 |
| Total from investment operations | 0.210 | 0.267 | 0.496 | &nbsp;&nbsp; (0.566)<br>| 0.225 | 0.300 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.264)<br>| &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.280)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.001 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.281)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.280)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $4.433 | &nbsp;&nbsp; $4.223 | &nbsp;&nbsp; $4.229 | &nbsp;&nbsp; $4.014 | &nbsp;&nbsp; $4.845 | &nbsp;&nbsp; $5.080 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 4.97% | &nbsp;&nbsp; 6.34% | &nbsp;&nbsp; 12.34% | &nbsp;&nbsp; (11.66%)<br>| &nbsp;&nbsp; 4.59% | &nbsp;&nbsp; 6.89% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $88821 | &nbsp;&nbsp; $92661 | &nbsp;&nbsp; $92720 | &nbsp;&nbsp; $86959 | &nbsp;&nbsp; $113599 | &nbsp;&nbsp; $119487 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.08% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.04% | &nbsp;&nbsp; 6.28% | &nbsp;&nbsp; 5.17% | &nbsp;&nbsp; 4.28% | &nbsp;&nbsp; 4.78% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 6.11% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.26% | &nbsp;&nbsp; 5.14% | &nbsp;&nbsp; 4.26% | &nbsp;&nbsp; 4.74% |
| Portfolio turnover | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 93% | &nbsp;&nbsp; 124% |

---

&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 High Yield Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP High Yield Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Amount is less than $(0.005) per share.

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie High Yield Fund-11

------

**LVIP Macquarie 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 Macquarie High Yield Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek total return and, as a secondary objective, high current income.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Net Assets.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 Macquarie High Yield Fund-12

------

**LVIP Macquarie High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the first $500 million of the Fund's average daily net assets; 0.60% of the next $500 million; 0.55% of the next $1.5 billion; and 0.50% of the Fund's average daily net assets in excess of $2.5 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.74% of the average daily net assets for the Standard Class and 1.04% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $43325 | &nbsp;&nbsp; $27637 | &nbsp;&nbsp; $58066 | &nbsp;&nbsp; $129028 |

---

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA 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; $6842 |
| Legal | &nbsp;&nbsp; 1043 |

---

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 Macquarie High Yield Fund-13

------

**LVIP Macquarie High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also 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 $3,774 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; $6027 |
| Management fees payable to LFI | &nbsp;&nbsp; 83731 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 21814 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 668 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 3736 |

---

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; $35129565 |
| Sales | &nbsp;&nbsp; 42086783 |

---

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; $156629341 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $3392092 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (2961695)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $430397 |

---

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 Macquarie High Yield Fund-14

------

**LVIP Macquarie 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $133982741 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $133982741 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 11423478 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11423478 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 7570272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7570272 |
| Money Market Fund | &nbsp;&nbsp; 4083247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4083247 |
| **Total Investments** | &nbsp;&nbsp; $4083247 | &nbsp;&nbsp; $152976491 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $157059738 |

---

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; 1119806 | &nbsp;&nbsp; 3155539 |
| Service Class | &nbsp;&nbsp; 885804 | &nbsp;&nbsp; 3498930 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1103089 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1344733 |
|  | &nbsp;&nbsp; 2005610 | &nbsp;&nbsp; 9102291 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2774417)<br>| &nbsp;&nbsp; (3757271)<br>|
| Service Class | &nbsp;&nbsp; (2794128)<br>| &nbsp;&nbsp; (4827241)<br>|
|  | &nbsp;&nbsp; (5568545)<br>| &nbsp;&nbsp; (8584512)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3562935)<br>| &nbsp;&nbsp; 517779 |

---

**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.

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 Macquarie High Yield Fund-15

------

**LVIP Macquarie 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)**

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 Macquarie High Yield Fund-16

------

![](imgeee9cc451.jpg)

LVIP Macquarie Mid Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie Mid Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_74f35d16-b2de-424f-9c27-ae6f8cdbb59a_SOI-continued-247_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_74f35d16-b2de-424f-9c27-ae6f8cdbb59a_FS-continued-247_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_74f35d16-b2de-424f-9c27-ae6f8cdbb59a_FS-continued-247_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_74f35d16-b2de-424f-9c27-ae6f8cdbb59a_FIHI-continued-247_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_74f35d16-b2de-424f-9c27-ae6f8cdbb59a_NTF-continued-247_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP Macquarie 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–97.18%** | **COMMON STOCK–97.18%** | **COMMON STOCK–97.18%** |
| **Aerospace & Defense–2.54%** | **Aerospace & Defense–2.54%** | **Aerospace & Defense–2.54%** |
| Curtiss-Wright Corp. | 24750 | $12091612 |
| L3Harris Technologies, Inc. | 48600 | 12190824 |
|  |  | **24282436** |
| **Automobile Components–0.62%** | **Automobile Components–0.62%** | **Automobile Components–0.62%** |
| †Aptiv PLC | 86490 | 5900348 |
|  |  | **5900348** |
| **Banks–5.17%** | **Banks–5.17%** | **Banks–5.17%** |
| East West Bancorp, Inc. | 126600 | 12784068 |
| KeyCorp | 588900 | 10258638 |
| Synovus Financial Corp. | 226250 | 11708437 |
| Webster Financial Corp. | 269950 | 14739270 |
|  |  | **49490413** |
| **Building Products–1.23%** | **Building Products–1.23%** | **Building Products–1.23%** |
| Johnson Controls <br> International PLC<br>| 111595 | 11786664 |
|  |  | **11786664** |
| **Capital Markets–4.08%** | **Capital Markets–4.08%** | **Capital Markets–4.08%** |
| Affiliated Managers Group, <br> Inc.<br>| 51350 | 10104139 |
| Raymond James Financial, <br> Inc.<br>| 107075 | 16422093 |
| State Street Corp. | 117850 | 12532169 |
|  |  | **39058401** |
| **Chemicals–0.94%** | **Chemicals–0.94%** | **Chemicals–0.94%** |
| Celanese Corp. | 70100 | 3878633 |
| Huntsman Corp. | 270600 | 2819652 |
| Olin Corp. | 114750 | 2305328 |
|  |  | **9003613** |
| **Communications Equipment–0.59%** | **Communications Equipment–0.59%** | **Communications Equipment–0.59%** |
| †Ciena Corp. | 68900 | 5603637 |
|  |  | **5603637** |
| **Construction & Engineering–3.27%** | **Construction & Engineering–3.27%** | **Construction & Engineering–3.27%** |
| AECOM | 107300 | 12109878 |
| †MasTec, Inc. | 57300 | 9765639 |
| Quanta Services, Inc. | 25090 | 9486027 |
|  |  | **31361544** |
| **Construction Materials–1.99%** | **Construction Materials–1.99%** | **Construction Materials–1.99%** |
| †Knife River Corp. | 68962 | 5630058 |
| Vulcan Materials Co. | 51650 | 13471353 |
|  |  | **19101411** |
| **Consumer Finance–2.40%** | **Consumer Finance–2.40%** | **Consumer Finance–2.40%** |
| Ally Financial, Inc. | 251250 | 9786187 |
| Synchrony Financial | 197300 | 13167802 |
|  |  | **22953989** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Staples Distribution & Retail–1.75%** | **Consumer Staples Distribution & Retail–1.75%** | **Consumer Staples Distribution & Retail–1.75%** |
| Kroger Co. | 67100 | $4813083 |
| †U.S. Foods Holding Corp. | 154950 | 11932699 |
|  |  | **16745782** |
| **Containers & Packaging–2.65%** | **Containers & Packaging–2.65%** | **Containers & Packaging–2.65%** |
| Amcor PLC | 918232 | 8438552 |
| Crown Holdings, Inc. | 112150 | 11549207 |
| Graphic Packaging Holding <br> Co.<br>| 256000 | 5393920 |
|  |  | **25381679** |
| **Electric Utilities–4.48%** | **Electric Utilities–4.48%** | **Electric Utilities–4.48%** |
| Edison International | 165850 | 8557860 |
| NRG Energy, Inc. | 77500 | 12444950 |
| OGE Energy Corp. | 185950 | 8252461 |
| Xcel Energy, Inc. | 200850 | 13677885 |
|  |  | **42933156** |
| **Electrical Equipment–3.43%** | **Electrical Equipment–3.43%** | **Electrical Equipment–3.43%** |
| AMETEK, Inc. | 67000 | 12124320 |
| †NEXTracker, Inc. Class A | 134176 | 7295149 |
| Regal Rexnord Corp. | 92600 | 13423296 |
|  |  | **32842765** |
| **Electronic Equipment, Instruments & Components–3.24%** | **Electronic Equipment, Instruments & Components–3.24%** | **Electronic Equipment, Instruments & Components–3.24%** |
| †Flex Ltd. | 213641 | 10664959 |
| †Keysight Technologies, Inc. | 53380 | 8746847 |
| TD SYNNEX Corp. | 85750 | 11636275 |
|  |  | **31048081** |
| **Entertainment–1.39%** | **Entertainment–1.39%** | **Entertainment–1.39%** |
| Electronic Arts, Inc. | 83650 | 13358905 |
|  |  | **13358905** |
| **Financial Services–0.85%** | **Financial Services–0.85%** | **Financial Services–0.85%** |
| Global Payments, Inc. | 101800 | 8148072 |
|  |  | **8148072** |
| **Food Products–1.24%** | **Food Products–1.24%** | **Food Products–1.24%** |
| Hershey Co. | 40850 | 6779058 |
| Tyson Foods, Inc. Class A | 91700 | 5129698 |
|  |  | **11908756** |
| **Ground Transportation–0.64%** | **Ground Transportation–0.64%** | **Ground Transportation–0.64%** |
| JB Hunt Transport Services, <br> Inc.<br>| 42800 | 6146080 |
|  |  | **6146080** |
| **Health Care Equipment & Supplies–2.27%** | **Health Care Equipment & Supplies–2.27%** | **Health Care Equipment & Supplies–2.27%** |
| Becton Dickinson & Co. | 20750 | 3574187 |
| STERIS PLC | 44200 | 10617724 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 83000 | 7570430 |
|  |  | **21762341** |

---

LVIP Macquarie Mid Cap Value Fund-1

------

**LVIP Macquarie Mid Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services–2.32%** | **Health Care Providers & Services–2.32%** | **Health Care Providers & Services–2.32%** |
| Cencora, Inc. | 35100 | $10524735 |
| Quest Diagnostics, Inc. | 64900 | 11657987 |
|  |  | **22182722** |
| **Health Care REITs–0.85%** | **Health Care REITs–0.85%** | **Health Care REITs–0.85%** |
| Ventas, Inc. | 129450 | 8174768 |
|  |  | **8174768** |
| **Hotel & Resort REITs–0.86%** | **Hotel & Resort REITs–0.86%** | **Hotel & Resort REITs–0.86%** |
| Host Hotels & Resorts, Inc. | 538250 | 8267520 |
|  |  | **8267520** |
| **Hotels, Restaurants & Leisure–3.28%** | **Hotels, Restaurants & Leisure–3.28%** | **Hotels, Restaurants & Leisure–3.28%** |
| Darden Restaurants, Inc. | 40720 | 8875738 |
| Marriott International, Inc. <br> Class A<br>| 51840 | 14163207 |
| Royal Caribbean Cruises Ltd. | 26850 | 8407809 |
|  |  | **31446754** |
| **Household Durables–1.80%** | **Household Durables–1.80%** | **Household Durables–1.80%** |
| Dr. Horton, Inc. | 79283 | 10221164 |
| PulteGroup, Inc. | 66800 | 7044728 |
|  |  | **17265892** |
| **Industrial REITs–0.80%** | **Industrial REITs–0.80%** | **Industrial REITs–0.80%** |
| First Industrial Realty Trust, <br> Inc.<br>| 159600 | 7681548 |
|  |  | **7681548** |
| **Insurance–6.98%** | **Insurance–6.98%** | **Insurance–6.98%** |
| Allstate Corp. | 61250 | 12330237 |
| Assurant, Inc. | 52400 | 10348476 |
| Axis Capital Holdings Ltd. | 69350 | 7199917 |
| Hartford Insurance Group, <br> Inc.<br>| 93950 | 11919437 |
| Reinsurance Group of <br> America, Inc.<br>| 63700 | 12635532 |
| Willis Towers Watson PLC | 40650 | 12459225 |
|  |  | **66892824** |
| **IT Services–2.16%** | **IT Services–2.16%** | **IT Services–2.16%** |
| †Akamai Technologies, Inc. | 98100 | 7824456 |
| †Twilio, Inc. Class A | 103050 | 12815298 |
|  |  | **20639754** |
| **Life Sciences Tools & Services–1.28%** | **Life Sciences Tools & Services–1.28%** | **Life Sciences Tools & Services–1.28%** |
| Agilent Technologies, Inc. | 59050 | 6968491 |
| †Avantor, Inc. | 395700 | 5326122 |
|  |  | **12294613** |
| **Machinery–4.85%** | **Machinery–4.85%** | **Machinery–4.85%** |
| †Gates Industrial Corp. PLC | 318250 | 7329298 |
| ITT, Inc. | 103850 | 16286795 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Oshkosh Corp. | 113850 | $12926529 |
| Parker-Hannifin Corp. | 14200 | 9918274 |
|  |  | **46460896** |
| **Media–0.59%** | **Media–0.59%** | **Media–0.59%** |
| Interpublic Group of Cos., <br> Inc.<br>| 232100 | 5681808 |
|  |  | **5681808** |
| **Metals & Mining–1.11%** | **Metals & Mining–1.11%** | **Metals & Mining–1.11%** |
| Reliance, Inc. | 33750 | 10594125 |
|  |  | **10594125** |
| **Multi-Utilities–3.94%** | **Multi-Utilities–3.94%** | **Multi-Utilities–3.94%** |
| CMS Energy Corp. | 199250 | 13804040 |
| Public Service Enterprise <br> Group, Inc.<br>| 138250 | 11637885 |
| WEC Energy Group, Inc. | 118400 | 12337280 |
|  |  | **37779205** |
| **Oil, Gas & Consumable Fuels–5.68%** | **Oil, Gas & Consumable Fuels–5.68%** | **Oil, Gas & Consumable Fuels–5.68%** |
| Cheniere Energy, Inc. | 58250 | 14185040 |
| Coterra Energy, Inc. | 428400 | 10872792 |
| Devon Energy Corp. | 200930 | 6391583 |
| Targa Resources Corp. | 78950 | 13743616 |
| Valero Energy Corp. | 68750 | 9241375 |
|  |  | **54434406** |
| **Paper & Forest Products–1.06%** | **Paper & Forest Products–1.06%** | **Paper & Forest Products–1.06%** |
| Louisiana-Pacific Corp. | 118150 | 10159719 |
|  |  | **10159719** |
| **Passenger Airlines–1.01%** | **Passenger Airlines–1.01%** | **Passenger Airlines–1.01%** |
| Delta Air Lines, Inc. | 197150 | 9695837 |
|  |  | **9695837** |
| **Professional Services–2.41%** | **Professional Services–2.41%** | **Professional Services–2.41%** |
| †CACI International, Inc. <br> Class A<br>| 31300 | 14920710 |
| KBR, Inc. | 170670 | 8181920 |
|  |  | **23102630** |
| **Residential REITs–1.15%** | **Residential REITs–1.15%** | **Residential REITs–1.15%** |
| American Homes 4 Rent <br> Class A<br>| 304020 | 10966001 |
|  |  | **10966001** |
| **Retail REITs–1.85%** | **Retail REITs–1.85%** | **Retail REITs–1.85%** |
| Kimco Realty Corp. | 396200 | 8328124 |
| Realty Income Corp. | 162847 | 9381616 |
|  |  | **17709740** |

---

LVIP Macquarie Mid Cap Value Fund-2

------

**LVIP Macquarie 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)** |
| **Semiconductors & Semiconductor Equipment–1.58%** | **Semiconductors & Semiconductor Equipment–1.58%** | **Semiconductors & Semiconductor Equipment–1.58%** |
| †ON Semiconductor Corp. | 139450 | $7308574 |
| Teradyne, Inc. | 87250 | 7845520 |
|  |  | **15154094** |
| **Specialized REITs–1.86%** | **Specialized REITs–1.86%** | **Specialized REITs–1.86%** |
| Extra Space Storage, Inc. | 47318 | 6976566 |
| VICI Properties, Inc. | 331460 | 10805596 |
|  |  | **17782162** |
| **Specialty Retail–2.91%** | **Specialty Retail–2.91%** | **Specialty Retail–2.91%** |
| †AutoZone, Inc. | 2950 | 10951078 |
| Dick's Sporting Goods, Inc. | 31750 | 6280468 |
| Ross Stores, Inc. | 83450 | 10646551 |
|  |  | **27878097** |
| **Trading Companies & Distributors–2.08%** | **Trading Companies & Distributors–2.08%** | **Trading Companies & Distributors–2.08%** |
| United Rentals, Inc. | 12850 | 9681190 |
| WESCO International, Inc. | 55128 | 10209706 |
|  |  | **19890896** |
| **Total Common Stock** <br>**(Cost $589,197,817)** | **Total Common Stock** <br>**(Cost $589,197,817)** | **930954084** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.01%** | **MONEY MARKET FUND–0.01%** | **MONEY MARKET FUND–0.01%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 84276 | $84276 |
| **Total Money Market Fund** <br>**(Cost $84,276)** | **Total Money Market Fund** <br>**(Cost $84,276)** | **84276** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT–2.79%** | **SHORT-TERM INVESTMENT–2.79%** | **SHORT-TERM INVESTMENT–2.79%** |
| **Discounted Commercial Paper–2.79%** | **Discounted Commercial Paper–2.79%** | **Discounted Commercial Paper–2.79%** |
| ≠Canadian Imperial Bank of <br> Commerce 4.38% 7/1/25<br>| 26700000 | 26700000 |
|  |  | **26700000** |
| **Total Short-Term Investment** <br>**(Cost $26,700,000)** | **Total Short-Term Investment** <br>**(Cost $26,700,000)** | **26700000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.98% (Cost $615,982,093)** | **957738360** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.02%** | **171231** |
| **NET ASSETS APPLICABLE TO 21,240,267 SHARES OUTSTANDING–100.00%** | **$957909591** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE MID CAP VALUE FUND STANDARD CLASS** <br>**($743,880,068 / 16,453,062 Shares)** | **$45.212** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE MID CAP VALUE FUND SERVICE CLASS** <br>**($214,029,523 / 4,787,205 Shares)** | **$44.709** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$469301125** |
| Distributable earnings/(accumulated loss) | **488608466** |
| **TOTAL NET ASSETS** | **$957909591** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| †Non-income producing. |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $600,732 payable for fund shares redeemed, $16,114 other accrued expenses payable, $361,682 due to manager and affiliates, <br> $14,033 payable for audit fee and $24,081 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 Macquarie Mid Cap Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie Mid Cap Value Fund** | **LVIP Macquarie 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 | $8952083 |
| **EXPENSES:** |  |
| Management fees | 1654786 |
| Distribution fees-Service Class | 357875 |
| Shareholder servicing fees | 133118 |
| Accounting and administration expenses | 83991 |
| Professional fees | 28441 |
| Reports and statements to shareholders | 14069 |
| Trustees' fees and expenses | 13932 |
| Consulting fees | 4324 |
| Custodian fees | 2969 |
| Pricing fees | 469 |
| Other | 16870 |
| Total operating expenses | 2310844 |
| **NET INVESTMENT INCOME**  | 6641239 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 34560269 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (18315185)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 16245084 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $22886323 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie Mid Cap Value Fund** | **LVIP Macquarie Mid Cap Value Fund** | **LVIP Macquarie 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 | $6641239 | $11014293 |
| Net realized gain | 34560269 | 110009059 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (18315185)<br>| 7276461 |
| Net increase in net assets resulting <br> from operations<br>| 22886323 | 128299813 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (30932491)<br>|
| Service Class |  | (8203446)<br>|
|  |  | (39135937)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 48126889 | 48789280 |
| Service Class | 12325033 | 24277346 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 30932491 |
| Service Class |  | 8203446 |
|  | 60451922 | 112202563 |
| Cost of shares redeemed: |  |  |
| Standard Class | (65188312)<br>| (137319274)<br>|
| Service Class | (14496672)<br>| (37627664)<br>|
|  | (79684984)<br>| (174946938)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (19233062)<br>| (62744375)<br>|
| **NET INCREASE IN NET ASSETS** | 3653261 | 26419501 |
| **NET ASSETS:** |  |  |
| Beginning of period | 954256330 | 927836829 |
| End of period | $957909591 | $954256330 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Mid Cap Value Fund-4

------

**LVIP Macquarie Mid Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Mid Cap Value Fund Standard Class** | **LVIP Macquarie Mid Cap Value Fund Standard Class** | **LVIP Macquarie Mid Cap Value Fund Standard Class** | **LVIP Macquarie Mid Cap Value Fund Standard Class** | **LVIP Macquarie Mid Cap Value Fund Standard Class** | **LVIP Macquarie Mid Cap Value 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; $44.028 | &nbsp;&nbsp; $39.969 | &nbsp;&nbsp; $39.837 | &nbsp;&nbsp; $46.009 | &nbsp;&nbsp; $35.342 | &nbsp;&nbsp; $36.468 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.327 | 0.536 | 0.614 | 0.576 | 0.523 | 0.447 |
| Net realized and unrealized gain (loss) | 0.857 | 5.391 | 3.520 | &nbsp;&nbsp; (4.730)<br>| 10.732 | &nbsp;&nbsp; (0.357)<br>|
| Total from investment operations | 1.184 | 5.927 | 4.134 | &nbsp;&nbsp; (4.154)<br>| 11.255 | 0.090 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.608)<br>| &nbsp;&nbsp; (0.632)<br>| &nbsp;&nbsp; (0.630)<br>| &nbsp;&nbsp; (0.588)<br>| &nbsp;&nbsp; (0.470)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.260)<br>| &nbsp;&nbsp; (3.370)<br>| &nbsp;&nbsp; (1.388)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.348)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.398)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.868)<br>| &nbsp;&nbsp; (4.002)<br>| &nbsp;&nbsp; (2.018)<br>| &nbsp;&nbsp; (0.588)<br>| &nbsp;&nbsp; (1.216)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $45.212 | &nbsp;&nbsp; $44.028 | &nbsp;&nbsp; $39.969 | &nbsp;&nbsp; $39.837 | &nbsp;&nbsp; $46.009 | &nbsp;&nbsp; $35.342 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.69% | &nbsp;&nbsp; 14.82% | &nbsp;&nbsp; 11.24% | &nbsp;&nbsp; (8.87%)<br>| &nbsp;&nbsp; 31.91% | &nbsp;&nbsp; 0.51% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $743880 | &nbsp;&nbsp; $743279 | &nbsp;&nbsp; $731154 | &nbsp;&nbsp; $716382 | &nbsp;&nbsp; $875293 | &nbsp;&nbsp; $671609 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.44% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.48% |
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 28% |

---

&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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Mid Cap Value Fund-5

------

**LVIP Macquarie Mid Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Mid Cap Value Fund Service Class** | **LVIP Macquarie Mid Cap Value Fund Service Class** | **LVIP Macquarie Mid Cap Value Fund Service Class** | **LVIP Macquarie Mid Cap Value Fund Service Class** | **LVIP Macquarie Mid Cap Value Fund Service Class** | **LVIP Macquarie 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** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $43.613 | &nbsp;&nbsp; $39.619 | &nbsp;&nbsp; $39.537 | &nbsp;&nbsp; $45.685 | &nbsp;&nbsp; $35.102 | &nbsp;&nbsp; $36.246 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.249 | 0.381 | 0.472 | 0.424 | 0.373 | 0.339 |
| Net realized and unrealized gain (loss) | 0.847 | 5.330 | 3.480 | &nbsp;&nbsp; (4.695)<br>| 10.649 | &nbsp;&nbsp; (0.374)<br>|
| Total from investment operations | 1.096 | 5.711 | 3.952 | &nbsp;&nbsp; (4.271)<br>| 11.022 | &nbsp;&nbsp; (0.035)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.457)<br>| &nbsp;&nbsp; (0.500)<br>| &nbsp;&nbsp; (0.489)<br>| &nbsp;&nbsp; (0.439)<br>| &nbsp;&nbsp; (0.412)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.260)<br>| &nbsp;&nbsp; (3.370)<br>| &nbsp;&nbsp; (1.388)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.348)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.349)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.717)<br>| &nbsp;&nbsp; (3.870)<br>| &nbsp;&nbsp; (1.877)<br>| &nbsp;&nbsp; (0.439)<br>| &nbsp;&nbsp; (1.109)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $44.709 | &nbsp;&nbsp; $43.613 | &nbsp;&nbsp; $39.619 | &nbsp;&nbsp; $39.537 | &nbsp;&nbsp; $45.685 | &nbsp;&nbsp; $35.102 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 14.42% | &nbsp;&nbsp; 10.86% | &nbsp;&nbsp; (9.19%)<br>| &nbsp;&nbsp; 31.45% | &nbsp;&nbsp; 0.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $214030 | &nbsp;&nbsp; $210977 | &nbsp;&nbsp; $196683 | &nbsp;&nbsp; $185214 | &nbsp;&nbsp; $202292 | &nbsp;&nbsp; $166482 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.79% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.13% |
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 28% |

---

&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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Mid Cap Value Fund-6

------

**LVIP Macquarie 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 Macquarie Mid Cap Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to maximize long-term capital appreciation (as measured by the change in the value of Fund shares over a period of three years or longer).

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 Macquarie Mid Cap Value Fund-7

------

**LVIP Macquarie Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the 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. The management fee is calculated daily and paid monthly.

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA 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; $39307 |
| Legal | &nbsp;&nbsp; 5991 |

---

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 $8,580 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 Macquarie Mid Cap Value Fund-8

------

**LVIP Macquarie Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $277787 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 60387 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1105 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 22403 |

---

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; $98323515 |
| Sales | &nbsp;&nbsp; 127409840 |

---

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; $615982093 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $369767641 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (28011374)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $341756267 |

---

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 Macquarie Mid Cap Value Fund-9

------

**LVIP Macquarie 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 | &nbsp;&nbsp; $930954084 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $930954084 |
| Money Market Fund | &nbsp;&nbsp; 84276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84276 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 26700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26700000 |
| **Total Investments** | &nbsp;&nbsp; $931038360 | &nbsp;&nbsp; $26700000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $957738360 |

---

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; 1097138 | &nbsp;&nbsp; 1092877 |
| Service Class | &nbsp;&nbsp; 287946 | &nbsp;&nbsp; 566295 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 694200 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 186648 |
|  | &nbsp;&nbsp; 1385084 | &nbsp;&nbsp; 2540020 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1526041)<br>| &nbsp;&nbsp; (3198317)<br>|
| Service Class | &nbsp;&nbsp; (338215)<br>| &nbsp;&nbsp; (879874)<br>|
|  | &nbsp;&nbsp; (1864256)<br>| &nbsp;&nbsp; (4078191)<br>|
| Net decrease | &nbsp;&nbsp; (479172)<br>| &nbsp;&nbsp; (1538171)<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.

LVIP Macquarie Mid Cap Value Fund-10

------

**LVIP Macquarie Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. 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 Macquarie Mid Cap Value Fund-11

------

![](imgbe392d6e1.jpg)

LVIP Macquarie SMID Cap Core Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie SMID Cap Core Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_ff5e40bf-a81f-4ec5-815f-a45a66f570c4_SOI-continued-455_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_ff5e40bf-a81f-4ec5-815f-a45a66f570c4_FS-continued-455_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_ff5e40bf-a81f-4ec5-815f-a45a66f570c4_FS-continued-455_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_ff5e40bf-a81f-4ec5-815f-a45a66f570c4_FIHI-continued-455_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_ff5e40bf-a81f-4ec5-815f-a45a66f570c4_NTF-continued-455_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP Macquarie SMID Cap Core 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–97.53%** | **COMMON STOCK–97.53%** | **COMMON STOCK–97.53%** |
| **Aerospace & Defense–0.01%** | **Aerospace & Defense–0.01%** | **Aerospace & Defense–0.01%** |
| †ATI, Inc. | 1170 | $101018 |
|  |  | **101018** |
| **Automobile Components–0.60%** | **Automobile Components–0.60%** | **Automobile Components–0.60%** |
| BorgWarner, Inc. | 115656 | 3872163 |
|  |  | **3872163** |
| **Banks–10.20%** | **Banks–10.20%** | **Banks–10.20%** |
| Columbia Banking System, <br> Inc.<br>| 315703 | 7381136 |
| East West Bancorp, Inc. | 131263 | 13254938 |
| Old National Bancorp | 357557 | 7630266 |
| Pinnacle Financial Partners, <br> Inc.<br>| 84797 | 9362437 |
| SouthState Corp. | 90443 | 8323469 |
| Synovus Financial Corp. | 62869 | 3253471 |
| Webster Financial Corp. | 198765 | 10852569 |
| WSFS Financial Corp. | 112149 | 6168195 |
|  |  | **66226481** |
| **Biotechnology–5.96%** | **Biotechnology–5.96%** | **Biotechnology–5.96%** |
| †Amicus Therapeutics, Inc. | 253397 | 1451965 |
| †Blueprint Medicines Corp. | 44455 | 5698242 |
| †Exact Sciences Corp. | 84578 | 4494475 |
| †Halozyme Therapeutics, Inc. | 91662 | 4768257 |
| †Insmed, Inc. | 84441 | 8498142 |
| †Natera, Inc. | 32146 | 5430745 |
| †Neurocrine Biosciences, Inc. | 49487 | 6220021 |
| †Ultragenyx Pharmaceutical, <br> Inc.<br>| 58937 | 2142950 |
|  |  | **38704797** |
| **Building Products–1.82%** | **Building Products–1.82%** | **Building Products–1.82%** |
| Carlisle Cos., Inc. | 8844 | 3302350 |
| Tecnoglass, Inc. | 38709 | 2994528 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 151623 | 5544853 |
|  |  | **11841731** |
| **Capital Markets–1.79%** | **Capital Markets–1.79%** | **Capital Markets–1.79%** |
| Hamilton Lane, Inc. Class A | 27055 | 3845056 |
| Stifel Financial Corp. | 74897 | 7772811 |
|  |  | **11617867** |
| **Chemicals–1.53%** | **Chemicals–1.53%** | **Chemicals–1.53%** |
| Huntsman Corp. | 330126 | 3439913 |
| Minerals Technologies, Inc. | 117532 | 6472487 |
|  |  | **9912400** |
| **Commercial Services & Supplies–3.24%** | **Commercial Services & Supplies–3.24%** | **Commercial Services & Supplies–3.24%** |
| ABM Industries, Inc. | 90782 | 4285818 |
| †Casella Waste Systems, Inc. <br> Class A<br>| 45277 | 5224061 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Clean Harbors, Inc. | 27495 | $6356294 |
| Tetra Tech, Inc. | 143500 | 5160260 |
|  |  | **21026433** |
| **Construction & Engineering–2.72%** | **Construction & Engineering–2.72%** | **Construction & Engineering–2.72%** |
| †API Group Corp. | 65376 | 3337445 |
| Arcosa, Inc. | 66028 | 5725288 |
| Quanta Services, Inc. | 8808 | 3330128 |
| WillScot Holdings Corp. | 192515 | 5274911 |
|  |  | **17667772** |
| **Consumer Staples Distribution & Retail–3.28%** | **Consumer Staples Distribution & Retail–3.28%** | **Consumer Staples Distribution & Retail–3.28%** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 80158 | 8643437 |
| Casey's General Stores, Inc. | 24817 | 12663371 |
|  |  | **21306808** |
| **Electrical Equipment–0.82%** | **Electrical Equipment–0.82%** | **Electrical Equipment–0.82%** |
| Atkore, Inc. | 15485 | 1092467 |
| Regal Rexnord Corp. | 29142 | 4224424 |
|  |  | **5316891** |
| **Electronic Equipment, Instruments & Components–1.31%** | **Electronic Equipment, Instruments & Components–1.31%** | **Electronic Equipment, Instruments & Components–1.31%** |
| †Coherent Corp. | 95148 | 8488153 |
|  |  | **8488153** |
| **Energy Equipment & Services–0.89%** | **Energy Equipment & Services–0.89%** | **Energy Equipment & Services–0.89%** |
| Liberty Energy, Inc. | 504450 | 5791086 |
|  |  | **5791086** |
| **Entertainment–0.80%** | **Entertainment–0.80%** | **Entertainment–0.80%** |
| †IMAX Corp. | 186782 | 5222425 |
|  |  | **5222425** |
| **Financial Services–0.83%** | **Financial Services–0.83%** | **Financial Services–0.83%** |
| Essent Group Ltd. | 88841 | 5395314 |
|  |  | **5395314** |
| **Food Products–0.53%** | **Food Products–0.53%** | **Food Products–0.53%** |
| J&J Snack Foods Corp. | 30517 | 3460933 |
|  |  | **3460933** |
| **Gas Utilities–0.97%** | **Gas Utilities–0.97%** | **Gas Utilities–0.97%** |
| Spire, Inc. | 86733 | 6330642 |
|  |  | **6330642** |
| **Ground Transportation–1.43%** | **Ground Transportation–1.43%** | **Ground Transportation–1.43%** |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 101927 | 4508231 |
| †Saia, Inc. | 6835 | 1872722 |
| †XPO, Inc. | 23278 | 2939778 |
|  |  | **9320731** |
| **Health Care Equipment & Supplies–2.46%** | **Health Care Equipment & Supplies–2.46%** | **Health Care Equipment & Supplies–2.46%** |
| †Glaukos Corp. | 38827 | 4010441 |
| †Inspire Medical Systems, Inc. | 22348 | 2900100 |

---

LVIP Macquarie SMID Cap Core Fund-1

------

**LVIP Macquarie SMID Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †Lantheus Holdings, Inc. | 51264 | $4196471 |
| =†OmniAb, Inc. Earnout Shares | 14046 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 14046 | 0 |
| †TransMedics Group, Inc. | 36235 | 4855852 |
|  |  | **15962864** |
| **Health Care Providers & Services–1.10%** | **Health Care Providers & Services–1.10%** | **Health Care Providers & Services–1.10%** |
| Encompass Health Corp. | 58255 | 7143811 |
|  |  | **7143811** |
| **Health Care REITs–0.76%** | **Health Care REITs–0.76%** | **Health Care REITs–0.76%** |
| Healthpeak Properties, Inc. | 281216 | 4924092 |
|  |  | **4924092** |
| **Hotels, Restaurants & Leisure–3.63%** | **Hotels, Restaurants & Leisure–3.63%** | **Hotels, Restaurants & Leisure–3.63%** |
| Aramark | 140973 | 5902540 |
| †Brinker International, Inc. | 30230 | 5451376 |
| †Life Time Group Holdings, <br> Inc.<br>| 93688 | 2841557 |
| Texas Roadhouse, Inc. | 38315 | 7180614 |
| Wendy's Co. | 195393 | 2231388 |
|  |  | **23607475** |
| **Household Durables–1.91%** | **Household Durables–1.91%** | **Household Durables–1.91%** |
| KB Home | 42844 | 2269447 |
| La-Z-Boy, Inc. | 80272 | 2983710 |
| †Taylor Morrison Home Corp. | 46642 | 2864751 |
| Toll Brothers, Inc. | 37446 | 4273712 |
|  |  | **12391620** |
| **Industrial REITs–1.57%** | **Industrial REITs–1.57%** | **Industrial REITs–1.57%** |
| First Industrial Realty Trust, <br> Inc.<br>| 132675 | 6385648 |
| Terreno Realty Corp. | 67974 | 3811302 |
|  |  | **10196950** |
| **Insurance–4.53%** | **Insurance–4.53%** | **Insurance–4.53%** |
| Axis Capital Holdings Ltd. | 113536 | 11787308 |
| Kemper Corp. | 136845 | 8831976 |
| Reinsurance Group of <br> America, Inc.<br>| 44529 | 8832772 |
|  |  | **29452056** |
| **Interactive Media & Services–0.48%** | **Interactive Media & Services–0.48%** | **Interactive Media & Services–0.48%** |
| †Yelp, Inc. | 90289 | 3094204 |
|  |  | **3094204** |
| **IT Services–0.43%** | **IT Services–0.43%** | **IT Services–0.43%** |
| †ASGN, Inc. | 56171 | 2804618 |
|  |  | **2804618** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Leisure Products–0.95%** | **Leisure Products–0.95%** | **Leisure Products–0.95%** |
| †Malibu Boats, Inc. Class A | 64052 | $2007390 |
| †YETI Holdings, Inc. | 131483 | 4144344 |
|  |  | **6151734** |
| **Life Sciences Tools & Services–1.22%** | **Life Sciences Tools & Services–1.22%** | **Life Sciences Tools & Services–1.22%** |
| Bio-Techne Corp. | 72583 | 3734395 |
| †Repligen Corp. | 33682 | 4189367 |
|  |  | **7923762** |
| **Machinery–5.32%** | **Machinery–5.32%** | **Machinery–5.32%** |
| †Chart Industries, Inc. | 24038 | 3957857 |
| Federal Signal Corp. | 66508 | 7077781 |
| †Gates Industrial Corp. PLC | 188311 | 4336802 |
| Graco, Inc. | 56730 | 4877078 |
| Kadant, Inc. | 14655 | 4652230 |
| Lincoln Electric Holdings, <br> Inc.<br>| 35037 | 7263871 |
| †SPX Technologies, Inc. | 14273 | 2393297 |
|  |  | **34558916** |
| **Marine Transportation–1.25%** | **Marine Transportation–1.25%** | **Marine Transportation–1.25%** |
| †Kirby Corp. | 71861 | 8149756 |
|  |  | **8149756** |
| **Media–1.10%** | **Media–1.10%** | **Media–1.10%** |
| Interpublic Group of Cos., <br> Inc.<br>| 168736 | 4130657 |
| Nexstar Media Group, Inc. | 17329 | 2997051 |
|  |  | **7127708** |
| **Metals & Mining–2.55%** | **Metals & Mining–2.55%** | **Metals & Mining–2.55%** |
| Carpenter Technology Corp. | 9360 | 2586917 |
| Kaiser Aluminum Corp. | 55274 | 4416392 |
| Reliance, Inc. | 30380 | 9536282 |
|  |  | **16539591** |
| **Multi-Utilities–0.80%** | **Multi-Utilities–0.80%** | **Multi-Utilities–0.80%** |
| Black Hills Corp. | 92328 | 5179601 |
|  |  | **5179601** |
| **Oil, Gas & Consumable Fuels–2.83%** | **Oil, Gas & Consumable Fuels–2.83%** | **Oil, Gas & Consumable Fuels–2.83%** |
| Expand Energy Corp. | 74272 | 8685368 |
| International Seaways, Inc. | 40594 | 1480869 |
| Permian Resources Corp. | 601838 | 8197033 |
|  |  | **18363270** |
| **Pharmaceuticals–1.99%** | **Pharmaceuticals–1.99%** | **Pharmaceuticals–1.99%** |
| †Axsome Therapeutics, Inc. | 44031 | 4596396 |
| †Ligand Pharmaceuticals, Inc. | 43609 | 4957471 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 107145 | 3377211 |
|  |  | **12931078** |
| **Professional Services–3.48%** | **Professional Services–3.48%** | **Professional Services–3.48%** |
| †ExlService Holdings, Inc. | 190439 | 8339324 |

---

LVIP Macquarie SMID Cap Core Fund-2

------

**LVIP Macquarie SMID Cap Core Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| KBR, Inc. | 99524 | $4771180 |
| UL Solutions, Inc. Class A | 46888 | 3416260 |
| †WNS Holdings Ltd. | 96010 | 6071672 |
|  |  | **22598436** |
| **Real Estate Management & Development–0.78%** | **Real Estate Management & Development–0.78%** | **Real Estate Management & Development–0.78%** |
| †Jones Lang LaSalle, Inc. | 19839 | 5074419 |
|  |  | **5074419** |
| **Residential REITs–1.13%** | **Residential REITs–1.13%** | **Residential REITs–1.13%** |
| Camden Property Trust | 64943 | 7318427 |
|  |  | **7318427** |
| **Retail REITs–1.84%** | **Retail REITs–1.84%** | **Retail REITs–1.84%** |
| Brixmor Property Group, Inc. | 245446 | 6391414 |
| Kite Realty Group Trust | 244240 | 5532036 |
|  |  | **11923450** |
| **Semiconductors & Semiconductor Equipment–3.95%** | **Semiconductors & Semiconductor Equipment–3.95%** | **Semiconductors & Semiconductor Equipment–3.95%** |
| †Astera Labs, Inc. | 35891 | 3245264 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 57624 | 8256943 |
| †Semtech Corp. | 193175 | 8719919 |
| †Silicon Laboratories, Inc. | 36674 | 5404281 |
|  |  | **25626407** |
| **Software–7.92%** | **Software–7.92%** | **Software–7.92%** |
| †Box, Inc. Class A | 98770 | 3374971 |
| †Dynatrace, Inc. | 99815 | 5510786 |
| †Guidewire Software, Inc. | 48720 | 11471124 |
| †Procore Technologies, Inc. | 61343 | 4197088 |
| †PTC, Inc. | 18552 | 3197252 |
| †Q2 Holdings, Inc. | 76063 | 7118736 |
| †Rapid7, Inc. | 64738 | 1497390 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Rubrik, Inc. Class A | 29963 | $2684385 |
| †SPS Commerce, Inc. | 22122 | 3010583 |
| †Varonis Systems, Inc. | 136229 | 6913622 |
| †Workiva, Inc. | 36340 | 2487473 |
|  |  | **51463410** |
| **Specialty Retail–1.46%** | **Specialty Retail–1.46%** | **Specialty Retail–1.46%** |
| Dick's Sporting Goods, Inc. | 47821 | 9459472 |
|  |  | **9459472** |
| **Textiles, Apparel & Luxury Goods–0.46%** | **Textiles, Apparel & Luxury Goods–0.46%** | **Textiles, Apparel & Luxury Goods–0.46%** |
| Steven Madden Ltd. | 124423 | 2983664 |
|  |  | **2983664** |
| **Trading Companies & Distributors–2.90%** | **Trading Companies & Distributors–2.90%** | **Trading Companies & Distributors–2.90%** |
| Applied Industrial <br> Technologies, Inc.<br>| 20833 | 4842631 |
| Boise Cascade Co. | 53858 | 4675952 |
| FTAI Aviation Ltd. | 12184 | 1401647 |
| WESCO International, Inc. | 42762 | 7919522 |
|  |  | **18839752** |
| **Total Common Stock** <br>**(Cost $430,773,524)** | **Total Common Stock** <br>**(Cost $430,773,524)** | **633394188** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–2.45%** | **MONEY MARKET FUND–2.45%** | **MONEY MARKET FUND–2.45%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 15956696 | 15956696 |
| **Total Money Market Fund** <br>**(Cost $15,956,696)** | **Total Money Market Fund** <br>**(Cost $15,956,696)** | **15956696** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.98% (Cost $446,730,220)** | **649350884** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.02%** | **101729** |
| **NET ASSETS APPLICABLE TO 24,367,210 SHARES OUTSTANDING–100.00%** | **$649452613** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE SMID CAP CORE FUND STANDARD CLASS** <br>**($425,027,509 / 15,350,592 Shares)** | **$27.688** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE SMID CAP CORE FUND SERVICE CLASS** <br>**($224,425,104 / 9,016,618 Shares)** | **$24.890** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$401407058** |
| Distributable earnings/(accumulated loss) | **248045555** |
| **TOTAL NET ASSETS** | **$649452613** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Macquarie SMID Cap Core Fund-3

------

**LVIP Macquarie SMID Cap Core Fund**

**Statement of Net Assets (continued)**

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $5,546 expense reimbursement receivable from Lincoln Financial Investments Corporation, $291,403 payable for fund shares <br> redeemed, $10,103 other accrued expenses payable, $460,229 due to manager and affiliates, $14,639 payable for audit fee and $18,232 <br> 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 Macquarie SMID Cap Core Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie SMID Cap Core Fund** | **LVIP Macquarie SMID Cap Core Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $4578101 |
| **EXPENSES:** |  |
| Management fees | 2330201 |
| Distribution fees-Service Class | 323736 |
| Shareholder servicing fees | 91401 |
| Accounting and administration expenses | 60887 |
| Professional fees | 25798 |
| Reports and statements to shareholders | 12966 |
| Trustees' fees and expenses | 9609 |
| Consulting fees | 4319 |
| Custodian fees | 2426 |
| Pricing fees | 526 |
| Other | 11174 |
|  | 2873043 |
| Less:  |  |
| Expenses reimbursed | (27903)<br>|
| Total operating expenses | 2845140 |
| **NET INVESTMENT INCOME**  | 1732961 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 31494362 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (36441065)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (4946703)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(3213742)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie SMID Cap Core Fund** | **LVIP Macquarie SMID Cap Core Fund** | **LVIP Macquarie SMID Cap Core 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 | $1732961 | $2983098 |
| Net realized gain | 31494362 | 15642125 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (36441065)<br>| 68966349 |
| Net increase (decrease) in net <br> assets resulting from operations<br>| (3213742)<br>| 87591572 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (22474891)<br>|
| Service Class |  | (11953924)<br>|
|  |  | (34428815)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 21509255 | 35511118 |
| Service Class | 21186082 | 24282079 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 22474891 |
| Service Class |  | 11953924 |
|  | 42695337 | 94222012 |
| Cost of shares redeemed: |  |  |
| Standard Class | (29640330)<br>| (70397677)<br>|
| Service Class | (17042074)<br>| (39047651)<br>|
|  | (46682404)<br>| (109445328)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (3987067)<br>| (15223316)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (7200809)<br>| 37939441 |
| **NET ASSETS:** |  |  |
| Beginning of period | 656653422 | 618713981 |
| End of period | $649452613 | $656653422 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie SMID Cap Core Fund-5

------

**LVIP Macquarie SMID Cap Core Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie SMID Cap Core Fund Standard Class** | **LVIP Macquarie SMID Cap Core Fund Standard Class** | **LVIP Macquarie SMID Cap Core Fund Standard Class** | **LVIP Macquarie SMID Cap Core Fund Standard Class** | **LVIP Macquarie SMID Cap Core Fund Standard Class** | **LVIP Macquarie SMID Cap Core 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; $27.813 | &nbsp;&nbsp; $25.561 | &nbsp;&nbsp; $23.395 | &nbsp;&nbsp; $28.114 | &nbsp;&nbsp; $24.740 | &nbsp;&nbsp; $23.090 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.087 | 0.153 | 0.180 | 0.167 | 0.052 | 0.210 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.212)<br>| 3.572 | 3.529 | &nbsp;&nbsp; (4.065)<br>| 5.604 | 2.040 |
| Total from investment operations | &nbsp;&nbsp; (0.125)<br>| 3.725 | 3.709 | &nbsp;&nbsp; (3.898)<br>| 5.656 | 2.250 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.110)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.308)<br>| &nbsp;&nbsp; (1.270)<br>| &nbsp;&nbsp; (0.710)<br>| &nbsp;&nbsp; (2.008)<br>| &nbsp;&nbsp; (0.490)<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; (1.473)<br>| &nbsp;&nbsp; (1.543)<br>| &nbsp;&nbsp; (0.821)<br>| &nbsp;&nbsp; (2.282)<br>| &nbsp;&nbsp; (0.600)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $27.688 | &nbsp;&nbsp; $27.813 | &nbsp;&nbsp; $25.561 | &nbsp;&nbsp; $23.395 | &nbsp;&nbsp; $28.114 | &nbsp;&nbsp; $24.740 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (0.45%)<br>| &nbsp;&nbsp; 14.73% | &nbsp;&nbsp; 16.45% | &nbsp;&nbsp; (13.73%)<br>| &nbsp;&nbsp; 23.18% | &nbsp;&nbsp; 11.09% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $425028 | &nbsp;&nbsp; $435084 | &nbsp;&nbsp; $411197 | &nbsp;&nbsp; $373770 | &nbsp;&nbsp; $467478 | &nbsp;&nbsp; $413756 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.82% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.82% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 1.02% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 17% | &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 Fund adopted the accounting and performance history of the Delaware VIP SMID Cap Core Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP SMID Cap Core Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie SMID Cap Core Fund-6

------

**LVIP Macquarie SMID Cap Core Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie SMID Cap Core Fund Service Class** | **LVIP Macquarie SMID Cap Core Fund Service Class** | **LVIP Macquarie SMID Cap Core Fund Service Class** | **LVIP Macquarie SMID Cap Core Fund Service Class** | **LVIP Macquarie SMID Cap Core Fund Service Class** | **LVIP Macquarie SMID Cap Core 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; $25.039 | &nbsp;&nbsp; $23.148 | &nbsp;&nbsp; $21.331 | &nbsp;&nbsp; $25.715 | &nbsp;&nbsp; $22.750 | &nbsp;&nbsp; $21.280 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | 0.042 | 0.065 | 0.097 | 0.085 | &nbsp;&nbsp; (0.031)<br>| 0.140 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.191)<br>| 3.225 | 3.198 | &nbsp;&nbsp; (3.718)<br>| 5.154 | 1.870 |
| Total from investment operations | &nbsp;&nbsp; (0.149)<br>| 3.290 | 3.295 | &nbsp;&nbsp; (3.633)<br>| 5.123 | 2.010 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.091)<br>| &nbsp;&nbsp; (0.208)<br>| &nbsp;&nbsp; (0.041)<br>| &nbsp;&nbsp; (0.148)<br>| &nbsp;&nbsp; (0.050)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.308)<br>| &nbsp;&nbsp; (1.270)<br>| &nbsp;&nbsp; (0.710)<br>| &nbsp;&nbsp; (2.009)<br>| &nbsp;&nbsp; (0.490)<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; (1.399)<br>| &nbsp;&nbsp; (1.478)<br>| &nbsp;&nbsp; (0.751)<br>| &nbsp;&nbsp; (2.158)<br>| &nbsp;&nbsp; (0.540)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $24.890 | &nbsp;&nbsp; $25.039 | &nbsp;&nbsp; $23.148 | &nbsp;&nbsp; $21.331 | &nbsp;&nbsp; $25.715 | &nbsp;&nbsp; $22.750 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (0.60%)<br>| &nbsp;&nbsp; 14.38% | &nbsp;&nbsp; 16.10% | &nbsp;&nbsp; (13.99%)<br>| &nbsp;&nbsp; 22.83% | &nbsp;&nbsp; 10.74% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $224425 | &nbsp;&nbsp; $221569 | &nbsp;&nbsp; $207517 | &nbsp;&nbsp; $187903 | &nbsp;&nbsp; $244643 | &nbsp;&nbsp; $230731 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; (0.13%)<br>| &nbsp;&nbsp; 0.72% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; (0.13%)<br>| &nbsp;&nbsp; 0.72% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 17% | &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 Fund adopted the accounting and performance history of the Delaware VIP SMID Cap Core Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP SMID Cap Core Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie SMID Cap Core Fund-7

------

**LVIP Macquarie SMID Cap Core 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 Macquarie SMID Cap Core Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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. 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 Macquarie SMID Cap Core Fund-8

------

**LVIP Macquarie SMID Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the first $500 million of the Fund's average daily net assets; 0.70% of the next $500 million; 0.65% of the next $1.5 billion; and 0.60% of the Fund's average daily net assets in excess of $2.5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.80% of the Fund's average daily net assets for the Standard Class and 1.10% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $59838 | &nbsp;&nbsp; $43886 | &nbsp;&nbsp; $45252 | &nbsp;&nbsp; $148976 |

---

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA 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; $27036 |
| Legal | &nbsp;&nbsp; 4121 |

---

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 $8,786 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

LVIP Macquarie SMID Cap Core Fund-9

------

**LVIP Macquarie SMID Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.30% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $5546 |
| Management fees payable to LFI | &nbsp;&nbsp; 389277 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 54558 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1118 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 15276 |

---

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; $80142900 |
| Sales | &nbsp;&nbsp; 80061780 |

---

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; $446730220 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $229714642 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (27093978)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $202620664 |

---

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.

LVIP Macquarie SMID Cap Core Fund-10

------

**LVIP Macquarie SMID Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $101018 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101018 |
| Automobile Components | &nbsp;&nbsp; 3872163 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3872163 |
| Banks | &nbsp;&nbsp; 66226481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66226481 |
| Biotechnology | &nbsp;&nbsp; 38704797 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38704797 |
| Building Products | &nbsp;&nbsp; 11841731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11841731 |
| Capital Markets | &nbsp;&nbsp; 11617867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11617867 |
| Chemicals | &nbsp;&nbsp; 9912400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9912400 |
| Commercial Services & Supplies | &nbsp;&nbsp; 21026433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21026433 |
| Construction & Engineering | &nbsp;&nbsp; 17667772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17667772 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 21306808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21306808 |
| Electrical Equipment | &nbsp;&nbsp; 5316891 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5316891 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 8488153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8488153 |
| Energy Equipment & Services | &nbsp;&nbsp; 5791086 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5791086 |
| Entertainment | &nbsp;&nbsp; 5222425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5222425 |
| Financial Services | &nbsp;&nbsp; 5395314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5395314 |
| Food Products | &nbsp;&nbsp; 3460933 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3460933 |
| Gas Utilities | &nbsp;&nbsp; 6330642 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6330642 |
| Ground Transportation | &nbsp;&nbsp; 9320731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9320731 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 15962864 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 15962864 |
| Health Care Providers & Services | &nbsp;&nbsp; 7143811 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7143811 |
| Health Care REITs | &nbsp;&nbsp; 4924092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4924092 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 23607475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23607475 |
| Household Durables | &nbsp;&nbsp; 12391620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12391620 |
| Industrial REITs | &nbsp;&nbsp; 10196950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10196950 |
| Insurance | &nbsp;&nbsp; 29452056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29452056 |
| Interactive Media & Services | &nbsp;&nbsp; 3094204 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3094204 |
| IT Services | &nbsp;&nbsp; 2804618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2804618 |
| Leisure Products | &nbsp;&nbsp; 6151734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6151734 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 7923762 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7923762 |
| Machinery | &nbsp;&nbsp; 34558916 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34558916 |
| Marine Transportation | &nbsp;&nbsp; 8149756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8149756 |
| Media | &nbsp;&nbsp; 7127708 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7127708 |
| Metals & Mining | &nbsp;&nbsp; 16539591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16539591 |
| Multi-Utilities | &nbsp;&nbsp; 5179601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5179601 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 18363270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18363270 |
| Pharmaceuticals | &nbsp;&nbsp; 12931078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12931078 |
| Professional Services | &nbsp;&nbsp; 22598436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22598436 |
| Real Estate Management & Development | &nbsp;&nbsp; 5074419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5074419 |
| Residential REITs | &nbsp;&nbsp; 7318427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7318427 |
| Retail REITs | &nbsp;&nbsp; 11923450 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11923450 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 25626407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25626407 |
| Software | &nbsp;&nbsp; 51463410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51463410 |
| Specialty Retail | &nbsp;&nbsp; 9459472 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9459472 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2983664 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2983664 |
| Trading Companies & Distributors | &nbsp;&nbsp; 18839752 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18839752 |
| Money Market Fund | &nbsp;&nbsp; 15956696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15956696 |
| **Total Investments** | &nbsp;&nbsp; $649350884 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $649350884 |

---

&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 Macquarie SMID Cap Core Fund-11

------

**LVIP Macquarie SMID Cap Core Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. 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; 801125 | &nbsp;&nbsp; 1318371 |
| Service Class | &nbsp;&nbsp; 868056 | &nbsp;&nbsp; 981587 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 825707 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 488897 |
|  | &nbsp;&nbsp; 1669181 | &nbsp;&nbsp; 3614562 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1093842)<br>| &nbsp;&nbsp; (2587766)<br>|
| Service Class | &nbsp;&nbsp; (700232)<br>| &nbsp;&nbsp; (1586615)<br>|
|  | &nbsp;&nbsp; (1794074)<br>| &nbsp;&nbsp; (4174381)<br>|
| Net decrease | &nbsp;&nbsp; (124893)<br>| &nbsp;&nbsp; (559819)<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.

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 Macquarie SMID Cap Core Fund-12

------

![](img7ccee23e1.jpg)

LVIP Macquarie Social Awareness Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie Social Awareness Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_89f225a3-6fe3-46be-8be0-3badffcefa4e_SOI-continued-254_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_89f225a3-6fe3-46be-8be0-3badffcefa4e_FS-continued-254_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_89f225a3-6fe3-46be-8be0-3badffcefa4e_FS-continued-254_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_89f225a3-6fe3-46be-8be0-3badffcefa4e_FIHI-continued-254_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_89f225a3-6fe3-46be-8be0-3badffcefa4e_NTF-continued-254_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP Macquarie Social Awareness 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–98.93%** | **COMMON STOCK–98.93%** | **COMMON STOCK–98.93%** |
| **Automobile Components–0.26%** | **Automobile Components–0.26%** | **Automobile Components–0.26%** |
| BorgWarner, Inc. | 62665 | $2098024 |
|  |  | **2098024** |
| **Automobiles–0.75%** | **Automobiles–0.75%** | **Automobiles–0.75%** |
| †Tesla, Inc. | 19274 | 6122579 |
|  |  | **6122579** |
| **Banks–5.93%** | **Banks–5.93%** | **Banks–5.93%** |
| East West Bancorp, Inc. | 88354 | 8921987 |
| JPMorgan Chase & Co. | 72325 | 20967741 |
| Synovus Financial Corp. | 56867 | 2942867 |
| U.S. Bancorp | 214082 | 9687211 |
| Webster Financial Corp. | 105589 | 5765159 |
|  |  | **48284965** |
| **Beverages–0.79%** | **Beverages–0.79%** | **Beverages–0.79%** |
| PepsiCo, Inc. | 48871 | 6452927 |
|  |  | **6452927** |
| **Biotechnology–2.65%** | **Biotechnology–2.65%** | **Biotechnology–2.65%** |
| †Insmed, Inc. | 53027 | 5336637 |
| †Natera, Inc. | 27170 | 4590100 |
| †Neurocrine Biosciences, Inc. | 33442 | 4203325 |
| †Vertex Pharmaceuticals, Inc. | 16807 | 7482476 |
|  |  | **21612538** |
| **Broadline Retail–4.02%** | **Broadline Retail–4.02%** | **Broadline Retail–4.02%** |
| †Amazon.com, Inc. | 149395 | 32775769 |
|  |  | **32775769** |
| **Building Products–1.77%** | **Building Products–1.77%** | **Building Products–1.77%** |
| Carlisle Cos., Inc. | 11592 | 4328453 |
| Trane Technologies PLC | 23052 | 10083175 |
|  |  | **14411628** |
| **Capital Markets–2.74%** | **Capital Markets–2.74%** | **Capital Markets–2.74%** |
| Blackrock, Inc. | 8321 | 8730809 |
| Intercontinental Exchange, <br> Inc.<br>| 45641 | 8373754 |
| Raymond James Financial, <br> Inc.<br>| 33935 | 5204611 |
|  |  | **22309174** |
| **Chemicals–2.08%** | **Chemicals–2.08%** | **Chemicals–2.08%** |
| Corteva, Inc. | 72593 | 5410356 |
| DuPont de Nemours, Inc. | 61455 | 4215199 |
| Linde PLC | 15661 | 7347828 |
|  |  | **16973383** |
| **Commercial Services & Supplies–0.53%** | **Commercial Services & Supplies–0.53%** | **Commercial Services & Supplies–0.53%** |
| Waste Management, Inc. | 18864 | 4316460 |
|  |  | **4316460** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Communications Equipment–0.94%** | **Communications Equipment–0.94%** | **Communications Equipment–0.94%** |
| Cisco Systems, Inc. | 110745 | $7683488 |
|  |  | **7683488** |
| **Construction & Engineering–1.75%** | **Construction & Engineering–1.75%** | **Construction & Engineering–1.75%** |
| Quanta Services, Inc. | 37763 | 14277435 |
|  |  | **14277435** |
| **Consumer Staples Distribution & Retail–1.00%** | **Consumer Staples Distribution & Retail–1.00%** | **Consumer Staples Distribution & Retail–1.00%** |
| Casey's General Stores, Inc. | 16028 | 8178608 |
|  |  | **8178608** |
| **Diversified Telecommunication Services–0.62%** | **Diversified Telecommunication Services–0.62%** | **Diversified Telecommunication Services–0.62%** |
| AT&T, Inc. | 173498 | 5021032 |
|  |  | **5021032** |
| **Electrical Equipment–1.73%** | **Electrical Equipment–1.73%** | **Electrical Equipment–1.73%** |
| AMETEK, Inc. | 20142 | 3644896 |
| Eaton Corp. PLC | 17711 | 6322650 |
| Emerson Electric Co. | 30654 | 4087098 |
|  |  | **14054644** |
| **Entertainment–2.52%** | **Entertainment–2.52%** | **Entertainment–2.52%** |
| †Netflix, Inc. | 10090 | 13511822 |
| Walt Disney Co. | 56780 | 7041288 |
|  |  | **20553110** |
| **Financial Services–2.50%** | **Financial Services–2.50%** | **Financial Services–2.50%** |
| Visa, Inc. Class A | 57333 | 20356082 |
|  |  | **20356082** |
| **Ground Transportation–1.21%** | **Ground Transportation–1.21%** | **Ground Transportation–1.21%** |
| CSX Corp. | 193254 | 6305878 |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 79500 | 3516285 |
|  |  | **9822163** |
| **Health Care Equipment & Supplies–2.60%** | **Health Care Equipment & Supplies–2.60%** | **Health Care Equipment & Supplies–2.60%** |
| Abbott Laboratories | 63449 | 8629699 |
| †Boston Scientific Corp. | 38676 | 4154189 |
| †Edwards Lifesciences Corp. | 52134 | 4077400 |
| †Lantheus Holdings, Inc. | 53087 | 4345702 |
|  |  | **21206990** |
| **Health Care Providers & Services–1.07%** | **Health Care Providers & Services–1.07%** | **Health Care Providers & Services–1.07%** |
| Cigna Group | 26343 | 8708469 |
|  |  | **8708469** |
| **Health Care Technology–0.35%** | **Health Care Technology–0.35%** | **Health Care Technology–0.35%** |
| †Veeva Systems, Inc. Class A | 9808 | 2824508 |
|  |  | **2824508** |
| **Hotels, Restaurants & Leisure–1.84%** | **Hotels, Restaurants & Leisure–1.84%** | **Hotels, Restaurants & Leisure–1.84%** |
| Aramark | 99409 | 4162255 |

---

LVIP Macquarie Social Awareness Fund-1

------

**LVIP Macquarie Social Awareness Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Starbucks Corp. | 54498 | $4993651 |
| Texas Roadhouse, Inc. | 31197 | 5846630 |
|  |  | **15002536** |
| **Household Durables–0.48%** | **Household Durables–0.48%** | **Household Durables–0.48%** |
| Toll Brothers, Inc. | 34254 | 3909409 |
|  |  | **3909409** |
| **Industrial REITs–0.46%** | **Industrial REITs–0.46%** | **Industrial REITs–0.46%** |
| First Industrial Realty Trust, <br> Inc.<br>| 78078 | 3757894 |
|  |  | **3757894** |
| **Insurance–2.72%** | **Insurance–2.72%** | **Insurance–2.72%** |
| Axis Capital Holdings Ltd. | 87324 | 9065978 |
| Kemper Corp. | 86506 | 5583097 |
| Reinsurance Group of <br> America, Inc.<br>| 37996 | 7536887 |
|  |  | **22185962** |
| **Interactive Media & Services–7.02%** | **Interactive Media & Services–7.02%** | **Interactive Media & Services–7.02%** |
| Alphabet, Inc. Class A | 172147 | 30337466 |
| Meta Platforms, Inc. Class A | 36293 | 26787500 |
|  |  | **57124966** |
| **IT Services–1.25%** | **IT Services–1.25%** | **IT Services–1.25%** |
| Accenture PLC Class A | 24042 | 7185913 |
| †Snowflake, Inc. Class A | 13250 | 2964953 |
|  |  | **10150866** |
| **Leisure Products–0.33%** | **Leisure Products–0.33%** | **Leisure Products–0.33%** |
| †YETI Holdings, Inc. | 83989 | 2647333 |
|  |  | **2647333** |
| **Life Sciences Tools & Services–1.14%** | **Life Sciences Tools & Services–1.14%** | **Life Sciences Tools & Services–1.14%** |
| †Repligen Corp. | 26183 | 3256642 |
| Thermo Fisher Scientific, <br> Inc.<br>| 14922 | 6050274 |
|  |  | **9306916** |
| **Machinery–2.64%** | **Machinery–2.64%** | **Machinery–2.64%** |
| Caterpillar, Inc. | 16888 | 6556091 |
| Lincoln Electric Holdings, <br> Inc.<br>| 21747 | 4508588 |
| Parker-Hannifin Corp. | 14909 | 10413489 |
|  |  | **21478168** |
| **Media–0.62%** | **Media–0.62%** | **Media–0.62%** |
| Comcast Corp. Class A | 142192 | 5074832 |
|  |  | **5074832** |
| **Oil, Gas & Consumable Fuels–3.26%** | **Oil, Gas & Consumable Fuels–3.26%** | **Oil, Gas & Consumable Fuels–3.26%** |
| ConocoPhillips | 68526 | 6149523 |
| Diamondback Energy, Inc. | 50308 | 6912319 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Expand Energy Corp. | 68226 | $7978348 |
| Permian Resources Corp. | 401933 | 5474328 |
|  |  | **26514518** |
| **Passenger Airlines–0.44%** | **Passenger Airlines–0.44%** | **Passenger Airlines–0.44%** |
| Delta Air Lines, Inc. | 73269 | 3603369 |
|  |  | **3603369** |
| **Pharmaceuticals–2.45%** | **Pharmaceuticals–2.45%** | **Pharmaceuticals–2.45%** |
| Eli Lilly & Co. | 16936 | 13202120 |
| Merck & Co., Inc. | 84880 | 6719101 |
|  |  | **19921221** |
| **Real Estate Management & Development–0.47%** | **Real Estate Management & Development–0.47%** | **Real Estate Management & Development–0.47%** |
| †Jones Lang LaSalle, Inc. | 14851 | 3798589 |
|  |  | **3798589** |
| **Semiconductors & Semiconductor Equipment–11.60%** | **Semiconductors & Semiconductor Equipment–11.60%** | **Semiconductors & Semiconductor Equipment–11.60%** |
| Broadcom, Inc. | 98272 | 27088677 |
| NVIDIA Corp. | 357718 | 56515867 |
| †ON Semiconductor Corp. | 72170 | 3782429 |
| Texas Instruments, Inc. | 34034 | 7066139 |
|  |  | **94453112** |
| **Software–15.01%** | **Software–15.01%** | **Software–15.01%** |
| †Adobe, Inc. | 8604 | 3328716 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 18137 | 9237356 |
| Intuit, Inc. | 8118 | 6393980 |
| Microsoft Corp. | 113612 | 56511745 |
| Oracle Corp. | 35481 | 7757211 |
| †Palo Alto Networks, Inc. | 29524 | 6041791 |
| †PTC, Inc. | 20082 | 3460932 |
| Roper Technologies, Inc. | 13378 | 7583186 |
| Salesforce, Inc. | 26973 | 7355267 |
| †ServiceNow, Inc. | 9405 | 9669092 |
| †Tyler Technologies, Inc. | 8225 | 4876109 |
|  |  | **122215385** |
| **Specialized REITs–0.62%** | **Specialized REITs–0.62%** | **Specialized REITs–0.62%** |
| American Tower Corp. | 22783 | 5035499 |
|  |  | **5035499** |
| **Specialty Retail–2.94%** | **Specialty Retail–2.94%** | **Specialty Retail–2.94%** |
| Dick's Sporting Goods, Inc. | 23773 | 4702537 |
| Home Depot, Inc. | 31237 | 11452734 |
| Tractor Supply Co. | 147798 | 7799300 |
|  |  | **23954571** |
| **Technology Hardware, Storage & Peripherals–4.68%** | **Technology Hardware, Storage & Peripherals–4.68%** | **Technology Hardware, Storage & Peripherals–4.68%** |
| Apple, Inc. | 185692 | 38098428 |
|  |  | **38098428** |

---

LVIP Macquarie Social Awareness Fund-2

------

**LVIP Macquarie Social Awareness Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods–0.42%** | **Textiles, Apparel & Luxury Goods–0.42%** | **Textiles, Apparel & Luxury Goods–0.42%** |
| NIKE, Inc. Class B | 48561 | $3449773 |
|  |  | **3449773** |
| **Trading Companies & Distributors–0.26%** | **Trading Companies & Distributors–0.26%** | **Trading Companies & Distributors–0.26%** |
| FTAI Aviation Ltd. | 18295 | 2104657 |
|  |  | **2104657** |
| **Water Utilities–0.47%** | **Water Utilities–0.47%** | **Water Utilities–0.47%** |
| American Water Works Co., <br> Inc.<br>| 27498 | 3825247 |
|  |  | **3825247** |
| **Total Common Stock** <br>**(Cost $288,519,056)** | **Total Common Stock** <br>**(Cost $288,519,056)** | **805657227** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–1.10%** | **MONEY MARKET FUND–1.10%** | **MONEY MARKET FUND–1.10%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 8955057 | $8955057 |
| **Total Money Market Fund** <br>**(Cost $8,955,057)** | **Total Money Market Fund** <br>**(Cost $8,955,057)** | **8955057** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.03% (Cost $297,474,113)** | **814612284** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.03%)** | **(264345)**<br>|
| **NET ASSETS APPLICABLE TO 14,472,872 SHARES OUTSTANDING–100.00%** | **$814347939** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE SOCIAL AWARENESS FUND STANDARD CLASS** <br>**($688,184,713 / 12,207,071 Shares)** | **$56.376** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE SOCIAL AWARENESS FUND SERVICE CLASS** <br>**($126,163,226 / 2,265,801 Shares)** | **$55.682** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$184611761** |
| Distributable earnings/(accumulated loss) | **629736178** |
| **TOTAL NET ASSETS** | **$814347939** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $378,442 payable for fund shares redeemed, $14,384 other accrued expenses payable, $296,088 due to manager and affiliates, <br> $14,033 payable for audit fee and $21,661 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 Macquarie Social Awareness Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie Social Awareness Fund** | **LVIP Macquarie Social Awareness Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $4700910 |
| **EXPENSES:** |  |
| Management fees | 1432331 |
| Distribution fees-Service Class | 208246 |
| Shareholder servicing fees | 111615 |
| Accounting and administration expenses | 72419 |
| Professional fees | 26730 |
| Trustees' fees and expenses | 11796 |
| Reports and statements to shareholders | 11740 |
| Consulting fees | 3957 |
| Custodian fees | 3018 |
| Pricing fees | 431 |
| Other | 13567 |
| Total operating expenses | 1895850 |
| **NET INVESTMENT INCOME**  | 2805060 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 48640918 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (7696971)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 40943947 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $43749007 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie Social Awareness Fund** | **LVIP Macquarie Social Awareness Fund** | **LVIP Macquarie Social Awareness 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 | $2805060 | $5910867 |
| Net realized gain | 48640918 | 63182689 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (7696971)<br>| 85112593 |
| Net increase in net assets resulting <br> from operations<br>| 43749007 | 154206149 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (27718152)<br>|
| Service Class |  | (4690014)<br>|
|  |  | (32408166)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 4853225 | 14650642 |
| Service Class | 3561874 | 7879337 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 27718152 |
| Service Class |  | 4690014 |
|  | 8415099 | 54938145 |
| Cost of shares redeemed: |  |  |
| Standard Class | (46118818)<br>| (104984663)<br>|
| Service Class | (9380717)<br>| (25543074)<br>|
|  | (55499535)<br>| (130527737)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (47084436)<br>| (75589592)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (3335429)<br>| 46208391 |
| **NET ASSETS:** |  |  |
| Beginning of period | 817683368 | 771474977 |
| End of period | $814347939 | $817683368 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Social Awareness Fund-4

------

**LVIP Macquarie Social Awareness Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Social Awareness Fund Standard Class** | **LVIP Macquarie Social Awareness Fund Standard Class** | **LVIP Macquarie Social Awareness Fund Standard Class** | **LVIP Macquarie Social Awareness Fund Standard Class** | **LVIP Macquarie Social Awareness Fund Standard Class** | **LVIP Macquarie Social Awareness 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; $53.259 | &nbsp;&nbsp; $45.827 | &nbsp;&nbsp; $38.311 | &nbsp;&nbsp; $54.896 | &nbsp;&nbsp; $45.599 | &nbsp;&nbsp; $41.154 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.203 | 0.398 | 0.419 | 0.476 | 0.418 | 0.480 |
| Net realized and unrealized gain (loss) | 2.914 | 9.173 | 10.816 | &nbsp;&nbsp; (11.429)<br>| 11.535 | 7.230 |
| Total from investment operations | 3.117 | 9.571 | 11.235 | &nbsp;&nbsp; (10.953)<br>| 11.953 | 7.710 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.430)<br>| &nbsp;&nbsp; (0.429)<br>| &nbsp;&nbsp; (0.480)<br>| &nbsp;&nbsp; (0.433)<br>| &nbsp;&nbsp; (0.533)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.709)<br>| &nbsp;&nbsp; (3.290)<br>| &nbsp;&nbsp; (5.152)<br>| &nbsp;&nbsp; (2.223)<br>| &nbsp;&nbsp; (2.732)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.139)<br>| &nbsp;&nbsp; (3.719)<br>| &nbsp;&nbsp; (5.632)<br>| &nbsp;&nbsp; (2.656)<br>| &nbsp;&nbsp; (3.265)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $56.376 | &nbsp;&nbsp; $53.259 | &nbsp;&nbsp; $45.827 | &nbsp;&nbsp; $38.311 | &nbsp;&nbsp; $54.896 | &nbsp;&nbsp; $45.599 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 21.07% | &nbsp;&nbsp; 30.17% | &nbsp;&nbsp; (19.71%)<br>| &nbsp;&nbsp; 26.43% | &nbsp;&nbsp; 19.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $688185 | &nbsp;&nbsp; $692356 | &nbsp;&nbsp; $651939 | &nbsp;&nbsp; $555475 | &nbsp;&nbsp; $760315 | &nbsp;&nbsp; $672678 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.45% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.19% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 12% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Social Awareness Fund-5

------

**LVIP Macquarie Social Awareness Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Social Awareness Fund Service Class** | **LVIP Macquarie Social Awareness Fund Service Class** | **LVIP Macquarie Social Awareness Fund Service Class** | **LVIP Macquarie Social Awareness Fund Service Class** | **LVIP Macquarie Social Awareness Fund Service Class** | **LVIP Macquarie Social Awareness 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; $52.695 | &nbsp;&nbsp; $45.365 | &nbsp;&nbsp; $37.973 | &nbsp;&nbsp; $54.473 | &nbsp;&nbsp; $45.280 | &nbsp;&nbsp; $40.909 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.111 | 0.217 | 0.266 | 0.314 | 0.235 | 0.336 |
| Net realized and unrealized gain (loss) | 2.876 | 9.067 | 10.699 | &nbsp;&nbsp; (11.330)<br>| 11.436 | 7.159 |
| Total from investment operations | 2.987 | 9.284 | 10.965 | &nbsp;&nbsp; (11.016)<br>| 11.671 | 7.495 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.283)<br>| &nbsp;&nbsp; (0.332)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.392)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.709)<br>| &nbsp;&nbsp; (3.290)<br>| &nbsp;&nbsp; (5.152)<br>| &nbsp;&nbsp; (2.223)<br>| &nbsp;&nbsp; (2.732)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.954)<br>| &nbsp;&nbsp; (3.573)<br>| &nbsp;&nbsp; (5.484)<br>| &nbsp;&nbsp; (2.478)<br>| &nbsp;&nbsp; (3.124)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $55.682 | &nbsp;&nbsp; $52.695 | &nbsp;&nbsp; $45.365 | &nbsp;&nbsp; $37.973 | &nbsp;&nbsp; $54.473 | &nbsp;&nbsp; $45.280 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.67% | &nbsp;&nbsp; 20.65% | &nbsp;&nbsp; 29.72% | &nbsp;&nbsp; (19.99%)<br>| &nbsp;&nbsp; 25.99% | &nbsp;&nbsp; 19.27% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $126163 | &nbsp;&nbsp; $125327 | &nbsp;&nbsp; $119535 | &nbsp;&nbsp; $99831 | &nbsp;&nbsp; $133121 | &nbsp;&nbsp; $108828 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.84% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 12% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Social Awareness Fund-6

------

**LVIP Macquarie Social Awareness 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 Macquarie Social Awareness Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to maximize long-term capital appreciation (as measured by the change in the value of Fund shares over a period of three years or longer).

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Distributions received from

LVIP Macquarie Social Awareness Fund-7

------

**LVIP Macquarie Social Awareness Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the 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. The management fee is calculated daily and paid monthly.

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA 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; $33017 |
| Legal | &nbsp;&nbsp; 5032 |

---

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 $6,825 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; $241143 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 35293 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 791 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 18861 |

---

LVIP Macquarie Social Awareness Fund-8

------

**LVIP Macquarie Social Awareness Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the 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; $72794270 |
| Sales | &nbsp;&nbsp; 121218414 |

---

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; $297474113 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $520643204 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (3505033)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $517138171 |

---

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 Macquarie Social Awareness Fund-9

------

**LVIP Macquarie Social Awareness 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; $805657227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $805657227 |
| Money Market Fund | &nbsp;&nbsp; 8955057 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8955057 |
| **Total Investments** | &nbsp;&nbsp; $814612284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $814612284 |

---

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; 94427 | &nbsp;&nbsp; 292302 |
| Service Class | &nbsp;&nbsp; 69450 | &nbsp;&nbsp; 157697 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 537409 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 92359 |
|  | &nbsp;&nbsp; 163877 | &nbsp;&nbsp; 1079767 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (887084)<br>| &nbsp;&nbsp; (2056009)<br>|
| Service Class | &nbsp;&nbsp; (182002)<br>| &nbsp;&nbsp; (506678)<br>|
|  | &nbsp;&nbsp; (1069086)<br>| &nbsp;&nbsp; (2562687)<br>|
| Net decrease | &nbsp;&nbsp; (905209)<br>| &nbsp;&nbsp; (1482920)<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.

The Fund only invests in companies that meet its definition of "socially responsible" and may be subject to certain risks as a result of investing exclusively in socially responsible companies. Investing exclusively in socially responsible companies is a type of environmental, social and governance ("ESG") investing. An assessment of ESG factors for the Fund may differ from the views of other investors and advisers. By avoiding certain companies not considered socially responsible, it could miss out on strong performance from those companies.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

LVIP Macquarie Social Awareness Fund-10

------

**LVIP Macquarie Social Awareness 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)**

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 Macquarie Social Awareness Fund-11

------

![](img83aa28471.jpg)

LVIP Macquarie U.S. Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie U.S. Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_30136390-4fc9-4518-96e4-445d27ade107_SOI-continued-451_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_30136390-4fc9-4518-96e4-445d27ade107_FS-continued-451_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_30136390-4fc9-4518-96e4-445d27ade107_FS-continued-451_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_30136390-4fc9-4518-96e4-445d27ade107_FIHI-continued-451_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_30136390-4fc9-4518-96e4-445d27ade107_NTF-continued-451_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP Macquarie U.S. 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–98.49%** | **COMMON STOCK–98.49%** | **COMMON STOCK–98.49%** |
| **Automobiles–2.71%** | **Automobiles–2.71%** | **Automobiles–2.71%** |
| †Tesla, Inc. | 40881 | $12986258 |
|  |  | **12986258** |
| **Banks–2.16%** | **Banks–2.16%** | **Banks–2.16%** |
| Citigroup, Inc. | 20177 | 1717466 |
| Popular, Inc. | 78464 | 8647518 |
|  |  | **10364984** |
| **Biotechnology–2.82%** | **Biotechnology–2.82%** | **Biotechnology–2.82%** |
| AbbVie, Inc. | 3954 | 733942 |
| †Exelixis, Inc. | 113230 | 4990612 |
| Gilead Sciences, Inc. | 54206 | 6009819 |
| †Incyte Corp. | 26073 | 1775571 |
|  |  | **13509944** |
| **Broadline Retail–4.36%** | **Broadline Retail–4.36%** | **Broadline Retail–4.36%** |
| †Amazon.com, Inc. | 95107 | 20865525 |
|  |  | **20865525** |
| **Building Products–0.29%** | **Building Products–0.29%** | **Building Products–0.29%** |
| Trane Technologies PLC | 3208 | 1403211 |
|  |  | **1403211** |
| **Capital Markets–0.92%** | **Capital Markets–0.92%** | **Capital Markets–0.92%** |
| Morgan Stanley | 14000 | 1972040 |
| MSCI, Inc. | 4213 | 2429806 |
|  |  | **4401846** |
| **Communications Equipment–1.36%** | **Communications Equipment–1.36%** | **Communications Equipment–1.36%** |
| †Arista Networks, Inc. | 63768 | 6524104 |
|  |  | **6524104** |
| **Construction & Engineering–1.54%** | **Construction & Engineering–1.54%** | **Construction & Engineering–1.54%** |
| Comfort Systems USA, Inc. | 5751 | 3083744 |
| EMCOR Group, Inc. | 8025 | 4292492 |
|  |  | **7376236** |
| **Consumer Staples Distribution & Retail–3.10%** | **Consumer Staples Distribution & Retail–3.10%** | **Consumer Staples Distribution & Retail–3.10%** |
| Costco Wholesale Corp. | 14985 | 14834251 |
|  |  | **14834251** |
| **Diversified Consumer Services–0.91%** | **Diversified Consumer Services–0.91%** | **Diversified Consumer Services–0.91%** |
| †Grand Canyon Education, <br> Inc.<br>| 23085 | 4363065 |
|  |  | **4363065** |
| **Electrical Equipment–0.58%** | **Electrical Equipment–0.58%** | **Electrical Equipment–0.58%** |
| GE Vernova, Inc. | 2789 | 1475799 |
| Vertiv Holdings Co. Class A | 10332 | 1326732 |
|  |  | **2802531** |
| **Electronic Equipment, Instruments & Components–1.77%** | **Electronic Equipment, Instruments & Components–1.77%** | **Electronic Equipment, Instruments & Components–1.77%** |
| Amphenol Corp. Class A | 85929 | 8485489 |
|  |  | **8485489** |
| **Entertainment–3.08%** | **Entertainment–3.08%** | **Entertainment–3.08%** |
| †Netflix, Inc. | 8253 | 11051840 |
| †Roku, Inc. | 11178 | 982434 |
| †Spotify Technology SA | 3554 | 2727126 |
|  |  | **14761400** |
| **Financial Services–2.14%** | **Financial Services–2.14%** | **Financial Services–2.14%** |
| Mastercard, Inc. Class A | 6041 | 3394679 |
| †Toast, Inc. Class A | 59685 | 2643449 |
| Visa, Inc. Class A | 11920 | 4232196 |
|  |  | **10270324** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–0.91%** | **Ground Transportation–0.91%** | **Ground Transportation–0.91%** |
| †Lyft, Inc. Class A | 85718 | $1350916 |
| †Uber Technologies, Inc. | 32310 | 3014523 |
|  |  | **4365439** |
| **Health Care Providers & Services–3.49%** | **Health Care Providers & Services–3.49%** | **Health Care Providers & Services–3.49%** |
| Cardinal Health, Inc. | 38949 | 6543432 |
| McKesson Corp. | 13856 | 10153400 |
|  |  | **16696832** |
| **Health Care Technology–0.62%** | **Health Care Technology–0.62%** | **Health Care Technology–0.62%** |
| †Doximity, Inc. Class A | 18638 | 1143255 |
| †Veeva Systems, Inc. Class A | 6401 | 1843360 |
|  |  | **2986615** |
| **Hotels, Restaurants & Leisure–4.91%** | **Hotels, Restaurants & Leisure–4.91%** | **Hotels, Restaurants & Leisure–4.91%** |
| Booking Holdings, Inc. | 2499 | 14467311 |
| †DoorDash, Inc. Class A | 36764 | 9062693 |
|  |  | **23530004** |
| **Interactive Media & Services–11.48%** | **Interactive Media & Services–11.48%** | **Interactive Media & Services–11.48%** |
| Alphabet, Inc. Class A | 176741 | 31243737 |
| Meta Platforms, Inc. Class A | 31872 | 23524405 |
| †Pinterest, Inc. Class A | 5654 | 202752 |
|  |  | **54970894** |
| **IT Services–0.67%** | **IT Services–0.67%** | **IT Services–0.67%** |
| †Snowflake, Inc. Class A | 5088 | 1138542 |
| †Twilio, Inc. Class A | 16568 | 2060396 |
|  |  | **3198938** |
| **Pharmaceuticals–2.42%** | **Pharmaceuticals–2.42%** | **Pharmaceuticals–2.42%** |
| Eli Lilly & Co. | 14857 | 11581477 |
|  |  | **11581477** |
| **Semiconductors & Semiconductor Equipment–17.93%** | **Semiconductors & Semiconductor Equipment–17.93%** | **Semiconductors & Semiconductor Equipment–17.93%** |
| Applied Materials, Inc. | 11764 | 2153635 |
| Broadcom, Inc. | 80069 | 22071020 |
| KLA Corp. | 3159 | 2829643 |
| Lam Research Corp. | 77855 | 7578406 |
| Monolithic Power Systems, <br> Inc.<br>| 4396 | 3215146 |
| NVIDIA Corp. | 261275 | 41278837 |
| QUALCOMM, Inc. | 42407 | 6753739 |
|  |  | **85880426** |
| **Software–19.48%** | **Software–19.48%** | **Software–19.48%** |
| †Adobe, Inc. | 8099 | 3133341 |
| †AppLovin Corp. Class A | 11231 | 3931748 |
| †Fair Isaac Corp. | 679 | 1241185 |
| †HubSpot, Inc. | 1034 | 575555 |
| Intuit, Inc. | 8728 | 6874435 |
| †Manhattan Associates, Inc. | 19161 | 3783723 |
| Microsoft Corp. | 86460 | 43006069 |
| Oracle Corp. | 11959 | 2614596 |
| †Palantir Technologies, Inc. <br> Class A<br>| 72957 | 9945498 |
| Salesforce, Inc. | 25869 | 7054218 |
| †ServiceNow, Inc. | 9822 | 10097802 |
| †Workday, Inc. Class A | 4305 | 1033200 |
|  |  | **93291370** |
| **Specialty Retail–0.27%** | **Specialty Retail–0.27%** | **Specialty Retail–0.27%** |
| †Carvana Co. | 3821 | 1287524 |
|  |  | **1287524** |

---

LVIP Macquarie U.S. Growth Fund-1

------

**LVIP Macquarie U.S. Growth Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Technology Hardware, Storage & Peripherals–7.99%** | **Technology Hardware, Storage & Peripherals–7.99%** | **Technology Hardware, Storage & Peripherals–7.99%** |
| Apple, Inc. | 170753 | $35033393 |
| NetApp, Inc. | 30583 | 3258619 |
|  |  | **38292012** |
| **Textiles, Apparel & Luxury Goods–0.58%** | **Textiles, Apparel & Luxury Goods–0.58%** | **Textiles, Apparel & Luxury Goods–0.58%** |
| †Deckers Outdoor Corp. | 26841 | 2766502 |
|  |  | **2766502** |
| **Total Common Stock** <br>**(Cost $248,020,636)** | **Total Common Stock** <br>**(Cost $248,020,636)** | **471797201** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–1.33%** | **MONEY MARKET FUND–1.33%** | **MONEY MARKET FUND–1.33%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 6352311 | $6352311 |
| **Total Money Market Fund** <br>**(Cost $6,352,311)** | **Total Money Market Fund** <br>**(Cost $6,352,311)** | **6352311** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.82% (Cost $254,372,947)** | **478149512** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.18%** | **860801** |
| **NET ASSETS APPLICABLE TO 37,581,205 SHARES OUTSTANDING–100.00%** | **$479010313** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE U.S. GROWTH FUND STANDARD CLASS** <br>**($106,433,822 / 7,652,581 Shares)** | **$13.908** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE U.S. GROWTH FUND SERVICE CLASS** <br>**($372,576,491 / 29,928,624 Shares)** | **$12.449** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$181329366** |
| Distributable earnings/(accumulated loss) | **297680947** |
| **TOTAL NET ASSETS** | **$479010313** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,517,648 payable for fund shares redeemed, $5,823 other accrued expenses payable, $350,044 due to manager and affiliates, <br> $13,315 payable for audit fee and $15,788 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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie U.S. Growth Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie U.S. Growth Fund** | **LVIP Macquarie U.S. 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 | $1283253 |
| Foreign taxes withheld | (3727)<br>|
|  | 1279526 |
| **EXPENSES:** |  |
| Management fees | 1422618 |
| Distribution fees-Service Class | 513899 |
| Shareholder servicing fees | 63471 |
| Accounting and administration expenses | 44256 |
| Professional fees | 22188 |
| Reports and statements to shareholders | 10567 |
| Trustees' fees and expenses | 6549 |
| Consulting fees | 2929 |
| Custodian fees | 1723 |
| Pricing fees | 252 |
| Other | 7396 |
| Total operating expenses | 2095848 |
| **NET INVESTMENT LOSS** | (816322)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 20523398 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 10622800 |
| **NET REALIZED AND UNREALIZED GAIN** | 31146198 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $30329876 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie U.S. Growth Fund** | **LVIP Macquarie U.S. Growth Fund** | **LVIP Macquarie U.S. 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 NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment loss | $(816322)<br>| $(1941356)<br>|
| Net realized gain | 20523398 | 79846745 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 10622800 | 61505875 |
| Net increase in net assets resulting <br> from operations<br>| 30329876 | 139411264 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (7633821)<br>|
| Service Class |  | (31100625)<br>|
|  |  | (38734446)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 9792403 | 47592100 |
| Service Class | 30165529 | 30481385 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 7633821 |
| Service Class |  | 31100625 |
|  | 39957932 | 116807931 |
| Cost of shares redeemed: |  |  |
| Standard Class | (8531536)<br>| (157207052)<br>|
| Service Class | (38671902)<br>| (99253127)<br>|
|  | (47203438)<br>| (256460179)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (7245506)<br>| (139652248)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 23084370 | (38975430)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 455925943 | 494901373 |
| End of period | $479010313 | $455925943 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie U.S. Growth Fund-3

------

**LVIP Macquarie U.S. Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie U.S. Growth Fund Standard Class** | **LVIP Macquarie U.S. Growth Fund Standard Class** | **LVIP Macquarie U.S. Growth Fund Standard Class** | **LVIP Macquarie U.S. Growth Fund Standard Class** | **LVIP Macquarie U.S. Growth Fund Standard Class** | **LVIP Macquarie U.S. 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**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $13.056 | &nbsp;&nbsp; $10.564 | &nbsp;&nbsp; $7.121 | &nbsp;&nbsp; $12.491 | &nbsp;&nbsp; $13.770 | &nbsp;&nbsp; $10.150 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (0.023)<br>| 0.014 | 0.011 | &nbsp;&nbsp; (0.028)<br>| &nbsp;&nbsp; (0.030)<br>|
| Net realized and unrealized gain (loss) | 0.861 | 3.577 | 3.429 | &nbsp;&nbsp; (3.464)<br>| 2.193 | 4.220 |
| Total from investment operations | 0.852 | 3.554 | 3.443 | &nbsp;&nbsp; (3.453)<br>| 2.165 | 4.190 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.917)<br>| &nbsp;&nbsp; (3.443)<br>| &nbsp;&nbsp; (0.570)<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; (1.062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.917)<br>| &nbsp;&nbsp; (3.444)<br>| &nbsp;&nbsp; (0.570)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.908 | &nbsp;&nbsp; $13.056 | &nbsp;&nbsp; $10.564 | &nbsp;&nbsp; $7.121 | &nbsp;&nbsp; $12.491 | &nbsp;&nbsp; $13.770 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.52% | &nbsp;&nbsp; 34.07% | &nbsp;&nbsp; 48.35% | &nbsp;&nbsp; (27.66%)<br>| &nbsp;&nbsp; 18.10% | &nbsp;&nbsp; 44.13% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $106434 | &nbsp;&nbsp; $98161 | &nbsp;&nbsp; $168808 | &nbsp;&nbsp; $56620 | &nbsp;&nbsp; $74978 | &nbsp;&nbsp; $68745 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; (0.23%)<br>| &nbsp;&nbsp; (0.23%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 54% |

---

&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 U.S. Growth Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP U.S. Growth Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie U.S. Growth Fund-4

------

**LVIP Macquarie U.S. Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie U.S. Growth Fund Service Class** | **LVIP Macquarie U.S. Growth Fund Service Class** | **LVIP Macquarie U.S. Growth Fund Service Class** | **LVIP Macquarie U.S. Growth Fund Service Class** | **LVIP Macquarie U.S. Growth Fund Service Class** | **LVIP Macquarie U.S. 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**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $11.703 | &nbsp;&nbsp; $9.584 | &nbsp;&nbsp; $6.480 | &nbsp;&nbsp; $11.638 | &nbsp;&nbsp; $13.080 | &nbsp;&nbsp; $9.700 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; (0.054)<br>| &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; (0.062)<br>| &nbsp;&nbsp; (0.060)<br>|
| Net realized and unrealized gain (loss) | 0.771 | 3.235 | 3.116 | &nbsp;&nbsp; (3.226)<br>| 2.064 | 4.010 |
| Total from investment operations | 0.746 | 3.181 | 3.104 | &nbsp;&nbsp; (3.241)<br>| 2.002 | 3.950 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.917)<br>| &nbsp;&nbsp; (3.443)<br>| &nbsp;&nbsp; (0.570)<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; (1.062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.917)<br>| &nbsp;&nbsp; (3.444)<br>| &nbsp;&nbsp; (0.570)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.449 | &nbsp;&nbsp; $11.703 | &nbsp;&nbsp; $9.584 | &nbsp;&nbsp; $6.480 | &nbsp;&nbsp; $11.638 | &nbsp;&nbsp; $13.080 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.36% | &nbsp;&nbsp; 33.66% | &nbsp;&nbsp; 47.90% | &nbsp;&nbsp; (27.88%)<br>| &nbsp;&nbsp; 17.74% | &nbsp;&nbsp; 43.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $372576 | &nbsp;&nbsp; $357765 | &nbsp;&nbsp; $326094 | &nbsp;&nbsp; $262696 | &nbsp;&nbsp; $376868 | &nbsp;&nbsp; $371268 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.44%)<br>| &nbsp;&nbsp; (0.49%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.53%)<br>| &nbsp;&nbsp; (0.53%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 54% |

---

&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 U.S. Growth Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP U.S. Growth Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie U.S. Growth Fund-5

------

**LVIP Macquarie U.S. 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 Macquarie U.S. Growth Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP Macquarie U.S. Growth Fund-6

------

**LVIP Macquarie U.S. Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

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 0.65% of the first $500 million of the Fund's average daily net assets; 0.60% of the next $500 million; 0.55% of the next $1.5 billion; and 0.50% of the Fund's average daily net assets in excess of $2.5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.73% of the average daily net assets for the Standard Class and 1.03% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. As of June 30, 2025, no expense reimbursements were subject to recoupment.

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA 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; $18609 |
| Legal | &nbsp;&nbsp; 2836 |

---

LVIP Macquarie U.S. Growth Fund-7

------

**LVIP Macquarie U.S. Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also 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 $7,197 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; $249085 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 89529 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 317 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 11113 |

---

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; $91981846 |
| Sales | &nbsp;&nbsp; 106884537 |

---

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; $254372947 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $224177450 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (400885)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $223776565 |

---

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

LVIP Macquarie U.S. Growth Fund-8

------

**LVIP Macquarie U.S. Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $471797201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $471797201 |
| Money Market Fund | &nbsp;&nbsp; 6352311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6352311 |
| **Total Investments** | &nbsp;&nbsp; $478149512 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $478149512 |

---

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; 786815 | &nbsp;&nbsp; 4109064 |
| Service Class | &nbsp;&nbsp; 2704327 | &nbsp;&nbsp; 2733690 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 597356 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2708276 |
|  | &nbsp;&nbsp; 3491142 | &nbsp;&nbsp; 10148386 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (652996)<br>| &nbsp;&nbsp; (13166648)<br>|
| Service Class | &nbsp;&nbsp; (3346194)<br>| &nbsp;&nbsp; (8895781)<br>|
|  | &nbsp;&nbsp; (3999190)<br>| &nbsp;&nbsp; (22062429)<br>|
| Net decrease | &nbsp;&nbsp; (508048)<br>| &nbsp;&nbsp; (11914043)<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

LVIP Macquarie U.S. Growth Fund-9

------

**LVIP Macquarie U.S. Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

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 Macquarie U.S. Growth Fund-10

------

![](img0e8d1ac51.jpg)

LVIP Macquarie U.S. REIT Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie U.S. REIT Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_3b62883d-f58b-472f-8458-144790252d76_SOI-continued-457_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_3b62883d-f58b-472f-8458-144790252d76_FS-continued-457_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_3b62883d-f58b-472f-8458-144790252d76_FS-continued-457_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_3b62883d-f58b-472f-8458-144790252d76_FIHI-continued-457_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_3b62883d-f58b-472f-8458-144790252d76_NTF-continued-457_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP Macquarie U.S. REIT 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–98.04%** | **COMMON STOCK–98.04%** | **COMMON STOCK–98.04%** |
| **Real Estate Oper/Develop–0.26%** | **Real Estate Oper/Develop–0.26%** | **Real Estate Oper/Develop–0.26%** |
| Alexander & Baldwin, Inc. | 49634 | $884974 |
|  |  | **884974** |
| **REIT Apartments–15.12%** | **REIT Apartments–15.12%** | **REIT Apartments–15.12%** |
| American Homes 4 Rent <br> Class A<br>| 128845 | 4647439 |
| AvalonBay Communities, Inc. | 52265 | 10635927 |
| Camden Property Trust | 56437 | 6359886 |
| Equity Residential | 125151 | 8446441 |
| Essex Property Trust, Inc. | 27944 | 7919330 |
| Invitation Homes, Inc. | 245152 | 8040986 |
| Mid-America Apartment <br> Communities, Inc.<br>| 38947 | 5764545 |
| NexPoint Residential Trust, <br> Inc.<br>| 15368 | 512062 |
|  |  | **52326616** |
| **REIT Diversified–21.73%** | **REIT Diversified–21.73%** | **REIT Diversified–21.73%** |
| Broadstone Net Lease, Inc. | 60537 | 971619 |
| Digital Realty Trust, Inc. | 79226 | 13811469 |
| EPR Properties | 33910 | 1975597 |
| Equinix, Inc. | 31822 | 25313446 |
| Gaming & Leisure Properties, <br> Inc.<br>| 165667 | 7733336 |
| Gladstone Commercial Corp. | 116892 | 1675062 |
| InvenTrust Properties Corp. | 7012 | 192129 |
| Lamar Advertising Co. <br> Class A<br>| 35876 | 4353911 |
| Outfront Media, Inc. | 158668 | 2589462 |
| VICI Properties, Inc. | 509754 | 16617980 |
|  |  | **75234011** |
| **REIT Health Care–14.12%** | **REIT Health Care–14.12%** | **REIT Health Care–14.12%** |
| Alexandria Real Estate <br> Equities, Inc.<br>| 69228 | 5028030 |
| CareTrust REIT, Inc. | 138745 | 4245597 |
| Healthpeak Properties, Inc. | 67986 | 1190435 |
| Medical Properties Trust, <br> Inc.<br>| 137928 | 594470 |
| National Health Investors, <br> Inc.<br>| 24549 | 1721376 |
| Ventas, Inc. | 126090 | 7962583 |
| Welltower, Inc. | 183055 | 28141045 |
|  |  | **48883536** |
| **REIT Hotels–5.63%** | **REIT Hotels–5.63%** | **REIT Hotels–5.63%** |
| Apple Hospitality REIT, Inc. | 247028 | 2882817 |
| Chatham Lodging Trust | 171808 | 1197502 |
| Host Hotels & Resorts, Inc. | 333825 | 5127552 |
| Park Hotels & Resorts, Inc. | 145885 | 1492404 |
| RLJ Lodging Trust | 62094 | 452044 |
| Ryman Hospitality Properties, <br> Inc.<br>| 60717 | 5990946 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **REIT Hotels (continued)** | **REIT Hotels (continued)** | **REIT Hotels (continued)** |
| Sunstone Hotel Investors, <br> Inc.<br>| 164299 | $1426115 |
| Xenia Hotels & Resorts, Inc. | 71557 | 899471 |
|  |  | **19468851** |
| **REIT Manufactured Homes–2.10%** | **REIT Manufactured Homes–2.10%** | **REIT Manufactured Homes–2.10%** |
| Equity LifeStyle Properties, <br> Inc.<br>| 57021 | 3516485 |
| Sun Communities, Inc. | 29739 | 3761686 |
|  |  | **7278171** |
| **REIT Office Property–2.88%** | **REIT Office Property–2.88%** | **REIT Office Property–2.88%** |
| BXP, Inc. | 29490 | 1989690 |
| COPT Defense Properties | 10155 | 280075 |
| Cousins Properties, Inc. | 158501 | 4759785 |
| Orion Properties, Inc. | 63164 | 134539 |
| Piedmont Realty Trust, Inc. <br> Class A<br>| 284136 | 2071352 |
| SL Green Realty Corp. | 5240 | 324356 |
| Vornado Realty Trust | 10883 | 416166 |
|  |  | **9975963** |
| **REIT Regional Malls–4.74%** | **REIT Regional Malls–4.74%** | **REIT Regional Malls–4.74%** |
| Simon Property Group, Inc. | 102140 | 16420026 |
|  |  | **16420026** |
| **REIT Shopping Centers–7.13%** | **REIT Shopping Centers–7.13%** | **REIT Shopping Centers–7.13%** |
| Alexander's, Inc. | 819 | 184537 |
| Brixmor Property Group, Inc. | 322403 | 8395374 |
| Kimco Realty Corp. | 329485 | 6925775 |
| Kite Realty Group Trust | 93967 | 2128353 |
| Phillips Edison & Co., Inc. | 23026 | 806601 |
| Regency Centers Corp. | 78371 | 5582366 |
| SITE Centers Corp. | 41743 | 472113 |
| Urban Edge Properties | 9796 | 182793 |
|  |  | **24677912** |
| **REIT Single Tenant–4.71%** | **REIT Single Tenant–4.71%** | **REIT Single Tenant–4.71%** |
| Realty Income Corp. | 283181 | 16314057 |
|  |  | **16314057** |
| **REIT Storage–10.54%** | **REIT Storage–10.54%** | **REIT Storage–10.54%** |
| CubeSmart | 104199 | 4428458 |
| Extra Space Storage, Inc. | 56701 | 8359996 |
| Iron Mountain, Inc. | 79790 | 8184060 |
| Public Storage | 52858 | 15509594 |
|  |  | **36482108** |
| **REIT Warehouse/Industry–9.08%** | **REIT Warehouse/Industry–9.08%** | **REIT Warehouse/Industry–9.08%** |
| Americold Realty Trust, Inc. | 59000 | 981170 |
| Innovative Industrial <br> Properties, Inc.<br>| 20071 | 1108321 |
| Plymouth Industrial REIT, <br> Inc.<br>| 77319 | 1241743 |
| Prologis, Inc. | 229768 | 24153212 |

---

LVIP Macquarie U.S. REIT Fund-1

------

**LVIP Macquarie U.S. REIT Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **REIT Warehouse/Industry (continued)** | **REIT Warehouse/Industry (continued)** | **REIT Warehouse/Industry (continued)** |
| Rexford Industrial Realty, <br> Inc.<br>| 86134 | $3063787 |
| Terreno Realty Corp. | 15948 | 894204 |
|  |  | **31442437** |
| **Total Common Stock** <br>**(Cost $274,454,755)** | **Total Common Stock** <br>**(Cost $274,454,755)** | **339388662** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.48%** | **MONEY MARKET FUND–1.48%** | **MONEY MARKET FUND–1.48%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 5136018 | 5136018 |
| **Total Money Market Fund** <br>**(Cost $5,136,018)** | **Total Money Market Fund** <br>**(Cost $5,136,018)** | **5136018** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.52% (Cost $279,590,773)** | **$344524680** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.48%** | **1661539** |
| **NET ASSETS APPLICABLE TO 25,417,997 SHARES OUTSTANDING–100.00%** | **$346186219** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE U.S. REIT FUND STANDARD CLASS** <br>**($212,574,586 / 15,614,728 Shares)** | **$13.614** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE U.S. REIT FUND SERVICE CLASS** <br>**($133,611,633 / 9,803,269 Shares)** | **$13.629** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$308063980** |
| Distributable earnings/(accumulated loss) | **38122239** |
| **TOTAL NET ASSETS** | **$346186219** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $4,632 expense reimbursement receivable from Lincoln Financial Investments Corporation, $118,443 payable for fund shares <br> redeemed, $14,101 other accrued expenses payable, $256,830 due to manager and affiliates, $15,960 payable for audit fee and $12,977 <br> 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 Macquarie U.S. REIT Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie U.S. REIT Fund** | **LVIP Macquarie U.S. REIT Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $7538108 |
| **EXPENSES:** |  |
| Management fees | 1312122 |
| Distribution fees-Service Class | 205463 |
| Shareholder servicing fees | 50735 |
| Accounting and administration expenses | 38570 |
| Professional fees | 24107 |
| Reports and statements to shareholders | 10972 |
| Trustees' fees and expenses | 5326 |
| Consulting fees | 3062 |
| Custodian fees | 1695 |
| Pricing fees | 272 |
| Other | 24178 |
|  | 1676502 |
| Less:  |  |
| Expenses reimbursed | (18958)<br>|
| Total operating expenses | 1657544 |
| **NET INVESTMENT INCOME**  | 5880564 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 1696261 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (11363224)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (9666963)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(3786399)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie U.S. REIT Fund** | **LVIP Macquarie U.S. REIT Fund** | **LVIP Macquarie U.S. REIT 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 | $5880564 | $8122000 |
| Net realized gain | 1696261 | 5450536 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (11363224)<br>| 14645872 |
| Net increase (decrease) in net assets <br> resulting from operations<br>| (3786399)<br>| 28218408 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (5307556)<br>|
| Service Class |  | (3039251)<br>|
| Return of capital: |  |  |
| Standard Class |  | (1526955)<br>|
| Service Class |  | (1030950)<br>|
|  |  | (10904712)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 16713848 | 29926988 |
| Service Class | 5016667 | 13210677 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 6834511 |
| Service Class |  | 4070201 |
|  | 21730515 | 54042377 |
| Cost of shares redeemed: |  |  |
| Standard Class | (19934607)<br>| (45686832)<br>|
| Service Class | (13245473)<br>| (33522710)<br>|
|  | (33180080)<br>| (79209542)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (11449565)<br>| (25167165)<br>|
| **NET DECREASE IN NET ASSETS** | (15235964)<br>| (7853469)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 361422183 | 369275652 |
| End of period | $346186219 | $361422183 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie U.S. REIT Fund-3

------

**LVIP Macquarie U.S. REIT Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie U.S. REIT Fund Standard Class** | **LVIP Macquarie U.S. REIT Fund Standard Class** | **LVIP Macquarie U.S. REIT Fund Standard Class** | **LVIP Macquarie U.S. REIT Fund Standard Class** | **LVIP Macquarie U.S. REIT Fund Standard Class** | **LVIP Macquarie U.S. REIT 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; $13.747 | &nbsp;&nbsp; $13.166 | &nbsp;&nbsp; $12.081 | &nbsp;&nbsp; $16.787 | &nbsp;&nbsp; $12.090 | &nbsp;&nbsp; $14.690 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.235 | 0.319 | 0.355 | 0.288 | 0.140 | 0.230 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.368)<br>| 0.708 | 1.166 | &nbsp;&nbsp; (4.542)<br>| 4.994 | &nbsp;&nbsp; (1.920)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.133)<br>| 1.027 | 1.521 | &nbsp;&nbsp; (4.254)<br>| 5.134 | &nbsp;&nbsp; (1.690)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.436)<br>| &nbsp;&nbsp; (0.250)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.660)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.070)<br>| &nbsp;&nbsp; (0.139)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.446)<br>| &nbsp;&nbsp; (0.436)<br>| &nbsp;&nbsp; (0.452)<br>| &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.910)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.614 | &nbsp;&nbsp; $13.747 | &nbsp;&nbsp; $13.166 | &nbsp;&nbsp; $12.081 | &nbsp;&nbsp; $16.787 | &nbsp;&nbsp; $12.090 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (0.97%)<br>| &nbsp;&nbsp; 7.87% | &nbsp;&nbsp; 12.58% | &nbsp;&nbsp; (25.30%)<br>| &nbsp;&nbsp; 43.07% | &nbsp;&nbsp; (10.41%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $212574 | &nbsp;&nbsp; $218013 | &nbsp;&nbsp; $216340 | &nbsp;&nbsp; $196242 | &nbsp;&nbsp; $274086 | &nbsp;&nbsp; $214644 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.83% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.84% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.94% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.47% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.93% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 127% |

---

&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 REIT Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP REIT Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie U.S. REIT Fund-4

------

**LVIP Macquarie U.S. REIT Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie U.S. REIT Fund Service Class** | **LVIP Macquarie U.S. REIT Fund Service Class** | **LVIP Macquarie U.S. REIT Fund Service Class** | **LVIP Macquarie U.S. REIT Fund Service Class** | **LVIP Macquarie U.S. REIT Fund Service Class** | **LVIP Macquarie U.S. REIT 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; $13.783 | &nbsp;&nbsp; $13.198 | &nbsp;&nbsp; $12.111 | &nbsp;&nbsp; $16.818 | &nbsp;&nbsp; $12.080 | &nbsp;&nbsp; $14.660 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.215 | 0.278 | 0.319 | 0.246 | 0.097 | 0.190 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.369)<br>| 0.709 | 1.166 | &nbsp;&nbsp; (4.545)<br>| 4.982 | &nbsp;&nbsp; (1.900)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.154)<br>| 0.987 | 1.485 | &nbsp;&nbsp; (4.299)<br>| 5.079 | &nbsp;&nbsp; (1.710)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.307)<br>| &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.340)<br>| &nbsp;&nbsp; (0.210)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.660)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.071)<br>| &nbsp;&nbsp; (0.139)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.398)<br>| &nbsp;&nbsp; (0.408)<br>| &nbsp;&nbsp; (0.341)<br>| &nbsp;&nbsp; (0.870)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.629 | &nbsp;&nbsp; $13.783 | &nbsp;&nbsp; $13.198 | &nbsp;&nbsp; $12.111 | &nbsp;&nbsp; $16.818 | &nbsp;&nbsp; $12.080 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (1.12%)<br>| &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 12.24% | &nbsp;&nbsp; (25.53%)<br>| &nbsp;&nbsp; 42.54% | &nbsp;&nbsp; (10.64%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $133612 | &nbsp;&nbsp; $143409 | &nbsp;&nbsp; $152935 | &nbsp;&nbsp; $147979 | &nbsp;&nbsp; $218731 | &nbsp;&nbsp; $174364 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 1.64% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.17% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 1.63% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 127% |

---

&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 REIT Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP REIT Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie U.S. REIT Fund-5

------

**LVIP Macquarie U.S. REIT 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 Macquarie U.S. REIT Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek maximum long-term total return, with capital appreciation as a secondary objective.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are

LVIP Macquarie U.S. REIT Fund-6

------

**LVIP Macquarie U.S. REIT Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the first $500 million of the Fund's average daily net assets; 0.70% of the next $500 million; 0.65% of the next $1.5 billion; and 0.60% of the Fund's average daily net assets in excess of $2.5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.83% of the average daily net assets for the Standard Class and 1.13% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $20960 | &nbsp;&nbsp; $41738 | &nbsp;&nbsp; $32840 | &nbsp;&nbsp; $95538 |

---

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA 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; $15016 |
| Legal | &nbsp;&nbsp; 2289 |

---

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 $7,996 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.

LVIP Macquarie U.S. REIT Fund-7

------

**LVIP Macquarie U.S. REIT Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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; $4632 |
| Management fees payable to LFI | &nbsp;&nbsp; 214394 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 33268 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 878 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 8290 |

---

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; $4654371 |
| Sales | &nbsp;&nbsp; 8202691 |

---

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; $279590773 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $82079811 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (17145904)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $64933907 |

---

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 Macquarie U.S. REIT Fund-8

------

**LVIP Macquarie U.S. REIT Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $339388662 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $339388662 |
| Money Market Fund | &nbsp;&nbsp; 5136018 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5136018 |
| **Total Investments** | &nbsp;&nbsp; $344524680 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344524680 |

---

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; 1221255 | &nbsp;&nbsp; 2228354 |
| Service Class | &nbsp;&nbsp; 366578 | &nbsp;&nbsp; 970087 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 508482 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 301988 |
|  | &nbsp;&nbsp; 1587833 | &nbsp;&nbsp; 4008911 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1465831)<br>| &nbsp;&nbsp; (3309366)<br>|
| Service Class | &nbsp;&nbsp; (968119)<br>| &nbsp;&nbsp; (2455398)<br>|
|  | &nbsp;&nbsp; (2433950)<br>| &nbsp;&nbsp; (5764764)<br>|
| Net decrease | &nbsp;&nbsp; (846117)<br>| &nbsp;&nbsp; (1755853)<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 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.

LVIP Macquarie U.S. REIT Fund-9

------

**LVIP Macquarie U.S. REIT Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Macquarie U.S. REIT Fund-10

------

![](img83fa434c1.jpg)

LVIP Macquarie Wealth Builder Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Macquarie Wealth Builder Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_6b86d2b7-37df-46e7-9a38-9428888e93cb_SOI-continued-231_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_6b86d2b7-37df-46e7-9a38-9428888e93cb_FS-continued-231_1)**  | &nbsp;&nbsp; **13** |
| **[Statements of Changes in Net Assets](#xx_6b86d2b7-37df-46e7-9a38-9428888e93cb_FS-continued-231_1)**  | &nbsp;&nbsp; **13** |
| **[Financial Highlights](#xx_6b86d2b7-37df-46e7-9a38-9428888e93cb_FIHI-continued-231_1)**  | &nbsp;&nbsp; **14** |
| **[Notes to Financial Statements](#xx_6b86d2b7-37df-46e7-9a38-9428888e93cb_NTF-continued-231_1)**  | &nbsp;&nbsp; **16** |

---

------

**LVIP Macquarie Wealth Builder 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–50.80%** | **COMMON STOCK–50.80%** | **COMMON STOCK–50.80%** |
| **U.S. MARKETS–48.82%** | **U.S. MARKETS–48.82%** | **U.S. MARKETS–48.82%** |
| **Aerospace & Defense–0.62%** | **Aerospace & Defense–0.62%** | **Aerospace & Defense–0.62%** |
| Lockheed Martin Corp. | 349 | $161636 |
| Northrop Grumman Corp. | 1180 | 589976 |
|  |  | **751612** |
| **Air Freight & Logistics–0.32%** | **Air Freight & Logistics–0.32%** | **Air Freight & Logistics–0.32%** |
| Expeditors International of <br> Washington, Inc.<br>| 3408 | 389364 |
|  |  | **389364** |
| **Banks–2.85%** | **Banks–2.85%** | **Banks–2.85%** |
| Bank of America Corp. | 14328 | 678001 |
| Citizens Financial Group, <br> Inc.<br>| 12570 | 562508 |
| Fifth Third Bancorp | 5740 | 236086 |
| Huntington Bancshares, Inc. | 22182 | 371770 |
| JPMorgan Chase & Co. | 181 | 52474 |
| KeyCorp | 28458 | 495738 |
| PNC Financial Services <br> Group, Inc.<br>| 1445 | 269377 |
| Regions Financial Corp. | 5998 | 141073 |
| Truist Financial Corp. | 14841 | 638015 |
|  |  | **3445042** |
| **Biotechnology–1.07%** | **Biotechnology–1.07%** | **Biotechnology–1.07%** |
| AbbVie, Inc. | 3781 | 701829 |
| Gilead Sciences, Inc. | 5318 | 589607 |
|  |  | **1291436** |
| **Broadline Retail–0.23%** | **Broadline Retail–0.23%** | **Broadline Retail–0.23%** |
| eBay, Inc. | 3664 | 272821 |
|  |  | **272821** |
| **Building Products–0.33%** | **Building Products–0.33%** | **Building Products–0.33%** |
| Masco Corp. | 6172 | 397230 |
|  |  | **397230** |
| **Capital Markets–2.70%** | **Capital Markets–2.70%** | **Capital Markets–2.70%** |
| Ameriprise Financial, Inc. | 863 | 460609 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 4147 | 183837 |
| Bank of New York Mellon <br> Corp.<br>| 6251 | 569529 |
| Blackrock, Inc. | 545 | 571841 |
| Blackstone, Inc. | 2952 | 441560 |
| Charles Schwab Corp. | 7500 | 684300 |
| State Street Corp. | 3319 | 352942 |
|  |  | **3264618** |
| **Chemicals–0.66%** | **Chemicals–0.66%** | **Chemicals–0.66%** |
| Dow, Inc. | 7652 | 202625 |
| DuPont de Nemours, Inc. | 8673 | 594881 |
|  |  | **797506** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **U.S. MARKETS (continued)** | **U.S. MARKETS (continued)** | **U.S. MARKETS (continued)** |
| **Communications Equipment–1.02%** | **Communications Equipment–1.02%** | **Communications Equipment–1.02%** |
| Cisco Systems, Inc. | 17743 | $1231009 |
|  |  | **1231009** |
| **Consumer Finance–0.65%** | **Consumer Finance–0.65%** | **Consumer Finance–0.65%** |
| Ally Financial, Inc. | 6020 | 234479 |
| Synchrony Financial | 8291 | 553341 |
|  |  | **787820** |
| **Distributors–0.49%** | **Distributors–0.49%** | **Distributors–0.49%** |
| Genuine Parts Co. | 4849 | 588232 |
|  |  | **588232** |
| **Diversified Telecommunication Services–1.01%** | **Diversified Telecommunication Services–1.01%** | **Diversified Telecommunication Services–1.01%** |
| AT&T, Inc. | 22795 | 659688 |
| Verizon Communications, <br> Inc.<br>| 13034 | 563981 |
|  |  | **1223669** |
| **Electric Utilities–0.46%** | **Electric Utilities–0.46%** | **Electric Utilities–0.46%** |
| Duke Energy Corp. | 4732 | 558376 |
|  |  | **558376** |
| **Electronic Equipment, Instruments & Components–1.00%** | **Electronic Equipment, Instruments & Components–1.00%** | **Electronic Equipment, Instruments & Components–1.00%** |
| CDW Corp. | 3295 | 588454 |
| †Teledyne Technologies, Inc. | 1204 | 616821 |
|  |  | **1205275** |
| **Entertainment–1.05%** | **Entertainment–1.05%** | **Entertainment–1.05%** |
| Electronic Arts, Inc. | 3953 | 631294 |
| Walt Disney Co. | 5200 | 644852 |
|  |  | **1276146** |
| **Financial Services–1.18%** | **Financial Services–1.18%** | **Financial Services–1.18%** |
| Corebridge Financial, Inc. | 14568 | 517164 |
| Fidelity National Information <br> Services, Inc.<br>| 7341 | 597631 |
| Pluxee NV | 2117 | 46158 |
| Western Union Co. | 32050 | 269861 |
|  |  | **1430814** |
| **Food Products–0.88%** | **Food Products–0.88%** | **Food Products–0.88%** |
| Conagra Brands, Inc. | 23471 | 480451 |
| Hershey Co. | 3500 | 580825 |
|  |  | **1061276** |
| **Ground Transportation–0.52%** | **Ground Transportation–0.52%** | **Ground Transportation–0.52%** |
| CSX Corp. | 19316 | 630281 |
|  |  | **630281** |
| **Health Care Equipment & Supplies–0.59%** | **Health Care Equipment & Supplies–0.59%** | **Health Care Equipment & Supplies–0.59%** |
| Baxter International, Inc. | 18690 | 565933 |
| Coloplast AS Class B | 655 | 62358 |
| Smith & Nephew PLC | 5737 | 87858 |
|  |  | **716149** |

---

LVIP Macquarie Wealth Builder Fund-1

------

**LVIP Macquarie Wealth Builder Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **U.S. MARKETS (continued)** | **U.S. MARKETS (continued)** | **U.S. MARKETS (continued)** |
| **Health Care Providers & Services–1.79%** | **Health Care Providers & Services–1.79%** | **Health Care Providers & Services–1.79%** |
| Cardinal Health, Inc. | 3201 | $537768 |
| Cencora, Inc. | 1760 | 527736 |
| Cigna Group | 1703 | 562978 |
| McKesson Corp. | 731 | 535662 |
|  |  | **2164144** |
| **Hotels, Restaurants & Leisure–0.74%** | **Hotels, Restaurants & Leisure–0.74%** | **Hotels, Restaurants & Leisure–0.74%** |
| Amadeus IT Group SA | 1425 | 120389 |
| Booking Holdings, Inc. | 97 | 561556 |
| Starbucks Corp. | 2395 | 219454 |
|  |  | **901399** |
| **Household Durables–0.35%** | **Household Durables–0.35%** | **Household Durables–0.35%** |
| PulteGroup, Inc. | 3964 | 418043 |
|  |  | **418043** |
| **Insurance–2.57%** | **Insurance–2.57%** | **Insurance–2.57%** |
| Allstate Corp. | 2909 | 585611 |
| American Financial Group, <br> Inc.<br>| 3507 | 442618 |
| Fidelity National Financial, <br> Inc.<br>| 6588 | 369323 |
| MetLife, Inc. | 6145 | 494181 |
| Principal Financial Group, <br> Inc.<br>| 5506 | 437342 |
| Prudential Financial, Inc. | 1695 | 182111 |
| Travelers Cos., Inc. | 2238 | 598754 |
|  |  | **3109940** |
| **Interactive Media & Services–2.19%** | **Interactive Media & Services–2.19%** | **Interactive Media & Services–2.19%** |
| Alphabet, Inc. Class A | 6892 | 1214577 |
| Alphabet, Inc. Class C | 1949 | 345733 |
| Meta Platforms, Inc. Class A | 1471 | 1085731 |
|  |  | **2646041** |
| **IT Services–0.28%** | **IT Services–0.28%** | **IT Services–0.28%** |
| Accenture PLC Class A | 1135 | 339240 |
|  |  | **339240** |
| **Life Sciences Tools & Services–0.45%** | **Life Sciences Tools & Services–0.45%** | **Life Sciences Tools & Services–0.45%** |
| Thermo Fisher Scientific, <br> Inc.<br>| 1350 | 547371 |
|  |  | **547371** |
| **Machinery–1.27%** | **Machinery–1.27%** | **Machinery–1.27%** |
| Dover Corp. | 3343 | 612538 |
| Otis Worldwide Corp. | 4428 | 438460 |
| REV Group, Inc. | 10142 | 482658 |
|  |  | **1533656** |
| **Media–0.05%** | **Media–0.05%** | **Media–0.05%** |
| Interpublic Group of Cos., <br> Inc.<br>| 2701 | 66120 |
|  |  | **66120** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **U.S. MARKETS (continued)** | **U.S. MARKETS (continued)** | **U.S. MARKETS (continued)** |
| **Oil, Gas & Consumable Fuels–1.99%** | **Oil, Gas & Consumable Fuels–1.99%** | **Oil, Gas & Consumable Fuels–1.99%** |
| Chevron Corp. | 5454 | $780958 |
| EOG Resources, Inc. | 832 | 99515 |
| Expand Energy Corp. | 2003 | 234231 |
| Exxon Mobil Corp. | 11976 | 1291013 |
|  |  | **2405717** |
| **Personal Care Products–0.47%** | **Personal Care Products–0.47%** | **Personal Care Products–0.47%** |
| Kenvue, Inc. | 26900 | 563017 |
|  |  | **563017** |
| **Pharmaceuticals–2.46%** | **Pharmaceuticals–2.46%** | **Pharmaceuticals–2.46%** |
| Bristol-Myers Squibb Co. | 9396 | 434941 |
| Johnson & Johnson | 3671 | 560745 |
| Merck & Co., Inc. | 12583 | 996070 |
| Novo Nordisk AS Class B | 1535 | 106366 |
| Pfizer, Inc. | 19862 | 481455 |
| SIGA Technologies, Inc. | 60461 | 394206 |
|  |  | **2973783** |
| **Professional Services–0.91%** | **Professional Services–0.91%** | **Professional Services–0.91%** |
| Jacobs Solutions, Inc. | 4648 | 610980 |
| Paychex, Inc. | 3379 | 491509 |
|  |  | **1102489** |
| **Real Estate Management & Development–0.00%** | **Real Estate Management & Development–0.00%** | **Real Estate Management & Development–0.00%** |
| =†MNSN Holdings, Inc. | 326 | 1386 |
|  |  | **1386** |
| **Residential REITs–0.47%** | **Residential REITs–0.47%** | **Residential REITs–0.47%** |
| Equity Residential | 8341 | 562934 |
|  |  | **562934** |
| **Semiconductors & Semiconductor Equipment–5.78%** | **Semiconductors & Semiconductor Equipment–5.78%** | **Semiconductors & Semiconductor Equipment–5.78%** |
| Analog Devices, Inc. | 2965 | 705729 |
| Applied Materials, Inc. | 1982 | 362845 |
| Broadcom, Inc. | 3935 | 1084683 |
| Lam Research Corp. | 5643 | 549290 |
| Monolithic Power Systems, <br> Inc.<br>| 551 | 402990 |
| NVIDIA Corp. | 21292 | 3363923 |
| QUALCOMM, Inc. | 3307 | 526673 |
|  |  | **6996133** |
| **Software–2.25%** | **Software–2.25%** | **Software–2.25%** |
| Microsoft Corp. | 5473 | 2722325 |
|  |  | **2722325** |
| **Specialty Retail–2.15%** | **Specialty Retail–2.15%** | **Specialty Retail–2.15%** |
| Best Buy Co., Inc. | 5428 | 364382 |
| Buckle, Inc. | 7229 | 327835 |
| Home Depot, Inc. | 1103 | 404404 |
| Lowe's Cos., Inc. | 2565 | 569097 |

---

LVIP Macquarie Wealth Builder Fund-2

------

**LVIP Macquarie Wealth Builder Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **U.S. MARKETS (continued)** | **U.S. MARKETS (continued)** | **U.S. MARKETS (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Ross Stores, Inc. | 2898 | $369727 |
| TJX Cos., Inc. | 4548 | 561632 |
|  |  | **2597077** |
| **Technology Hardware, Storage & Peripherals–3.67%** | **Technology Hardware, Storage & Peripherals–3.67%** | **Technology Hardware, Storage & Peripherals–3.67%** |
| Apple, Inc. | 12985 | 2664132 |
| Dell Technologies, Inc. <br> Class C<br>| 3476 | 426158 |
| HP, Inc. | 13422 | 328302 |
| NetApp, Inc. | 4290 | 457100 |
| Seagate Technology Holdings <br> PLC<br>| 3924 | 566351 |
|  |  | **4442043** |
| **Textiles, Apparel & Luxury Goods–0.76%** | **Textiles, Apparel & Luxury Goods–0.76%** | **Textiles, Apparel & Luxury Goods–0.76%** |
| NIKE, Inc. Class B | 12966 | 921105 |
|  |  | **921105** |
| **Tobacco–0.59%** | **Tobacco–0.59%** | **Tobacco–0.59%** |
| Philip Morris International, <br> Inc.<br>| 3905 | 711218 |
|  |  | **711218** |
| **Total U.S. Markets** <br>**(Cost $41,913,398)** | **Total U.S. Markets** <br>**(Cost $41,913,398)** | **59043857** |
| **§DEVELOPED MARKETS–1.98%** | **§DEVELOPED MARKETS–1.98%** | **§DEVELOPED MARKETS–1.98%** |
| **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** |
| DSV AS | 324 | 77713 |
|  |  | **77713** |
| **Beverages–0.17%** | **Beverages–0.17%** | **Beverages–0.17%** |
| Anheuser-Busch InBev SA | 1433 | 98591 |
| Asahi Group Holdings Ltd. | 1700 | 22724 |
| Diageo PLC | 3423 | 86315 |
|  |  | **207630** |
| **Chemicals–0.08%** | **Chemicals–0.08%** | **Chemicals–0.08%** |
| Air Liquide SA | 452 | 93203 |
|  |  | **93203** |
| **Commercial Services & Supplies–0.10%** | **Commercial Services & Supplies–0.10%** | **Commercial Services & Supplies–0.10%** |
| Securitas AB Class B | 7995 | 119704 |
|  |  | **119704** |
| **Consumer Staples Distribution & Retail–0.10%** | **Consumer Staples Distribution & Retail–0.10%** | **Consumer Staples Distribution & Retail–0.10%** |
| Koninklijke Ahold Delhaize <br> NV<br>| 2179 | 91009 |
| Seven & i Holdings Co. Ltd. | 1800 | 28972 |
|  |  | **119981** |
| **Food Products–0.05%** | **Food Products–0.05%** | **Food Products–0.05%** |
| Nestle SA | 575 | 57170 |
|  |  | **57170** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **§DEVELOPED MARKETS (continued)** | **§DEVELOPED MARKETS (continued)** | **§DEVELOPED MARKETS (continued)** |
| **Hotels, Restaurants & Leisure–0.06%** | **Hotels, Restaurants & Leisure–0.06%** | **Hotels, Restaurants & Leisure–0.06%** |
| Sodexo SA | 1170 | $72009 |
|  |  | **72009** |
| **Machinery–0.19%** | **Machinery–0.19%** | **Machinery–0.19%** |
| Atlas Copco AB Class B | 1706 | 24281 |
| Knorr-Bremse AG | 672 | 65182 |
| Kone OYJ Class B | 1046 | 68911 |
| Makita Corp. | 2300 | 70835 |
|  |  | **229209** |
| **Media–0.04%** | **Media–0.04%** | **Media–0.04%** |
| Publicis Groupe SA | 437 | 49357 |
|  |  | **49357** |
| **Personal Care Products–0.13%** | **Personal Care Products–0.13%** | **Personal Care Products–0.13%** |
| Kao Corp. | 1700 | 76170 |
| Unilever PLC | 1430 | 87267 |
|  |  | **163437** |
| **Pharmaceuticals–0.08%** | **Pharmaceuticals–0.08%** | **Pharmaceuticals–0.08%** |
| Roche Holding AG | 294 | 95967 |
|  |  | **95967** |
| **Professional Services–0.11%** | **Professional Services–0.11%** | **Professional Services–0.11%** |
| Intertek Group PLC | 1122 | 73085 |
| Wolters Kluwer NV | 369 | 61711 |
|  |  | **134796** |
| **Semiconductors & Semiconductor Equipment–0.07%** | **Semiconductors & Semiconductor Equipment–0.07%** | **Semiconductors & Semiconductor Equipment–0.07%** |
| ASML Holding NV | 106 | 84942 |
|  |  | **84942** |
| **Software–0.11%** | **Software–0.11%** | **Software–0.11%** |
| SAP SE | 430 | 131485 |
|  |  | **131485** |
| **Specialty Retail–0.03%** | **Specialty Retail–0.03%** | **Specialty Retail–0.03%** |
| H & M Hennes & Mauritz AB <br> Class B<br>| 2359 | 33224 |
|  |  | **33224** |
| **Textiles, Apparel & Luxury Goods–0.11%** | **Textiles, Apparel & Luxury Goods–0.11%** | **Textiles, Apparel & Luxury Goods–0.11%** |
| adidas AG | 149 | 34781 |
| Kering SA | 148 | 32243 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 137 | 71703 |
|  |  | **138727** |
| **Tobacco–0.46%** | **Tobacco–0.46%** | **Tobacco–0.46%** |
| Altria Group, Inc. | 9448 | 553936 |
|  |  | **553936** |

---

LVIP Macquarie Wealth Builder Fund-3

------

**LVIP Macquarie Wealth Builder Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **§DEVELOPED MARKETS (continued)** | **§DEVELOPED MARKETS (continued)** | **§DEVELOPED MARKETS (continued)** |
| **Wireless Telecommunication Services–0.03%** | **Wireless Telecommunication Services–0.03%** | **Wireless Telecommunication Services–0.03%** |
| KDDI Corp. | 1800 | $30907 |
|  |  | **30907** |
| **Total Developed Markets** <br>**(Cost $1,799,764)** | **Total Developed Markets** <br>**(Cost $1,799,764)** | **2393397** |
| **Total Common Stock** <br>**(Cost $43,713,162)** | **Total Common Stock** <br>**(Cost $43,713,162)** | **61437254** |
| **PREFERRED STOCKS–0.22%** | **PREFERRED STOCKS–0.22%** | **PREFERRED STOCKS–0.22%** |
| Henkel AG & Co. KGaA 3.06% | 939 | 73790 |
| †SVB Financial Trust 11.00% | 371 | 194033 |
| **Total Preferred Stocks** <br>**(Cost $283,422)** | **Total Preferred Stocks** <br>**(Cost $283,422)** | **267823** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.87%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.87%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.87%** |
| •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| Series 2023-HQA3 Class A1 <br> 6.16% (30 day USD SOFR <br> Average + 1.85%) 11/25/43<br>| 136018 | 137613 |
| Series 2024-DNA3 Class M2 <br> 5.76% (30 day USD SOFR <br> Average + 1.45%) 10/25/44<br>| 240000 | 240360 |
| Series 2025-DNA2 Class M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 35000 | 35076 |
| •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust |
| Series 2023-R08 Class 1M1 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 10/25/43<br>| 266135 | 267191 |
| Series 2025-R01 Class 1M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 1/25/45<br>| 30000 | 30023 |
| Series 2025-R02 Class 1M2 <br> 5.91% (30 day USD SOFR <br> Average + 1.60%) 2/25/45<br>| 180000 | 180550 |
| Series 2025-R03 Class 2M1 <br> 5.91% (30 day USD SOFR <br> Average + 1.60%) 3/25/45<br>| 45065 | 45278 |
| Series 2025-R04 Class 1M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 120000 | 120094 |
| Federal National Mortgage <br> Association Grantor Trust <br> Series 2001-T7 Class A1 <br> 7.50% 2/25/41<br>| 12 | 13 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $1,052,230)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $1,052,230)** | **1056198** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.34%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.34%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.34%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates |
| ♦Series K144 Class A2 2.45% <br> 4/25/32<br>| 250000 | $220936 |
| ♦•Series K-150 Class A2 3.71% <br> 9/25/32<br>| 100000 | 95512 |
| ♦Series K753 Class A2 4.40% <br> 10/25/30<br>| 60000 | 60311 |
| •FREMF Mortgage Trust Series <br> 2017-K71 Class B 3.88% <br> 11/25/50<br>| 35000 | 34216 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $409,595)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $409,595)** | **410975** |
| **AGENCY MORTGAGE-BACKED SECURITIES–13.64%** | **AGENCY MORTGAGE-BACKED SECURITIES–13.64%** | **AGENCY MORTGAGE-BACKED SECURITIES–13.64%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.00% 8/1/42 | 134238 | 115677 |
| 2.50% 6/1/41 | 440483 | 393925 |
| 2.50% 5/1/51 | 118170 | 99928 |
| 2.50% 8/1/51 | 44946 | 37369 |
| 2.50% 10/1/51 | 270271 | 226900 |
| 2.50% 12/1/51 | 95839 | 80704 |
| 2.50% 1/1/52 | 401057 | 337108 |
| 3.00% 3/1/35 | 112124 | 107636 |
| 3.00% 6/1/42 | 170437 | 155111 |
| 3.00% 8/1/48 | 55801 | 49658 |
| 3.00% 11/1/49 | 6306 | 5524 |
| 3.00% 1/1/50 | 24825 | 22017 |
| 3.00% 8/1/51 | 63091 | 55147 |
| 3.50% 11/1/48 | 289998 | 267583 |
| 4.00% 10/1/47 | 65746 | 62053 |
| 4.00% 8/1/52 | 493489 | 461804 |
| 4.00% 9/1/52 | 310668 | 289993 |
| 4.50% 9/1/37 | 200681 | 199482 |
| 4.50% 8/1/48 | 141278 | 137575 |
| 4.50% 1/1/49 | 57950 | 56273 |
| 4.50% 3/1/49 | 19373 | 18830 |
| 4.50% 8/1/49 | 58545 | 56959 |
| 4.50% 9/1/52 | 215317 | 207492 |
| 4.50% 10/1/52 | 363502 | 348359 |
| 4.50% 11/1/52 | 92160 | 88328 |
| 5.00% 11/1/42 | 118003 | 118367 |
| 5.00% 7/1/52 | 269804 | 267148 |
| 5.00% 9/1/52 | 282277 | 278906 |
| 5.00% 11/1/52 | 36361 | 35809 |
| 5.00% 6/1/53 | 678689 | 666702 |
| 5.50% 9/1/41 | 28885 | 29789 |
| 5.50% 9/1/52 | 403743 | 407467 |
| 5.50% 11/1/52 | 109012 | 109807 |
| 5.50% 11/1/54 | 603845 | 603958 |
| 6.00% 1/1/53 | 65572 | 67477 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00% 3/1/41 | 105937 | 91403 |
| 2.00% 6/1/50 | 760166 | 607722 |

---

LVIP Macquarie Wealth Builder Fund-4

------

**LVIP Macquarie Wealth Builder 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) |
| 2.00% 3/1/51 | 730371 | $581173 |
| 2.50% 7/1/36 | 239386 | 224067 |
| 2.50% 8/1/50 | 102405 | 86416 |
| 2.50% 1/1/51 | 117801 | 98712 |
| 2.50% 5/1/51 | 19103 | 15942 |
| 2.50% 7/1/51 | 25177 | 21132 |
| 2.50% 8/1/51 | 138051 | 115922 |
| 2.50% 12/1/51 | 148462 | 123656 |
| 2.50% 2/1/52 | 313942 | 263041 |
| 2.50% 4/1/52 | 118216 | 98897 |
| 3.00% 11/1/33 | 14032 | 13618 |
| 3.00% 7/1/47 | 387840 | 342758 |
| 3.00% 10/1/47 | 27174 | 23633 |
| 3.00% 2/1/48 | 255216 | 228135 |
| 3.00% 3/1/48 | 117256 | 103772 |
| 3.00% 11/1/48 | 27958 | 24801 |
| 3.00% 3/1/50 | 4305 | 3804 |
| 3.00% 7/1/50 | 84595 | 75220 |
| 3.00% 12/1/51 | 257835 | 225737 |
| 3.00% 2/1/52 | 114766 | 100244 |
| 3.00% 6/1/52 | 140965 | 123171 |
| 3.50% 7/1/47 | 73414 | 68864 |
| 3.50% 12/1/47 | 1270631 | 1166461 |
| 3.50% 9/1/52 | 411915 | 375404 |
| 4.00% 8/1/42 | 238768 | 230400 |
| 4.00% 9/1/42 | 225330 | 217433 |
| 4.00% 6/1/48 | 43194 | 40898 |
| 4.00% 5/1/51 | 192845 | 182419 |
| 4.00% 9/1/52 | 32617 | 30391 |
| 4.50% 7/1/40 | 6107 | 6062 |
| 4.50% 8/1/41 | 11165 | 11112 |
| 4.50% 5/1/46 | 24425 | 24351 |
| 4.50% 4/1/48 | 22909 | 22953 |
| 4.50% 12/1/48 | 23197 | 22551 |
| 4.50% 1/1/49 | 37860 | 36798 |
| 4.50% 1/1/50 | 82383 | 81276 |
| 4.50% 4/1/50 | 26781 | 26037 |
| 4.50% 10/1/52 | 564318 | 540829 |
| 4.50% 2/1/53 | 401357 | 384679 |
| 5.00% 1/1/51 | 93000 | 92709 |
| 5.50% 5/1/44 | 203308 | 209821 |
| 5.50% 11/1/52 | 168366 | 169788 |
| 5.50% 7/1/53 | 234319 | 234634 |
| 6.00% 1/1/42 | 39446 | 41349 |
| 6.00% 5/1/53 | 93603 | 95572 |
| 6.00% 6/1/53 | 144549 | 147181 |
| 6.00% 9/1/53 | 836524 | 851369 |
| 6.00% 4/1/55 | 804741 | 818114 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 3.00% 3/15/50 | 14581 | 12930 |
| 3.00% 12/20/51 | 131336 | 116220 |
| 5.00% 9/20/52 | 64913 | 64114 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 5.50% 2/20/54 | 117494 | $118413 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $17,119,274)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $17,119,274)** | **16500973** |
| **CORPORATE BONDS–16.99%** | **CORPORATE BONDS–16.99%** | **CORPORATE BONDS–16.99%** |
| **Aerospace & Defense–0.31%** | **Aerospace & Defense–0.31%** | **Aerospace & Defense–0.31%** |
| Boeing Co. 6.86% 5/1/54 | 210000 | 229890 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 4.03% 10/15/47 | 100000 | 79734 |
| 4.75% 6/1/43 | 15000 | 13567 |
| 5.20% 6/1/54 | 55000 | 51246 |
|  |  | **374437** |
| **Agriculture–0.25%** | **Agriculture–0.25%** | **Agriculture–0.25%** |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 1.63% 8/17/25 | 155000 | 154360 |
| 4.20% 9/17/29 | 145000 | 143394 |
|  |  | **297754** |
| **Auto Manufacturers–0.08%** | **Auto Manufacturers–0.08%** | **Auto Manufacturers–0.08%** |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 5.45% 9/6/34 | 60000 | 58811 |
| 5.60% 6/18/31 | 17000 | 17339 |
| 5.63% 4/4/32 | 20000 | 20236 |
|  |  | **96386** |
| **Banks–4.13%** | **Banks–4.13%** | **Banks–4.13%** |
| μBank of America Corp. | μBank of America Corp. | μBank of America Corp. |
| 5.16% 1/24/31 | 80000 | 81996 |
| 5.52% 10/25/35 | 176000 | 176002 |
| 5.82% 9/15/29 | 55000 | 57295 |
| 5.87% 9/15/34 | 25000 | 26382 |
| 6.20% 11/10/28 | 110000 | 114475 |
| 6.63% 5/1/30 | 40000 | 41426 |
| μBank of New York Mellon Corp. | μBank of New York Mellon Corp. | μBank of New York Mellon Corp. |
| 4.70% 9/20/25 | 85000 | 84765 |
| 4.94% 2/11/31 | 65000 | 66376 |
| 5.80% 10/25/28 | 19000 | 19673 |
| 6.30% 3/20/30 | 55000 | 56502 |
| Citibank NA 5.57% 4/30/34 | 250000 | 260416 |
| μCitigroup, Inc. | μCitigroup, Inc. | μCitigroup, Inc. |
| 5.61% 9/29/26 | 67000 | 67151 |
| 5.61% 3/4/56 | 50000 | 49078 |
| 6.02% 1/24/36 | 55000 | 56480 |
| μGoldman Sachs Group, Inc. | μGoldman Sachs Group, Inc. | μGoldman Sachs Group, Inc. |
| 5.02% 10/23/35 | 65000 | 64214 |
| 5.22% 4/23/31 | 130000 | 133272 |
| 5.56% 11/19/45 | 55000 | 54150 |
| 5.73% 1/28/56 | 85000 | 84985 |
| 6.48% 10/24/29 | 55000 | 58342 |
| μHuntington Bancshares, Inc. <br> 6.21% 8/21/29<br>| 55000 | 57712 |
| μJPMorgan Chase & Co. | μJPMorgan Chase & Co. | μJPMorgan Chase & Co. |
| 5.01% 1/23/30 | 40000 | 40738 |
| 5.10% 4/22/31 | 110000 | 112728 |

---

LVIP Macquarie Wealth Builder Fund-5

------

**LVIP Macquarie Wealth Builder 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)** |
| μJPMorgan Chase & Co. (continued) | μJPMorgan Chase & Co. (continued) | μJPMorgan Chase & Co. (continued) |
| 5.14% 1/24/31 | 45000 | $46147 |
| 5.57% 4/22/28 | 45000 | 45923 |
| 5.57% 4/22/36 | 145000 | 150270 |
| 6.25% 10/23/34 | 21000 | 22824 |
| KeyBank NA 3.40% 5/20/26 | 250000 | 247202 |
| μM&T Bank Corp. 5.18% 7/8/31 | 45000 | 45745 |
| μMorgan Stanley | μMorgan Stanley | μMorgan Stanley |
| 2.48% 9/16/36 | 172000 | 146154 |
| 5.19% 4/17/31 | 90000 | 92262 |
| 5.52% 11/19/55 | 45000 | 43975 |
| 5.66% 4/17/36 | 70000 | 72537 |
| 5.83% 4/19/35 | 77000 | 80670 |
| 6.14% 10/16/26 | 210000 | 210903 |
| 6.30% 10/18/28 | 74000 | 77084 |
| 6.41% 11/1/29 | 52000 | 55080 |
| μPNC Financial Services Group, Inc. | μPNC Financial Services Group, Inc. | μPNC Financial Services Group, Inc. |
| 4.90% 5/13/31 | 35000 | 35445 |
| 5.58% 1/29/36 | 40000 | 41227 |
| 5.68% 1/22/35 | 35000 | 36365 |
| 6.88% 10/20/34 | 155000 | 173275 |
| μRegions Financial Corp. 5.50% <br> 9/6/35<br>| 285000 | 285713 |
| State Street Corp. | State Street Corp. | State Street Corp. |
| 4.83% 4/24/30 | 35000 | 35649 |
| 4.99% 3/18/27 | 50000 | 50724 |
| μ6.45% 9/15/30 | 60000 | 61044 |
| μTruist Bank 4.63% 9/17/29 | 522000 | 515810 |
| μTruist Financial Corp. 4.95% <br> 9/1/25<br>| 65000 | 64875 |
| μU.S. Bancorp | μU.S. Bancorp | μU.S. Bancorp |
| 2.49% 11/3/36 | 30000 | 25463 |
| 4.65% 2/1/29 | 35000 | 35227 |
| 5.05% 2/12/31 | 65000 | 66167 |
| 5.38% 1/23/30 | 15000 | 15444 |
| 5.42% 2/12/36 | 35000 | 35664 |
| 5.68% 1/23/35 | 35000 | 36336 |
| 5.73% 10/21/26 | 9000 | 9030 |
| 6.79% 10/26/27 | 20000 | 20588 |
| μUBS Group AG 6.85% 9/10/29 | 200000 | 200878 |
| μWells Fargo & Co. | μWells Fargo & Co. | μWells Fargo & Co. |
| 5.24% 1/24/31 | 50000 | 51292 |
| 5.61% 4/23/36 | 90000 | 92900 |
|  |  | **4990050** |
| **Beverages–0.11%** | **Beverages–0.11%** | **Beverages–0.11%** |
| Anheuser-Busch InBev <br> Worldwide, Inc. 5.55% <br> 1/23/49<br>| 140000 | 138938 |
|  |  | **138938** |
| **Biotechnology–0.30%** | **Biotechnology–0.30%** | **Biotechnology–0.30%** |
| Amgen, Inc. 5.15% 3/2/28 | 245000 | 250332 |
| Gilead Sciences, Inc. 4.80% <br> 4/1/44<br>| 35000 | 31973 |

---

---

| | | |
|:---|:---|:---|
|  | **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 1.75% <br> 9/2/27<br>| 90000 | $85234 |
|  |  | **367539** |
| **Chemicals–0.06%** | **Chemicals–0.06%** | **Chemicals–0.06%** |
| Dow Chemical Co. 5.95% <br> 3/15/55<br>| 75000 | 71484 |
|  |  | **71484** |
| **Computers–0.54%** | **Computers–0.54%** | **Computers–0.54%** |
| Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. |
| 4.05% 10/4/29 | 130000 | 129158 |
| 4.25% 10/4/31 | 65000 | 64392 |
| 4.50% 10/4/34 | 205000 | 199509 |
| Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
| 5.40% 3/15/32 | 145000 | 147994 |
| 5.50% 3/15/35 | 110000 | 111677 |
|  |  | **652730** |
| **Diversified Financial Services–1.29%** | **Diversified Financial Services–1.29%** | **Diversified Financial Services–1.29%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust 4.45% 4/3/26<br>| 325000 | 324451 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 2.88% 1/15/26 | 410000 | 405822 |
| 4.63% 10/1/28 | 49000 | 49318 |
| 5.10% 3/1/29 | 36000 | 36767 |
| 5.20% 7/15/31 | 10000 | 10217 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 3.50% 11/1/27 | 165000 | 160787 |
| 5.38% 7/15/29 | 45000 | 45826 |
| Avolon Holdings Funding Ltd. <br> 4.95% 1/15/28<br>| 35000 | 35183 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 2.63% 10/15/31 | 500000 | 435026 |
| 5.88% 7/21/28 | 15000 | 15556 |
| 6.45% 6/8/27 | 25000 | 25890 |
| 6.50% 1/20/43 | 15000 | 15650 |
|  |  | **1560493** |
| **Electric–1.86%** | **Electric–1.86%** | **Electric–1.86%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 3.45% 1/15/50 | 20000 | 13541 |
| 5.40% 6/1/33 | 20000 | 20288 |
| Baltimore Gas & Electric Co. <br> 4.55% 6/1/52<br>| 100000 | 83747 |
| Berkshire Hathaway Energy <br> Co. 2.85% 5/15/51<br>| 50000 | 30620 |
| Constellation Energy <br> Generation LLC 5.75% <br> 3/15/54<br>| 280000 | 274296 |
| μDominion Energy, Inc. | μDominion Energy, Inc. | μDominion Energy, Inc. |
| 6.63% 5/15/55 | 35000 | 35521 |
| 7.00% 6/1/54 | 185000 | 198492 |
| DTE Energy Co. 5.10% 3/1/29 | 45000 | 45886 |

---

LVIP Macquarie Wealth Builder Fund-6

------

**LVIP Macquarie Wealth Builder 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 Carolinas LLC <br> 4.95% 1/15/33<br>| 110000 | $111924 |
| Entergy Louisiana LLC 4.95% <br> 1/15/45<br>| 20000 | 17690 |
| Entergy Mississippi LLC <br> 2.85% 6/1/28<br>| 165000 | 159088 |
| Entergy Texas, Inc. 3.55% <br> 9/30/49<br>| 195000 | 136203 |
| Exelon Corp. 5.45% 3/15/34 | 25000 | 25651 |
| Nevada Power Co. 3.13% <br> 8/1/50<br>| 165000 | 104573 |
| μNextEra Energy Capital <br> Holdings, Inc. 6.50% 8/15/55<br>| 30000 | 30666 |
| Oglethorpe Power Corp. <br> 6.20% 12/1/53<br>| 210000 | 214521 |
| PacifiCorp | PacifiCorp | PacifiCorp |
| 5.10% 2/15/29 | 10000 | 10195 |
| 5.45% 2/15/34 | 20000 | 20283 |
| 5.80% 1/15/55 | 20000 | 19137 |
| μSempra 6.40% 10/1/54 | 50000 | 47466 |
| Southwestern Electric Power <br> Co. 4.10% 9/15/28<br>| 460000 | 455775 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 6.00% 4/15/34 | 20000 | 20769 |
| 6.95% 10/15/33 | 150000 | 164713 |
| WEC Energy Group, Inc. <br> 1.80% 10/15/30<br>| 14000 | 12252 |
|  |  | **2253297** |
| **Electronics–0.15%** | **Electronics–0.15%** | **Electronics–0.15%** |
| Amphenol Corp. 2.20% <br> 9/15/31<br>| 205000 | 179530 |
|  |  | **179530** |
| **Food–0.35%** | **Food–0.35%** | **Food–0.35%** |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS <br> USA Food Co. | JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS <br> USA Food Co. | JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS <br> USA Food Co. |
| 5.50% 1/15/36 | 60000 | 60088 |
| 6.25% 3/1/56 | 55000 | 55183 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 4.80% 3/1/30 | 85000 | 86122 |
| 5.20% 3/1/35 | 75000 | 75898 |
| 5.65% 5/1/45 | 50000 | 50121 |
| 5.70% 5/1/55 | 60000 | 59854 |
| Sysco Corp. 5.10% 9/23/30 | 40000 | 40981 |
|  |  | **428247** |
| **Gas–0.08%** | **Gas–0.08%** | **Gas–0.08%** |
| Southern California Gas Co. <br> 2.95% 4/15/27<br>| 95000 | 93058 |
|  |  | **93058** |
| **Health Care Products–0.05%** | **Health Care Products–0.05%** | **Health Care Products–0.05%** |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 4.80% 1/15/31 | 30000 | 30248 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| GE HealthCare Technologies, Inc. (continued) | GE HealthCare Technologies, Inc. (continued) | GE HealthCare Technologies, Inc. (continued) |
| 5.50% 6/15/35 | 30000 | $30721 |
|  |  | **60969** |
| **Health Care Services–0.21%** | **Health Care Services–0.21%** | **Health Care Services–0.21%** |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 5.45% 9/15/34 | 65000 | 65563 |
| 6.20% 3/1/55 | 190000 | 191353 |
|  |  | **256916** |
| **Insurance–1.05%** | **Insurance–1.05%** | **Insurance–1.05%** |
| Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC |
| 2.90% 8/23/51 | 85000 | 52789 |
| 5.00% 9/12/32 | 150000 | 152126 |
| Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
| 5.30% 3/1/31 | 20000 | 20686 |
| 5.75% 3/1/54 | 10000 | 9854 |
| Arthur J Gallagher & Co. <br> 5.55% 2/15/55<br>| 120000 | 115076 |
| Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
| 3.45% 5/15/52 | 125000 | 79411 |
| 3.95% 5/25/51 | 55000 | 38856 |
| μ6.63% 10/15/54 | 40000 | 39376 |
| 6.63% 5/19/55 | 55000 | 56671 |
| μ6.88% 6/28/55 | 55000 | 54730 |
| Henneman Trust 6.58% <br> 5/15/55<br>| 100000 | 100500 |
| Marsh & McLennan Cos., Inc. <br> 5.35% 11/15/44<br>| 265000 | 260196 |
| New York Life Global Funding <br> 5.45% 9/18/26<br>| 145000 | 147121 |
| Prudential Financial, Inc. <br> 5.20% 3/14/35<br>| 145000 | 146566 |
|  |  | **1273958** |
| **Internet–0.38%** | **Internet–0.38%** | **Internet–0.38%** |
| Amazon.com, Inc. 1.50% <br> 6/3/30<br>| 375000 | 331698 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 3.85% 8/15/32 | 100000 | 96175 |
| 5.40% 8/15/54 | 30000 | 29257 |
|  |  | **457130** |
| **Investment Companies–0.54%** | **Investment Companies–0.54%** | **Investment Companies–0.54%** |
| Apollo Debt Solutions BDC <br> 6.70% 7/29/31<br>| 205000 | 213023 |
| ARES Capital Corp. 5.80% <br> 3/8/32<br>| 102000 | 101573 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 5.60% 11/22/29 | 120000 | 120829 |
| 6.00% 1/29/32 | 35000 | 35194 |
| Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| 5.80% 3/15/30 | 100000 | 100163 |
| 6.60% 9/15/29 | 50000 | 51447 |

---

LVIP Macquarie Wealth Builder Fund-7

------

**LVIP Macquarie Wealth Builder Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| HPS Corporate Lending Fund <br> 5.95% 4/14/32<br>| 25000 | $24841 |
|  |  | **647070** |
| **Iron & Steel–0.07%** | **Iron & Steel–0.07%** | **Iron & Steel–0.07%** |
| Nucor Corp. 5.10% 6/1/35 | 80000 | 80250 |
|  |  | **80250** |
| **Machinery Construction & Mining–0.10%** | **Machinery Construction & Mining–0.10%** | **Machinery Construction & Mining–0.10%** |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 5.20% 5/15/35 | 70000 | 71355 |
| 5.50% 5/15/55 | 55000 | 54816 |
|  |  | **126171** |
| **Media–0.40%** | **Media–0.40%** | **Media–0.40%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital 3.85% 4/1/61<br>| 480000 | 307523 |
| Time Warner Cable LLC 7.30% <br> 7/1/38<br>| 165000 | 179932 |
|  |  | **487455** |
| **Mining–0.14%** | **Mining–0.14%** | **Mining–0.14%** |
| Freeport-McMoRan, Inc. <br> 5.45% 3/15/43<br>| 175000 | 165378 |
|  |  | **165378** |
| **Miscellaneous Manufacturing–0.05%** | **Miscellaneous Manufacturing–0.05%** | **Miscellaneous Manufacturing–0.05%** |
| Teledyne Technologies, Inc. <br> 2.75% 4/1/31<br>| 65000 | 58967 |
|  |  | **58967** |
| **Office Business Equipment–0.15%** | **Office Business Equipment–0.15%** | **Office Business Equipment–0.15%** |
| CDW LLC/CDW Finance Corp. <br> 3.28% 12/1/28<br>| 195000 | 186125 |
|  |  | **186125** |
| **Oil & Gas–0.51%** | **Oil & Gas–0.51%** | **Oil & Gas–0.51%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 4.81% 2/13/33 | 55000 | 54927 |
| 5.23% 11/17/34 | 90000 | 91571 |
| ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
| 5.00% 1/15/35 | 225000 | 224835 |
| 5.50% 1/15/55 | 45000 | 42697 |
| EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. |
| 5.00% 7/15/32 | 82000 | 82997 |
| 5.35% 1/15/36 | 26000 | 26367 |
| 5.95% 7/15/55 | 30000 | 30550 |
| Woodside Finance Ltd. 5.70% <br> 5/19/32<br>| 60000 | 61088 |
|  |  | **615032** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Packaging & Containers–0.04%** | **Packaging & Containers–0.04%** | **Packaging & Containers–0.04%** |
| Amcor Flexibles North <br> America, Inc. 5.50% 3/17/35<br>| 45000 | $45655 |
|  |  | **45655** |
| **Pharmaceuticals–0.20%** | **Pharmaceuticals–0.20%** | **Pharmaceuticals–0.20%** |
| AbbVie, Inc. 5.35% 3/15/44 | 25000 | 24504 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 5.10% 2/12/35 | 65000 | 66623 |
| 5.50% 2/12/55 | 145000 | 145904 |
|  |  | **237031** |
| **Pipelines–1.40%** | **Pipelines–1.40%** | **Pipelines–1.40%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 4.90% 6/20/30 | 35000 | 35350 |
| 5.25% 4/5/27 | 60000 | 60878 |
| 5.55% 6/20/35 | 55000 | 55914 |
| μ5.75% 7/15/80 | 20000 | 19944 |
| μ7.20% 6/27/54 | 200000 | 205469 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 5.95% 5/15/54 | 35000 | 33295 |
| 6.05% 9/1/54 | 45000 | 43248 |
| 6.25% 4/15/49 | 230000 | 226866 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 3.30% 2/15/53 | 5000 | 3306 |
| 4.60% 1/15/31 | 60000 | 60456 |
| 4.95% 2/15/35 | 30000 | 29896 |
| 5.35% 1/31/33 | 140000 | 145094 |
| 5.55% 2/16/55 | 30000 | 28942 |
| Kinder Morgan, Inc. 5.95% <br> 8/1/54<br>| 60000 | 58883 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 5.70% 11/1/54 | 95000 | 87689 |
| 6.10% 11/15/32 | 180000 | 190357 |
| Targa Resources Partners LP/Targa Resources Partners Finance <br> Corp. | Targa Resources Partners LP/Targa Resources Partners Finance <br> Corp. | Targa Resources Partners LP/Targa Resources Partners Finance <br> Corp. |
| 4.00% 1/15/32 | 105000 | 97859 |
| 5.00% 1/15/28 | 185000 | 185130 |
| Tennessee Gas Pipeline Co. <br> LLC 2.90% 3/1/30<br>| 140000 | 129305 |
|  |  | **1697881** |
| **Private Equity–0.05%** | **Private Equity–0.05%** | **Private Equity–0.05%** |
| Blackstone Reg Finance Co. <br> LLC 5.00% 12/6/34<br>| 60000 | 59732 |
|  |  | **59732** |
| **Real Estate Investment Trusts–0.36%** | **Real Estate Investment Trusts–0.36%** | **Real Estate Investment Trusts–0.36%** |
| Crown Castle, Inc. 1.05% <br> 7/15/26<br>| 70000 | 67418 |
| Extra Space Storage LP 5.40% <br> 2/1/34<br>| 75000 | 76173 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 4.95% 2/15/30 | 235000 | 236375 |
| 5.63% 4/1/35 | 30000 | 30276 |

---

LVIP Macquarie Wealth Builder Fund-8

------

**LVIP Macquarie Wealth Builder 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)** |
| VICI Properties LP/VICI <br> Note Co., Inc. 4.63% 12/1/29<br>| 25000 | $24561 |
|  |  | **434803** |
| **Retail–0.05%** | **Retail–0.05%** | **Retail–0.05%** |
| Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
| 4.88% 6/25/27 | 15000 | 15236 |
| 4.95% 6/25/34 | 45000 | 45542 |
|  |  | **60778** |
| **Semiconductors–0.26%** | **Semiconductors–0.26%** | **Semiconductors–0.26%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 3.19% 11/15/36 | 125000 | 103624 |
| 5.05% 7/12/29 | 165000 | 168963 |
| Entegris, Inc. 4.75% 4/15/29 | 40000 | 39556 |
|  |  | **312143** |
| **Software–0.25%** | **Software–0.25%** | **Software–0.25%** |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 3.60% 4/1/50 | 39000 | 27275 |
| 5.25% 2/3/32 | 65000 | 66676 |
| 6.00% 8/3/55 | 25000 | 24958 |
| Synopsys, Inc. 5.70% 4/1/55 | 40000 | 39770 |
| Workday, Inc. 3.80% 4/1/32 | 150000 | 140948 |
|  |  | **299627** |
| **Telecommunications–1.02%** | **Telecommunications–1.02%** | **Telecommunications–1.02%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 3.50% 9/15/53 | 255000 | 172599 |
| 5.38% 8/15/35 | 30000 | 30548 |
| 6.05% 8/15/56 | 30000 | 30615 |
| 6.30% 1/15/38 | 35000 | 37800 |
| Rogers Communications, Inc. <br> 5.30% 2/15/34<br>| 205000 | 205218 |
| Softbank Corp. 4.70% 7/9/30 | 200000 | 200000 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 3.00% 2/15/41 | 520000 | 380513 |
| 5.13% 5/15/32 | 25000 | 25495 |
| 5.75% 1/15/34 | 25000 | 26182 |
| 5.88% 11/15/55 | 50000 | 49979 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 2.88% 11/20/50 | 35000 | 21802 |
| 5.25% 4/2/35 | 50000 | 50417 |
|  |  | **1231168** |
| **Transportation–0.20%** | **Transportation–0.20%** | **Transportation–0.20%** |
| Burlington Northern Santa <br> Fe LLC 5.80% 3/15/56<br>| 95000 | 97757 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 5.10% 2/20/35 | 60000 | 61023 |
| 5.60% 12/1/54 | 85000 | 84544 |
|  |  | **243324** |
| **Total Corporate Bonds** <br>**(Cost $21,000,351)** | **Total Corporate Bonds** <br>**(Cost $21,000,351)** | **20541506** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES–3.20%** | **NON-AGENCY ASSET-BACKED SECURITIES–3.20%** | **NON-AGENCY ASSET-BACKED SECURITIES–3.20%** |
| •AIMCO CLO 17 Ltd. Series <br> 2022-17A Class CR 6.17% (3 <br> mo. USD Term SOFR + <br> 1.90%) 7/20/37<br>| 250000 | $250560 |
| •Ballyrock CLO 27 Ltd. | •Ballyrock CLO 27 Ltd. | •Ballyrock CLO 27 Ltd. |
| Series 2024-27A Class A1A <br> 5.63% (3 mo. USD Term <br> SOFR + 1.35%) 10/25/37<br>| 300000 | 300402 |
| Series 2024-27A Class B <br> 6.18% (3 mo. USD Term <br> SOFR + 1.90%) 10/25/37<br>| 150000 | 150364 |
| Diamond Infrastructure <br> Funding LLC Series 2021-1A <br> Class A 1.76% 4/15/49<br>| 215000 | 204496 |
| Domino's Pizza Master <br> Issuer LLC Series 2021-1A <br> Class A2I 2.66% 4/25/51<br>| 340375 | 317583 |
| Enterprise Fleet <br> Financing LLC Series 2022-2 <br> Class A2 4.65% 5/21/29<br>| 1078 | 1077 |
| Ford Credit Auto Owner Trust <br> Series 2023-C Class A3 5.53% <br> 9/15/28<br>| 600000 | 605969 |
| GM Financial Automobile <br> Leasing Trust Series 2024-1 <br> Class A3 5.09% 3/22/27<br>| 600000 | 601804 |
| GMF Floorplan Owner <br> Revolving Trust Series <br> 2023-1 Class A1 5.34% <br> 6/15/28<br>| 170000 | 171582 |
| •Man GLG U.S. CLO Series <br> 2018-1A Class A1R 5.67% (3 <br> mo. USD Term SOFR + <br> 1.40%) 4/22/30<br>| 21550 | 21556 |
| PFS Financing Corp. Series <br> 2024-B Class A 4.95% <br> 2/15/29<br>| 600000 | 605836 |
| Taco Bell Funding LLC Series <br> 2021-1A Class A2I 1.95% <br> 8/25/51<br>| 294750 | 280933 |
| •TCW CLO Ltd. Series 2024-2A <br> Class C 6.43% (3 mo. USD <br> Term SOFR + 2.15%) <br> 7/17/37<br>| 250000 | 251130 |
| Toyota Auto Loan Extended <br> Note Trust Series 2022-1A <br> Class A 3.82% 4/25/35<br>| 100000 | 99304 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $3,900,041)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $3,900,041)** | **3862596** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.18%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.18%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.18%** |
| •GS Mortgage-Backed <br> Securities Trust Series <br> 2021-PJ7 Class A2 2.50% <br> 1/25/52<br>| 76933 | 62707 |

---

LVIP Macquarie Wealth Builder Fund-9

------

**LVIP Macquarie Wealth Builder 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 | •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust |
| Series 2014-2 Class B2 3.40% <br> 6/25/29<br>| 31568 | $30445 |
| Series 2021-10 Class A3 <br> 2.50% 12/25/51<br>| 76833 | 62625 |
| •Morgan Stanley Residential <br> Mortgage Loan Trust Series <br> 2021-4 Class A3 2.50% <br> 7/25/51<br>| 74145 | 60434 |
| •Sequoia Mortgage Trust <br> Series 2015-1 Class B2 3.94% <br> 1/25/45<br>| 3099 | 3010 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $266,457)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $266,457)** | **219221** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.12%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.12%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.12%** |
| Bank | Bank | Bank |
| Series 2017-BNK5 Class A5 <br> 3.39% 6/15/60<br>| 70000 | 68556 |
| •Series 2017-BNK5 Class B <br> 3.90% 6/15/60<br>| 50000 | 47971 |
| Series 2019-BN20 Class A3 <br> 3.01% 9/15/62<br>| 395000 | 365717 |
| Series 2019-BN21 Class A5 <br> 2.85% 10/17/52<br>| 225000 | 207265 |
| Series 2020-BN25 Class A5 <br> 2.65% 1/15/63<br>| 500000 | 453705 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| •Series 2019-B10 Class B <br> 4.18% 3/15/62<br>| 225000 | 201166 |
| Series 2020-B20 Class A5 <br> 2.03% 10/15/53<br>| 50000 | 43102 |
| Series 2020-B21 Class A5 <br> 1.98% 12/17/53<br>| 45000 | 38932 |
| Series 2021-B24 Class A5 <br> 2.58% 3/15/54<br>| 47000 | 41176 |
| •Series 2022-B34 Class A5 <br> 3.79% 4/15/55<br>| 35000 | 32244 |
| •Series 2022-B35 Class A5 <br> 4.59% 5/15/55<br>| 105000 | 101402 |
| Cantor Commercial Real <br> Estate Lending Series <br> 2019-CF1 Class A5 3.79% <br> 5/15/52<br>| 155000 | 149423 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| Series 2016-CD2 Class A3 <br> 3.25% 11/10/49<br>| 56780 | 55737 |
| Series 2019-CD8 Class A4 <br> 2.91% 8/15/57<br>| 400000 | 366762 |
| CFCRE Commercial Mortgage <br> Trust Series 2016-C7 <br> Class A3 3.84% 12/10/54<br>| 95000 | 93717 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| Series 2016-P3 Class A4 <br> 3.33% 4/15/49<br>| 145000 | $142761 |
| Series 2020-555 Class A <br> 2.65% 12/10/41<br>| 100000 | 89088 |
| COMM Mortgage Trust Series <br> 2016-CR28 Class A4 3.76% <br> 2/10/49<br>| 50000 | 49777 |
| DB-JPM Mortgage Trust <br> Series 2016-C1 Class A4 <br> 3.28% 5/10/49<br>| 75000 | 73984 |
| Grace Trust Series <br> 2020-GRCE Class A 2.35% <br> 12/10/40<br>| 200000 | 175828 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2015-GC32 Class A4 <br> 3.76% 7/10/48<br>| 3743 | 3724 |
| Series 2017-GS5 Class A4 <br> 3.67% 3/10/50<br>| 65000 | 63529 |
| Series 2019-GC39 Class A4 <br> 3.57% 5/10/52<br>| 20000 | 18685 |
| Series 2020-GC47 Class A5 <br> 2.38% 5/12/53<br>| 35000 | 31507 |
| 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>| 30000 | 29741 |
| Series 2016-JP2 Class AS <br> 3.06% 8/15/49<br>| 60000 | 57753 |
| JPM-BB Commercial Mortgage Securities Trust | JPM-BB Commercial Mortgage Securities Trust | JPM-BB Commercial Mortgage Securities Trust |
| Series 2015-C31 Class A3 <br> 3.80% 8/15/48<br>| 50260 | 47244 |
| Series 2015-C33 Class A4 <br> 3.77% 12/15/48<br>| 212246 | 211053 |
| JPM-DB Commercial Mortgage Securities Trust | JPM-DB Commercial Mortgage Securities Trust | JPM-DB Commercial Mortgage Securities Trust |
| Series 2016-C2 Class A4 <br> 3.14% 6/15/49<br>| 75000 | 73639 |
| Series 2017-C7 Class A5 <br> 3.41% 10/15/50<br>| 195000 | 189194 |
| Morgan Stanley Bank of <br> America Merrill Lynch Trust <br> Series 2015-C26 Class A5 <br> 3.53% 10/15/48<br>| 34796 | 34538 |
| Morgan Stanley Capital I <br> Trust Series 2019-L3 <br> Class A4 3.13% 11/15/52<br>| 100000 | 93211 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2015-NXS3 Class A4 <br> 3.62% 9/15/57<br>| 65000 | 64751 |
| Series 2016-BNK1 Class A3 <br> 2.65% 8/15/49<br>| 60000 | 58503 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $4,105,823)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $4,105,823)** | **3775385** |

---

LVIP Macquarie Wealth Builder Fund-10

------

**LVIP Macquarie Wealth Builder Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS–7.17%** | **U.S. TREASURY OBLIGATIONS–7.17%** | **U.S. TREASURY OBLIGATIONS–7.17%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 2.25% 8/15/46 | 1485000 | $972849 |
| 4.63% 11/15/44 | 40000 | 39156 |
| 5.00% 5/15/45 | 230000 | 236253 |
| •U.S. Treasury Floating Rate <br> Notes 4.44% 4/30/27 (3 mo. <br> Treasury money market <br> yield + 0.16%)<br>| 485000 | 485010 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.88% 6/15/28 | 2010000 | 2020678 |
| 3.88% 6/30/30 | 395000 | 396512 |
| 4.00% 1/31/31 | 2990000 | 3011140 |
| 4.25% 5/15/35 | 1255000 | 1256961 |
| ^U.S. Treasury STRIPS <br> Principal 0.00% 5/15/44 <br>| 635000 | 252889 |
| **Total U.S. Treasury Obligations** <br>**(Cost $8,980,659)** | **Total U.S. Treasury Obligations** <br>**(Cost $8,980,659)** | **8671448** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **EXCHANGE-TRADED FUND–0.76%** | **EXCHANGE-TRADED FUND–0.76%** | **EXCHANGE-TRADED FUND–0.76%** |
| Vanguard S&P 500 ETF  | 1610 | 914529 |
| **Total Exchange-Traded Fund**<br> **(Cost $806,936)** | **Total Exchange-Traded Fund**<br> **(Cost $806,936)** | **914529** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.09%** | **MONEY MARKET FUND–0.09%** | **MONEY MARKET FUND–0.09%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 115205 | $115205 |
| **Total Money Market Fund**<br> **(Cost $115,205)** | **Total Money Market Fund**<br> **(Cost $115,205)** | **115205** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT—3.18%** | **SHORT-TERM INVESTMENT—3.18%** | **SHORT-TERM INVESTMENT—3.18%** |
| **DISCOUNTED COMMERCIAL PAPER–3.18%** | **DISCOUNTED COMMERCIAL PAPER–3.18%** | **DISCOUNTED COMMERCIAL PAPER–3.18%** |
| ≠Dairy Farmers of America, <br> Inc. 4.62% 7/1/25<br>| 3850000 | 3850000 |
|  |  | **3850000** |
| **Total Short-Term Investment**<br> **(Cost $3,850,000)** | **Total Short-Term Investment**<br> **(Cost $3,850,000)** | **3850000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.56% (Cost $105,603,155)** | **121623113** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.56%)** | **(674856)**<br>|
| **NET ASSETS APPLICABLE TO 9,784,490 SHARES OUTSTANDING–100.00%** | **$120948257** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE WEALTH BUILDER FUND STANDARD CLASS** <br>**($91,077,552 / 7,360,685 Shares)** | **$12.374** |
| **NET ASSET VALUE PER SHARE–LVIP MACQUARIE WEALTH BUILDER FUND SERVICE CLASS** <br>**($29,870,705 / 2,423,805 Shares)** | **$12.324** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$98804854** |
| Distributable earnings/(accumulated loss) | **22143403** |
| **TOTAL NET ASSETS** | **$120948257** |

---

&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". |
| §Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets. |
| °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. |

---

LVIP Macquarie Wealth Builder Fund-11

------

**LVIP Macquarie Wealth Builder Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| ♦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. |
| ^Zero coupon security. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $194,000 cash collateral held at broker for futures contracts, $15,785 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $42,151 variation margin due from broker on futures contracts, $1,351,905 payable for securities purchased, <br> $78,760 payable for fund shares redeemed, $29,321 other accrued expenses payable, $70,788 due to manager and affiliates, $25,953 payable <br> for audit fee and $10,413 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:** |
| 32 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $3588000 | &nbsp;&nbsp; $3524041 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $63959 | &nbsp;&nbsp; $— |
| 19 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 2193906 | &nbsp;&nbsp; 2114995 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 78911 | &nbsp;&nbsp; — |
| 5 | CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 595625 | &nbsp;&nbsp; 570322 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 25303 | &nbsp;&nbsp; — |
| 8 | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 914125 | &nbsp;&nbsp; 900300 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 13825 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $181998 | &nbsp;&nbsp; $— |

---

&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;

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;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| DB-JPM–Deutsche Bank JPMorgan |
| ETF–Exchange-Traded Fund |
| FREMF–Freddie Mac Multifamily |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM-BB–JPMorgan Barclays Bank |
| JPM-DB–JPMorgan Deutsche Bank |
| REMIC–Real Estate Mortgage Investment Conduits |
| S&P–Standard & Poor's |
| SOFR–Secured Overnight Financing Rate |
| STACR–Structured Agency Credit Risk |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Wealth Builder Fund-12

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Macquarie Wealth Builder Fund** | **LVIP Macquarie Wealth Builder Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $1367593 |
| Dividends | 759454 |
| Foreign taxes withheld | (5494)<br>|
|  | 2121553 |
| **EXPENSES:** |  |
| Management fees | 373779 |
| Distribution fees-Service Class | 35898 |
| Professional fees | 32149 |
| Custodian fees | 27044 |
| Accounting and administration expenses | 21898 |
| Shareholder servicing fees | 17206 |
| Pricing fees | 16329 |
| Reports and statements to shareholders | 3809 |
| Consulting fees | 3012 |
| Trustees' fees and expenses | 1810 |
| Other | 3477 |
|  | 536411 |
| Less:  |  |
| Expenses reimbursed | (79270)<br>|
| Total operating expenses | 457141 |
| **NET INVESTMENT INCOME**  | 1664412 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Investments | 944539 |
| Foreign currencies | 12 |
| Futures contracts | (268025)<br>|
| Net realized gain | 676526 |
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Investments | 2647161 |
| Foreign currencies | 2871 |
| Futures contracts | 222638 |
| Net change in unrealized appreciation (depreciation) | 2872670 |
| **NET REALIZED AND UNREALIZED GAIN** | 3549196 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $5213608 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Macquarie Wealth Builder Fund** | **LVIP Macquarie Wealth Builder Fund** | **LVIP Macquarie Wealth Builder 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 | $1664412 | $3354302 |
| Net realized gain | 676526 | 5460083 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 2872670 | 1248000 |
| Net increase in net assets resulting <br> from operations<br>| 5213608 | 10062385 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (2652798)<br>|
| Service Class |  | (755662)<br>|
|  |  | (3408460)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 2126271 | 4801277 |
| Service Class | 2181381 | 4854079 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 2652798 |
| Service Class |  | 755662 |
|  | 4307652 | 13063816 |
| Cost of shares redeemed: |  |  |
| Standard Class | (9441482)<br>| (16902440)<br>|
| Service Class | (2840133)<br>| (5364886)<br>|
|  | (12281615)<br>| (22267326)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (7973963)<br>| (9203510)<br>|
| **NET DECREASE IN NET ASSETS** | (2760355)<br>| (2549585)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 123708612 | 126258197 |
| End of period | $120948257 | $123708612 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Macquarie Wealth Builder Fund-13

------

**LVIP Macquarie Wealth Builder Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Wealth Builder Fund Standard Class** | **LVIP Macquarie Wealth Builder Fund Standard Class** | **LVIP Macquarie Wealth Builder Fund Standard Class** | **LVIP Macquarie Wealth Builder Fund Standard Class** | **LVIP Macquarie Wealth Builder Fund Standard Class** | **LVIP Macquarie Wealth Builder 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; $11.839 | &nbsp;&nbsp; $11.261 | &nbsp;&nbsp; $10.531 | &nbsp;&nbsp; $12.881 | &nbsp;&nbsp; $12.096 | &nbsp;&nbsp; $11.812 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.169 | 0.318 | 0.292 | 0.240 | 0.205 | 0.226 |
| Net realized and unrealized gain (loss) | 0.366 | 0.602 | 0.753 | &nbsp;&nbsp; (1.711)<br>| 1.220 | 0.425 |
| Total from investment operations | 0.535 | 0.920 | 1.045 | &nbsp;&nbsp; (1.471)<br>| 1.425 | 0.651 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.312)<br>| &nbsp;&nbsp; (0.246)<br>| &nbsp;&nbsp; (0.270)<br>| &nbsp;&nbsp; (0.233)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.625)<br>| &nbsp;&nbsp; (0.370)<br>| &nbsp;&nbsp; (0.134)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.315)<br>| &nbsp;&nbsp; (0.879)<br>| &nbsp;&nbsp; (0.640)<br>| &nbsp;&nbsp; (0.367)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.374 | &nbsp;&nbsp; $11.839 | &nbsp;&nbsp; $11.261 | &nbsp;&nbsp; $10.531 | &nbsp;&nbsp; $12.881 | &nbsp;&nbsp; $12.096 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 8.18% | &nbsp;&nbsp; 9.91% | &nbsp;&nbsp; (11.21%)<br>| &nbsp;&nbsp; 11.78% | &nbsp;&nbsp; 5.62% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $91078 | &nbsp;&nbsp; $94431 | &nbsp;&nbsp; $98718 | &nbsp;&nbsp; $99589 | &nbsp;&nbsp; $125058 | &nbsp;&nbsp; $129610 |
| 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; 0.71% | &nbsp;&nbsp; 0.71% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.83% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.87% | &nbsp;&nbsp; 2.68% | &nbsp;&nbsp; 2.69% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.99% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.87% |
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 144% | &nbsp;&nbsp; 106% |

---

&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 Macquarie Wealth Builder Fund-14

------

**LVIP Macquarie Wealth Builder Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Macquarie Wealth Builder Fund Service Class** | **LVIP Macquarie Wealth Builder Fund Service Class** | **LVIP Macquarie Wealth Builder Fund Service Class** | **LVIP Macquarie Wealth Builder Fund Service Class** | **LVIP Macquarie Wealth Builder Fund Service Class** | **LVIP Macquarie Wealth Builder 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; $11.806 | &nbsp;&nbsp; $11.231 | &nbsp;&nbsp; $10.504 | &nbsp;&nbsp; $12.850 | &nbsp;&nbsp; $12.069 | &nbsp;&nbsp; $11.788 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.154 | 0.287 | 0.264 | 0.210 | 0.173 | 0.197 |
| Net realized and unrealized gain (loss) | 0.364 | 0.600 | 0.749 | &nbsp;&nbsp; (1.706)<br>| 1.215 | 0.422 |
| Total from investment operations | 0.518 | 0.887 | 1.013 | &nbsp;&nbsp; (1.496)<br>| 1.388 | 0.619 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.312)<br>| &nbsp;&nbsp; (0.283)<br>| &nbsp;&nbsp; (0.217)<br>| &nbsp;&nbsp; (0.237)<br>| &nbsp;&nbsp; (0.204)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.625)<br>| &nbsp;&nbsp; (0.370)<br>| &nbsp;&nbsp; (0.134)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.312)<br>| &nbsp;&nbsp; (0.286)<br>| &nbsp;&nbsp; (0.850)<br>| &nbsp;&nbsp; (0.607)<br>| &nbsp;&nbsp; (0.338)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.324 | &nbsp;&nbsp; $11.806 | &nbsp;&nbsp; $11.231 | &nbsp;&nbsp; $10.504 | &nbsp;&nbsp; $12.850 | &nbsp;&nbsp; $12.069 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.39% | &nbsp;&nbsp; 7.91% | &nbsp;&nbsp; 9.64% | &nbsp;&nbsp; (11.43%)<br>| &nbsp;&nbsp; 11.51% | &nbsp;&nbsp; 5.36% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $29871 | &nbsp;&nbsp; $29278 | &nbsp;&nbsp; $27540 | &nbsp;&nbsp; $26602 | &nbsp;&nbsp; $32163 | &nbsp;&nbsp; $30336 |
| 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; 0.96% | &nbsp;&nbsp; 0.96% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.08% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.74% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.62% |
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 144% | &nbsp;&nbsp; 106% |

---

&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 Macquarie Wealth Builder Fund-15

------

**LVIP Macquarie Wealth Builder 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 Macquarie Wealth Builder Fund (formerly, LVIP Delaware Wealth Builder 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 investment objective of the LVIP Macquarie Wealth Builder Fund is to seek to provide a responsible level of income and the potential for 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 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. 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.

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 Macquarie Wealth Builder Fund-16

------

**LVIP Macquarie Wealth Builder 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.

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 Macquarie Wealth Builder Fund is $2,391 and $2,355 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.

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.

LVIP Macquarie Wealth Builder Fund-17

------

**LVIP Macquarie Wealth Builder 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 0.63% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.71% of the 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; $159258 | &nbsp;&nbsp; $163896 | &nbsp;&nbsp; $139559 | &nbsp;&nbsp; $462713 |

---

Delaware Investments Fund Advisers ("DIFA") (the "Sub-Adviser"), a series of Macquarie Investment Management Business Trust, is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays DIFA a fee based on the Fund's average daily net assets. In managing the Fund, DIFA may utilize sub-sub-advisers, Macquarie Investment Management Global Limited ("MIMGL"), Macquarie Investment Management Europe Limited ("MIMEL"), Macquarie Funds Management Hong Kong Limited ("MFMHKL") and Macquarie Investment Management Austria Kapitalanlage ("MIMAK"), which are affiliates of DIFA. MIMAK is primarily responsible for the day-to-day management of the Fund's portfolio and determines its asset allocation. A reference to "Sub-Adviser" may also include MIMAK with respect to its role as sub-sub-adviser to the Fund.

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; $5088 |
| Legal | &nbsp;&nbsp; 775 |

---

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 $1,905 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; $15785 |
| Management fees payable to LFI | &nbsp;&nbsp; 61625 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 6023 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 303 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 2837 |

---

LVIP Macquarie Wealth Builder Fund-18

------

**LVIP Macquarie Wealth Builder 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.

**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; $15627002 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 25362416 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 15830327 |
| Sales of U.S. government securities | &nbsp;&nbsp; 28492210 |

---

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; $105603155 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $20311909 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (4109953)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $16201956 |

---

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 Macquarie Wealth Builder Fund-19

------

**LVIP Macquarie Wealth Builder 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 |  |  |  |  |
| U.S. Markets |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $751612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $751612 |
| Air Freight & Logistics | &nbsp;&nbsp; 389364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 389364 |
| Banks | &nbsp;&nbsp; 3445042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3445042 |
| Biotechnology | &nbsp;&nbsp; 1291436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1291436 |
| Broadline Retail | &nbsp;&nbsp; 272821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 272821 |
| Building Products | &nbsp;&nbsp; 397230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 397230 |
| Capital Markets | &nbsp;&nbsp; 3264618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3264618 |
| Chemicals | &nbsp;&nbsp; 797506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 797506 |
| Communications Equipment | &nbsp;&nbsp; 1231009 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1231009 |
| Consumer Finance | &nbsp;&nbsp; 787820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 787820 |
| Distributors | &nbsp;&nbsp; 588232 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 588232 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 1223669 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1223669 |
| Electric Utilities | &nbsp;&nbsp; 558376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 558376 |
| Electronic Equipment, Instruments & <br> Components<br>| &nbsp;&nbsp; 1205275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1205275 |
| Entertainment | &nbsp;&nbsp; 1276146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1276146 |
| Financial Services | &nbsp;&nbsp; 1384656 | &nbsp;&nbsp; 46158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1430814 |
| Food Products | &nbsp;&nbsp; 1061276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1061276 |
| Ground Transportation | &nbsp;&nbsp; 630281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 630281 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 565933 | &nbsp;&nbsp; 150216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 716149 |
| Health Care Providers & Services | &nbsp;&nbsp; 2164144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2164144 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 781010 | &nbsp;&nbsp; 120389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 901399 |
| Household Durables | &nbsp;&nbsp; 418043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 418043 |
| Insurance | &nbsp;&nbsp; 3109940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3109940 |
| Interactive Media & Services | &nbsp;&nbsp; 2646041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2646041 |
| IT Services | &nbsp;&nbsp; 339240 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 339240 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 547371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 547371 |
| Machinery | &nbsp;&nbsp; 1533656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1533656 |
| Media | &nbsp;&nbsp; 66120 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66120 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 2405717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2405717 |
| Personal Care Products | &nbsp;&nbsp; 563017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 563017 |
| Pharmaceuticals | &nbsp;&nbsp; 2867417 | &nbsp;&nbsp; 106366 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2973783 |
| Professional Services | &nbsp;&nbsp; 1102489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1102489 |
| Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 1386 |
| Residential REITs | &nbsp;&nbsp; 562934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 562934 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 6996133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6996133 |
| Software | &nbsp;&nbsp; 2722325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2722325 |
| Specialty Retail | &nbsp;&nbsp; 2597077 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2597077 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 4442043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4442043 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 921105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 921105 |
| Tobacco | &nbsp;&nbsp; 711218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 711218 |
| Developed Markets |  |  |  |  |
| Air Freight & Logistics | &nbsp;&nbsp; — | &nbsp;&nbsp; 77713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77713 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 207630 | &nbsp;&nbsp; — | &nbsp;&nbsp; 207630 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 93203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93203 |
| Commercial Services & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp; 119704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119704 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 119981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119981 |
| Food Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 57170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57170 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; — | &nbsp;&nbsp; 72009 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72009 |
| Machinery | &nbsp;&nbsp; — | &nbsp;&nbsp; 229209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 229209 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 49357 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49357 |
| Personal Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 163437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163437 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 95967 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95967 |
| Professional Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 134796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134796 |

---

LVIP Macquarie Wealth Builder Fund-20

------

**LVIP Macquarie Wealth Builder 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** |
| Common Stock (continued) |  |  |  |  |
| Developed Markets (continued) |  |  |  |  |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84942 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84942 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 131485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131485 |
| Specialty Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 33224 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33224 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; — | &nbsp;&nbsp; 138727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138727 |
| Tobacco | &nbsp;&nbsp; 553936 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 553936 |
| Wireless Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 30907 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30907 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 267823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 267823 |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1056198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1056198 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 410975 | &nbsp;&nbsp; — | &nbsp;&nbsp; 410975 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 16500973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16500973 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 20541506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20541506 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3862596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3862596 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 219221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 219221 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3775385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3775385 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 8671448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8671448 |
| Exchange-Traded Fund | &nbsp;&nbsp; 914529 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 914529 |
| Money Market Fund | &nbsp;&nbsp; 115205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 115205 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 3850000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3850000 |
| **Total Investments** | &nbsp;&nbsp; $60203012 | &nbsp;&nbsp; $61418715 | &nbsp;&nbsp; $1386 | &nbsp;&nbsp; $121623113 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $181998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $181998 |

---

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.

**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; 177202 | &nbsp;&nbsp; 404031 |
| Service Class | &nbsp;&nbsp; 184263 | &nbsp;&nbsp; 415470 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 225023 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 64274 |
|  | &nbsp;&nbsp; 361465 | &nbsp;&nbsp; 1108798 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (792826)<br>| &nbsp;&nbsp; (1419008)<br>|
| Service Class | &nbsp;&nbsp; (240394)<br>| &nbsp;&nbsp; (452035)<br>|
|  | &nbsp;&nbsp; (1033220)<br>| &nbsp;&nbsp; (1871043)<br>|
| Net decrease | &nbsp;&nbsp; (671755)<br>| &nbsp;&nbsp; (762245)<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

LVIP Macquarie Wealth Builder Fund-21

------

**LVIP Macquarie Wealth Builder 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 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> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| $181998 | Liabilities net of receivables and other <br> assets<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; $(268025)<br>| &nbsp;&nbsp; $222638 |

---

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) | $6053667 | $1271196 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain

LVIP Macquarie Wealth Builder Fund-22

------

**LVIP Macquarie Wealth Builder 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)**

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 no assets and liabilities subject to offsetting provisions.

**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 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.

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 Macquarie Wealth Builder Fund-23

------

**LVIP Macquarie Wealth Builder 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**

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 Structured Moderate Allocation Fund (the "Acquiring Fund"), a series of the Trust (the "Reorganization"). The Reorganization is not expected to be a taxable event for contract holders. A prospectus/information statement with material information about the Acquiring Fund and 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 July 31, 2025 ("Record Date"). The Fund's Reorganization is expected to be completed on or about October 31, 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 Macquarie Wealth Builder Fund-24

------

![](imgd6c008d41.jpg)

![](imge125ce992.jpg)

LVIP Multi-Manager International Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Multi-Manager International Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_cabadafa-8f4d-4c76-8936-5981975d28ce_SOI-continued-282_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_cabadafa-8f4d-4c76-8936-5981975d28ce_FS-continued-282_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_cabadafa-8f4d-4c76-8936-5981975d28ce_FS-continued-282_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_cabadafa-8f4d-4c76-8936-5981975d28ce_FS-continued-282_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_cabadafa-8f4d-4c76-8936-5981975d28ce_FIHI-continued-282_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_cabadafa-8f4d-4c76-8936-5981975d28ce_NTF-continued-282_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP Multi-Manager 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 INVESTMENTS–95.19%** | **AFFILIATED INVESTMENTS–95.19%** | **AFFILIATED INVESTMENTS–95.19%** |
| **INVESTMENT COMPANIES–95.19%** | **INVESTMENT COMPANIES–95.19%** | **INVESTMENT COMPANIES–95.19%** |
| **International Equity Funds–95.19%** | **International Equity Funds–95.19%** | **International Equity Funds–95.19%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Dimensional <br> International Core Equity <br> Fund<br>| 11377028 | $166753098 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 5597608 | 55220409 |
| LVIP MFS International <br> Growth Fund<br>| 14425667 | 327246251 |
| **Total Affiliated Investments** <br>**(Cost $398,264,838)**<br>|  | **549219758** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–4.35%** | **UNAFFILIATED INVESTMENT–4.35%** | **UNAFFILIATED INVESTMENT–4.35%** |
| **INVESTMENT COMPANY–4.35%** | **INVESTMENT COMPANY–4.35%** | **INVESTMENT COMPANY–4.35%** |
| **Money Market Fund–4.35%** | **Money Market Fund–4.35%** | **Money Market Fund–4.35%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 25080827 | $25080827 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $25,080,827)**<br>|  | **25080827** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.54% (Cost $423,345,665)** | **574300585** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.46%** | **2646341** |
| **NET ASSETS APPLICABLE TO 40,559,910 SHARES OUTSTANDING–100.00%** | **$576946926** |

---

&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:** |
| 79 | CME British Pound Currency Futures | &nbsp;&nbsp; $6776719 | &nbsp;&nbsp; $6680646 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $96073 | &nbsp;&nbsp; $— |
| 76 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 11244200 | &nbsp;&nbsp; 10969756 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 274444 | &nbsp;&nbsp; — |
| 92 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 8043675 | &nbsp;&nbsp; 8024102 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 19573 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 390090 | &nbsp;&nbsp; — |
| **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; — |
| 3 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 938063 | &nbsp;&nbsp; 912322 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 25741 | &nbsp;&nbsp; — |
| 182 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 11420396 | &nbsp;&nbsp; 11472316 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (51920)<br>|
| 56 | FTSE 100 Index Futures | &nbsp;&nbsp; 6756346 | &nbsp;&nbsp; 6813123 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (56777)<br>|
| 7 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 431725 | &nbsp;&nbsp; 425337 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 6388 | &nbsp;&nbsp; — |
| 29 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 8157981 | &nbsp;&nbsp; 7737181 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 420800 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 454643 | &nbsp;&nbsp; (108697)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $844733 | &nbsp;&nbsp; $(108697)<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;

LVIP Multi-Manager International Equity Managed Volatility Fund-1

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Schedule of Investments (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OSE–Osaka Securities Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager International Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Multi-Manager International Equity Managed Volatility Fund** | **LVIP Multi-Manager International Equity Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $549219758 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 25080827 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 2668742 |
| Receivable for securities sold | &nbsp;&nbsp; 576260 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 148065 |
| Dividends and interest receivable  | &nbsp;&nbsp; 86226 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 32037 |
| Prepaid expenses | &nbsp;&nbsp; 1355 |
| Receivable for fund shares sold | &nbsp;&nbsp; 270 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 577813540 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 606860 |
| Due to manager and affiliates | &nbsp;&nbsp; 218745 |
| Other accrued expenses payable | &nbsp;&nbsp; 14108 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 12868 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 866614 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $576946926 |
| Affiliated investments, at cost | &nbsp;&nbsp; $398264838 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 25080827 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $18693 |
| Shares Outstanding | &nbsp;&nbsp; 1311 |
| Net Asset Value Per Share | &nbsp;&nbsp; $14.259 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $576928233 |
| Shares Outstanding | &nbsp;&nbsp; 40558599 |
| Net Asset Value Per Share | &nbsp;&nbsp; $14.225 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $400593140 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 176353786 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $576946926 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager International Equity Managed Volatility Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** | **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $603480 |
| **EXPENSES:** |  |
| Management fees | 2482701 |
| Distribution fees-Service Class | 730184 |
| Shareholder servicing fees | 84704 |
| Accounting and administration expenses | 47823 |
| Professional fees | 24205 |
| Reports and statements to shareholders | 16851 |
| Trustees' fees and expenses | 8767 |
| Custodian fees | 5240 |
| Consulting fees | 3867 |
| Pricing fees | 300 |
| Other | 9961 |
|  | 3414603 |
| Less:  |  |
| Management fees waived | (1942348)<br>|
| Expenses reimbursed | (201718)<br>|
| Total operating expenses | 1270537 |
| **NET INVESTMENT LOSS** | (667057)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 11811606 |
| Foreign currencies | (88820)<br>|
| Futures contracts | (22729443)<br>|
| Net realized loss | (11006657)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 78833853 |
| Foreign currencies | 10334 |
| Futures contracts | 1710787 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 80554974 |
| **NET REALIZED AND UNREALIZED GAIN** | 69548317 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $68881260 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** | **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** | **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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) | $(667057)<br>| $8860993 |
| Net realized gain (loss) | (11006657)<br>| 53963207 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 80554974 | (16161224)<br>|
| Net increase in net assets resulting <br> from operations<br>| 68881260 | 46662976 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (894)<br>|
| Service Class |  | (30607224)<br>|
|  |  | (30608118)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Service Class | 5197841 | 18095963 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 894 |
| Service Class |  | 30607224 |
|  | 5197841 | 48704081 |
| Cost of shares redeemed: |  |  |
| Service Class | (85949668)<br>| (83715374)<br>|
|  | (85949668)<br>| (83715374)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (80751827)<br>| (35011293)<br>|
| **NET DECREASE IN NET ASSETS** | (11870567)<br>| (18956435)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 588817493 | 607773928 |
| End of period | $576946926 | $588817493 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager International Equity Managed Volatility Fund-4

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager 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; $12.668 | &nbsp;&nbsp; $12.376 | &nbsp;&nbsp; $11.788 | &nbsp;&nbsp; $14.252 | &nbsp;&nbsp; $12.809 | &nbsp;&nbsp; $12.914 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.003 | 0.222 | 0.244 | 0.131 | 0.088 | 0.118 |
| Net realized and unrealized gain (loss) | 1.588 | 0.781 | 1.343 | &nbsp;&nbsp; (2.450)<br>| 1.502 | 0.177 |
| Total from investment operations | 1.591 | 1.003 | 1.587 | &nbsp;&nbsp; (2.319)<br>| 1.590 | 0.295 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.274)<br>| &nbsp;&nbsp; (0.235)<br>| &nbsp;&nbsp; (0.145)<br>| &nbsp;&nbsp; (0.147)<br>| &nbsp;&nbsp; (0.149)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.764)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.251)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.711)<br>| &nbsp;&nbsp; (0.999)<br>| &nbsp;&nbsp; (0.145)<br>| &nbsp;&nbsp; (0.147)<br>| &nbsp;&nbsp; (0.400)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.259 | &nbsp;&nbsp; $12.668 | &nbsp;&nbsp; $12.376 | &nbsp;&nbsp; $11.788 | &nbsp;&nbsp; $14.252 | &nbsp;&nbsp; $12.809 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 12.56% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 13.89% | &nbsp;&nbsp; (16.26%)<br>| &nbsp;&nbsp; 12.42% | &nbsp;&nbsp; 2.50% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $14 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.17% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &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 net investment income to average net assets | &nbsp;&nbsp; 0.02% <br><sup>6</sup><br>| &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment income (loss) to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.71% )<sup>6</sup><br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; 0.27% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 15% |

---

&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 Multi-Manager International Equity Managed Volatility Fund-5

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager 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; $12.653 | &nbsp;&nbsp; $12.361 | &nbsp;&nbsp; $11.778 | &nbsp;&nbsp; $14.239 | &nbsp;&nbsp; $12.798 | &nbsp;&nbsp; $12.908 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.015)<br>| 0.189 | 0.211 | 0.101 | 0.051 | 0.089 |
| Net realized and unrealized gain (loss) | 1.587 | 0.780 | 1.340 | &nbsp;&nbsp; (2.447)<br>| 1.502 | 0.173 |
| Total from investment operations | 1.572 | 0.969 | 1.551 | &nbsp;&nbsp; (2.346)<br>| 1.553 | 0.262 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.204)<br>| &nbsp;&nbsp; (0.115)<br>| &nbsp;&nbsp; (0.112)<br>| &nbsp;&nbsp; (0.121)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.764)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.251)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.677)<br>| &nbsp;&nbsp; (0.968)<br>| &nbsp;&nbsp; (0.115)<br>| &nbsp;&nbsp; (0.112)<br>| &nbsp;&nbsp; (0.372)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.225 | &nbsp;&nbsp; $12.653 | &nbsp;&nbsp; $12.361 | &nbsp;&nbsp; $11.778 | &nbsp;&nbsp; $14.239 | &nbsp;&nbsp; $12.798 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 12.42% | &nbsp;&nbsp; 7.73% | &nbsp;&nbsp; 13.59% | &nbsp;&nbsp; (16.47%)<br>| &nbsp;&nbsp; 12.14% | &nbsp;&nbsp; 2.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $576928 | &nbsp;&nbsp; $588801 | &nbsp;&nbsp; $607759 | &nbsp;&nbsp; $577892 | &nbsp;&nbsp; $701878 | &nbsp;&nbsp; $640677 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.42% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.23% )<sup>6</sup><br>| &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.96% )<sup>6</sup><br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; 0.02% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 15% |

---

&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 Multi-Manager International Equity Managed Volatility Fund-6

------

**LVIP Multi-Manager 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 Multi-Manager International Equity Managed Volatility Fund (formerly, LVIP MFS International Equity Managed Volatility Fund) (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of fund structure and invests substantially all of its assets in open-end investment companies, that are advised by Lincoln Financial Investments Corporation ("LFI") or other unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds 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 Multi-Manager International Equity Managed Volatility Fund-7

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.85% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.665% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.185% of the Fund's average daily net assets for the Standard Class and 0.435% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $389908 | &nbsp;&nbsp; $391470 | &nbsp;&nbsp; $406258 | &nbsp;&nbsp; $1187636 |

---

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; $24995 |
| Legal | &nbsp;&nbsp; 3809 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Multi-Manager International Equity Managed Volatility Fund-8

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $4,601 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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $32037 |
| Management fees payable to LFI | &nbsp;&nbsp; 87135 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 117745 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 206 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 13659 |

---

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 COMPANIES-95.19%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **International Equity Funds-95.19%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional International Core <br> Equity Fund<br>| $168667857 | $1111399 | $35031452 | $1993175 | $30012119 | $166753098 | 11377028 | $— | $— |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> International Equity Fund<br>| 56119926 | 139469 | 12505470 | 778735 | 10687749 | 55220409 | 5597608 |  |  |
| ✧✧LVIP MFS International Growth Fund | 335835971 | 6186676 | 61950077 | 9039696 | 38133985 | 327246251 | 14425667 |  |  |
| Total | $560623754 | $7437544 | $109486999 | $11811606 | $78833853 | $549219758 |  | $— | $— |

---

&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; $7437544 |
| Sales | &nbsp;&nbsp; 109486999 |

---

LVIP Multi-Manager International Equity Managed Volatility Fund-9

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At 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; $423345665 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $151799653 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (108697)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $151690956 |

---

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)

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 Companies | &nbsp;&nbsp; $549219758 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $549219758 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 25080827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25080827 |
| **Total Investments** | &nbsp;&nbsp; $574300585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $574300585 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $844733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $844733 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(108697)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(108697)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

LVIP Multi-Manager International Equity Managed Volatility Fund-10

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. 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; 395965 | &nbsp;&nbsp; 1389185 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 69 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2342695 |
|  | &nbsp;&nbsp; 395965 | &nbsp;&nbsp; 3731949 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (6370470)<br>| &nbsp;&nbsp; (6364803)<br>|
|  | &nbsp;&nbsp; (6370470)<br>| &nbsp;&nbsp; (6364803)<br>|
| Net decrease | &nbsp;&nbsp; (5974505)<br>| &nbsp;&nbsp; (2632854)<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; as a cash management tool and to hedge currency risks associated with the Fund's investments.

LVIP Multi-Manager International Equity Managed Volatility Fund-11

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 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>| $454643 | Variation margin due from broker on <br> futures contracts<br>| $(108697)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 390090 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $844733 |  | $(108697)<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; $(17799345)<br>| &nbsp;&nbsp; $700013 |
| 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; (4930098)<br>| &nbsp;&nbsp; 1010774 |
| Total |  | &nbsp;&nbsp; $(22729443)<br>| &nbsp;&nbsp; $1710787 |

---

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) | $47421309 | $12756955 |

---

**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.

**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 Multi-Manager International Equity Managed Volatility Fund-12

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Multi-Manager International Equity Managed Volatility Fund-13

------

![](img000393341.jpg)

LVIP MFS International Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP MFS International Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_d4c16a19-bf52-43d9-9aec-1497eda2aa05_SOI-continued-258_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_d4c16a19-bf52-43d9-9aec-1497eda2aa05_FS-continued-258_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_d4c16a19-bf52-43d9-9aec-1497eda2aa05_FS-continued-258_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_d4c16a19-bf52-43d9-9aec-1497eda2aa05_FIHI-continued-258_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_d4c16a19-bf52-43d9-9aec-1497eda2aa05_NTF-continued-258_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP MFS International 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>|
| **ΔCOMMON STOCK–98.21%** | **ΔCOMMON STOCK–98.21%** | **ΔCOMMON STOCK–98.21%** |
| **Australia–2.04%** | **Australia–2.04%** | **Australia–2.04%** |
| Aristocrat Leisure Ltd. | 308603 | $13222024 |
| Lottery Corp. Ltd. | 738979 | 2592356 |
| Northern Star Resources <br> Ltd.<br>| 534292 | 6599648 |
| WiseTech Global Ltd. | 96630 | 6929903 |
|  |  | **29343931** |
| **Brazil–1.09%** | **Brazil–1.09%** | **Brazil–1.09%** |
| B3 SA - Brasil Bolsa Balcao | 2422300 | 6482531 |
| Banco BTG Pactual SA | 264893 | 2059916 |
| TOTVS SA | 467000 | 3636740 |
| XP, Inc. Class A | 175009 | 3535182 |
|  |  | **15714369** |
| **Canada–7.98%** | **Canada–7.98%** | **Canada–7.98%** |
| Agnico Eagle Mines Ltd. | 244131 | 29085965 |
| Element Fleet <br> Management Corp.<br>| 1069761 | 26796070 |
| Franco-Nevada Corp. | 167030 | 27422726 |
| RB Global, Inc. | 298128 | 31672611 |
|  |  | **114977372** |
| **China–1.09%** | **China–1.09%** | **China–1.09%** |
| Alibaba Group Holding <br> Ltd.<br>| 240000 | 3397425 |
| Kingsoft Corp. Ltd. | 349200 | 1825109 |
| Tencent Holdings Ltd. | 116400 | 7500305 |
| Yum China Holdings, Inc. | 66650 | 2983707 |
|  |  | **15706546** |
| **Denmark–1.05%** | **Denmark–1.05%** | **Denmark–1.05%** |
| Novo Nordisk AS Class B | 219112 | 15183149 |
|  |  | **15183149** |
| **France–15.41%** | **France–15.41%** | **France–15.41%** |
| Air Liquide SA | 163545 | 33723152 |
| Capgemini SE | 166200 | 28459496 |
| Dassault Systemes SE | 423710 | 15355947 |
| EssilorLuxottica SA | 132850 | 36479642 |
| Kering SA | 24809 | 5404781 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 55013 | 28792710 |
| Pernod Ricard SA | 117062 | 11677097 |
| Schneider Electric SE | 212350 | 57012776 |
| Sodexo SA | 83705 | 5151746 |
|  |  | **222057347** |
| **Germany–10.53%** | **Germany–10.53%** | **Germany–10.53%** |
| Deutsche Boerse AG | 89691 | 29301114 |
| GEA Group AG | 386583 | 27099520 |
| Merck KGaA | 68834 | 8924907 |
| SAP SE | 203220 | 62140530 |
| Symrise AG | 136211 | 14283690 |
| †Zalando SE | 302200 | 9971795 |
|  |  | **151721556** |
| **Hong Kong–3.27%** | **Hong Kong–3.27%** | **Hong Kong–3.27%** |
| AIA Group Ltd. | 5044600 | 45696202 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| China Resources Gas Group <br> Ltd.<br>| 568700 | $1455855 |
|  |  | **47152057** |
| **India–1.47%** | **India–1.47%** | **India–1.47%** |
| HDFC Bank Ltd. ADR | 181709 | 13931629 |
| Reliance Industries Ltd. | 263769 | 4616806 |
| UPL Ltd. | 337367 | 2602351 |
|  |  | **21150786** |
| **Ireland–2.77%** | **Ireland–2.77%** | **Ireland–2.77%** |
| Experian PLC | 430321 | 22190038 |
| †James Hardie Industries <br> PLC CDI<br>| 455839 | 12240789 |
| Kingspan Group PLC | 63997 | 5453144 |
|  |  | **39883971** |
| **Japan–11.45%** | **Japan–11.45%** | **Japan–11.45%** |
| Daiichi Sankyo Co. Ltd. | 352400 | 8164433 |
| Hitachi Ltd. | 2228700 | 64775673 |
| Kose Corp. | 2900 | 113822 |
| LY Corp. | 2331500 | 8585994 |
| Nomura Research Institute <br> Ltd.<br>| 441300 | 17650859 |
| Obic Co. Ltd. | 399700 | 15542359 |
| Oracle Corp. Japan | 95600 | 11394616 |
| Pan Pacific International <br> Holdings Corp.<br>| 293800 | 10105266 |
| Resonac Holdings Corp. | 373400 | 8652093 |
| Sugi Holdings Co. Ltd. | 321400 | 7347258 |
| Terumo Corp. | 686700 | 12602225 |
|  |  | **164934598** |
| **Luxembourg–0.47%** | **Luxembourg–0.47%** | **Luxembourg–0.47%** |
| Tenaris SA | 361182 | 6770245 |
|  |  | **6770245** |
| **Macau–0.41%** | **Macau–0.41%** | **Macau–0.41%** |
| †Sands China Ltd. | 2847600 | 5951286 |
|  |  | **5951286** |
| **Mexico–0.33%** | **Mexico–0.33%** | **Mexico–0.33%** |
| Grupo Financiero Banorte <br> SAB de CV Class O<br>| 515888 | 4733979 |
|  |  | **4733979** |
| **Netherlands–5.26%** | **Netherlands–5.26%** | **Netherlands–5.26%** |
| Akzo Nobel NV | 115400 | 8096887 |
| ASML Holding NV | 17786 | 14252579 |
| Heineken NV | 429900 | 37505691 |
| †Qiagen NV | 329144 | 15858037 |
|  |  | **75713194** |
| **Peru–0.45%** | **Peru–0.45%** | **Peru–0.45%** |
| Credicorp Ltd. | 29152 | 6516055 |
|  |  | **6516055** |
| **Republic of Korea–0.57%** | **Republic of Korea–0.57%** | **Republic of Korea–0.57%** |
| Amorepacific Corp. | 27447 | 2775850 |

---

LVIP MFS International Growth Fund-1

------

**LVIP MFS International Growth Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
| NAVER Corp. | 27809 | $5400086 |
|  |  | **8175936** |
| **Singapore–2.38%** | **Singapore–2.38%** | **Singapore–2.38%** |
| DBS Group Holdings Ltd. | 857060 | 30255975 |
| Singapore Technologies <br> Engineering Ltd.<br>| 660100 | 4047523 |
|  |  | **34303498** |
| **Spain–2.70%** | **Spain–2.70%** | **Spain–2.70%** |
| Amadeus IT Group SA | 460911 | 38939179 |
|  |  | **38939179** |
| **Sweden–1.95%** | **Sweden–1.95%** | **Sweden–1.95%** |
| Assa Abloy AB Class B | 899059 | 28107853 |
|  |  | **28107853** |
| **Switzerland–8.62%** | **Switzerland–8.62%** | **Switzerland–8.62%** |
| Nestle SA | 509754 | 50682976 |
| Roche Holding AG | 157846 | 51524038 |
| Sika AG | 40590 | 11043880 |
| Sonova Holding AG | 36883 | 10999447 |
|  |  | **124250341** |
| **Taiwan–2.43%** | **Taiwan–2.43%** | **Taiwan–2.43%** |
| Delta Electronics, Inc. | 401000 | 5674530 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 803000 | 29365186 |
|  |  | **35039716** |
| **Thailand–0.17%** | **Thailand–0.17%** | **Thailand–0.17%** |
| Kasikornbank PCL | 518600 | 2449659 |
|  |  | **2449659** |
| **United Kingdom–9.56%** | **United Kingdom–9.56%** | **United Kingdom–9.56%** |
| AstraZeneca PLC | 150035 | 20880241 |
| †Burberry Group PLC | 330843 | 5373948 |
| Compass Group PLC | 528363 | 17896696 |
| Diageo PLC | 655155 | 16520448 |
| Haleon PLC | 1867800 | 9599793 |
| London Stock Exchange <br> Group PLC<br>| 105107 | 15371597 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Reckitt Benckiser Group <br> PLC<br>| 353598 | $24089552 |
| Rolls-Royce Holdings PLC | 2106528 | 27917067 |
|  |  | **137649342** |
| **United States–4.48%** | **United States–4.48%** | **United States–4.48%** |
| †Flutter Entertainment <br> PLC<br>| 93351 | 26675982 |
| Linde PLC | 80662 | 37844997 |
|  |  | **64520979** |
| **Uruguay–0.28%** | **Uruguay–0.28%** | **Uruguay–0.28%** |
| †MercadoLibre, Inc. | 1532 | 4004081 |
|  |  | **4004081** |
| **Total Common Stock** <br>**(Cost $842,388,683)** | **Total Common Stock** <br>**(Cost $842,388,683)** | **1414951025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.00%** | **MONEY MARKET FUND–0.00%** | **MONEY MARKET FUND–0.00%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 1021 | 1021 |
| **Total Money Market Fund** <br>**(Cost $1,021)** | **Total Money Market Fund** <br>**(Cost $1,021)** | **1021** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT–1.38%** | **SHORT-TERM INVESTMENT–1.38%** | **SHORT-TERM INVESTMENT–1.38%** |
| **AGENCY OBLIGATIONS–1.38%** | **AGENCY OBLIGATIONS–1.38%** | **AGENCY OBLIGATIONS–1.38%** |
| ≠Federal Home Loan Bank <br> Discount Notes 4.16% 7/1/25<br>| 19852000 | 19852000 |
|  |  | **19852000** |
| **Total Short-Term Investment** <br>**(Cost $19,852,000)** | **Total Short-Term Investment** <br>**(Cost $19,852,000)** | **19852000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.59% (Cost $862,241,704)** | **1434804046** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.41%** | **5840716** |
| **NET ASSETS APPLICABLE TO 63,507,681 SHARES OUTSTANDING–100.00%** | **$1440644762** |
| **NET ASSET VALUE PER SHARE–LVIP MFS INTERNATIONAL GROWTH FUND STANDARD CLASS** <br>**($1,111,827,938 / 49,002,068 Shares)** | **$22.689** |
| **NET ASSET VALUE PER SHARE–LVIP MFS INTERNATIONAL GROWTH FUND SERVICE CLASS** <br>**($328,816,824 / 14,505,613 Shares)** | **$22.668** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$718142158** |
| Distributable earnings/(accumulated loss) | **722502604** |
| **TOTAL NET ASSETS** | **$1440644762** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP MFS International Growth Fund-2

------

**LVIP MFS International Growth Fund**

**Statement of Net Assets (continued)**

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| †Non-income producing. |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $511 payable for securities purchased, $1,133,256 payable for fund shares redeemed, $53,968 other accrued expenses payable, <br> $940,172 due to manager and affiliates, $635,518 foreign capital gain taxes payable, $16,187 payable for audit fee and $35,812 payable for <br> fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CDI–Chess Depository Interest |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS International Growth Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP MFS International Growth Fund** | **LVIP MFS International Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $20107365 |
| Foreign taxes withheld | (1960961)<br>|
|  | 18146404 |
| **EXPENSES:** |  |
| Management fees | 5733543 |
| Distribution fees-Service Class | 392970 |
| Shareholder servicing fees | 202898 |
| Accounting and administration expenses | 123708 |
| Professional fees | 91166 |
| Custodian fees | 67877 |
| Trustees' fees and expenses | 20774 |
| Reports and statements to shareholders | 16952 |
| Consulting fees | 8248 |
| Pricing fees | 3954 |
| Other | 23008 |
|  | 6685098 |
| Less:  |  |
| Management fees waived | (719482)<br>|
| Total operating expenses | 5965616 |
| **NET INVESTMENT INCOME**  | 12180788 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 50839961 |
| Foreign currencies | 32806 |
| Net realized gain | 50872767 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments<sup>\*\*</sup> | 136518239 |
| Foreign currencies | 778323 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 137296562 |
| **NET REALIZED AND UNREALIZED GAIN** | 188169329 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $200350117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Includes $(198728) change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP MFS International Growth Fund** | **LVIP MFS International Growth Fund** | **LVIP MFS International Growth Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $12180788 | $14838151 |
| Net realized gain | 50872767 | 124578570 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 137296562 | (25425698)<br>|
| Net increase in net assets <br> resulting from operations<br>| 200350117 | 113991023 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (63024423)<br>|
| Service Class |  | (16007401)<br>|
|  |  | (79031824)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 36892742 | 74278387 |
| Service Class | 20848222 | 37414037 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 63024423 |
| Service Class |  | 16007401 |
|  | 57740964 | 190724248 |
| Cost of shares redeemed: |  |  |
| Standard Class | (158669272)<br>| (222780822)<br>|
| Service Class | (37617637)<br>| (45064157)<br>|
|  | (196286909)<br>| (267844979)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (138545945)<br>| (77120731)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 61804172 | (42161532)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 1378840590 | 1421002122 |
| End of period | $1440644762 | $1378840590 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS International Growth Fund-4

------

**LVIP MFS International Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International 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; $19.665 | &nbsp;&nbsp; $19.216 | &nbsp;&nbsp; $17.736 | &nbsp;&nbsp; $22.641 | &nbsp;&nbsp; $21.750 | &nbsp;&nbsp; $19.265 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.188 | 0.218 | 0.217 | 0.193 | 0.160 | 0.156 |
| Net realized and unrealized gain (loss) | 2.836 | 1.385 | 2.328 | &nbsp;&nbsp; (3.576)<br>| 2.256 | 2.631 |
| Total from investment operations | 3.024 | 1.603 | 2.545 | &nbsp;&nbsp; (3.383)<br>| 2.416 | 2.787 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.401)<br>| &nbsp;&nbsp; (0.196)<br>| &nbsp;&nbsp; (0.157)<br>| &nbsp;&nbsp; (0.186)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.837)<br>| &nbsp;&nbsp; (0.664)<br>| &nbsp;&nbsp; (1.326)<br>| &nbsp;&nbsp; (1.368)<br>| &nbsp;&nbsp; (0.116)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.154)<br>| &nbsp;&nbsp; (1.065)<br>| &nbsp;&nbsp; (1.522)<br>| &nbsp;&nbsp; (1.525)<br>| &nbsp;&nbsp; (0.302)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.689 | &nbsp;&nbsp; $19.665 | &nbsp;&nbsp; $19.216 | &nbsp;&nbsp; $17.736 | &nbsp;&nbsp; $22.641 | &nbsp;&nbsp; $21.750 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.36% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 14.71% | &nbsp;&nbsp; (14.28%)<br>| &nbsp;&nbsp; 11.24% | &nbsp;&nbsp; 14.54% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1111828 | &nbsp;&nbsp; $1078100 | &nbsp;&nbsp; $1134818 | &nbsp;&nbsp; $1166939 | &nbsp;&nbsp; $1442752 | &nbsp;&nbsp; $1298318 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.83% |
| Ratio of net investment income to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.73% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% |

---

&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 MFS International Growth Fund-5

------

**LVIP MFS International Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International 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; $19.671 | &nbsp;&nbsp; $19.224 | &nbsp;&nbsp; $17.746 | &nbsp;&nbsp; $22.658 | &nbsp;&nbsp; $21.767 | &nbsp;&nbsp; $19.286 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.162 | 0.167 | 0.170 | 0.146 | 0.103 | 0.109 |
| Net realized and unrealized gain (loss) | 2.835 | 1.384 | 2.327 | &nbsp;&nbsp; (3.581)<br>| 2.258 | 2.626 |
| Total from investment operations | 2.997 | 1.551 | 2.497 | &nbsp;&nbsp; (3.435)<br>| 2.361 | 2.735 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; (0.138)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.837)<br>| &nbsp;&nbsp; (0.664)<br>| &nbsp;&nbsp; (1.326)<br>| &nbsp;&nbsp; (1.368)<br>| &nbsp;&nbsp; (0.116)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.104)<br>| &nbsp;&nbsp; (1.019)<br>| &nbsp;&nbsp; (1.477)<br>| &nbsp;&nbsp; (1.470)<br>| &nbsp;&nbsp; (0.254)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.668 | &nbsp;&nbsp; $19.671 | &nbsp;&nbsp; $19.224 | &nbsp;&nbsp; $17.746 | &nbsp;&nbsp; $22.658 | &nbsp;&nbsp; $21.767 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.22% | &nbsp;&nbsp; 7.83% | &nbsp;&nbsp; 14.42% | &nbsp;&nbsp; (14.50%)<br>| &nbsp;&nbsp; 10.97% | &nbsp;&nbsp; 14.25% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $328817 | &nbsp;&nbsp; $300741 | &nbsp;&nbsp; $286184 | &nbsp;&nbsp; $260576 | &nbsp;&nbsp; $317403 | &nbsp;&nbsp; $283856 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.58% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.48% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% |

---

&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 MFS International Growth Fund-6

------

**LVIP MFS International 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 MFS International Growth Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 MFS International Growth Fund-7

------

**LVIP MFS International Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the 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 first $50 million of the Fund's average daily net assets; 0.95% of the next $50 million; 0.90% of the next $50 million; 0.85% of the next $100 million; and 0.80% of the Fund's average daily net assets in excess of $250 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.11% on the first $400 million of the Fund's average daily net assets and 0.10% of the Fund's average daily net assets in excess of $400 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Massachusetts Financial Services Company (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

LVIP MFS International Growth Fund-8

------

**LVIP MFS International Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $59312 |
| Legal | &nbsp;&nbsp; 9039 |

---

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 $9,141 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; $838914 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 66775 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 528 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 33955 |

---

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; $92009079 |
| Sales | &nbsp;&nbsp; 207358914 |

---

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; $862241704 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $607004790 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (34442448)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $572562342 |

---

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 MFS International Growth Fund-9

------

**LVIP MFS International Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29343931 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29343931 |
| Brazil | &nbsp;&nbsp; 15714369 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15714369 |
| Canada | &nbsp;&nbsp; 114977372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 114977372 |
| China | &nbsp;&nbsp; 2110312 | &nbsp;&nbsp; 13596234 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15706546 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 15183149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15183149 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 222057347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 222057347 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 151721556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151721556 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 47152057 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47152057 |
| India | &nbsp;&nbsp; 13931629 | &nbsp;&nbsp; 7219157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21150786 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 39883971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39883971 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 164934598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164934598 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 6770245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6770245 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 5951286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5951286 |
| Mexico | &nbsp;&nbsp; 4733979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4733979 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 75713194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75713194 |
| Peru | &nbsp;&nbsp; 6516055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6516055 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 8175936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8175936 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 34303498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34303498 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 38939179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38939179 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 28107853 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28107853 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 124250341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124250341 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 35039716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35039716 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp; 2449659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2449659 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 137649342 | &nbsp;&nbsp; — | &nbsp;&nbsp; 137649342 |
| United States | &nbsp;&nbsp; 64520979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64520979 |
| Uruguay | &nbsp;&nbsp; 4004081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4004081 |
| Money Market Fund | &nbsp;&nbsp; 1021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1021 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 19852000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19852000 |
| **Total Investments** | &nbsp;&nbsp; $226509797 | &nbsp;&nbsp; $1208294249 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1434804046 |

---

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 MFS International Growth Fund-10

------

**LVIP MFS International Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 1731861 | &nbsp;&nbsp; 3678754 |
| Service Class | &nbsp;&nbsp; 987920 | &nbsp;&nbsp; 1851883 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3039906 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 772425 |
|  | &nbsp;&nbsp; 2719781 | &nbsp;&nbsp; 9342968 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (7553712)<br>| &nbsp;&nbsp; (10950634)<br>|
| Service Class | &nbsp;&nbsp; (1771038)<br>| &nbsp;&nbsp; (2222060)<br>|
|  | &nbsp;&nbsp; (9324750)<br>| &nbsp;&nbsp; (13172694)<br>|
| Net decrease | &nbsp;&nbsp; (6604969)<br>| &nbsp;&nbsp; (3829726)<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.

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 securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

LVIP MFS International Growth Fund-11

------

**LVIP MFS International Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

**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 MFS International Growth Fund-12

------

![](img1ede08c21.jpg)

LVIP MFS Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP MFS Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_568e6aa2-1f7e-47fa-af4f-7460f43b5dd6_SOI-continued-263_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_568e6aa2-1f7e-47fa-af4f-7460f43b5dd6_FS-continued-263_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_568e6aa2-1f7e-47fa-af4f-7460f43b5dd6_FS-continued-263_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_568e6aa2-1f7e-47fa-af4f-7460f43b5dd6_FIHI-continued-263_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_568e6aa2-1f7e-47fa-af4f-7460f43b5dd6_NTF-continued-263_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP MFS 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–98.60%** | **COMMON STOCK–98.60%** | **COMMON STOCK–98.60%** |
| **Aerospace & Defense–7.94%** | **Aerospace & Defense–7.94%** | **Aerospace & Defense–7.94%** |
| †Boeing Co. | 245806 | $51503731 |
| General Dynamics Corp. | 140847 | 41079436 |
| Northrop Grumman Corp. | 49227 | 24612516 |
| RTX Corp. | 351160 | 51276383 |
|  |  | **168472066** |
| **Banks–9.35%** | **Banks–9.35%** | **Banks–9.35%** |
| Citigroup, Inc. | 423469 | 36045681 |
| JPMorgan Chase & Co. | 342363 | 99254458 |
| PNC Financial Services <br> Group, Inc.<br>| 191816 | 35758339 |
| Wells Fargo & Co. | 341902 | 27393188 |
|  |  | **198451666** |
| **Beverages–1.36%** | **Beverages–1.36%** | **Beverages–1.36%** |
| Diageo PLC | 281310 | 7093539 |
| PepsiCo, Inc. | 165377 | 21836379 |
|  |  | **28929918** |
| **Biotechnology–1.35%** | **Biotechnology–1.35%** | **Biotechnology–1.35%** |
| AbbVie, Inc. | 155000 | 28771100 |
|  |  | **28771100** |
| **Building Products–0.32%** | **Building Products–0.32%** | **Building Products–0.32%** |
| Trane Technologies PLC | 15521 | 6789041 |
|  |  | **6789041** |
| **Capital Markets–7.67%** | **Capital Markets–7.67%** | **Capital Markets–7.67%** |
| Blackrock, Inc. | 29219 | 30658036 |
| KKR & Co., Inc. | 293675 | 39067585 |
| LPL Financial Holdings, Inc. | 19768 | 7412407 |
| Morgan Stanley | 313790 | 44200460 |
| Nasdaq, Inc. | 463034 | 41404500 |
|  |  | **162742988** |
| **Chemicals–1.17%** | **Chemicals–1.17%** | **Chemicals–1.17%** |
| Corteva, Inc. | 99869 | 7443237 |
| DuPont de Nemours, Inc. | 120609 | 8272571 |
| Sherwin-Williams Co. | 26378 | 9057150 |
|  |  | **24772958** |
| **Construction Materials–0.60%** | **Construction Materials–0.60%** | **Construction Materials–0.60%** |
| CRH PLC | 138539 | 12717880 |
|  |  | **12717880** |
| **Consumer Finance–2.44%** | **Consumer Finance–2.44%** | **Consumer Finance–2.44%** |
| American Express Co. | 162490 | 51831060 |
|  |  | **51831060** |
| **Consumer Staples Distribution & Retail–0.60%** | **Consumer Staples Distribution & Retail–0.60%** | **Consumer Staples Distribution & Retail–0.60%** |
| Target Corp. | 129973 | 12821836 |
|  |  | **12821836** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electric Utilities–7.22%** | **Electric Utilities–7.22%** | **Electric Utilities–7.22%** |
| American Electric Power Co., <br> Inc.<br>| 90719 | $9413003 |
| Duke Energy Corp. | 359261 | 42392798 |
| Exelon Corp. | 350932 | 15237468 |
| PG&E Corp. | 1605986 | 22387445 |
| Southern Co. | 426651 | 39179361 |
| Xcel Energy, Inc. | 362088 | 24658193 |
|  |  | **153268268** |
| **Electrical Equipment–1.13%** | **Electrical Equipment–1.13%** | **Electrical Equipment–1.13%** |
| Eaton Corp. PLC | 67007 | 23920829 |
|  |  | **23920829** |
| **Electronic Equipment, Instruments & Components–0.27%** | **Electronic Equipment, Instruments & Components–0.27%** | **Electronic Equipment, Instruments & Components–0.27%** |
| CDW Corp. | 32315 | 5771136 |
|  |  | **5771136** |
| **Food Products–2.23%** | **Food Products–2.23%** | **Food Products–2.23%** |
| Mondelez International, Inc. <br> Class A<br>| 340256 | 22946865 |
| Nestle SA | 244625 | 24322169 |
|  |  | **47269034** |
| **Ground Transportation–2.14%** | **Ground Transportation–2.14%** | **Ground Transportation–2.14%** |
| Canadian National Railway <br> Co.<br>| 85577 | 8903431 |
| Union Pacific Corp. | 158792 | 36534863 |
|  |  | **45438294** |
| **Health Care Equipment & Supplies–1.49%** | **Health Care Equipment & Supplies–1.49%** | **Health Care Equipment & Supplies–1.49%** |
| Abbott Laboratories | 233337 | 31736165 |
|  |  | **31736165** |
| **Health Care Providers & Services–7.46%** | **Health Care Providers & Services–7.46%** | **Health Care Providers & Services–7.46%** |
| Cigna Group | 208646 | 68974195 |
| Elevance Health, Inc. | 62887 | 24460527 |
| McKesson Corp. | 88570 | 64902325 |
|  |  | **158337047** |
| **Hotels, Restaurants & Leisure–1.34%** | **Hotels, Restaurants & Leisure–1.34%** | **Hotels, Restaurants & Leisure–1.34%** |
| Marriott International, Inc. <br> Class A<br>| 104364 | 28513288 |
|  |  | **28513288** |
| **Household Products–1.25%** | **Household Products–1.25%** | **Household Products–1.25%** |
| Kimberly-Clark Corp. | 105884 | 13650566 |
| Reckitt Benckiser Group PLC | 188648 | 12852012 |
|  |  | **26502578** |
| **Industrial Conglomerates–1.69%** | **Industrial Conglomerates–1.69%** | **Industrial Conglomerates–1.69%** |
| Honeywell International, Inc. | 153867 | 35832547 |
|  |  | **35832547** |

---

LVIP MFS Value Fund-1

------

**LVIP MFS Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Industrial REITs–1.58%** | **Industrial REITs–1.58%** | **Industrial REITs–1.58%** |
| Prologis, Inc. | 318206 | $33449815 |
|  |  | **33449815** |
| **Insurance–11.78%** | **Insurance–11.78%** | **Insurance–11.78%** |
| Aon PLC Class A | 109319 | 39000646 |
| Chubb Ltd. | 126208 | 36564982 |
| Marsh & McLennan Cos., Inc. | 218562 | 47786396 |
| Progressive Corp. | 329828 | 88017900 |
| Travelers Cos., Inc. | 144939 | 38776980 |
|  |  | **250146904** |
| **IT Services–1.75%** | **IT Services–1.75%** | **IT Services–1.75%** |
| Accenture PLC Class A | 124364 | 37171156 |
|  |  | **37171156** |
| **Machinery–2.47%** | **Machinery–2.47%** | **Machinery–2.47%** |
| Illinois Tool Works, Inc. | 90983 | 22495547 |
| Otis Worldwide Corp. | 67280 | 6662065 |
| PACCAR, Inc. | 245686 | 23354911 |
|  |  | **52512523** |
| **Multi-Utilities–1.74%** | **Multi-Utilities–1.74%** | **Multi-Utilities–1.74%** |
| Dominion Energy, Inc. | 654594 | 36997653 |
|  |  | **36997653** |
| **Oil, Gas & Consumable Fuels–5.70%** | **Oil, Gas & Consumable Fuels–5.70%** | **Oil, Gas & Consumable Fuels–5.70%** |
| Chevron Corp. | 188414 | 26979000 |
| ConocoPhillips | 423401 | 37996006 |
| EOG Resources, Inc. | 133706 | 15992575 |
| Exxon Mobil Corp. | 372284 | 40132215 |
|  |  | **121099796** |
| **Personal Care Products–0.85%** | **Personal Care Products–0.85%** | **Personal Care Products–0.85%** |
| Kenvue, Inc. | 865372 | 18112236 |
|  |  | **18112236** |
| **Pharmaceuticals–4.04%** | **Pharmaceuticals–4.04%** | **Pharmaceuticals–4.04%** |
| Johnson & Johnson | 278958 | 42610835 |
| Merck & Co., Inc. | 196459 | 15551694 |
| Pfizer, Inc. | 1137159 | 27564734 |
|  |  | **85727263** |
| **Professional Services–1.01%** | **Professional Services–1.01%** | **Professional Services–1.01%** |
| Equifax, Inc. | 82810 | 21478430 |
|  |  | **21478430** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment–6.21%** | **Semiconductors & Semiconductor Equipment–6.21%** | **Semiconductors & Semiconductor Equipment–6.21%** |
| Analog Devices, Inc. | 176552 | $42022907 |
| KLA Corp. | 32396 | 29018393 |
| NXP Semiconductors NV | 127297 | 27813121 |
| Texas Instruments, Inc. | 159006 | 33012826 |
|  |  | **131867247** |
| **Specialized REITs–0.31%** | **Specialized REITs–0.31%** | **Specialized REITs–0.31%** |
| Public Storage | 22193 | 6511870 |
|  |  | **6511870** |
| **Specialty Retail–1.77%** | **Specialty Retail–1.77%** | **Specialty Retail–1.77%** |
| Lowe's Cos., Inc. | 169496 | 37606077 |
|  |  | **37606077** |
| **Trading Companies & Distributors–0.37%** | **Trading Companies & Distributors–0.37%** | **Trading Companies & Distributors–0.37%** |
| WW Grainger, Inc. | 7523 | 7825725 |
|  |  | **7825725** |
| **Total Common Stock** <br>**(Cost $1,135,239,114)** | **Total Common Stock** <br>**(Cost $1,135,239,114)** | **2093396394** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.00%** | **MONEY MARKET FUND–0.00%** | **MONEY MARKET FUND–0.00%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 15612 | 15612 |
| **Total Money Market Fund** <br>**(Cost $15,612)** | **Total Money Market Fund** <br>**(Cost $15,612)** | **15612** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT–1.32%** | **SHORT-TERM INVESTMENT–1.32%** | **SHORT-TERM INVESTMENT–1.32%** |
| **AGENCY OBLIGATIONS–1.32%** | **AGENCY OBLIGATIONS–1.32%** | **AGENCY OBLIGATIONS–1.32%** |
| ≠Federal Home Loan Bank <br> Discount Notes 4.16% 7/1/25<br>| 28072000 | 28072000 |
|  |  | **28072000** |
| **Total Short-Term Investment** <br>**(Cost $28,072,000)** | **Total Short-Term Investment** <br>**(Cost $28,072,000)** | **28072000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.92% (Cost $1,163,326,726)** | **2121484006** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.08%** | **1595190** |
| **NET ASSETS APPLICABLE TO 37,772,751 SHARES OUTSTANDING–100.00%** | **$2123079196** |

---

LVIP MFS Value Fund-2

------

**LVIP MFS Value Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP MFS VALUE FUND STANDARD CLASS** <br>**($1,010,682,512 / 17,952,802 Shares)** | **$56.297** |
| **NET ASSET VALUE PER SHARE–LVIP MFS VALUE FUND SERVICE CLASS** <br>**($1,112,396,684 / 19,819,949 Shares)** | **$56.125** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$957346371** |
| Distributable earnings/(accumulated loss) | **1165732825** |
| **TOTAL NET ASSETS** | **$2123079196** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| †Non-income producing. |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,132,459 payable for fund shares redeemed, $25,415 other accrued expenses payable, $1,219,645 due to manager and affiliates, <br> $14,033 payable for audit fee and $46,916 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 MFS Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP MFS Value Fund** | **LVIP MFS Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $25643110 |
| Foreign taxes withheld | (210100)<br>|
|  | 25433010 |
| **EXPENSES:** |  |
| Management fees | 6084962 |
| Distribution fees-Service Class | 1347311 |
| Shareholder servicing fees | 297096 |
| Accounting and administration expenses | 175029 |
| Professional fees | 40263 |
| Trustees' fees and expenses | 30490 |
| Reports and statements to shareholders | 26853 |
| Custodian fees | 13177 |
| Consulting fees | 7573 |
| Pricing fees | 2837 |
| Other | 34117 |
|  | 8059708 |
| Less:  |  |
| Management fees waived | (409787)<br>|
| Total operating expenses | 7649921 |
| **NET INVESTMENT INCOME**  | 17783089 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 53779784 |
| Foreign currencies | 18378 |
| Net realized gain | 53798162 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 61690191 |
| Foreign currencies | 94771 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 61784962 |
| **NET REALIZED AND UNREALIZED GAIN** | 115583124 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $133366213 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP MFS Value Fund** | **LVIP MFS Value Fund** | **LVIP MFS Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $17783089 | $32302458 |
| Net realized gain | 53798162 | 149564452 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 61784962 | 51862003 |
| Net increase in net assets <br> resulting from operations<br>| 133366213 | 233728913 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (71408338)<br>|
| Service Class |  | (75009318)<br>|
|  |  | (146417656)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 75447500 | 111936624 |
| Service Class | 52307429 | 92967143 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 71408338 |
| Service Class |  | 75009318 |
|  | 127754929 | 351321423 |
| Cost of shares redeemed: |  |  |
| Standard Class | (93988721)<br>| (185631010)<br>|
| Service Class | (84781712)<br>| (226534061)<br>|
|  | (178770433)<br>| (412165071)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (51015504)<br>| (60843648)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 82350709 | 26467609 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2040728487 | 2014260878 |
| End of period | $2123079196 | $2040728487 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS Value Fund-4

------

**LVIP MFS Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value 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; $52.730 | &nbsp;&nbsp; $50.605 | &nbsp;&nbsp; $50.824 | &nbsp;&nbsp; $57.719 | &nbsp;&nbsp; $47.407 | &nbsp;&nbsp; $46.462 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.501 | 0.908 | 0.902 | 0.876 | 0.744 | 0.706 |
| Net realized and unrealized gain (loss) | 3.066 | 5.182 | 2.988 | &nbsp;&nbsp; (4.561)<br>| 11.259 | 0.981 |
| Total from investment operations | 3.567 | 6.090 | 3.890 | &nbsp;&nbsp; (3.685)<br>| 12.003 | 1.687 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.926)<br>| &nbsp;&nbsp; (0.885)<br>| &nbsp;&nbsp; (0.951)<br>| &nbsp;&nbsp; (0.758)<br>| &nbsp;&nbsp; (0.735)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.039)<br>| &nbsp;&nbsp; (3.224)<br>| &nbsp;&nbsp; (2.259)<br>| &nbsp;&nbsp; (0.933)<br>| &nbsp;&nbsp; (0.007)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.965)<br>| &nbsp;&nbsp; (4.109)<br>| &nbsp;&nbsp; (3.210)<br>| &nbsp;&nbsp; (1.691)<br>| &nbsp;&nbsp; (0.742)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $56.297 | &nbsp;&nbsp; $52.730 | &nbsp;&nbsp; $50.605 | &nbsp;&nbsp; $50.824 | &nbsp;&nbsp; $57.719 | &nbsp;&nbsp; $47.407 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.76% | &nbsp;&nbsp; 11.84% | &nbsp;&nbsp; 8.07% | &nbsp;&nbsp; (6.07%)<br>| &nbsp;&nbsp; 25.46% | &nbsp;&nbsp; 3.66% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1010682 | &nbsp;&nbsp; $965722 | &nbsp;&nbsp; $926670 | &nbsp;&nbsp; $823716 | &nbsp;&nbsp; $962574 | &nbsp;&nbsp; $749207 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.67% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.67% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.66% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.66% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 15% |

---

&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 MFS Value Fund-5

------

**LVIP MFS Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP MFS Value Fund Service Class** | **LVIP MFS Value Fund Service Class** | **LVIP MFS Value Fund Service Class** | **LVIP MFS Value Fund Service Class** | **LVIP MFS Value Fund Service Class** | **LVIP MFS 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** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $52.635 | &nbsp;&nbsp; $50.524 | &nbsp;&nbsp; $50.758 | &nbsp;&nbsp; $57.652 | &nbsp;&nbsp; $47.359 | &nbsp;&nbsp; $46.426 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.433 | 0.770 | 0.776 | 0.743 | 0.607 | 0.599 |
| Net realized and unrealized gain (loss) | 3.057 | 5.168 | 2.975 | &nbsp;&nbsp; (4.560)<br>| 11.239 | 0.969 |
| Total from investment operations | 3.490 | 5.938 | 3.751 | &nbsp;&nbsp; (3.817)<br>| 11.846 | 1.568 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.788)<br>| &nbsp;&nbsp; (0.761)<br>| &nbsp;&nbsp; (0.818)<br>| &nbsp;&nbsp; (0.620)<br>| &nbsp;&nbsp; (0.628)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.039)<br>| &nbsp;&nbsp; (3.224)<br>| &nbsp;&nbsp; (2.259)<br>| &nbsp;&nbsp; (0.933)<br>| &nbsp;&nbsp; (0.007)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.827)<br>| &nbsp;&nbsp; (3.985)<br>| &nbsp;&nbsp; (3.077)<br>| &nbsp;&nbsp; (1.553)<br>| &nbsp;&nbsp; (0.635)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $56.125 | &nbsp;&nbsp; $52.635 | &nbsp;&nbsp; $50.524 | &nbsp;&nbsp; $50.758 | &nbsp;&nbsp; $57.652 | &nbsp;&nbsp; $47.359 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.63% | &nbsp;&nbsp; 11.57% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; (6.31%)<br>| &nbsp;&nbsp; 25.15% | &nbsp;&nbsp; 3.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1112397 | &nbsp;&nbsp; $1075007 | &nbsp;&nbsp; $1087591 | &nbsp;&nbsp; $1063891 | &nbsp;&nbsp; $1263214 | &nbsp;&nbsp; $1108447 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.41% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.41% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 15% |

---

&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 MFS Value Fund-6

------

**LVIP MFS 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 MFS Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 MFS Value Fund-7

------

**LVIP MFS Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the 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 0.75% of the first $75 million of the Fund's average daily net assets; 0.70% of the next $75 million; 0.65% of the next $50 million; 0.60% of the next $300 million; 0.5875% of the next $1 billion; and 0.5625% of the Fund's average daily net assets in excess of $1.5 billion. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.04% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Massachusetts Financial Services Company (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

LVIP MFS Value Fund-8

------

**LVIP MFS Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $87037 |
| Legal | &nbsp;&nbsp; 13265 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $16,186 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; $945377 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 224295 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 468 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 49505 |

---

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; $128700935 |
| Sales | &nbsp;&nbsp; 165627121 |

---

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; $1163326726 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $986181736 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (28024456)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $958157280 |

---

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 MFS Value Fund-9

------

**LVIP MFS Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $168472066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168472066 |
| Banks | &nbsp;&nbsp; 198451666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 198451666 |
| Beverages | &nbsp;&nbsp; 21836379 | &nbsp;&nbsp; 7093539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28929918 |
| Biotechnology | &nbsp;&nbsp; 28771100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28771100 |
| Building Products | &nbsp;&nbsp; 6789041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6789041 |
| Capital Markets | &nbsp;&nbsp; 162742988 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 162742988 |
| Chemicals | &nbsp;&nbsp; 24772958 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24772958 |
| Construction Materials | &nbsp;&nbsp; 12717880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12717880 |
| Consumer Finance | &nbsp;&nbsp; 51831060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51831060 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 12821836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12821836 |
| Electric Utilities | &nbsp;&nbsp; 153268268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153268268 |
| Electrical Equipment | &nbsp;&nbsp; 23920829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23920829 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 5771136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5771136 |
| Food Products | &nbsp;&nbsp; 22946865 | &nbsp;&nbsp; 24322169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47269034 |
| Ground Transportation | &nbsp;&nbsp; 45438294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45438294 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 31736165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31736165 |
| Health Care Providers & Services | &nbsp;&nbsp; 158337047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158337047 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 28513288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28513288 |
| Household Products | &nbsp;&nbsp; 13650566 | &nbsp;&nbsp; 12852012 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26502578 |
| Industrial Conglomerates | &nbsp;&nbsp; 35832547 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35832547 |
| Industrial REITs | &nbsp;&nbsp; 33449815 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33449815 |
| Insurance | &nbsp;&nbsp; 250146904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 250146904 |
| IT Services | &nbsp;&nbsp; 37171156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37171156 |
| Machinery | &nbsp;&nbsp; 52512523 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52512523 |
| Multi-Utilities | &nbsp;&nbsp; 36997653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36997653 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 121099796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 121099796 |
| Personal Care Products | &nbsp;&nbsp; 18112236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18112236 |
| Pharmaceuticals | &nbsp;&nbsp; 85727263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 85727263 |
| Professional Services | &nbsp;&nbsp; 21478430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21478430 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 131867247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 131867247 |
| Specialized REITs | &nbsp;&nbsp; 6511870 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6511870 |
| Specialty Retail | &nbsp;&nbsp; 37606077 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37606077 |
| Trading Companies & Distributors | &nbsp;&nbsp; 7825725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7825725 |
| Money Market Fund | &nbsp;&nbsp; 15612 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15612 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 28072000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28072000 |
| **Total Investments** | &nbsp;&nbsp; $2049144286 | &nbsp;&nbsp; $72339720 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2121484006 |

---

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 MFS Value Fund-10

------

**LVIP MFS Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 1386321 | &nbsp;&nbsp; 2070234 |
| Service Class | &nbsp;&nbsp; 965840 | &nbsp;&nbsp; 1713378 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1302289 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1371852 |
|  | &nbsp;&nbsp; 2352161 | &nbsp;&nbsp; 6457753 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1747958)<br>| &nbsp;&nbsp; (3369933)<br>|
| Service Class | &nbsp;&nbsp; (1569865)<br>| &nbsp;&nbsp; (4187351)<br>|
|  | &nbsp;&nbsp; (3317823)<br>| &nbsp;&nbsp; (7557284)<br>|
| Net decrease | &nbsp;&nbsp; (965662)<br>| &nbsp;&nbsp; (1099531)<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.

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 MFS Value Fund-11

------

**LVIP MFS Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

**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 MFS Value Fund-12

------

![](img1b8010c91.jpg)

LVIP Mondrian Global Income Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Mondrian Global Income Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_93b4f7cf-9130-41e9-adef-a0db13e0991d_SOI-continued-236_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_93b4f7cf-9130-41e9-adef-a0db13e0991d_FS-continued-236_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_93b4f7cf-9130-41e9-adef-a0db13e0991d_FS-continued-236_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_93b4f7cf-9130-41e9-adef-a0db13e0991d_FIHI-continued-236_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_93b4f7cf-9130-41e9-adef-a0db13e0991d_NTF-continued-236_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP Mondrian Global Income 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>|
| **ΔCORPORATE BONDS–0.91%** | **ΔCORPORATE BONDS–0.91%** | **ΔCORPORATE BONDS–0.91%** | **ΔCORPORATE BONDS–0.91%** |
| **Germany–0.38%** | **Germany–0.38%** | **Germany–0.38%** | **Germany–0.38%** |
| Kreditanstalt fuer <br> Wiederaufbau 2.60% 6/20/37<br>| JPY | 200000000 | $1567543 |
|  |  |  | **1567543** |
| **Norway–0.53%** | **Norway–0.53%** | **Norway–0.53%** | **Norway–0.53%** |
| Equinor ASA 1.63% 2/17/35 | EUR | 2154000 | 2155487 |
|  |  |  | **2155487** |
| **South Africa–0.00%** | **South Africa–0.00%** | **South Africa–0.00%** | **South Africa–0.00%** |
| ‡K2016470219 South Africa <br> Ltd. 3.00% 12/31/22<br>|  | 106828 | 96 |
|  |  |  | **96** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| ‡Sanchez Energy Corp. 7.75% <br> 6/15/21<br>|  | 150000 | 1500 |
|  |  |  | **1500** |
| **Total Corporate Bonds** <br>**(Cost $4,740,731)**<br>|  |  | **3724626** |
| **ΔSOVEREIGN BONDS–61.10%** | **ΔSOVEREIGN BONDS–61.10%** | **ΔSOVEREIGN BONDS–61.10%** | **ΔSOVEREIGN BONDS–61.10%** |
| **Australia–4.03%** | **Australia–4.03%** | **Australia–4.03%** | **Australia–4.03%** |
| Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
| 0.25% 11/21/25 | AUD | 6204000 | 4031144 |
| 1.75% 6/21/51 | AUD | 3000000 | 1071732 |
| 2.75% 6/21/35 | AUD | 5000000 | 2913927 |
| 3.00% 3/21/47 | AUD | 3600000 | 1810935 |
| 3.25% 6/21/39 | AUD | 5500000 | 3185990 |
| 4.75% 4/21/27 | AUD | 5100000 | 3446052 |
|  |  |  | **16459780** |
| **Austria–2.71%** | **Austria–2.71%** | **Austria–2.71%** | **Austria–2.71%** |
| Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds |
| 0.75% 2/20/28 | EUR | 6910000 | 7869973 |
| 6.25% 7/15/27 | EUR | 2500000 | 3195684 |
|  |  |  | **11065657** |
| **Belgium–2.23%** | **Belgium–2.23%** | **Belgium–2.23%** | **Belgium–2.23%** |
| Belgium Government Bonds | Belgium Government Bonds | Belgium Government Bonds | Belgium Government Bonds |
| 0.10% 6/22/30 | EUR | 900000 | 944482 |
| 0.40% 6/22/40 | EUR | 8250000 | 6188339 |
| Kingdom of Belgium <br> Government Bonds 0.10% <br> 6/22/30<br>| EUR | 1875000 | 1967671 |
|  |  |  | **9100492** |
| **Canada–2.13%** | **Canada–2.13%** | **Canada–2.13%** | **Canada–2.13%** |
| Canada Government Bonds | Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
| 0.50% 12/1/30 | CAD | 6144000 | 3968661 |
| 1.00% 6/1/27 | CAD | 6422000 | 4577057 |
| 3.50% 12/1/45 | CAD | 200000 | 146735 |
|  |  |  | **8692453** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **China–4.24%** | **China–4.24%** | **China–4.24%** | **China–4.24%** |
| China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |
| 2.35% 2/25/34 | CNY | 55000000 | $8073916 |
| 2.68% 5/21/30 | CNY | 62700000 | 9224637 |
|  |  |  | **17298553** |
| **Finland–1.25%** | **Finland–1.25%** | **Finland–1.25%** | **Finland–1.25%** |
| Finland Government Bonds <br> 0.50% 9/15/27<br>| EUR | 4459000 | 5087391 |
|  |  |  | **5087391** |
| **France–4.72%** | **France–4.72%** | **France–4.72%** | **France–4.72%** |
| French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. |
| 0.50% 6/25/44 | EUR | 1000000 | 663394 |
| 0.75% 5/25/52 | EUR | 3750000 | 2098087 |
| 1.50% 5/25/31 | EUR | 10026297 | 11052120 |
| 2.75% 2/25/29 | EUR | 4540000 | 5423393 |
|  |  |  | **19236994** |
| **Germany–2.03%** | **Germany–2.03%** | **Germany–2.03%** | **Germany–2.03%** |
| Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |
| 1.25% 8/15/48 | EUR | 1650000 | 1377129 |
| 2.60% 8/15/34 | EUR | 2371000 | 2802394 |
| 4.00% 1/4/37 | EUR | 3100000 | 4103491 |
|  |  |  | **8283014** |
| **Italy–1.69%** | **Italy–1.69%** | **Italy–1.69%** | **Italy–1.69%** |
| Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
| 1.80% 3/1/41 | EUR | 950000 | 849191 |
| 2.45% 9/1/33 | EUR | 2500000 | 2800961 |
| 4.75% 9/1/44 | EUR | 2500000 | 3249360 |
|  |  |  | **6899512** |
| **Japan–5.29%** | **Japan–5.29%** | **Japan–5.29%** | **Japan–5.29%** |
| Japan Government 10 yr <br> Bond 0.10% 3/20/28<br>| JPY | 375000000 | 2557489 |
| Japan Government 20 yr Bond | Japan Government 20 yr Bond | Japan Government 20 yr Bond | Japan Government 20 yr Bond |
| 0.60% 12/20/37 | JPY | 1015100000 | 6139169 |
| 1.60% 6/20/30 | JPY | 300000000 | 2144446 |
| Japan Government 30 yr Bond | Japan Government 30 yr Bond | Japan Government 30 yr Bond | Japan Government 30 yr Bond |
| 0.30% 6/20/46 | JPY | 600000000 | 2727280 |
| 1.70% 9/20/44 | JPY | 1200000000 | 7524072 |
| Japan Government 40 yr <br> Bond 0.50% 3/20/60<br>| JPY | 141500000 | 468369 |
|  |  |  | **21560825** |
| **Malaysia–2.19%** | **Malaysia–2.19%** | **Malaysia–2.19%** | **Malaysia–2.19%** |
| Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
| 3.50% 5/31/27 | MYR | 21094000 | 5049663 |
| 3.90% 11/30/26 | MYR | 15000000 | 3604112 |
| 3.90% 11/16/27 | MYR | 1150000 | 277857 |
|  |  |  | **8931632** |
| **Mexico–3.87%** | **Mexico–3.87%** | **Mexico–3.87%** | **Mexico–3.87%** |
| Mexican Bonos 7.50% 6/3/27 | MXN | 17500000 | 921467 |

---

LVIP Mondrian Global Income Fund-1

------

**LVIP Mondrian Global Income Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
| 7.75% 5/29/31 | MXN | 33000000 | $1675316 |
| 7.75% 11/13/42 | MXN | 120000000 | 5297216 |
| 8.00% 11/7/47 | MXN | 161700000 | 7145667 |
| 8.50% 11/18/38 | MXN | 15100000 | 739264 |
|  |  |  | **15778930** |
| **Netherlands–1.29%** | **Netherlands–1.29%** | **Netherlands–1.29%** | **Netherlands–1.29%** |
| Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |
| 0.50% 1/15/40 | EUR | 1950000 | 1620159 |
| 2.75% 1/15/47 | EUR | 3300000 | 3654493 |
|  |  |  | **5274652** |
| **New Zealand–6.21%** | **New Zealand–6.21%** | **New Zealand–6.21%** | **New Zealand–6.21%** |
| New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
| 1.75% 5/15/41 | NZD | 19640000 | 7763778 |
| 2.00% 5/15/32 | NZD | 8900000 | 4710630 |
| 3.00% 4/20/29 | NZD | 7000000 | 4161970 |
| 4.50% 4/15/27 | NZD | 14000000 | 8706419 |
|  |  |  | **25342797** |
| **Norway–1.32%** | **Norway–1.32%** | **Norway–1.32%** | **Norway–1.32%** |
| Kommunalbanken AS 0.05% <br> 10/24/29<br>| EUR | 5068000 | 5378408 |
|  |  |  | **5378408** |
| **Republic of Korea–4.27%** | **Republic of Korea–4.27%** | **Republic of Korea–4.27%** | **Republic of Korea–4.27%** |
| Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
| 3.50% 9/10/28 | KRW | 11100000000 | 8472154 |
| 3.88% 12/10/26 | KRW | 11815920000 | 8938337 |
|  |  |  | **17410491** |
| **Spain–4.05%** | **Spain–4.05%** | **Spain–4.05%** | **Spain–4.05%** |
| Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
| 2.70% 1/31/30 | EUR | 4000000 | 4761940 |
| 3.15% 4/30/35 | EUR | 10000000 | 11762191 |
|  |  |  | **16524131** |
| **United Kingdom–7.58%** | **United Kingdom–7.58%** | **United Kingdom–7.58%** | **United Kingdom–7.58%** |
| United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
| 0.38% 10/22/30 | GBP | 3000000 | 3436885 |
| 1.25% 10/22/41 | GBP | 12300000 | 9919110 |
| 1.25% 7/31/51 | GBP | 4750000 | 2849930 |
| 1.75% 9/7/37 | GBP | 2652000 | 2658305 |
| 4.25% 12/7/27 | GBP | 2500000 | 3479560 |
| 4.50% 9/7/34 | GBP | 6200000 | 8580636 |
|  |  |  | **30924426** |
| **Total Sovereign Bonds** <br>**(Cost $262,245,556)**<br>|  |  | **249250138** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SUPRANATIONAL BANKS–4.55%** | **SUPRANATIONAL BANKS–4.55%** | **SUPRANATIONAL BANKS–4.55%** | **SUPRANATIONAL BANKS–4.55%** |
| Asian Development Bank <br> 2.35% 6/21/27<br>| JPY | 1200000000 | $8601346 |
| European Investment Bank <br> 2.15% 1/18/27<br>| JPY | 1400000000 | 9946100 |
| **Total Supranational Banks** <br>**(Cost $24,010,829)**<br>|  |  | **18547446** |
| **U.S. TREASURY OBLIGATIONS–31.87%** | **U.S. TREASURY OBLIGATIONS–31.87%** | **U.S. TREASURY OBLIGATIONS–31.87%** | **U.S. TREASURY OBLIGATIONS–31.87%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1.13% 8/15/40 |  | 17000000 | 10458320 |
| 2.25% 5/15/41 |  | 12900000 | 9368625 |
| 2.50% 2/15/46 |  | 11400000 | 7899844 |
| 2.75% 8/15/42 |  | 10000000 | 7651953 |
| 3.13% 8/15/44 |  | 8800000 | 6938594 |
| 3.63% 8/15/43 |  | 3600000 | 3097125 |
| 3.63% 2/15/53 |  | 12381100 | 10107040 |
| 4.50% 5/15/38 |  | 7300000 | 7386117 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1.13% 2/15/31 |  | 9500000 | 8219727 |
| 1.25% 8/15/31 |  | 17000000 | 14542969 |
| 2.00% 8/15/25 |  | 11750000 | 11713877 |
| 2.75% 2/15/28 |  | 13100000 | 12788363 |
| 4.13% 9/30/27 |  | 7700000 | 7770082 |
| 4.25% 1/31/26 |  | 12052000 | 12051529 |
| **Total U.S. Treasury** <br> **Obligations** <br>**(Cost $143,584,965)**<br>|  |  | **129994165** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–0.89%** | **MONEY MARKET FUND–0.89%** | **MONEY MARKET FUND–0.89%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 3634270 | 3634270 |
| **Total Money Market Fund** <br>**(Cost $3,634,270)** | **Total Money Market Fund** <br>**(Cost $3,634,270)** | **3634270** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.32% (Cost $438,216,351)** | **405150645** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.68%** | **2775623** |
| **NET ASSETS APPLICABLE TO 43,208,816 SHARES OUTSTANDING –100.00%** | **$407926268** |

---

LVIP Mondrian Global Income Fund-2

------

**LVIP Mondrian Global Income Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP MONDRIAN GLOBAL INCOME FUND STANDARD CLASS** <br>**($48,196,302 / 5,044,837 Shares)** | **$9.554** |
| **NET ASSET VALUE PER SHARE–LVIP MONDRIAN GLOBAL INCOME FUND SERVICE CLASS** <br>**($359,729,966 / 38,163,979 Shares)** | **$9.426** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$491052122** |
| Distributable earnings/(accumulated loss) | **(83125854)**<br>|
| **TOTAL NET ASSETS** | **$407926268** |

---

&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. |
| ‡Non-income producing security. Security is currently in default. No interest income is being accrued during the bankruptcy proceedings. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $86,025 payable for fund shares redeemed, $8,416 cash collateral due to brokers for certain open bilateral derivatives, $38,148 <br> other accrued expenses payable, $265,729 due to manager and affiliates, $170 due to custodian, $34,579 payable for audit fee and $25,933 <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 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>|
| SSB | AUD | &nbsp;&nbsp; (19817500)<br>| USD | &nbsp;&nbsp; 12726224 | 7/31/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(324872)<br>|
| SSB | AUD | &nbsp;&nbsp; 1046500 | USD | &nbsp;&nbsp; (678522)<br>| 7/31/25 | &nbsp;&nbsp; 10665 | &nbsp;&nbsp; — |
| SSB | CAD | &nbsp;&nbsp; (11626500)<br>| USD | &nbsp;&nbsp; 8461821 | 7/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (90623)<br>|
| SSB | CNY | &nbsp;&nbsp; 29514500 | USD | &nbsp;&nbsp; (4081714)<br>| 7/31/25 | &nbsp;&nbsp; 53997 | &nbsp;&nbsp; — |
| SSB | EUR | &nbsp;&nbsp; (29913000)<br>| USD | &nbsp;&nbsp; 34398245 | 7/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (914669)<br>|
| SSB | EUR | &nbsp;&nbsp; 1814000 | USD | &nbsp;&nbsp; (2074344)<br>| 7/31/25 | &nbsp;&nbsp; 67120 | &nbsp;&nbsp; — |
| SSB | GBP | &nbsp;&nbsp; (23895500)<br>| USD | &nbsp;&nbsp; 31873750 | 7/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (931180)<br>|
| SSB | GBP | &nbsp;&nbsp; 1672000 | USD | &nbsp;&nbsp; (2234000)<br>| 7/31/25 | &nbsp;&nbsp; 61404 | &nbsp;&nbsp; — |
| SSB | JPY | &nbsp;&nbsp; 4018202500 | USD | &nbsp;&nbsp; (28664183)<br>| 7/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (657815)<br>|
| SSB | MXN | &nbsp;&nbsp; (326930000)<br>| USD | &nbsp;&nbsp; 16502280 | 7/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (860922)<br>|
| SSB | MXN | &nbsp;&nbsp; 37115500 | USD | &nbsp;&nbsp; (1917065)<br>| 7/31/25 | &nbsp;&nbsp; 54134 | &nbsp;&nbsp; — |
| SSB | NOK | &nbsp;&nbsp; 262199000 | USD | &nbsp;&nbsp; (25273533)<br>| 7/31/25 | &nbsp;&nbsp; 744757 | &nbsp;&nbsp; — |
| SSB | NZD | &nbsp;&nbsp; (41426000)<br>| USD | &nbsp;&nbsp; 24878763 | 7/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (399043)<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; $992077 | &nbsp;&nbsp; $(4179124)<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:** |
| AUD–Australian Dollar |
| CAD–Canadian Dollar |
| CNY–Chinese Yuan |
| EUR–Euro |
| GBP–British Pound Sterling |
| JPY–Japanese Yen |
| KRW–South Korean Won |
| MXN–Mexican Peso |
| MYR–Malaysian Ringgit |
| NOK–Norwegian Krone |
| NZD–New Zealand Dollar |
| O.A.T.–Obligations Assimilables du Trésor (French Treasury Bond) |

---

LVIP Mondrian Global Income Fund-3

------

**LVIP Mondrian Global Income Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| SSB–State Street Bank |
| USD–United States Dollar |
| yr–Year |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian Global Income Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Mondrian Global Income Fund** | **LVIP Mondrian Global Income Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $6416978 |
| Foreign taxes withheld | (35631)<br>|
|  | 6381347 |
| **EXPENSES:** |  |
| Management fees | 1352620 |
| Distribution fees-Service Class | 460233 |
| Shareholder servicing fees | 60348 |
| Accounting and administration expenses | 48255 |
| Professional fees | 43441 |
| Custodian fees | 35749 |
| Reports and statements to shareholders | 9697 |
| Trustees' fees and expenses | 6268 |
| Pricing fees | 5426 |
| Consulting fees | 4716 |
| Other | 17259 |
|  | 2044012 |
| Less:  |  |
| Management fees waived | (216751)<br>|
| Total operating expenses | 1827261 |
| **NET INVESTMENT INCOME**  | 4554086 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (5992580)<br>|
| Foreign currencies | 268743 |
| Foreign currency exchange contracts | 302939 |
| Net realized loss | (5420898)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 34857842 |
| Foreign currencies | 167377 |
| Foreign currency exchange contracts | (6141328)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 28883891 |
| **NET REALIZED AND UNREALIZED GAIN** | 23462993 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $28017079 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Mondrian Global Income Fund** | **LVIP Mondrian Global Income Fund** | **LVIP Mondrian Global Income Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $4554086 | $9502447 |
| Net realized loss | (5420898)<br>| (8126040)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 28883891 | (25420986)<br>|
| Net increase (decrease) in net assets <br> resulting from operations<br>| 28017079 | (24044579)<br>|
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Return of capital: |  |  |
| Standard Class |  | (1075459)<br>|
| Service Class |  | (7617149)<br>|
|  |  | (8692608)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 4462831 | 15821496 |
| Service Class | 7284753 | 40603342 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 1075459 |
| Service Class |  | 7617149 |
|  | 11747584 | 65117446 |
| Cost of shares redeemed: |  |  |
| Standard Class | (7644721)<br>| (13990436)<br>|
| Service Class | (50337954)<br>| (61964409)<br>|
|  | (57982675)<br>| (75954845)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (46235091)<br>| (10837399)<br>|
| **NET DECREASE IN NET ASSETS** | (18218012)<br>| (43574586)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 426144280 | 469718866 |
| End of period | $407926268 | $426144280 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian Global Income Fund-5

------

**LVIP Mondrian Global Income Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income 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**<sup>2</sup> <br>| **12/31/21**<sup>3</sup> <br>| **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.929 | &nbsp;&nbsp; $9.625 | &nbsp;&nbsp; $9.253 | &nbsp;&nbsp; $10.903 | &nbsp;&nbsp; $12.086 | &nbsp;&nbsp; $11.522 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>4</sup> | 0.110 | 0.218 | 0.182 | 0.123 | 0.088 | 0.138 |
| Net realized and unrealized gain (loss) | 0.515 | &nbsp;&nbsp; (0.708)<br>| 0.190 | &nbsp;&nbsp; (1.773)<br>| &nbsp;&nbsp; (0.693)<br>| 0.641 |
| Total from investment operations | 0.625 | &nbsp;&nbsp; (0.490)<br>| 0.372 | &nbsp;&nbsp; (1.650)<br>| &nbsp;&nbsp; (0.605)<br>| 0.779 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.175)<br>| &nbsp;&nbsp; (0.198)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.217)<br>| &nbsp;&nbsp; (0.017)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.578)<br>| &nbsp;&nbsp; (0.215)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.554 | &nbsp;&nbsp; $8.929 | &nbsp;&nbsp; $9.625 | &nbsp;&nbsp; $9.253 | &nbsp;&nbsp; $10.903 | &nbsp;&nbsp; $12.086 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 6.99% | &nbsp;&nbsp; (5.15%)<br>| &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; (15.13%)<br>| &nbsp;&nbsp; (5.09%)<br>| &nbsp;&nbsp; 6.78% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $48196 | &nbsp;&nbsp; $48062 | &nbsp;&nbsp; $48787 | &nbsp;&nbsp; $120770 | &nbsp;&nbsp; $201394 | &nbsp;&nbsp; $184379 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.69% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 1.16% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 1.09% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 45% | &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 July 26, 2022, Mondrian Investment Partners Ltd. is responsible for the day-to-day management of the portion of the Fund's investment portfolio previously managed by Allianz Global Investors U.S. LLC ("AllianzGI U.S.") 

<sup>3</sup> Effective August 17, 2021, Allianz Global Investors U.S. LLC ("AllianzGI U.S."), is responsible for the day-to-day management of a portion of the Fund's investment portfolio, replacing Franklin Advisers, Inc. 

<sup>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 Mondrian Global Income Fund-6

------

**LVIP Mondrian Global Income Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income 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**<sup>2</sup> <br>| **12/31/21**<sup>3</sup> <br>| **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.820 | &nbsp;&nbsp; $9.510 | &nbsp;&nbsp; $9.165 | &nbsp;&nbsp; $10.826 | &nbsp;&nbsp; $12.006 | &nbsp;&nbsp; $11.447 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>4</sup> | 0.097 | 0.192 | 0.156 | 0.098 | 0.059 | 0.107 |
| Net realized and unrealized gain (loss) | 0.509 | &nbsp;&nbsp; (0.700)<br>| 0.189 | &nbsp;&nbsp; (1.759)<br>| &nbsp;&nbsp; (0.689)<br>| 0.637 |
| Total from investment operations | 0.606 | &nbsp;&nbsp; (0.508)<br>| 0.345 | &nbsp;&nbsp; (1.661)<br>| &nbsp;&nbsp; (0.630)<br>| 0.744 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.156)<br>| &nbsp;&nbsp; (0.168)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.217)<br>| &nbsp;&nbsp; (0.017)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.550)<br>| &nbsp;&nbsp; (0.185)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.426 | &nbsp;&nbsp; $8.820 | &nbsp;&nbsp; $9.510 | &nbsp;&nbsp; $9.165 | &nbsp;&nbsp; $10.826 | &nbsp;&nbsp; $12.006 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 6.87% | &nbsp;&nbsp; (5.40%)<br>| &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; (15.34%)<br>| &nbsp;&nbsp; (5.33%)<br>| &nbsp;&nbsp; 6.52% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $359730 | &nbsp;&nbsp; $378082 | &nbsp;&nbsp; $420932 | &nbsp;&nbsp; $431610 | &nbsp;&nbsp; $574126 | &nbsp;&nbsp; $584793 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.94% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.91% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.84% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 45% | &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 July 26, 2022, Mondrian Investment Partners Ltd. is responsible for the day-to-day management of the portion of the Fund's investment portfolio previously managed by Allianz Global Investors U.S. LLC ("AllianzGI U.S.") 

<sup>3</sup> Effective August 17, 2021, Allianz Global Investors U.S. LLC ("AllianzGI U.S."), is responsible for the day-to-day management of a portion of the Fund's investment portfolio, replacing Franklin Advisers, Inc. 

<sup>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 Mondrian Global Income Fund-7

------

**LVIP Mondrian Global Income 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 Mondrian Global Income Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek current income consistent with the preservation of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign

LVIP Mondrian Global Income Fund-8

------

**LVIP Mondrian Global Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP Mondrian Global Income Fund is $670,552 and $652,930 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Withholding taxes on foreign interest are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.1025% on the first $350 million of average daily net assets of the Fund; 0.1125% on the next $175 million; 0.1225% on the next $175 million; and 0.1375% on the excess of $700 million of average daily net assets of the Fund. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Mondrian Investment Partners Ltd. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $17858 |
| Legal | &nbsp;&nbsp; 2722 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Mondrian Global Income Fund-9

------

**LVIP Mondrian Global Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 $6,346 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; $182140 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 73607 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 310 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 9672 |

---

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; $45349647 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 5404901 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 59132577 |
| Sales of U.S. government securities | &nbsp;&nbsp; 45914438 |

---

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 the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $438216351 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $11259926 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (47512679)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(36252753)<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

LVIP Mondrian Global Income Fund-10

------

**LVIP Mondrian Global Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3724626 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3724626 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 249250138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 249250138 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 18547446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18547446 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 129994165 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129994165 |
| Money Market Fund | &nbsp;&nbsp; 3634270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3634270 |
| **Total Investments** | &nbsp;&nbsp; $3634270 | &nbsp;&nbsp; $401516375 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $405150645 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $992077 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $992077 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4179124)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4179124)<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; 485535 | &nbsp;&nbsp; 1710470 |
| Service Class | &nbsp;&nbsp; 802691 | &nbsp;&nbsp; 4463778 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 116961 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 838432 |
|  | &nbsp;&nbsp; 1288226 | &nbsp;&nbsp; 7129641 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (823608)<br>| &nbsp;&nbsp; (1513394)<br>|
| Service Class | &nbsp;&nbsp; (5504132)<br>| &nbsp;&nbsp; (6699660)<br>|
|  | &nbsp;&nbsp; (6327740)<br>| &nbsp;&nbsp; (8213054)<br>|
| Net decrease | &nbsp;&nbsp; (5039514)<br>| &nbsp;&nbsp; (1083413)<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 Mondrian Global Income Fund-11

------

**LVIP Mondrian Global Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 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>| Receivables and other assets net of <br> liabilities<br>| $992077 | Receivables and other assets net of <br> liabilities<br>| $(4179124)<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; $302939 | &nbsp;&nbsp; $(6141328)<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) | $88549617 | $140890608 |

---

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 Mondrian Global Income Fund-12

------

**LVIP Mondrian Global Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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.

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** |
| State Street Bank & Trust Company | &nbsp;&nbsp; $992077 | &nbsp;&nbsp; $(4179124)<br>| &nbsp;&nbsp; $(3187047)<br>|
| Total | &nbsp;&nbsp; $992077 | &nbsp;&nbsp; $(4179124)<br>| &nbsp;&nbsp; $(3187047)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| State Street Bank & Trust <br> Company<br>| &nbsp;&nbsp; $(3187047)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3187047)<br>|
| Total | &nbsp;&nbsp; $(3187047)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3187047)<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.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor's Financial Services LLC or Ba or lower by Moody's Investor Services Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable

LVIP Mondrian Global Income Fund-13

------

**LVIP Mondrian Global Income Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**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 Mondrian Global Income Fund-14

------

![](imgac4b9c101.jpg)

LVIP Mondrian International Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Mondrian International Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_77946a71-1994-4fbb-b62a-db59c78d5ad7_SOI-continued-255_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_77946a71-1994-4fbb-b62a-db59c78d5ad7_FS-continued-255_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_77946a71-1994-4fbb-b62a-db59c78d5ad7_FS-continued-255_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_77946a71-1994-4fbb-b62a-db59c78d5ad7_FIHI-continued-255_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_77946a71-1994-4fbb-b62a-db59c78d5ad7_NTF-continued-255_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP Mondrian International 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>|
| **ΔCOMMON STOCK–99.11%** | **ΔCOMMON STOCK–99.11%** | **ΔCOMMON STOCK–99.11%** |
| **Australia–1.19%** | **Australia–1.19%** | **Australia–1.19%** |
| Aurizon Holdings Ltd. | 6687850 | $13339981 |
|  |  | **13339981** |
| **Austria–1.50%** | **Austria–1.50%** | **Austria–1.50%** |
| ANDRITZ AG | 224565 | 16725105 |
|  |  | **16725105** |
| **France–14.70%** | **France–14.70%** | **France–14.70%** |
| Bouygues SA | 638138 | 28859606 |
| Capgemini SE | 143348 | 24546401 |
| Carrefour SA | 1047885 | 14781707 |
| Kering SA | 56296 | 12264401 |
| Pernod Ricard SA | 265005 | 26434617 |
| Sanofi SA | 271999 | 26333245 |
| Vinci SA | 211168 | 31141025 |
|  |  | **164361002** |
| **Germany–9.69%** | **Germany–9.69%** | **Germany–9.69%** |
| Allianz SE | 90540 | 36744156 |
| Deutsche Post AG | 591718 | 27408298 |
| Evonik Industries AG | 905273 | 18701655 |
| Merck KGaA | 196388 | 25463355 |
|  |  | **108317464** |
| **Hong Kong–5.18%** | **Hong Kong–5.18%** | **Hong Kong–5.18%** |
| AIA Group Ltd. | 2047400 | 18546248 |
| CK Hutchison Holdings <br> Ltd.<br>| 3607000 | 22210752 |
| Jardine Matheson Holdings <br> Ltd.<br>| 356300 | 17124737 |
|  |  | **57881737** |
| **Italy–7.23%** | **Italy–7.23%** | **Italy–7.23%** |
| Enel SpA | 4065276 | 38582349 |
| Eni SpA | 529192 | 8548632 |
| Snam SpA | 5563140 | 33677524 |
|  |  | **80808505** |
| **Japan–24.92%** | **Japan–24.92%** | **Japan–24.92%** |
| FUJIFILM Holdings Corp. | 1219900 | 26417630 |
| Fujitsu Ltd. | 1370800 | 33254745 |
| Hitachi Ltd. | 501500 | 14575762 |
| Honda Motor Co. Ltd. | 1462700 | 14104591 |
| KDDI Corp. | 1215300 | 20867405 |
| Komatsu Ltd. | 151400 | 4995222 |
| Kyocera Corp. | 446200 | 5359020 |
| Minebea Mitsumi, Inc. | 1051000 | 15369538 |
| Mitsubishi Electric Corp. | 682100 | 14671266 |
| Nippon Telegraph & <br> Telephone Corp.<br>| 14607600 | 15617132 |
| Panasonic Holdings Corp. | 1980000 | 21184651 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Secom Co. Ltd. | 484600 | $17409205 |
| Sompo Holdings, Inc. | 503500 | 15172866 |
| Sony Group Corp. | 1368600 | 35584018 |
| Toyota Industries Corp. | 213000 | 24039758 |
|  |  | **278622809** |
| **Netherlands–1.71%** | **Netherlands–1.71%** | **Netherlands–1.71%** |
| Koninklijke Philips NV | 794677 | 19082064 |
|  |  | **19082064** |
| **Singapore–3.14%** | **Singapore–3.14%** | **Singapore–3.14%** |
| United Overseas Bank Ltd. | 1239981 | 35096052 |
|  |  | **35096052** |
| **Spain–3.29%** | **Spain–3.29%** | **Spain–3.29%** |
| Banco Santander SA | 4446805 | 36823448 |
|  |  | **36823448** |
| **Switzerland–4.02%** | **Switzerland–4.02%** | **Switzerland–4.02%** |
| Nestle SA | 326667 | 32479305 |
| Roche Holding AG | 38073 | 12427775 |
|  |  | **44907080** |
| **United Kingdom–22.54%** | **United Kingdom–22.54%** | **United Kingdom–22.54%** |
| Associated British Foods <br> PLC<br>| 979529 | 27675933 |
| BP PLC | 3640025 | 18135665 |
| British American Tobacco <br> PLC<br>| 750397 | 35678611 |
| GSK PLC | 1624102 | 30965868 |
| Imperial Brands PLC | 424599 | 16775960 |
| Kingfisher PLC | 2083715 | 8321509 |
| Lloyds Banking Group PLC | 35738499 | 37579587 |
| Shell PLC | 567301 | 19792858 |
| SSE PLC | 1527202 | 38455120 |
| WPP PLC | 2637596 | 18571276 |
|  |  | **251952387** |
| **Total Common Stock** <br>**(Cost $830,230,421)** | **Total Common Stock** <br>**(Cost $830,230,421)** | **1107917634** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.32%** | **MONEY MARKET FUND–0.32%** | **MONEY MARKET FUND–0.32%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 3545178 | 3545178 |
| **Total Money Market Fund** <br>**(Cost $3,545,178)** | **Total Money Market Fund** <br>**(Cost $3,545,178)** | **3545178** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.43% (Cost $833,775,599)** | **1111462812** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.57%** | **6347665** |
| **NET ASSETS APPLICABLE TO 54,650,934 SHARES OUTSTANDING–100.00%** | **$1117810477** |

---

LVIP Mondrian International Value Fund-1

------

**LVIP Mondrian International Value Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP MONDRIAN INTERNATIONAL VALUE FUND STANDARD CLASS** <br>**($836,034,689 / 40,852,783 Shares)** | **$20.465** |
| **NET ASSET VALUE PER SHARE–LVIP MONDRIAN INTERNATIONAL VALUE FUND SERVICE CLASS** <br>**($281,775,788 / 13,798,151 Shares)** | **$20.421** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$784793896** |
| Distributable earnings/(accumulated loss) | **333016581** |
| **TOTAL NET ASSETS** | **$1117810477** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ΔSecurities have been classified by country of origin.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,605,523 payable for securities purchased, $1,085,693 payable for fund shares redeemed, $42,112 other accrued expenses <br> payable, $693,449 due to manager and affiliates, $16,187 payable for audit fee and $28,866 payable for fund accounting fee as of June 30, <br> 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian International Value Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Mondrian International Value Fund** | **LVIP Mondrian International Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $31171804 |
| Foreign taxes withheld | (2903371)<br>|
|  | 28268433 |
| **EXPENSES:** |  |
| Management fees | 3771408 |
| Distribution fees-Service Class | 342546 |
| Shareholder servicing fees | 160713 |
| Accounting and administration expenses | 98369 |
| Professional fees | 84060 |
| Custodian fees | 58763 |
| Reports and statements to shareholders | 16776 |
| Trustees' fees and expenses | 16153 |
| Consulting fees | 5530 |
| Pricing fees | 3516 |
| Other | 16876 |
|  | 4574710 |
| Less:  |  |
| Management fees waived | (80213)<br>|
| Total operating expenses | 4494497 |
| **NET INVESTMENT INCOME**  | 23773936 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 46753713 |
| Foreign currencies | 321396 |
| Net realized gain | 47075109 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 157724502 |
| Foreign currencies | 567732 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 158292234 |
| **NET REALIZED AND UNREALIZED GAIN** | 205367343 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $229141279 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Mondrian International Value Fund** | **LVIP Mondrian International Value Fund** | **LVIP Mondrian International Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $23773936 | $32384565 |
| Net realized gain | 47075109 | 78032754 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 158292234 | (57464254)<br>|
| Net increase in net assets <br> resulting from operations<br>| 229141279 | 52953065 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (35527889)<br>|
| Service Class |  | (10404067)<br>|
|  |  | (45931956)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 27666164 | 116213495 |
| Service Class | 18033830 | 44548885 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 35527889 |
| Service Class |  | 10404067 |
|  | 45699994 | 206694336 |
| Cost of shares redeemed: |  |  |
| Standard Class | (183472402)<br>| (151404345)<br>|
| Service Class | (49939992)<br>| (59181710)<br>|
|  | (233412394)<br>| (210586055)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (187712400)<br>| (3891719)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 41428879 | 3129390 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1076381598 | 1073252208 |
| End of period | $1117810477 | $1076381598 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian International Value Fund-3

------

**LVIP Mondrian International Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value 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; $16.657 | &nbsp;&nbsp; $16.597 | &nbsp;&nbsp; $14.273 | &nbsp;&nbsp; $16.478 | &nbsp;&nbsp; $15.341 | &nbsp;&nbsp; $16.962 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.401 | 0.524 | 0.475 | 0.435 | 0.466 | 0.340 |
| Net realized and unrealized gain (loss) | 3.407 | 0.285 | 2.384 | &nbsp;&nbsp; (2.215)<br>| 1.249 | &nbsp;&nbsp; (1.243)<br>|
| Total from investment operations | 3.808 | 0.809 | 2.859 | &nbsp;&nbsp; (1.780)<br>| 1.715 | &nbsp;&nbsp; (0.903)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.565)<br>| &nbsp;&nbsp; (0.535)<br>| &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.578)<br>| &nbsp;&nbsp; (0.343)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.375)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.749)<br>| &nbsp;&nbsp; (0.535)<br>| &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.578)<br>| &nbsp;&nbsp; (0.718)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.465 | &nbsp;&nbsp; $16.657 | &nbsp;&nbsp; $16.597 | &nbsp;&nbsp; $14.273 | &nbsp;&nbsp; $16.478 | &nbsp;&nbsp; $15.341 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 22.86% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 20.11% | &nbsp;&nbsp; (10.76%)<br>| &nbsp;&nbsp; 11.26% | &nbsp;&nbsp; (4.97%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $836034 | &nbsp;&nbsp; $819125 | &nbsp;&nbsp; $813764 | &nbsp;&nbsp; $588377 | &nbsp;&nbsp; $718353 | &nbsp;&nbsp; $655155 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.78% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 2.90% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 2.40% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.34% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 2.40% |
| Portfolio turnover | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 22% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian International Value Fund-4

------

**LVIP Mondrian International Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International 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** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $16.642 | &nbsp;&nbsp; $16.583 | &nbsp;&nbsp; $14.262 | &nbsp;&nbsp; $16.465 | &nbsp;&nbsp; $15.327 | &nbsp;&nbsp; $16.953 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.378 | 0.480 | 0.434 | 0.397 | 0.423 | 0.304 |
| Net realized and unrealized gain (loss) | 3.401 | 0.283 | 2.381 | &nbsp;&nbsp; (2.213)<br>| 1.250 | &nbsp;&nbsp; (1.247)<br>|
| Total from investment operations | 3.779 | 0.763 | 2.815 | &nbsp;&nbsp; (1.816)<br>| 1.673 | &nbsp;&nbsp; (0.943)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.520)<br>| &nbsp;&nbsp; (0.494)<br>| &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.535)<br>| &nbsp;&nbsp; (0.308)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.375)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.704)<br>| &nbsp;&nbsp; (0.494)<br>| &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.535)<br>| &nbsp;&nbsp; (0.683)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.421 | &nbsp;&nbsp; $16.642 | &nbsp;&nbsp; $16.583 | &nbsp;&nbsp; $14.262 | &nbsp;&nbsp; $16.465 | &nbsp;&nbsp; $15.327 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 22.71% | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 19.81% | &nbsp;&nbsp; (10.98%)<br>| &nbsp;&nbsp; 10.99% | &nbsp;&nbsp; (5.21%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $281776 | &nbsp;&nbsp; $257257 | &nbsp;&nbsp; $259488 | &nbsp;&nbsp; $245783 | &nbsp;&nbsp; $289275 | &nbsp;&nbsp; $289235 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.03% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.15% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.09% | &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 2.15% |
| Portfolio turnover | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 22% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian International Value Fund-5

------

**LVIP Mondrian International Value Fund**

**Notes to Financial Statements**

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 Mondrian International Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation as measured by the change in the value of Fund shares over a period of three years or longer.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 Mondrian International Value Fund-6

------

**LVIP Mondrian International Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP Mondrian International Value Fund is $1,383,105 and $1,380,706 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the 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 0.90% of the first $200 million of the Fund's average daily net assets; 0.75% of the next $200 million; and 0.60% of the Fund's average daily net assets in excess of $400 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.015% on the first $1 billion of the Fund's average daily net assets and 0.01% of the Fund's average daily net assets in excess of $1 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Mondrian Investment Partners Ltd. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $46986 |
| Legal | &nbsp;&nbsp; 7160 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Mondrian International Value Fund-7

------

**LVIP Mondrian International Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $10,449 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; $607936 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 58179 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 886 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 26448 |

---

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; $180633125 |
| Sales | &nbsp;&nbsp; 346272142 |

---

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; $833775599 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $310982108 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (33294895)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $277687213 |

---

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 Mondrian International Value Fund-8

------

**LVIP Mondrian International Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $13339981 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13339981 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 16725105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16725105 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 164361002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164361002 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 108317464 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108317464 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 57881737 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57881737 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 80808505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80808505 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 278622809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 278622809 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 19082064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19082064 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 35096052 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35096052 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 36823448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36823448 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 44907080 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44907080 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 251952387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 251952387 |
| Money Market Fund | &nbsp;&nbsp; 3545178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3545178 |
| **Total Investments** | &nbsp;&nbsp; $3545178 | &nbsp;&nbsp; $1107917634 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1111462812 |

---

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.

**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; 1437300 | &nbsp;&nbsp; 6780568 |
| Service Class | &nbsp;&nbsp; 970695 | &nbsp;&nbsp; 2610176 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2044890 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 598917 |
|  | &nbsp;&nbsp; 2407995 | &nbsp;&nbsp; 12034551 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (9760746)<br>| &nbsp;&nbsp; (8680415)<br>|
| Service Class | &nbsp;&nbsp; (2630577)<br>| &nbsp;&nbsp; (3399094)<br>|
|  | &nbsp;&nbsp; (12391323)<br>| &nbsp;&nbsp; (12079509)<br>|
| Net decrease | &nbsp;&nbsp; (9983328)<br>| &nbsp;&nbsp; (44958)<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 Mondrian International Value Fund-9

------

**LVIP Mondrian International Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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.

**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 Mondrian International Value Fund-10

------

![](img7cb1699c1.jpg)

![](img28929c0c2.jpg)

LVIP Multi-Manager Global Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_93bd9e18-dd26-486d-b2da-407cfb30f418_SOI-continued-241_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_93bd9e18-dd26-486d-b2da-407cfb30f418_FS-continued-241_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_93bd9e18-dd26-486d-b2da-407cfb30f418_FS-continued-241_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_93bd9e18-dd26-486d-b2da-407cfb30f418_FS-continued-241_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_93bd9e18-dd26-486d-b2da-407cfb30f418_FIHI-continued-241_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_93bd9e18-dd26-486d-b2da-407cfb30f418_NTF-continued-241_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP Multi-Manager Global 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 INVESTMENTS–96.52%** | **AFFILIATED INVESTMENTS–96.52%** | **AFFILIATED INVESTMENTS–96.52%** |
| **INVESTMENT COMPANIES–96.52%** | **INVESTMENT COMPANIES–96.52%** | **INVESTMENT COMPANIES–96.52%** |
| **Equity Fund–38.39%** | **Equity Fund–38.39%** | **Equity Fund–38.39%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP Dimensional U.S. Core <br> Equity 2 Fund<br>| 1656110 | $37562239 |
|  |  | **37562239** |
| **International Equity Funds–58.13%** | **International Equity Funds–58.13%** | **International Equity Funds–58.13%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Dimensional <br> International Core Equity <br> Fund<br>| 652286 | 9560557 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 962829 | 9498309 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 1850823 | 37827116 |
|  |  | **56885982** |
| **Total Affiliated Investments** <br>**(Cost $53,133,801)**<br>|  | **94448221** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–3.24%** | **UNAFFILIATED INVESTMENT–3.24%** | **UNAFFILIATED INVESTMENT–3.24%** |
| **INVESTMENT COMPANY–3.24%** | **INVESTMENT COMPANY–3.24%** | **INVESTMENT COMPANY–3.24%** |
| **Money Market Fund–3.24%** | **Money Market Fund–3.24%** | **Money Market Fund–3.24%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 3176175 | $3176175 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $3,176,175)**<br>|  | **3176175** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.76% (Cost $56,309,976)** | **97624396** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.24%** | **230050** |
| **NET ASSETS APPLICABLE TO 6,252,111 SHARES OUTSTANDING–100.00%** | **$97854446** |

---

&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:** |
| 2 | CME British Pound Currency Futures | &nbsp;&nbsp; $171562 | &nbsp;&nbsp; $169130 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $2432 | &nbsp;&nbsp; $— |
| 2 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 295900 | &nbsp;&nbsp; 288678 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 7222 | &nbsp;&nbsp; — |
| 3 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 262294 | &nbsp;&nbsp; 261653 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 641 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 10295 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 3 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 328755 | &nbsp;&nbsp; 323614 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 5141 | &nbsp;&nbsp; — |
| 5 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 1563437 | &nbsp;&nbsp; 1520534 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 42903 | &nbsp;&nbsp; — |
| 2 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 625100 | &nbsp;&nbsp; 615760 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 9340 | &nbsp;&nbsp; — |
| 6 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 376497 | &nbsp;&nbsp; 378237 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1740)<br>|
| 2 | FTSE 100 Index Futures | &nbsp;&nbsp; 241298 | &nbsp;&nbsp; 243326 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2028)<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; — |
| 1 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 281310 | &nbsp;&nbsp; 266800 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 14510 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 74632 | &nbsp;&nbsp; (3768)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $84927 | &nbsp;&nbsp; $(3768)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

LVIP Multi-Manager Global Equity Managed Volatility Fund-1

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 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 |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OSE–Osaka Securities Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager Global Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Multi-Manager Global Equity Managed Volatility Fund** | **LVIP Multi-Manager Global Equity Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $94448221 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 3176175 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 282821 |
| Receivable for securities sold | &nbsp;&nbsp; 153934 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 12064 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 11233 |
| Dividends and interest receivable  | &nbsp;&nbsp; 10907 |
| Receivable for fund shares sold | &nbsp;&nbsp; 429 |
| Prepaid expenses | &nbsp;&nbsp; 223 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 98096007 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 162464 |
| Due to manager and affiliates | &nbsp;&nbsp; 45073 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 12810 |
| Other accrued expenses payable | &nbsp;&nbsp; 7181 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 241561 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $97854446 |
| Affiliated investments, at cost | &nbsp;&nbsp; $53133801 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 3176175 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $2076860 |
| Shares Outstanding | &nbsp;&nbsp; 132329 |
| Net Asset Value Per Share | &nbsp;&nbsp; $15.695 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $95777586 |
| Shares Outstanding | &nbsp;&nbsp; 6119782 |
| Net Asset Value Per Share | &nbsp;&nbsp; $15.650 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $57235867 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 40618579 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $97854446 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager Global Equity Managed Volatility Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Multi-Manager Global Equity Managed** <br> **Volatility Fund** | **LVIP Multi-Manager Global Equity Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $86240 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 159682 |
| Management fees | 93142 |
| Accounting and administration expenses | 23129 |
| Professional fees | 18855 |
| Shareholder servicing fees | 13506 |
| Consulting fees | 3704 |
| Custodian fees | 3368 |
| Reports and statements to shareholders | 2440 |
| Trustees' fees and expenses | 1399 |
| Pricing fees | 314 |
| Other | 2170 |
|  | 321709 |
| Less:  |  |
| Expenses reimbursed | (64228)<br>|
| Total operating expenses | 257481 |
| **NET INVESTMENT LOSS** | (171241)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 2422412 |
| Foreign currencies | (3533)<br>|
| Futures contracts | (3286539)<br>|
| Net realized loss | (867660)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 7373652 |
| Foreign currencies | (132)<br>|
| Futures contracts | 287004 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 7660524 |
| **NET REALIZED AND UNREALIZED GAIN** | 6792864 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $6621623 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Multi-Manager Global Equity Managed** <br> **Volatility Fund** | **LVIP Multi-Manager Global Equity Managed** <br> **Volatility Fund** | **LVIP Multi-Manager Global Equity Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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) | $(171241)<br>| $626007 |
| Net realized gain (loss) | (867660)<br>| 7417383 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 7660524 | 6700073 |
| Net increase in net assets resulting <br> from operations<br>| 6621623 | 14743463 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (134279)<br>|
| Service Class |  | (6313148)<br>|
|  |  | (6447427)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 432892 | 806000 |
| Service Class | 6456167 | 8094671 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 134279 |
| Service Class |  | 6313148 |
|  | 6889059 | 15348098 |
| Cost of shares redeemed: |  |  |
| Standard Class | (383619)<br>| (735964)<br>|
| Service Class | (10870280)<br>| (20154457)<br>|
|  | (11253899)<br>| (20890421)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (4364840)<br>| (5542323)<br>|
| **NET INCREASE IN NET ASSETS** | 2256783 | 2753713 |
| **NET ASSETS:** |  |  |
| Beginning of period | 95597663 | 92843950 |
| End of period | $97854446 | $95597663 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager Global Equity Managed Volatility Fund-4

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager 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; $14.638 | &nbsp;&nbsp; $13.466 | &nbsp;&nbsp; $11.160 | &nbsp;&nbsp; $13.930 | &nbsp;&nbsp; $12.236 | &nbsp;&nbsp; $10.826 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.002)<br>| 0.146 | 0.145 | 0.178 | 0.121 | 0.097 |
| Net realized and unrealized gain (loss) | 1.059 | 2.124 | 2.761 | &nbsp;&nbsp; (2.679)<br>| 1.824 | 1.568 |
| Total from investment operations | 1.057 | 2.270 | 2.906 | &nbsp;&nbsp; (2.501)<br>| 1.945 | 1.665 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.215)<br>| &nbsp;&nbsp; (0.178)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.251)<br>| &nbsp;&nbsp; (0.255)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.883)<br>| &nbsp;&nbsp; (0.422)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.098)<br>| &nbsp;&nbsp; (0.600)<br>| &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.251)<br>| &nbsp;&nbsp; (0.255)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.695 | &nbsp;&nbsp; $14.638 | &nbsp;&nbsp; $13.466 | &nbsp;&nbsp; $11.160 | &nbsp;&nbsp; $13.930 | &nbsp;&nbsp; $12.236 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 7.22% | &nbsp;&nbsp; 16.84% | &nbsp;&nbsp; 26.01% | &nbsp;&nbsp; (17.93%)<br>| &nbsp;&nbsp; 15.90% | &nbsp;&nbsp; 15.47% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2077 | &nbsp;&nbsp; $1884 | &nbsp;&nbsp; $1507 | &nbsp;&nbsp; $3189 | &nbsp;&nbsp; $3850 | &nbsp;&nbsp; $3236 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.43% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.02% )<sup>6</sup><br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.93% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.16% )<sup>6</sup><br>| &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 17% |

---

&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 Multi-Manager Global Equity Managed Volatility Fund-5

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager 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; $14.622 | &nbsp;&nbsp; $13.452 | &nbsp;&nbsp; $11.145 | &nbsp;&nbsp; $13.907 | &nbsp;&nbsp; $12.219 | &nbsp;&nbsp; $10.818 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.027)<br>| 0.094 | 0.101 | 0.136 | 0.073 | 0.060 |
| Net realized and unrealized gain (loss) | 1.055 | 2.119 | 2.752 | &nbsp;&nbsp; (2.672)<br>| 1.820 | 1.561 |
| Total from investment operations | 1.028 | 2.213 | 2.853 | &nbsp;&nbsp; (2.536)<br>| 1.893 | 1.621 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.160)<br>| &nbsp;&nbsp; (0.124)<br>| &nbsp;&nbsp; (0.134)<br>| &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.220)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.883)<br>| &nbsp;&nbsp; (0.422)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.043)<br>| &nbsp;&nbsp; (0.546)<br>| &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.220)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.650 | &nbsp;&nbsp; $14.622 | &nbsp;&nbsp; $13.452 | &nbsp;&nbsp; $11.145 | &nbsp;&nbsp; $13.907 | &nbsp;&nbsp; $12.219 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 7.03% | &nbsp;&nbsp; 16.44% | &nbsp;&nbsp; 25.58% | &nbsp;&nbsp; (18.22%)<br>| &nbsp;&nbsp; 15.49% | &nbsp;&nbsp; 15.07% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $95777 | &nbsp;&nbsp; $93714 | &nbsp;&nbsp; $91337 | &nbsp;&nbsp; $98707 | &nbsp;&nbsp; $127109 | &nbsp;&nbsp; $100707 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.37% )<sup>6</sup><br>| &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.58% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.51% )<sup>6</sup><br>| &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 17% |

---

&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 Multi-Manager Global Equity Managed Volatility Fund-6

------

**LVIP Multi-Manager 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 Multi-Manager Global Equity Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Financial Investments Corporation ("LFI") or unaffiliated managers (collectively, the "Underlying Funds"). The Fund is advised by LFI. The Underlying Funds invest in U.S. and foreign stocks. In addition to investment companies, the Fund may invest in individual securities, such as money market securities, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek long-term growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds 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.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities

LVIP Multi-Manager Global Equity Managed Volatility Fund-7

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.20% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.21% of average daily net assets for the Standard Class and 0.56% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue at least through April 30, 2026 and cannot be terminated before that date without the mutual agreement of the 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; $192960 | &nbsp;&nbsp; $158596 | &nbsp;&nbsp; $119895 | &nbsp;&nbsp; $471451 |

---

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; $3974 |
| Legal | &nbsp;&nbsp; 606 |

---

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 $675 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 Multi-Manager Global Equity Managed Volatility Fund-8

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $11233 |
| Management fees payable to LFI | &nbsp;&nbsp; 15761 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 27005 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 22 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 2285 |

---

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 COMPANIES-96.52%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-38.39%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional U.S. Core Equity 2 Fund | $35756796 | $4653232 | $4347962 | $230052 | $1270121 | $37562239 | 1656110 | $— | $— |
| **International Equity Funds-58.13%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional International Core Equity <br> Fund<br>| 9203189 | 458554 | 1910014 | 163006 | 1645822 | 9560557 | 652286 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> International Equity Fund<br>| 9186530 | 458554 | 2081064 | 166270 | 1768019 | 9498309 | 962829 |  |  |
| ✧✧LVIP Loomis Sayles Global Growth Fund | 36822504 | 2005847 | 5554009 | 1863084 | 2689690 | 37827116 | 1850823 |  |  |
| Total | $90969019 | $7576187 | $13893049 | $2422412 | $7373652 | $94448221 |  | $— | $— |

---

&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; $7576187 |
| Sales | &nbsp;&nbsp; 13893049 |

---

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; $56309976 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $41399347 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (3768)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $41395579 |

---

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.

LVIP Multi-Manager Global Equity Managed Volatility Fund-9

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 Companies | &nbsp;&nbsp; $94448221 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $94448221 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 3176175 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3176175 |
| **Total Investments** | &nbsp;&nbsp; $97624396 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $97624396 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $84927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84927 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(3768)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3768)<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; 28729 | &nbsp;&nbsp; 56126 |
| Service Class | &nbsp;&nbsp; 438307 | &nbsp;&nbsp; 555079 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 9110 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 428865 |
|  | &nbsp;&nbsp; 467036 | &nbsp;&nbsp; 1049180 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (25076)<br>| &nbsp;&nbsp; (48492)<br>|
| Service Class | &nbsp;&nbsp; (727659)<br>| &nbsp;&nbsp; (1364491)<br>|
|  | &nbsp;&nbsp; (752735)<br>| &nbsp;&nbsp; (1412983)<br>|
| Net decrease | &nbsp;&nbsp; (285699)<br>| &nbsp;&nbsp; (363803)<br>|

---

LVIP Multi-Manager Global Equity Managed Volatility Fund-10

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. 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; 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>| $74632 | Variation margin due from broker on <br> futures contracts<br>| $(3768)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 10295 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $84927 |  | $(3768)<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.

LVIP Multi-Manager Global Equity Managed Volatility Fund-11

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $(3163371)<br>| &nbsp;&nbsp; $250003 |
| 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; (123168)<br>| &nbsp;&nbsp; 37001 |
| Total |  | &nbsp;&nbsp; $(3286539)<br>| &nbsp;&nbsp; $287004 |

---

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) | $4409299 | $2851947 |

---

**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.

**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 Multi-Manager Global Equity Managed Volatility Fund-12

------

![](img6f70f1141.jpg)

LVIP PIMCO Low Duration Bond Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP PIMCO Low Duration Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_33a5d36d-f214-49d6-8ea3-4dd73ae1906f_SOI-continued-250_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_33a5d36d-f214-49d6-8ea3-4dd73ae1906f_FS-continued-250_1)**  | &nbsp;&nbsp; **15** |
| **[Statement of Operations](#xx_33a5d36d-f214-49d6-8ea3-4dd73ae1906f_FS-continued-250_2)**  | &nbsp;&nbsp; **16** |
| **[Statements of Changes in Net Assets](#xx_33a5d36d-f214-49d6-8ea3-4dd73ae1906f_FS-continued-250_2)**  | &nbsp;&nbsp; **16** |
| **[Financial Highlights](#xx_33a5d36d-f214-49d6-8ea3-4dd73ae1906f_FIHI-continued-250_1)**  | &nbsp;&nbsp; **17** |
| **[Notes to Financial Statements](#xx_33a5d36d-f214-49d6-8ea3-4dd73ae1906f_NTF-continued-250_1)**  | &nbsp;&nbsp; **19** |

---

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments**

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–17.84%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–17.84%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–17.84%** |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| Series 4141 Class PA 1.50% <br> 12/15/42<br>| 4848305 | $4122719 |
| •Series 4347 Class WF 4.86% <br> (30 day USD SOFR Average <br> + 0.51%) 1/15/40<br>| 523897 | 520088 |
| •Series 4367 Class GF 4.81% <br> (30 day USD SOFR Average <br> + 0.46%) 3/15/37<br>| 1424687 | 1408421 |
| •Series 4419 Class AF 4.80% <br> (30 day USD SOFR Average <br> + 0.45%) 6/15/40<br>| 848172 | 840751 |
| •Series 4730 Class WF 4.81% <br> (30 day USD SOFR Average <br> + 0.46%) 8/15/38<br>| 1601731 | 1587727 |
| •Series 4906 Class WF 4.86% <br> (30 day USD SOFR Average <br> + 0.51%) 12/15/38<br>| 1997509 | 1970586 |
| Series 4948 Class E 2.50% <br> 10/25/48<br>| 276085 | 249910 |
| Series 5115 Class CD 1.00% <br> 8/15/44<br>| 4461439 | 3835914 |
| •Series 5480 Class FG 5.46% <br> (30 day USD SOFR Average <br> + 1.15%) 12/25/54<br>| 2908822 | 2907912 |
| •Series 5484 Class FA 5.51% <br> (30 day USD SOFR Average <br> + 1.20%) 12/25/54<br>| 2069974 | 2067338 |
| •Series 5493 Class FK 5.46% <br> (30 day USD SOFR Average <br> + 1.15%) 1/25/55<br>| 2658738 | 2652739 |
| •Series 5500 Class FA 5.51% <br> (30 day USD SOFR Average <br> + 1.20%) 2/25/55<br>| 3277676 | 3276173 |
| •Series 5500 Class GF 5.26% <br> (30 day USD SOFR Average <br> + 0.95%) 10/25/54<br>| 3272102 | 3270558 |
| •Series 5508 Class DF 5.31% <br> (30 day USD SOFR Average <br> + 1.00%) 2/25/55<br>| 2057175 | 2052878 |
| •Series 5511 Class FG 5.46% <br> (30 day USD SOFR Average <br> + 1.15%) 3/25/55<br>| 2398724 | 2393386 |
| •Series 5513 Class MF 5.25% <br> (30 day USD SOFR Average <br> + 0.94%) 11/25/54<br>| 11891707 | 11853151 |
| •Series 5517 Class FE 5.26% <br> (30 day USD SOFR Average <br> + 0.95%) 3/25/55<br>| 745105 | 746195 |
| •Series 5517 Class VF 5.26% <br> (30 day USD SOFR Average <br> + 0.95%) 3/25/55<br>| 5197747 | 5181942 |
| •Series 5532 Class FA 5.26% <br> (30 day USD SOFR Average <br> + 0.95%) 4/25/55<br>| 6106823 | 6090106 |

---

---

| | | |
|:---|:---|:---|
|  | **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 5534 Class FM 5.24% <br> (30 day USD SOFR Average <br> + 0.93%) 5/25/55<br>| 6042807 | $6036820 |
| •Series 5544 Class F 5.31% <br> (30 day USD SOFR Average <br> + 1.00%) 6/25/55<br>| 3619790 | 3621374 |
| •Series 5549 Class CF 5.31% <br> (30 day USD SOFR Average <br> + 1.00%) 10/25/52<br>| 4347369 | 4349738 |
| •Series 5557 Class FM 5.40% <br> (30 day USD SOFR Average <br> + 1.10%) 7/25/55<br>| 1600000 | 1599502 |
| •Series 5560 Class FB 5.31% <br> (30 day USD SOFR Average <br> + 1.00%) 6/25/55<br>| 1500000 | 1500729 |
| •Federal Home Loan Mortgage Corp. STRIPS | •Federal Home Loan Mortgage Corp. STRIPS | •Federal Home Loan Mortgage Corp. STRIPS |
| Series 328 Class F4 4.81% <br> (30 day USD SOFR Average <br> + 0.46%) 2/15/38<br>| 1462623 | 1450472 |
| Series 330 Class F4 4.81% <br> (30 day USD SOFR Average <br> + 0.46%) 10/15/37<br>| 661908 | 656302 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| •Series 2011-86 Class NF <br> 4.97% (30 day USD SOFR <br> Average + 0.66%) 9/25/41<br>| 561992 | 558782 |
| Series 2013-6 Class JB 1.50% <br> 2/25/43<br>| 4555346 | 3921805 |
| •Series 2014-49 Class AF <br> 4.78% (30 day USD SOFR <br> Average + 0.43%) 8/25/44<br>| 240758 | 238995 |
| •Series 2017-95 Class FA <br> 4.81% (30 day USD SOFR <br> Average + 0.46%) 11/25/47<br>| 1375371 | 1364137 |
| •Series 2019-53 Class FA <br> 4.86% (30 day USD SOFR <br> Average + 0.51%) 9/25/49<br>| 1443128 | 1401429 |
| •Series 2020-29 Class FC <br> 5.26% (30 day USD SOFR <br> Average + 0.91%) 5/25/50<br>| 1690096 | 1698167 |
| •Series 2024-100 Class FA <br> 5.41% (30 day USD SOFR <br> Average + 1.10%) 6/25/54<br>| 3006064 | 2993753 |
| •Series 2024-101 Class FB <br> 5.41% (30 day USD SOFR <br> Average + 1.10%) 1/25/55<br>| 3366710 | 3356151 |
| •Series 2024-103 Class FC <br> 5.46% (30 day USD SOFR <br> Average + 1.15%) 1/25/55<br>| 4122280 | 4115497 |
| •Series 2024-104 Class FA <br> 5.36% (30 day USD SOFR <br> Average + 1.05%) 1/25/55<br>| 4124309 | 4105352 |
| •Series 2024-90 Class FB <br> 5.56% (30 day USD SOFR <br> Average + 1.25%) 11/25/53<br>| 2929759 | 2939849 |

---

LVIP PIMCO Low Duration Bond Fund-1

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (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 2024-95 Class KF <br> 5.41% (30 day USD SOFR <br> Average + 1.10%) 12/25/54<br>| 1564039 | $1559132 |
| •Series 2025-12 Class FG <br> 5.26% (30 day USD SOFR <br> Average + 0.95%) 3/25/55<br>| 380458 | 380273 |
| •Series 2025-16 Class FA <br> 5.46% (30 day USD SOFR <br> Average + 1.15%) 3/25/55<br>| 2537318 | 2532819 |
| •Series 2025-18 Class FM <br> 5.21% (30 day USD SOFR <br> Average + 0.90%) 9/25/54<br>| 12495293 | 12472162 |
| •Series 2025-19 Class FC <br> 5.47% (30 day USD SOFR <br> Average + 1.16%) 3/25/55<br>| 2573882 | 2572639 |
| •Series 2025-35 Class FB <br> 5.31% (30 day USD SOFR <br> Average + 1.00%) 5/25/55<br>| 1448282 | 1446338 |
| •Series 2025-35 Class FM <br> 5.36% (30 day USD SOFR <br> Average + 1.05%) 5/25/55<br>| 991393 | 992340 |
| •Series 2025-4 Class FB 5.51% <br> (30 day USD SOFR Average <br> + 1.20%) 12/25/53<br>| 1149013 | 1147642 |
| •Series 2025-54 Class FM <br> 5.40% (30 day USD SOFR <br> Average + 1.10%) 7/25/55<br>| 900000 | 899720 |
| •Series 2025-6 Class FA 5.56% <br> (30 day USD SOFR Average <br> + 1.25%) 2/25/55<br>| 902040 | 901932 |
| Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
| •Series 2016-H17 Class FC <br> 5.28% (1 mo. USD Term <br> SOFR + 0.94%) 8/20/66<br>| 623921 | 624240 |
| •Series 2016-H19 Class FA <br> 5.23% (1 mo. USD Term <br> SOFR + 0.89%) 9/20/66<br>| 459306 | 460007 |
| •Series 2022-H22 Class EF <br> 5.05% (30 day USD SOFR <br> Average + 0.75%) 10/20/72<br>| 1866844 | 1869595 |
| •Series 2023-H02 Class FA <br> 5.20% (30 day USD SOFR <br> Average + 0.90%) 1/20/73<br>| 3311729 | 3295776 |
| •Series 2023-H23 Class JF <br> 5.28% (30 day USD SOFR <br> Average + 0.98%) 9/20/73<br>| 7417726 | 7456219 |
| •Series 2023-H26 Class DF <br> 4.60% (30 day USD SOFR <br> Average + 0.30%) 9/20/73<br>| 3740131 | 3719062 |
| •Series 2024-13 Class FA <br> 5.25% (30 day USD SOFR <br> Average + 0.95%) 1/20/54<br>| 349259 | 349039 |
| Series 2025-79 3.50% <br> 11/20/49<br>| 2948283 | 2809727 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2025-89 Class PF <br> 5.25% (30 day USD SOFR <br> Average + 0.95%) 5/20/55<br>| 1196917 | $1197465 |
| •Series 2025-98 Class GF <br> 5.20% (30 day USD SOFR <br> Average + 0.90%) 6/20/55<br>| 6500000 | 6500006 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $158,246,062)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $158,246,062)** | **156123481** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.75%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.75%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.75%** |
| ♦•Federal Home Loan Mortgage <br> Corp. Multifamily <br> Structured Pass-Through <br> Certificates Series Q029 <br> Class A 4.86% (30 day USD <br> SOFR Average + 0.55%) <br> 8/25/27<br>| 4000000 | 3999991 |
| •Federal National Mortgage Association-ACES | •Federal National Mortgage Association-ACES | •Federal National Mortgage Association-ACES |
| Series 2017-M2 Class A2 <br> 2.91% 2/25/27<br>| 1746833 | 1709913 |
| Series 2017-M4 Class A2 <br> 2.64% 12/25/26<br>| 898496 | 876643 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $6,598,166)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $6,598,166)** | **6586547** |
| **AGENCY MORTGAGE-BACKED SECURITIES–14.35%** | **AGENCY MORTGAGE-BACKED SECURITIES–14.35%** | **AGENCY MORTGAGE-BACKED SECURITIES–14.35%** |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 4.00% 7/1/54 | 22800000 | 21197772 |
| 5.00% 8/1/54 | 43400000 | 42507323 |
| 6.00% 8/1/54 | 60900000 | 61827166 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $123,732,781)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $123,732,781)** | **125532261** |
| **CORPORATE BONDS–36.20%** | **CORPORATE BONDS–36.20%** | **CORPORATE BONDS–36.20%** |
| **Aerospace & Defense–0.62%** | **Aerospace & Defense–0.62%** | **Aerospace & Defense–0.62%** |
| Boeing Co. |  |  |
| 2.20% 2/4/26 | 2200000 | 2165663 |
| 2.75% 2/1/26 | 300000 | 296584 |
| 6.26% 5/1/27 | 500000 | 514408 |
| Rolls-Royce PLC 3.63% <br> 10/14/25<br>| 2500000 | 2487282 |
|  |  | **5463937** |
| **Agriculture–0.56%** | **Agriculture–0.56%** | **Agriculture–0.56%** |
| BAT International Finance <br> PLC 1.67% 3/25/26<br>| 5000000 | 4896299 |
|  |  | **4896299** |
| **Apparel–0.22%** | **Apparel–0.22%** | **Apparel–0.22%** |
| Burberry Group PLC 1.13% <br> 9/21/25<br>| 1400000 | 1905413 |
|  |  | **1905413** |

---

LVIP PIMCO Low Duration Bond Fund-2

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers–2.72%** | **Auto Manufacturers–2.72%** | **Auto Manufacturers–2.72%** |
| •BMW U.S. Capital LLC 5.33% <br> (1 day USD SOFR Index + <br> 0.92%) 3/21/28<br>| 2000000 | $1994430 |
| Daimler Truck Finance North <br> America LLC 5.15% 1/16/26<br>| 4200000 | 4212561 |
| Ford Motor Credit Co. LLC <br> 4.13% 8/4/25<br>| 5400000 | 5394419 |
| Hyundai Capital America |  |  |
| 5.15% 3/27/30 | 1100000 | 1113212 |
| •5.45% (1 day USD SOFR + <br> 1.04%) 6/24/27<br>| 900000 | 899355 |
| Nissan Motor Acceptance Co. <br> LLC 1.85% 9/16/26<br>| 2500000 | 2384148 |
| Nissan Motor Co. Ltd. 3.52% <br> 9/17/25<br>| 1588000 | 1577987 |
| Volkswagen Group of America <br> Finance LLC<br>|  |  |
| 4.95% 3/25/27 | 2800000 | 2808278 |
| •5.24% (1 day USD SOFR + <br> 0.83%) 3/20/26<br>| 3383000 | 3383427 |
|  |  | **23767817** |
| **Banks–13.72%** | **Banks–13.72%** | **Banks–13.72%** |
| ABN AMRO Bank NV |  |  |
| •5.39% (1 day USD SOFR <br> Index + 1.00%) 12/3/28<br>| 1000000 | 999385 |
| μ6.58% 10/13/26 | 7500000 | 7538871 |
| μBank of America Corp. 5.08% <br> 1/20/27<br>| 2000000 | 2005329 |
| •Banque Federative du Credit <br> Mutuel SA<br>|  |  |
| 5.44% (1 day USD SOFR <br> Index + 1.07%) 2/16/28<br>| 3000000 | 3014114 |
| 5.44% (1 day USD SOFR <br> Index + 1.07%) 2/16/28<br>| 1100000 | 1105175 |
| Barclays PLC |  |  |
| 4.38% 1/12/26 | 3000000 | 2997760 |
| μ5.30% 8/9/26 | 4000000 | 4001115 |
| μBPCE SA 6.61% 10/19/27 | 2700000 | 2763862 |
| μCooperatieve Rabobank UA <br> 1.98% 12/15/27<br>| 4200000 | 4050912 |
| •Goldman Sachs Bank USA <br> 5.17% (1 day USD SOFR + <br> 0.77%) 3/18/27<br>| 2074000 | 2079044 |
| •Goldman Sachs Group, Inc. <br> 5.20% (1 day USD SOFR + <br> 0.81%) 3/9/27<br>| 900000 | 901197 |
| μHSBC Holdings PLC 4.29% <br> 9/12/26<br>| 8000000 | 7992048 |
| •ING Bank Australia Ltd. <br> 4.70% (3 mo. AUD Bank Bill <br> Swap + 0.98%) 12/8/25<br>| 5000000 | 3299833 |
| μLloyds Banking Group PLC |  |  |
| 4.72% 8/11/26 | 3000000 | 2998749 |
| 5.46% 1/5/28 | 2300000 | 2331165 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μMorgan Stanley 5.65% <br> 4/13/28<br>| 4100000 | $4191028 |
| •National Bank of Canada <br> 5.37% (1 day USD SOFR <br> Index + 1.03%) 7/2/27<br>| 5000000 | 5010869 |
| •Nordea Bank Abp 5.41% (1 <br> day USD SOFR + 1.02%) <br> 9/10/29<br>| 3000000 | 3022765 |
| μPNC Bank NA 4.78% 1/15/27 | 8000000 | 8013039 |
| μSantander U.K. Group <br> Holdings PLC 6.83% <br> 11/21/26<br>| 8500000 | 8569680 |
| Santander U.K. PLC 4.50% <br> 12/12/27<br>| 3900000 | 3943719 |
| •Skandinaviska Enskilda <br> Banken AB 5.28% (1 day <br> USD SOFR + 0.89%) 3/5/27<br>| 2043000 | 2056353 |
| Standard Chartered Bank <br> 4.85% 12/3/27<br>| 3000000 | 3051649 |
| •Sumitomo Mitsui Banking <br> Corp.<br>|  |  |
| 4.64% (3 mo. AUD Bank Bill <br> Swap + 0.85%) 2/20/26<br>| 2700000 | 1782408 |
| 4.93% (3 mo. AUD Bank Bill <br> Swap + 1.10%) 11/7/25<br>| 1000000 | 659947 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>|  |  |
| 1.47% 7/8/25 | 2500000 | 2498501 |
| 5.88% 7/13/26 | 4000000 | 4060411 |
| Synchrony Bank 5.40% <br> 8/22/25<br>| 4900000 | 4899006 |
| Toronto-Dominion Bank <br> 4.86% 1/31/28<br>| 5000000 | 5068438 |
| •UBS AG 4.74% (3 mo. AUD <br> Bank Bill Swap + 0.87%) <br> 7/30/25<br>| 2000000 | 1316827 |
| μUBS Group AG 5.71% 1/12/27 | 1800000 | 1810803 |
| •United Overseas Bank Ltd. <br> 4.92% (1 day USD SOFR <br> Index + 0.58%) 4/2/28<br>| 4000000 | 4006087 |
| μWells Fargo & Co. 4.90% <br> 1/24/28<br>| 8000000 | 8057928 |
|  |  | **120098017** |
| **Biotechnology–0.05%** | **Biotechnology–0.05%** | **Biotechnology–0.05%** |
| Illumina, Inc. 5.80% 12/12/25 | 400000 | 401716 |
|  |  | **401716** |
| **Chemicals–0.16%** | **Chemicals–0.16%** | **Chemicals–0.16%** |
| International Flavors & <br> Fragrances, Inc. 1.23% <br> 10/1/25<br>| 1439000 | 1425047 |
|  |  | **1425047** |

---

LVIP PIMCO Low Duration Bond Fund-3

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Commercial Services–0.70%** | **Commercial Services–0.70%** | **Commercial Services–0.70%** |
| Global Payments, Inc. 1.20% <br> 3/1/26<br>| 6313000 | $6164699 |
|  |  | **6164699** |
| **Diversified Financial Services–1.67%** | **Diversified Financial Services–1.67%** | **Diversified Financial Services–1.67%** |
| Avolon Holdings Funding Ltd. |  |  |
| 2.13% 2/21/26 | 281000 | 275809 |
| 5.50% 1/15/26 | 2800000 | 2804302 |
| Nomura Holdings, Inc. |  |  |
| 1.85% 7/16/25 | 3421000 | 3416816 |
| 5.59% 7/2/27 | 2200000 | 2248346 |
| 5.71% 1/9/26 | 1800000 | 1809233 |
| ORIX Corp. 4.65% 9/10/29 | 4000000 | 4029040 |
|  |  | **14583546** |
| **Electric–3.69%** | **Electric–3.69%** | **Electric–3.69%** |
| AES Corp. 1.38% 1/15/26 | 5200000 | 5101162 |
| Enel Finance International <br> NV<br>|  |  |
| 1.63% 7/12/26 | 2000000 | 1940975 |
| 5.13% 6/26/29 | 1400000 | 1426062 |
| Evergy Kansas Central, Inc. <br> 4.70% 3/13/28<br>| 1800000 | 1820320 |
| FirstEnergy Corp. 3.90% <br> 7/15/27<br>| 800000 | 791030 |
| FirstEnergy <br> Transmission LLC 4.55% <br> 1/15/30<br>| 3300000 | 3301661 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 1300000 | 1231225 |
| 2.95% 3/1/26 | 200000 | 197371 |
| 3.15% 1/1/26 | 3000000 | 2971309 |
| •5.34% (1 day USD SOFR <br> Index + 0.95%) 9/4/25<br>| 4000000 | 3999983 |
| Southern California Edison <br> Co.<br>|  |  |
| 3.65% 3/1/28 | 1500000 | 1458354 |
| 4.70% 6/1/27 | 1300000 | 1304464 |
| 5.25% 3/15/30 | 4500000 | 4546496 |
| 5.35% 3/1/26 | 2000000 | 2010021 |
| 5.85% 11/1/27 | 200000 | 204933 |
|  |  | **32305366** |
| **Electronics–0.26%** | **Electronics–0.26%** | **Electronics–0.26%** |
| Arrow Electronics, Inc. 5.15% <br> 8/21/29<br>| 2200000 | 2233408 |
|  |  | **2233408** |
| **Health Care Services–0.53%** | **Health Care Services–0.53%** | **Health Care Services–0.53%** |
| CommonSpirit Health 1.55% <br> 10/1/25<br>| 4000000 | 3967477 |
| HCA, Inc. 5.00% 3/1/28 | 700000 | 710400 |
|  |  | **4677877** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance–2.19%** | **Insurance–2.19%** | **Insurance–2.19%** |
| Athene Global Funding |  |  |
| •5.10% (1 day USD SOFR <br> Index + 0.75%) 7/16/26<br>| 5000000 | $5006746 |
| 5.34% 1/15/27 | 5000000 | 5059118 |
| •5.41% (1 day USD SOFR <br> Index + 1.03%) 8/27/26<br>| 1000000 | 1003970 |
| •5.41% (1 day USD SOFR <br> Index + 1.03%) 8/27/26<br>| 400000 | 401588 |
| Brighthouse Financial Global <br> Funding 1.55% 5/24/26<br>| 1000000 | 972659 |
| Corebridge Financial, Inc. <br> 3.65% 4/5/27<br>| 1700000 | 1677511 |
| Equitable Financial Life <br> Global Funding 1.00% <br> 1/9/26<br>| 4500000 | 4419192 |
| GA Global Funding Trust <br> 1.63% 1/15/26<br>| 600000 | 589817 |
|  |  | **19130601** |
| **Investment Company–0.47%** | **Investment Company–0.47%** | **Investment Company–0.47%** |
| KKR Financial Holdings LLC <br> 5.40% 5/23/33<br>| 4500000 | 4123186 |
|  |  | **4123186** |
| **Lodging–0.66%** | **Lodging–0.66%** | **Lodging–0.66%** |
| Hyatt Hotels Corp. 5.05% <br> 3/30/28<br>| 1700000 | 1718498 |
| Las Vegas Sands Corp. 5.90% <br> 6/1/27<br>| 4000000 | 4086665 |
|  |  | **5805163** |
| **Oil & Gas–0.35%** | **Oil & Gas–0.35%** | **Oil & Gas–0.35%** |
| Canadian Natural Resources <br> Ltd. 5.00% 12/15/29<br>| 800000 | 807209 |
| Petronas Energy Canada Ltd. <br> 2.11% 3/23/28<br>| 2400000 | 2265183 |
|  |  | **3072392** |
| **Packaging & Containers–0.47%** | **Packaging & Containers–0.47%** | **Packaging & Containers–0.47%** |
| Berry Global, Inc. 1.57% <br> 1/15/26<br>| 4200000 | 4124908 |
|  |  | **4124908** |
| **Pharmaceuticals–1.69%** | **Pharmaceuticals–1.69%** | **Pharmaceuticals–1.69%** |
| Bayer U.S. Finance II LLC |  |  |
| 4.25% 12/15/25 | 4700000 | 4686770 |
| 4.38% 12/15/28 | 4200000 | 4160890 |
| Constellation <br> Pharmaceutical, Inc. 5.55% <br> 7/1/33<br>| 5886678 | 5939366 |
|  |  | **14787026** |
| **Pipelines–0.54%** | **Pipelines–0.54%** | **Pipelines–0.54%** |
| ONEOK, Inc. 4.40% 10/15/29 | 2700000 | 2679317 |

---

LVIP PIMCO Low Duration Bond Fund-4

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (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)** |
| South Bow USA <br> Infrastructure Holdings LLC <br> 4.91% 9/1/27<br>| 2000000 | $2012833 |
|  |  | **4692150** |
| **Real Estate–0.28%** | **Real Estate–0.28%** | **Real Estate–0.28%** |
| GAIF Bond Issuer Pty. Ltd. <br> 3.40% 9/30/26<br>| 1800000 | 1774405 |
| Lendlease Finance Ltd. 3.40% <br> 10/27/27<br>| 1000000 | 635326 |
|  |  | **2409731** |
| **Real Estate Investment Trusts–1.60%** | **Real Estate Investment Trusts–1.60%** | **Real Estate Investment Trusts–1.60%** |
| American Tower Corp. |  |  |
| 1.60% 4/15/26 | 7400000 | 7235919 |
| 5.00% 1/31/30 | 1700000 | 1732947 |
| Weyerhaeuser Co. 4.75% <br> 5/15/26<br>| 5000000 | 5009820 |
|  |  | **13978686** |
| **Semiconductors–0.71%** | **Semiconductors–0.71%** | **Semiconductors–0.71%** |
| Broadcom, Inc. 3.46% 9/15/26 | 6253000 | 6194441 |
|  |  | **6194441** |
| **Shipbuilding–0.50%** | **Shipbuilding–0.50%** | **Shipbuilding–0.50%** |
| Huntington Ingalls <br> Industries, Inc. 5.35% <br> 1/15/30<br>| 4300000 | 4419642 |
|  |  | **4419642** |
| **Software–0.41%** | **Software–0.41%** | **Software–0.41%** |
| Oracle Corp. 1.65% 3/25/26 | 3700000 | 3624340 |
|  |  | **3624340** |
| **Telecommunications–1.29%** | **Telecommunications–1.29%** | **Telecommunications–1.29%** |
| KT Corp. 4.00% 8/8/25 | 5600000 | 5595642 |
| NBN Co. Ltd. 1.00% 12/3/25 | 8750000 | 5686426 |
|  |  | **11282068** |
| **Transportation–0.14%** | **Transportation–0.14%** | **Transportation–0.14%** |
| Canadian Pacific Railway Co. <br> 3.13% 6/1/26<br>| 1200000 | 1182015 |
|  |  | **1182015** |
| **Total Corporate Bonds** <br>**(Cost $316,304,597)** | **Total Corporate Bonds** <br>**(Cost $316,304,597)** | **316749491** |
| **MUNICIPAL BONDS–1.76%** | **MUNICIPAL BONDS–1.76%** | **MUNICIPAL BONDS–1.76%** |
| County of Williamson |  |  |
| 0.64% 2/15/26 | 2200000 | 2154461 |
| 0.92% 2/15/27 | 2200000 | 2097324 |
| Massachusetts School <br> Building Authority Series B <br> 1.13% 8/15/26<br>| 3100000 | 2999797 |
| Metro 3.25% 6/1/26 | 2200000 | 2184635 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| •Tulane University Series C <br> 4.89% 2/15/36<br>| 2820000 | $2616402 |
| Virginia College Building <br> Authority Series B 0.77% <br> 9/1/26<br>| 3500000 | 3369048 |
| **Total Municipal Bonds** <br>**(Cost $15,294,787)** | **Total Municipal Bonds** <br>**(Cost $15,294,787)** | **15421667** |
| **NON-AGENCY ASSET-BACKED SECURITIES–27.50%** | **NON-AGENCY ASSET-BACKED SECURITIES–27.50%** | **NON-AGENCY ASSET-BACKED SECURITIES–27.50%** |
| •37 Capital CLO 1 Ltd. Series <br> 2021-1A Class AR 5.54% (3 <br> mo. USD Term SOFR + <br> 1.28%) 10/15/34<br>| 3400000 | 3398133 |
| •522 Funding CLO Ltd. Series <br> 2018-3A Class AR 5.57% (3 <br> mo. USD Term SOFR + <br> 1.30%) 10/20/31<br>| 194038 | 194098 |
| •Accredited Mortgage Loan <br> Trust Series 2004-3 Class <br> 2A2 5.63% (1 mo. USD Term <br> SOFR + 1.31%) 10/25/34<br>| 2752 | 2725 |
| •ACREC LLC Series 2023-FL2 <br> Class A 6.54% (1 mo. USD <br> Term SOFR + 2.23%) <br> 2/19/38<br>| 1431988 | 1432883 |
| •AGL CLO 14 Ltd. Series <br> 2021-14A Class AR 5.40% (3 <br> mo. USD Term SOFR + <br> 1.13%) 12/2/34<br>| 3500000 | 3507217 |
| •AlbaCore Euro CLO IV DAC <br> Series 4A Class AR 3.27% (3 <br> mo. EURIBOR + 0.99%) <br> 7/15/35<br>| 1650000 | 1941523 |
| American Express Credit <br> Account Master Trust Series <br> 2022-3 Class A 3.75% <br> 8/15/27<br>| 8670000 | 8661412 |
| •Amortizing Residential <br> Collateral Trust Series <br> 2004-1 Class A5 5.43% (1 mo. <br> USD Term SOFR + 1.11%) <br> 10/25/34<br>| 22658 | 22704 |
| •Apidos CLO XV Ltd. Series <br> 2013-15A Class A1RR 5.54% <br> (3 mo. USD Term SOFR + <br> 1.27%) 4/20/31<br>| 135904 | 135973 |
| •Arbor Realty Commercial Real Estate Notes Ltd. | •Arbor Realty Commercial Real Estate Notes Ltd. | •Arbor Realty Commercial Real Estate Notes Ltd. |
| Series 2021-FL3 Class A <br> 5.50% (1 mo. USD Term <br> SOFR + 1.18%) 8/15/34<br>| 395304 | 395048 |
| Series 2021-FL4 Class A <br> 5.78% (1 mo. USD Term <br> SOFR + 1.46%) 11/15/36<br>| 1865858 | 1865808 |
| •ARES L CLO Ltd. Series <br> 2018-50A Class AR 5.57% (3 <br> mo. USD Term SOFR + <br> 1.31%) 1/15/32<br>| 394129 | 394137 |

---

LVIP PIMCO Low Duration Bond Fund-5

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Asset-Backed Securities Corp. <br> Home Equity Loan Trust <br> Series 2004-HE2 Class M1 <br> 5.26% (1 mo. USD Term <br> SOFR + 0.94%) 4/25/34<br>| 1338100 | $1393167 |
| Avis Budget Rental Car <br> Funding AESOP LLC Series <br> 2023-7A Class A 5.90% <br> 8/21/28<br>| 7600000 | 7808733 |
| BA Credit Card Trust Series <br> 2023-A2 Class A2 4.98% <br> 11/15/28<br>| 4300000 | 4345485 |
| •Bain Capital Credit CLO Ltd. | •Bain Capital Credit CLO Ltd. | •Bain Capital Credit CLO Ltd. |
| Series 2019-3A Class ARR <br> 5.30% (3 mo. USD Term <br> SOFR + 1.03%) 10/21/34<br>| 3500000 | 3505758 |
| Series 2021-6A Class A1R <br> 5.36% (3 mo. USD Term <br> SOFR + 1.09%) 10/21/34<br>| 3500000 | 3502100 |
| •Bain Capital Euro CLO DAC <br> Series 2018-2A Class AR <br> 2.98% (3 mo. EURIBOR + <br> 0.74%) 1/20/32<br>| 1659148 | 1949256 |
| Bank of America Auto Trust <br> Series 2023-1A Class A3 <br> 5.53% 2/15/28<br>| 3113566 | 3134666 |
| •Barings CLO Ltd. Series <br> 2018-1A Class A1 5.47% (3 <br> mo. USD Term SOFR + <br> 1.21%) 4/15/31<br>| 2249230 | 2249680 |
| •Bear Stearns Asset-Backed <br> Securities I Trust Series <br> 2005-AQ1 Class M3 5.56% (1 <br> mo. USD Term SOFR + <br> 1.24%) 3/25/35<br>| 179395 | 178917 |
| •Bear Stearns Asset-Backed <br> Securities Trust Series <br> 2003-2 Class A3 5.93% (1 mo. <br> USD Term SOFR + 1.61%) <br> 3/25/43<br>| 24977 | 25018 |
| BMW Vehicle Lease Trust <br> Series 2023-2 Class A3 5.99% <br> 9/25/26<br>| 1619601 | 1625302 |
| Capital One Multi-Asset <br> Execution Trust Series <br> 2022-A3 Class A 4.95% <br> 10/15/27<br>| 4000000 | 4004736 |
| CARDS II Trust Series <br> 2025-1A Class A 4.63% <br> 3/15/31<br>| 4000000 | 4033340 |
| •Carlyle Euro CLO DAC | •Carlyle Euro CLO DAC | •Carlyle Euro CLO DAC |
| Series 2017-3A Class A1R <br> 2.98% (3 mo. EURIBOR + <br> 0.70%) 1/15/31<br>| 457550 | 537284 |
| Series 2019-2A Class A1R <br> 3.03% (3 mo. EURIBOR + <br> 0.89%) 8/15/32<br>| 2791555 | 3275867 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
| Series 2023-4 Class A2A <br> 6.08% 12/15/26<br>| 550463 | $551014 |
| Series 2023-4 Class A3 6.00% <br> 7/17/28<br>| 6315000 | 6406033 |
| Series 2024-4 Class A2A <br> 4.67% 12/15/27<br>| 2218175 | 2219919 |
| Series 2025-1 Class A3 4.84% <br> 1/15/30<br>| 4000000 | 4053617 |
| Carvana Auto Receivables <br> Trust Series 2025-P1 <br> Class A3 4.55% 5/10/30<br>| 3000000 | 3015026 |
| Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
| Series 2023-AA Class A3 <br> 5.68% 1/25/29<br>| 2000000 | 2022439 |
| Series 2024-5A Class A3 <br> 4.18% 8/27/29<br>| 800000 | 799140 |
| Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
| Series 2023-1 Class A4 5.78% <br> 10/15/30<br>| 4735000 | 4815072 |
| Series 2023-2 Class A3 5.83% <br> 2/15/28<br>| 2093238 | 2108908 |
| •Countrywide Asset-Backed <br> Certificates Trust Series <br> 2004-6 Class 1A1 4.97% (1 <br> mo. USD Term SOFR + <br> 0.65%) 12/25/34<br>| 1106100 | 1080276 |
| •Cumulus Static CLO DAC <br> Series 2024-1A Class A 3.34% <br> (3 mo. EURIBOR + 1.20%) <br> 11/15/33<br>| 2719530 | 3205538 |
| •Dryden 27 R Euro CLO DAC <br> Series 2017-27A Class AR <br> 2.94% (3 mo. EURIBOR + <br> 0.66%) 4/15/33<br>| 1358153 | 1594892 |
| •Dryden 95 CLO Ltd. Series <br> 2021-95A Class AR 5.36% (3 <br> mo. USD Term SOFR + <br> 1.04%) 8/20/34<br>| 3500000 | 3498933 |
| •Elevation CLO Ltd. Series <br> 2018-3A Class A1R2 5.58% (3 <br> mo. USD Term SOFR + <br> 1.30%) 1/25/35<br>| 3000000 | 2999880 |
| ELFI Graduate Loan <br> Program LLC Series 2021-A <br> Class A 1.53% 12/26/46<br>| 1978630 | 1758890 |
| Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
| Series 2022-4 Class A2 5.76% <br> 10/22/29<br>| 1748106 | 1755143 |
| Series 2023-1 Class A2 5.51% <br> 1/22/29<br>| 1109845 | 1113331 |
| •Finance America Mortgage <br> Loan Trust Series 2004-2 <br> Class M1 5.26% (1 mo. USD <br> Term SOFR + 0.94%) <br> 8/25/34<br>| 273743 | 260139 |

---

LVIP PIMCO Low Duration Bond Fund-6

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Ford Auto Securitization <br> Trust II Series 2024-BA <br> Class A2 3.72% 11/15/28<br>| 1450000 | $1071344 |
| Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| Series 2023-1 Class A 4.85% <br> 8/15/35<br>| 6000000 | 6086553 |
| Series 2023-2 Class A 5.28% <br> 2/15/36<br>| 3400000 | 3501859 |
| •Gallatin CLO VIII Ltd. Series <br> 2017-1A Class A1R 5.61% (3 <br> mo. USD Term SOFR + <br> 1.35%) 7/15/31<br>| 828520 | 828681 |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
| Series 2023-4 Class A2A <br> 5.89% 11/16/26<br>| 220441 | 220672 |
| Series 2024-4 Class A3 4.40% <br> 8/16/29<br>| 3000000 | 3008638 |
| Golden Credit Card Trust <br> Series 2022-4A Class A 4.31% <br> 9/15/27<br>| 9000000 | 8996468 |
| •GoldenTree Loan <br> Management U.S. CLO 8 Ltd. <br> Series 2020-8A Class ARR <br> 5.42% (3 mo. USD Term <br> SOFR + 1.15%) 10/20/34<br>| 3000000 | 3005550 |
| •Greenwood Park CLO Ltd. <br> Series 2018-1A Class A2 <br> 5.53% (3 mo. USD Term <br> SOFR + 1.27%) 4/15/31<br>| 234668 | 234787 |
| •Greywolf CLO III Ltd. Series <br> 2020-3RA Class A1R2 5.50% <br> (3 mo. USD Term SOFR + <br> 1.23%) 4/22/33<br>| 4000000 | 4006800 |
| •Harvest CLO XVI DAC Series <br> 16A Class ARR 2.92% (3 mo. <br> EURIBOR + 0.64%) <br> 10/15/31<br>| 2224707 | 2615626 |
| Harvest CLO XXI DAC Series <br> 21A Class A2R 1.04% <br> 7/15/31<br>| 1524616 | 1759664 |
| •HERA Commercial Mortgage <br> Ltd. Series 2021-FL1 Class A <br> 5.48% (1 mo. USD Term <br> SOFR + 1.16%) 2/18/38<br>| 571382 | 570301 |
| Honda Auto Receivables <br> Owner Trust Series 2024-4 <br> Class A3 4.33% 5/15/29<br>| 3300000 | 3307634 |
| Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
| Series 2024-1A Class A2 <br> 5.50% 3/15/27<br>| 853714 | 854726 |
| Series 2024-1A Class A3 <br> 5.23% 1/16/29<br>| 2000000 | 2017643 |
| Hyundai Auto Lease <br> Securitization Trust Series <br> 2025-A Class A3 4.83% <br> 1/18/28<br>| 3500000 | 3531143 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Hyundai Auto Receivables <br> Trust Series 2024-C Class A3 <br> 4.41% 5/15/29<br>| 2500000 | $2512582 |
| •Invesco Euro CLO I DAC <br> Series 1A Class A1R 2.93% <br> (3 mo. EURIBOR + 0.65%) <br> 7/15/31<br>| 666299 | 780188 |
| •KKR CLO 18 Ltd. Series 18 <br> Class AR 5.47% (3 mo. USD <br> Term SOFR + 1.20%) <br> 7/18/30<br>| 224474 | 224475 |
| Kubota Credit Owner Trust <br> Series 2023-2A Class A3 <br> 5.28% 1/18/28<br>| 3300000 | 3327332 |
| •LCM Loan Income Fund I <br> Ltd. Series 1A Class A 5.56% <br> (3 mo. USD Term SOFR + <br> 1.29%) 4/20/31<br>| 274703 | 274768 |
| •LoanCore Issuer Ltd. Series <br> 2021-CRE5 Class A 5.73% (1 <br> mo. USD Term SOFR + <br> 1.41%) 7/15/36<br>| 188957 | 188897 |
| Master Credit Card Trust II <br> Series 2023-1A Class A 4.70% <br> 6/21/27<br>| 4000000 | 4001079 |
| MBarc Credit Canada, Inc. <br> Series 2024-AA Class A2 <br> 5.30% 10/15/26<br>| 2706527 | 1994254 |
| •MF1 Ltd. Series 2020-FL4 <br> Class A 6.13% (1 mo. USD <br> Term SOFR + 1.81%) <br> 12/15/35<br>| 396729 | 396977 |
| •Mountain View CLO XVI Ltd. <br> Series 2022-1A Class A1R <br> 5.72% (3 mo. USD Term <br> SOFR + 1.46%) 4/15/34<br>| 3000000 | 3003000 |
| •Navesink CLO 2 Ltd. Series <br> 2024-2A Class A1 5.53% (3 <br> mo. USD Term SOFR + <br> 1.27%) 4/15/36<br>| 3500000 | 3493266 |
| Navient Private Education <br> Loan Trust Series 2020-A <br> Class A2A 2.46% 11/15/68<br>| 1155536 | 1110931 |
| Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
| Series 2020-HA Class A <br> 1.31% 1/15/69<br>| 606576 | 569974 |
| Series 2020-IA Class A1A <br> 1.33% 4/15/69<br>| 1224583 | 1124845 |
| Series 2021-GA Class A <br> 1.58% 4/15/70<br>| 1601405 | 1446406 |
| Series 2022-A Class A 2.23% <br> 7/15/70<br>| 2882541 | 2638897 |
| Navient Refinance Loan Trust <br> Series 2025-A Class A 5.15% <br> 2/16/55<br>| 2573037 | 2601188 |

---

LVIP PIMCO Low Duration Bond Fund-7

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Navient Student Loan Trust <br> Series 2023-BA Class A1A <br> 6.48% 3/15/72<br>| 1054023 | $1079832 |
| •OFSI BSL X Ltd. Series <br> 2021-10A Class AR 5.54% (3 <br> mo. USD Term SOFR + <br> 1.27%) 4/20/34<br>| 4000000 | 3992720 |
| •Palmer Square Loan Funding <br> Ltd. Series 2021-4A Class A1 <br> 5.32% (3 mo. USD Term <br> SOFR + 1.06%) 10/15/29<br>| 56389 | 56390 |
| PFS Financing Corp. Series <br> 2023-C Class A 5.52% <br> 10/15/28<br>| 5000000 | 5073212 |
| Post Road Equipment <br> Finance LLC Series 2025-1A <br> Class A2 4.90% 5/15/31<br>| 1200000 | 1206620 |
| •Recette CLO Ltd. Series <br> 2015-1A Class ARR 5.61% (3 <br> mo. USD Term SOFR + <br> 1.34%) 4/20/34<br>| 1000000 | 1002400 |
| 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>| 1005533 | 968421 |
| •Series 2020-PTA Class A2B <br> 5.28% (1 mo. USD Term <br> SOFR + 0.96%) 9/15/54<br>| 2026301 | 2018842 |
| Series 2022-C Class A1A <br> 4.48% 5/16/50<br>| 1678959 | 1668713 |
| Series 2023-C Class A1A <br> 5.67% 11/15/52<br>| 3512611 | 3605420 |
| Series 2024-C Class A1A <br> 5.50% 6/17/52<br>| 1908845 | 1953941 |
| Series 2024-D Class A1A <br> 5.38% 7/15/53<br>| 2221448 | 2265006 |
| Series 2024-E Class A1A <br> 5.09% 10/16/56<br>| 713006 | 719940 |
| SoFi Consumer Loan Program <br> Trust Series 2025-1 Class A <br> 4.80% 2/27/34<br>| 2351188 | 2355570 |
| SoFi Professional Loan <br> Program LLC Series 2017-D <br> Class A2FX 2.65% 9/25/40<br>| 78090 | 77148 |
| •Starwood Ltd. Series <br> 2022-FL3 Class A 5.65% (30 <br> day USD SOFR Average + <br> 1.35%) 11/15/38<br>| 225339 | 224916 |
| Synchrony Card Funding LLC <br> Series 2023-A1 Class A 5.54% <br> 7/15/29<br>| 7300000 | 7383393 |
| Tesla Auto Lease Trust Series <br> 2023-B Class A3 6.13% <br> 9/21/26<br>| 1752062 | 1757641 |
| •Toro European CLO 6 DAC <br> Series 6A Class AR 3.19% (3 <br> mo. EURIBOR + 0.92%) <br> 1/12/32<br>| 2854748 | 3351056 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Toyota Auto Receivables <br> Owner Trust Series 2023-C <br> Class A3 5.16% 4/17/28<br>| 3896225 | $3917294 |
| Toyota Lease Owner Trust <br> Series 2025-A Class A3 4.75% <br> 2/22/28<br>| 8000000 | 8067734 |
| •Venture XXVII CLO Ltd. <br> Series 2017-27A Class AR <br> 5.58% (3 mo. USD Term <br> SOFR + 1.31%) 7/20/30<br>| 47644 | 47643 |
| Verizon Master Trust Series <br> 2024-1 Class A1A 5.00% <br> 12/20/28<br>| 5800000 | 5811641 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $239,859,841)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $239,859,841)** | **240691801** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.82%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.82%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.82%** |
| •Bear Stearns ARM Trust <br> Series 2003-1 Class 5A1 <br> 6.55% 4/25/33<br>| 10350 | 9993 |
| •Cheshire PLC Series 2020-1 <br> Class A 5.14% (1 day GBP <br> SONIA + 0.90%) 8/20/45<br>| 1097901 | 1507457 |
| •GCAT Trust Series 2022-HX1 <br> Class A1 2.89% 12/27/66<br>| 1200177 | 1125884 |
| •Gemgarto PLC Series 2021-1A <br> Class A 5.12% (1 day GBP <br> SONIA + 0.89%) 12/16/67<br>| 240279 | 329945 |
| •GS Mortgage-Backed <br> Securities Trust Series <br> 2024-PJ7 Class A25 5.66% <br> (30 day USD SOFR Average <br> + 1.35%) 11/25/54<br>| 1742522 | 1743789 |
| •GSR Mortgage Loan Trust <br> Series 2005-5F Class 8A1 <br> 4.93% (1 mo. USD Term <br> SOFR + 0.61%) 6/25/35<br>| 98313 | 94729 |
| •Merrill Lynch Mortgage <br> Investors Trust Series <br> 2003-A3 Class 1A 5.88% <br> 5/25/33<br>| 2693 | 2582 |
| MFA Trust | MFA Trust | MFA Trust |
| •Series 2020-NQM2 Class A1 <br> 1.38% 4/25/65<br>| 250285 | 240881 |
| •Series 2021-RPL1 Class A1 <br> 1.13% 7/25/60<br>| 1525874 | 1388075 |
| φSeries 2023-NQM4 Class A1 <br> 6.11% 12/25/68<br>| 659295 | 663188 |
| •New Residential Mortgage <br> Loan Trust Series 2018-3A <br> Class A1 4.50% 5/25/58<br>| 262271 | 254791 |
| •New York Mortgage Trust <br> Series 2005-3 Class A1 4.91% <br> (1 mo. USD Term SOFR + <br> 0.59%) 2/25/36<br>| 65425 | 64800 |

---

LVIP PIMCO Low Duration Bond Fund-8

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (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)** |
| φOBX Trust | φOBX Trust | φOBX Trust |
| Series 2023-NQM6 Class A1 <br> 6.52% 7/25/63<br>| 1742843 | $1754992 |
| Series 2024-NQM5 Class A1 <br> 5.99% 1/25/64<br>| 1026572 | 1033823 |
| •Oceanview Mortgage Trust <br> Series 2025-3 Class AF1 <br> 5.26% (30 day USD SOFR <br> Average + 0.95%) 5/25/55<br>| 1400000 | 1400000 |
| •Progress Trust Series 2020-1 <br> Class A 4.69% (1 mo. AUD <br> Bank Bill Swap + 1.00%) <br> 1/21/51<br>| 2702848 | 1780506 |
| φPRPM Trust Series <br> 2023-NQM3 Class A1 6.22% <br> 11/25/68<br>| 305528 | 307925 |
| •Sequoia Mortgage Trust <br> Series 2004-6 Class A1 5.05% <br> 7/20/34<br>| 2509 | 2316 |
| •Towd Point Mortgage Trust | •Towd Point Mortgage Trust | •Towd Point Mortgage Trust |
| Series 2018-5 Class A1 3.25% <br> 7/25/58<br>| 5426370 | 5200144 |
| Series 2019-4 Class A1 2.90% <br> 10/25/59<br>| 1642332 | 1579140 |
| Series 2019-HY2 Class A1 <br> 5.43% (1 mo. USD Term <br> SOFR + 1.11%) 5/25/58<br>| 456622 | 469137 |
| Series 2020-1 Class A1 2.71% <br> 1/25/60<br>| 863920 | 826767 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| •Series 2021-6 Class A1 1.63% <br> 10/25/66<br>| 1986712 | 1735173 |
| φSeries 2024-1 Class A1 5.71% <br> 1/25/69<br>| 1153570 | 1158492 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $25,074,565)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $25,074,565)** | **24674529** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–4.04%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–4.04%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–4.04%** |
| •AG Trust Series 2024-NLP <br> Class A 6.33% (1 mo. USD <br> Term SOFR + 2.02%) <br> 7/15/41<br>| 1615563 | 1617585 |
| •AREIT LLC Series 2022-CRE7 <br> Class A 6.56% (1 mo. USD <br> Term SOFR + 2.24%) <br> 6/17/39<br>| 3796578 | 3797766 |
| •BDS LLC Series 2022-FL12 <br> Class A 6.45% (1 mo. USD <br> Term SOFR + 2.14%) <br> 8/19/38<br>| 2319643 | 2321093 |
| Benchmark Mortgage Trust <br> Series 2019-B12 Class AAB <br> 3.04% 8/15/52<br>| 4338870 | 4229518 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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)** |
| •BSREP Commercial Mortgage <br> Trust Series 2021-DC Class A <br> 5.38% (1 mo. USD Term <br> SOFR + 1.06%) 8/15/38<br>|  | 3152844 | $3009342 |
| •BX Trust Series 2021-MFM1 <br> Class A 5.13% (1 mo. USD <br> Term SOFR + 0.81%) <br> 1/15/34<br>|  | 1676385 | 1675862 |
| •BXMT Ltd. Series 2020-FL3 <br> Class A 6.33% (1 mo. USD <br> Term SOFR + 2.01%) <br> 11/15/37<br>|  | 1237772 | 1236172 |
| •CRSNT Trust Series <br> 2021-MOON Class A 5.25% (1 <br> mo. USD Term SOFR + <br> 0.93%) 4/15/36<br>|  | 4500000 | 4443749 |
| •GPMT Ltd. Series 2021-FL3 <br> Class A 5.93% (1 mo. USD <br> Term SOFR + 1.61%) <br> 7/16/35<br>|  | 1348454 | 1321480 |
| •JP Morgan Chase Commercial <br> Mortgage Securities Trust <br> Series 2019-FL12 Class A <br> 5.81% (1 mo. USD Term <br> SOFR + 1.50%) 12/15/31<br>|  | 551299 | 512641 |
| •NYO Commercial Mortgage <br> Trust Series 2021-1290 <br> Class A 5.52% (1 mo. USD <br> Term SOFR + 1.21%) <br> 11/15/38<br>|  | 4500000 | 4477494 |
| •One New York Plaza Trust <br> Series 2020-1NYP Class A <br> 5.38% (1 mo. USD Term <br> SOFR + 1.06%) 1/15/36<br>|  | 3000000 | 2900677 |
| •SREIT Trust Series 2021-IND <br> Class A 5.13% (1 mo. USD <br> Term SOFR + 0.81%) <br> 10/15/38<br>|  | 300000 | 298687 |
| •Taurus U.K. DAC Series <br> 2021-UK1A Class A 5.09% (1 <br> day GBP SONIA + 0.85%) <br> 5/17/31<br>|  | 2581043 | 3534988 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $35,620,564)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $35,620,564)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $35,620,564)** | **35377054** |
| **ΔSOVEREIGN BONDS–2.14%** | **ΔSOVEREIGN BONDS–2.14%** | **ΔSOVEREIGN BONDS–2.14%** | **ΔSOVEREIGN BONDS–2.14%** |
| **Brazil—1.14%** | **Brazil—1.14%** | **Brazil—1.14%** | **Brazil—1.14%** |
| ^Brazil Letras do Tesouro <br> Nacional 0.00% 10/1/25<br>| BRL | 56000000 | 9940916 |
|  |  |  | **9940916** |
| **Israel—0.70%** | **Israel—0.70%** | **Israel—0.70%** | **Israel—0.70%** |
| Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
| 5.00% 10/30/26 | EUR | 3900000 | 4720342 |

---

LVIP PIMCO Low Duration Bond Fund-9

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Israel (continued)**  | **Israel (continued)**  | **Israel (continued)**  |
| Israel Government International Bonds (continued) | Israel Government International Bonds (continued) | Israel Government International Bonds (continued) |
| 5.38% 2/19/30 | 1400000 | $1426710 |
|  |  | **6147052** |
| **Italy—0.30%** | **Italy—0.30%** | **Italy—0.30%** |
| Cassa Depositi e Prestiti SpA <br> 5.88% 4/30/29<br>| 2500000 | 2614697 |
|  |  | **2614697** |
| **Total Sovereign Bonds** <br>**(Cost $17,436,009)** | **Total Sovereign Bonds** <br>**(Cost $17,436,009)** | **18702665** |
| **U.S. TREASURY OBLIGATIONS–1.42%** | **U.S. TREASURY OBLIGATIONS–1.42%** | **U.S. TREASURY OBLIGATIONS–1.42%** |
| \*U.S. Treasury Inflation <br> Indexed Bonds 2.13% <br> 4/15/29<br>| 2872573 | 2949790 |
| ∞U.S. Treasury Inflation Indexed Notes | ∞U.S. Treasury Inflation Indexed Notes | ∞U.S. Treasury Inflation Indexed Notes |
| 0.13% 7/15/26 | 7359935 | 7296226 |
| 0.13% 10/15/26 | 2230296 | 2204699 |
| **Total U.S. Treasury Obligations** <br>**(Cost $12,369,534)** | **Total U.S. Treasury Obligations** <br>**(Cost $12,369,534)** | **12450715** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–0.03%** | **MONEY MARKET FUND–0.03%** | **MONEY MARKET FUND–0.03%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 237473 | 237473 |
| **Total Money Market Fund** <br>**(Cost $237,473)** | **Total Money Market Fund** <br>**(Cost $237,473)** | **237473** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>|  |
| **OPTIONS PURCHASED–0.02%** | **OPTIONS PURCHASED–0.02%** | **OPTIONS PURCHASED–0.02%** |
| **Over-The-Counter–0.02%** | **Over-The-Counter–0.02%** | **Over-The-Counter–0.02%** |
| **Put Swaption–0.00%** | **Put Swaption–0.00%** | **Put Swaption–0.00%** |
| 1 Year Interest Rate Swap <br> Strike price $4.60, <br> expiration date 8/12/25, <br> notional amount <br> $226,800,000 MSC<br>| 226800000 | 18 |
|  |  | **18** |

---

---

| | | |
|:---|:---|:---|
|  | **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 Swaption–0.02%** | **Call Swaption–0.02%** | **Call Swaption–0.02%** |
| 1 Year Interest Rate Swap <br> Strike price $3.60, <br> expiration date 8/12/25, <br> notional amount <br> $226,800,000 MSC<br>| 226800000 | $161273 |
|  |  | **161273** |
| **Total Options Purchased** <br>**(Cost $361,746)** | **Total Options Purchased** <br>**(Cost $361,746)** | **161291** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENTS—3.06%** | **SHORT-TERM INVESTMENTS—3.06%** | **SHORT-TERM INVESTMENTS—3.06%** |
| **Discounted Commercial Paper–3.02%** | **Discounted Commercial Paper–3.02%** | **Discounted Commercial Paper–3.02%** |
| ≠AbbVie, Inc. | ≠AbbVie, Inc. | ≠AbbVie, Inc. |
| 4.64% 7/7/25 | 8900000 | 8893117 |
| ≠Alimentation Couche-Tard, Inc. | ≠Alimentation Couche-Tard, Inc. | ≠Alimentation Couche-Tard, Inc. |
| 4.64% 7/29/25 | 2400000 | 2391339 |
| 4.64% 7/30/25 | 3600000 | 3586544 |
| ≠Broadcom, Inc. | ≠Broadcom, Inc. | ≠Broadcom, Inc. |
| 4.73% 7/10/25 | 1100000 | 1098699 |
| ≠Intel Corp. | ≠Intel Corp. | ≠Intel Corp. |
| 4.59% 7/3/25 | 7800000 | 7798011 |
| ≠NextEra Energy Capital Holdings, Inc. | ≠NextEra Energy Capital Holdings, Inc. | ≠NextEra Energy Capital Holdings, Inc. |
| 4.60% 7/28/25 | 2700000 | 2690685 |
|  |  | **26458395** |
| **U.S. Treasury Obligations–0.04%** | **U.S. Treasury Obligations–0.04%** | **U.S. Treasury Obligations–0.04%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| \*≠4.16% 7/10/25 | 258000 | 257729 |
| \*≠4.30% 7/10/25 | 12000 | 11987 |
| \*≠4.33% 8/28/25 | 45000 | 44694 |
| ≠4.37% 8/7/25 | 1000 | 996 |
|  |  | **315406** |
| **Total Short-Term** <br> **Investments** <br>**(Cost $26,773,801)**<br>|  | **26773801** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP PIMCO Low Duration Bond Fund-10

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–111.93% (Cost $977,909,926)** | **$979482776** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN –(0.00)%** | **OPTIONS WRITTEN –(0.00)%** | **OPTIONS WRITTEN –(0.00)%** |
| **Over-The-Counter–(0.00)%** | **Over-The-Counter–(0.00)%** | **Over-The-Counter–(0.00)%** |
| **Put Swaptions–(0.00)%** | **Put Swaptions–(0.00)%** | **Put Swaptions–(0.00)%** |
| CDX.NA.IG.S44, expiration date 7/16/25, notional amount $(54150000)GSI | (54150000)<br>| $(3671)<br>|
| CDX.NA.IG.S44, expiration date 7/16/25, notional amount $(7500000)JPMC | (7500000)<br>| (467)<br>|
|  |  | **(4138)**<br>|
| **Total Options Written** <br>**(Premium received $(68877))** | **Total Options Written** <br>**(Premium received $(68877))** | **(4138)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(11.93%)** | **(104382449)**<br>|
| **NET ASSETS APPLICABLE TO 91,669,193 SHARES OUTSTANDING–100.00%** | **$875096189** |

---

&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. |
| 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. |
| ΔSecurities have been classified by country of origin. |
| ^Zero coupon security. |
| \*Fully or partially pledged as collateral for derivatives. |
| ∞Fully or partially pledged as collateral for reverse repurchase agreements. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&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; (25396000)<br>| USD | &nbsp;&nbsp; 16295887 | 7/2/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(418902)<br>|
| BNP | BRL | &nbsp;&nbsp; 4736766 | USD | &nbsp;&nbsp; (830713)<br>| 7/2/25 | &nbsp;&nbsp; 40689 | &nbsp;&nbsp; — |
| BNP | BRL | &nbsp;&nbsp; (4736766)<br>| USD | &nbsp;&nbsp; 868001 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3401)<br>|
| BNP | BRL | &nbsp;&nbsp; (16904425)<br>| USD | &nbsp;&nbsp; 2819880 | 10/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (219083)<br>|
| BNP | CAD | &nbsp;&nbsp; (8870649)<br>| USD | &nbsp;&nbsp; 6443087 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (71731)<br>|
| BNP | CAD | &nbsp;&nbsp; (7097241)<br>| USD | &nbsp;&nbsp; 5199114 | 8/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (22844)<br>|
| BNP | CNH | &nbsp;&nbsp; (8654633)<br>| USD | &nbsp;&nbsp; 1210300 | 8/20/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3629)<br>|
| BNP | CNH | &nbsp;&nbsp; 18982000 | USD | &nbsp;&nbsp; (2620091)<br>| 8/20/25 | &nbsp;&nbsp; 42392 | &nbsp;&nbsp; — |
| BNP | IDR | &nbsp;&nbsp; 19210278144 | USD | &nbsp;&nbsp; (1176206)<br>| 7/16/25 | &nbsp;&nbsp; 8915 | &nbsp;&nbsp; — |
| BNP | INR | &nbsp;&nbsp; 122233096 | USD | &nbsp;&nbsp; (1406268)<br>| 8/20/25 | &nbsp;&nbsp; 16536 | &nbsp;&nbsp; — |
| BNP | JPY | &nbsp;&nbsp; 16012321 | USD | &nbsp;&nbsp; (111414)<br>| 8/4/25 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; — |
| BNP | KRW | &nbsp;&nbsp; (27289264)<br>| USD | &nbsp;&nbsp; 20000 | 7/14/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (186)<br>|
| BNP | KRW | &nbsp;&nbsp; 1195783344 | USD | &nbsp;&nbsp; (874263)<br>| 7/16/25 | &nbsp;&nbsp; 10396 | &nbsp;&nbsp; — |
| BNP | MXN | &nbsp;&nbsp; 12343000 | USD | &nbsp;&nbsp; (638013)<br>| 12/17/25 | &nbsp;&nbsp; 7469 | &nbsp;&nbsp; — |
| BNP | PLN | &nbsp;&nbsp; 2706667 | USD | &nbsp;&nbsp; (723550)<br>| 7/10/25 | &nbsp;&nbsp; 27210 | &nbsp;&nbsp; — |

---

LVIP PIMCO Low Duration Bond Fund-11

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BNP | SGD | &nbsp;&nbsp; (826303)<br>| USD | &nbsp;&nbsp; 650422 | 8/5/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1257)<br>|
| BNP | THB | &nbsp;&nbsp; (13100336)<br>| USD | &nbsp;&nbsp; 396541 | 7/16/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6941)<br>|
| BNP | THB | &nbsp;&nbsp; 655108 | USD | &nbsp;&nbsp; (20000)<br>| 7/16/25 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; — |
| BNP | TWD | &nbsp;&nbsp; 73307853 | USD | &nbsp;&nbsp; (2491418)<br>| 7/16/25 | &nbsp;&nbsp; 34878 | &nbsp;&nbsp; — |
| BNP | TWD | &nbsp;&nbsp; (6698125)<br>| USD | &nbsp;&nbsp; 209831 | 8/20/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23223)<br>|
| BNP | TWD | &nbsp;&nbsp; 6486589 | USD | &nbsp;&nbsp; (198158)<br>| 8/20/25 | &nbsp;&nbsp; 27536 | &nbsp;&nbsp; — |
| GSB | BRL | &nbsp;&nbsp; (9747555)<br>| USD | &nbsp;&nbsp; 1768264 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (24950)<br>|
| GSB | BRL | &nbsp;&nbsp; 9747555 | USD | &nbsp;&nbsp; (1786215)<br>| 7/2/25 | &nbsp;&nbsp; 6999 | &nbsp;&nbsp; — |
| GSB | BRL | &nbsp;&nbsp; (39100000)<br>| USD | &nbsp;&nbsp; 6435361 | 10/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (593767)<br>|
| GSB | BRL | &nbsp;&nbsp; 9970710 | USD | &nbsp;&nbsp; (1768264)<br>| 10/2/25 | &nbsp;&nbsp; 24202 | &nbsp;&nbsp; — |
| GSB | KRW | &nbsp;&nbsp; 378086719 | USD | &nbsp;&nbsp; (275048)<br>| 7/16/25 | &nbsp;&nbsp; 4666 | &nbsp;&nbsp; — |
| GSB | SGD | &nbsp;&nbsp; 483557 | USD | &nbsp;&nbsp; (379350)<br>| 7/2/25 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; — |
| GSB | SGD | &nbsp;&nbsp; (482395)<br>| USD | &nbsp;&nbsp; 379350 | 8/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1099)<br>|
| GSB | TWD | &nbsp;&nbsp; (145517653)<br>| USD | &nbsp;&nbsp; 4474016 | 7/16/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (540736)<br>|
| GSB | TWD | &nbsp;&nbsp; 299144 | USD | &nbsp;&nbsp; (10240)<br>| 7/16/25 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; — |
| GSB | ZAR | &nbsp;&nbsp; 1905121 | USD | &nbsp;&nbsp; (105332)<br>| 7/23/25 | &nbsp;&nbsp; 2078 | &nbsp;&nbsp; — |
| JPM | AUD | &nbsp;&nbsp; 25396000 | USD | &nbsp;&nbsp; (16644691)<br>| 7/2/25 | &nbsp;&nbsp; 70098 | &nbsp;&nbsp; — |
| JPM | AUD | &nbsp;&nbsp; (25396000)<br>| USD | &nbsp;&nbsp; 16655103 | 8/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (71562)<br>|
| JPM | BRL | &nbsp;&nbsp; 4992401 | USD | &nbsp;&nbsp; (859896)<br>| 7/2/25 | &nbsp;&nbsp; 58534 | &nbsp;&nbsp; — |
| JPM | BRL | &nbsp;&nbsp; (4992401)<br>| USD | &nbsp;&nbsp; 914845 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3585)<br>|
| JPM | CAD | &nbsp;&nbsp; (17980)<br>| USD | &nbsp;&nbsp; 13058 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (147)<br>|
| JPM | CAD | &nbsp;&nbsp; 1783000 | USD | &nbsp;&nbsp; (1315394)<br>| 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5916)<br>|
| JPM | CHF | &nbsp;&nbsp; (583000)<br>| USD | &nbsp;&nbsp; 716415 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (18535)<br>|
| JPM | CNH | &nbsp;&nbsp; (20745705)<br>| USD | &nbsp;&nbsp; 2902311 | 8/20/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7555)<br>|
| JPM | EUR | &nbsp;&nbsp; (21689595)<br>| USD | &nbsp;&nbsp; 24649873 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (902756)<br>|
| JPM | EUR | &nbsp;&nbsp; (21689595)<br>| USD | &nbsp;&nbsp; 25484029 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (127537)<br>|
| JPM | GBP | &nbsp;&nbsp; (6485800)<br>| USD | &nbsp;&nbsp; 8737539 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (165271)<br>|
| JPM | GBP | &nbsp;&nbsp; 1501000 | USD | &nbsp;&nbsp; (2020103)<br>| 7/2/25 | &nbsp;&nbsp; 40262 | &nbsp;&nbsp; — |
| JPM | GBP | &nbsp;&nbsp; (4984800)<br>| USD | &nbsp;&nbsp; 6824976 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (18621)<br>|
| JPM | ILS | &nbsp;&nbsp; (1718769)<br>| USD | &nbsp;&nbsp; 475906 | 7/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (34417)<br>|
| JPM | ILS | &nbsp;&nbsp; 13000 | USD | &nbsp;&nbsp; (3712)<br>| 7/18/25 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; — |
| JPM | INR | &nbsp;&nbsp; 115419643 | USD | &nbsp;&nbsp; (1334863)<br>| 8/20/25 | &nbsp;&nbsp; 8632 | &nbsp;&nbsp; — |
| JPM | JPY | &nbsp;&nbsp; 67447023 | USD | &nbsp;&nbsp; (470129)<br>| 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1660)<br>|
| JPM | KRW | &nbsp;&nbsp; 645738580 | USD | &nbsp;&nbsp; (469766)<br>| 7/16/25 | &nbsp;&nbsp; 7961 | &nbsp;&nbsp; — |
| JPM | KRW | &nbsp;&nbsp; (4417309019)<br>| USD | &nbsp;&nbsp; 3218190 | 7/16/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (49802)<br>|
| JPM | PLN | &nbsp;&nbsp; 3353337 | USD | &nbsp;&nbsp; (892855)<br>| 7/10/25 | &nbsp;&nbsp; 37275 | &nbsp;&nbsp; — |
| JPM | SGD | &nbsp;&nbsp; (1981150)<br>| USD | &nbsp;&nbsp; 1542333 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (16013)<br>|
| JPM | SGD | &nbsp;&nbsp; 695890 | USD | &nbsp;&nbsp; (543494)<br>| 7/2/25 | &nbsp;&nbsp; 3884 | &nbsp;&nbsp; — |
| JPM | SGD | &nbsp;&nbsp; (694287)<br>| USD | &nbsp;&nbsp; 543494 | 8/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4068)<br>|
| JPM | TWD | &nbsp;&nbsp; 3272170 | USD | &nbsp;&nbsp; (110000)<br>| 7/14/25 | &nbsp;&nbsp; 2689 | &nbsp;&nbsp; — |
| JPM | TWD | &nbsp;&nbsp; 14466361 | USD | &nbsp;&nbsp; (487116)<br>| 7/16/25 | &nbsp;&nbsp; 11416 | &nbsp;&nbsp; — |
| JPM | TWD | &nbsp;&nbsp; (594427)<br>| USD | &nbsp;&nbsp; 20336 | 7/16/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (149)<br>|
| JPM | TWD | &nbsp;&nbsp; (29342198)<br>| USD | &nbsp;&nbsp; 903152 | 8/20/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (117778)<br>|
| JPM | ZAR | &nbsp;&nbsp; 539191 | USD | &nbsp;&nbsp; (30171)<br>| 7/23/25 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; — |
| MSC | CNH | &nbsp;&nbsp; (8418169)<br>| USD | &nbsp;&nbsp; 1175856 | 8/20/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4906)<br>|
| MSC | IDR | &nbsp;&nbsp; 1139110000 | USD | &nbsp;&nbsp; (70000)<br>| 7/14/25 | &nbsp;&nbsp; 249 | &nbsp;&nbsp; — |
| MSC | JPY | &nbsp;&nbsp; 53946469 | USD | &nbsp;&nbsp; (373425)<br>| 7/2/25 | &nbsp;&nbsp; 1273 | &nbsp;&nbsp; — |
| MSC | JPY | &nbsp;&nbsp; (105333151)<br>| USD | &nbsp;&nbsp; 726672 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4945)<br>|
| MSC | JPY | &nbsp;&nbsp; 104945745 | USD | &nbsp;&nbsp; (726672)<br>| 8/4/25 | &nbsp;&nbsp; 5103 | &nbsp;&nbsp; — |
| MSC | KRW | &nbsp;&nbsp; 145770529 | USD | &nbsp;&nbsp; (106388)<br>| 7/16/25 | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; — |
| MSC | MXN | &nbsp;&nbsp; (571000)<br>| USD | &nbsp;&nbsp; 29745 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (433)<br>|
| MSC | SGD | &nbsp;&nbsp; (27000)<br>| USD | &nbsp;&nbsp; 21037 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (201)<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; $504668 | &nbsp;&nbsp; $(3487606)<br>|

---

LVIP PIMCO Low Duration Bond Fund-12

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| (143) | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(16033875)<br>| &nbsp;&nbsp; $(15806886)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(226989)<br>|
| 272 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 56582375 | &nbsp;&nbsp; 56363854 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 218521 | &nbsp;&nbsp; — |
| 4403 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 479927000 | &nbsp;&nbsp; 475198511 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 4728489 | &nbsp;&nbsp; — |
| (366) | CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; (43599750)<br>| &nbsp;&nbsp; (42300013)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1299737)<br>|
| 52 | Long Gilt Futures | &nbsp;&nbsp; 6640275 | &nbsp;&nbsp; 6503425 | &nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp; 136850 | &nbsp;&nbsp; — |
| (17) | &nbsp;&nbsp; Montreal Exchange 10 Year Canadian Bond <br> Futures<br>| &nbsp;&nbsp; (1523040)<br>| &nbsp;&nbsp; (1507956)<br>| &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15084)<br>|
| 11 | SFE 10 Year Australian Bond Futures | &nbsp;&nbsp; 829804 | &nbsp;&nbsp; 823241 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 6563 | &nbsp;&nbsp; — |
| 1193 | Three-Month SOFR Futures | &nbsp;&nbsp; 285320862 | &nbsp;&nbsp; 285411472 | &nbsp;&nbsp; 9/16/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (90610)<br>|
| 2424 | Three-Month SOFR Futures | &nbsp;&nbsp; 585396000 | &nbsp;&nbsp; 584364617 | &nbsp;&nbsp; 6/16/26 | &nbsp;&nbsp; 1031383 | &nbsp;&nbsp; — |
| (422) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (48220094)<br>| &nbsp;&nbsp; (47402570)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (817524)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $6121806 | &nbsp;&nbsp; $(2449944)<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>|
| JPM-collateralized by U.S. Treasury Inflation <br> Indexed Notes 0.125% 7/15/26-10/15/26; <br> market value $7,528,300<br>| 4.44<br> %<br>| &nbsp;&nbsp; 6/17/25 | &nbsp;&nbsp; 7/15/25 | &nbsp;&nbsp; $(7511875)<br>| &nbsp;&nbsp; $(7524846)<br>|

---

**Swap Contract**<sup>1</sup>

**Credit Default Swap (CDS) Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>4</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>|  |  |  |  |  |  |  |
| CDX.NA.IG.44 - Quarterly<sup>5</sup> <br>| 57600000 | (1.00%) | 6/20/30 | $(1284017) | $(733385) | $— | $(550632) |

---

**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>|  |  |  |  |  |  |  |  |  |
| AUD 7,600,000 | 4.50 | BBSW6M | Receive | Semiannual | 9/20/33 | $197687 | $(142826) | $340513 | $— |
| 8200000 | 3.75 | SOFR12M | Pay | Annual | 12/18/29 | (89703) | 28142 |  | (117845) |
| 22600000 | 3.86 | SOFR12M | Pay | Annual | 2/28/29 | (326195) |  |  | (326195) |
| 82200000 | 4.10 | SOFR12M | Pay | Annual | 2/11/26 | 93816 |  | 93816 |  |
| 400498000 | 3.62 | SOFR12M | Pay | Annual | 11/30/29 | (4173814) | 303895 |  | (4477709) |
| GBP 19,600,000 | 3.50 | SONIA12M | Receive | Annual | 3/19/30 | (230905) | (499475) | 268570 |  |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $(310264) | $702899 | $(4921749) |

---

&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. Only current day variation margin is reported on the Statement of Assets and Liabilities. |
| <sup>3</sup> See Note 1 in Notes to Financial Statements. |

---

LVIP PIMCO Low Duration Bond Fund-13

------

**LVIP PIMCO Low Duration Bond Fund**

**Schedule of Investments (continued)**

---

| |
|:---|
| <sup>4</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |
| <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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ARM–Adjustable Rate Mortgage |
| AUD–Australian Dollar |
| BBSW6M–Bank Bill Swap Rate 6 Months |
| BNP–BNP Paribas |
| BRL–Brazilian Real |
| CAD–Canadian Dollar |
| CBOT–Chicago Board of Trade |
| CHF–Swiss Franc |
| CLO–Collateralized Loan Obligation |
| CNH–Chinese Yuan Renminbi |
| EUR–Euro |
| EURIBOR–Euro Interbank Offer Rate |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| GSB–Goldman Sachs Bank USA |
| GSI–Goldman Sachs International |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| IDR–Indonesia Rupiah |
| ILS–Israeli Shekel |
| INR–Indian Rupee |
| IRS–Interest Rate Swap |
| JPM–JPMorgan Chase Bank NA |
| JPMC–JPMorgan Chase |
| JPY–Japanese Yen |
| KRW–South Korean Won |
| MSC–Morgan Stanley & Co. |
| MXN–Mexican Peso |
| PLN–Polish Zloty |
| REMIC–Real Estate Mortgage Investment Conduits |
| SFE–Sydney Futures Exchange |
| SGD–Singapore Dollar |
| SOFR–Secured Overnight Financing Rate |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| SONIA–Sterling Overnight Index Average |
| SONIA12M–Sterling Overnight Index Average Offered Rate GBP 12 Month |
| TBA–To be announced |
| THB–Thailand Baht |
| TWD–Taiwan New Dollar |
| USD–United States Dollar |
| ZAR–South African Rand |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-14

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP PIMCO Low Duration Bond Fund** | **LVIP PIMCO Low Duration Bond Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Investments, at value | &nbsp;&nbsp; $979482776 |
| Receivable for securities sold | &nbsp;&nbsp; 108701159 |
| Cash collateral held at brokers for swap contracts | &nbsp;&nbsp; 12827000 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 6332000 |
| Dividends and interest receivable  | &nbsp;&nbsp; 5446585 |
| Cash | &nbsp;&nbsp; 1600423 |
| Foreign currencies, at value | &nbsp;&nbsp; 1162536 |
| Receivable for fund shares sold | &nbsp;&nbsp; 867490 |
| Variation margin due from broker on centrally cleared swap contracts | &nbsp;&nbsp; 709627 |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; 504668 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 396317 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 20203 |
| Prepaid expenses | &nbsp;&nbsp; 2609 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 1118053393 |
| **LIABILITIES:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 228787260 |
| Reverse repurchase agreements | &nbsp;&nbsp; 7511875 |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; 3487606 |
| Cash collateral due to brokers for TBAs | &nbsp;&nbsp; 1070000 |
| Upfront payments received on interest rate swap contracts | &nbsp;&nbsp; 719913 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 657036 |
| Due to manager and affiliates | &nbsp;&nbsp; 513425 |
| Cash collateral due to brokers for certain open bilateral derivatives | &nbsp;&nbsp; 110000 |
| Payable for audit fee | &nbsp;&nbsp; 34579 |
| Payable for fund accounting fee | &nbsp;&nbsp; 24929 |
| Other accrued expenses payable | &nbsp;&nbsp; 23472 |
| Interest expense payable for reverse repurchase agreements | &nbsp;&nbsp; 12971 |
| Options written, at value | &nbsp;&nbsp; 4138 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 242957204 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $875096189 |
| Investments, at cost | &nbsp;&nbsp; $977909926 |
| Foreign currencies, at cost | &nbsp;&nbsp; 1155733 |
| Options written, premiums received | &nbsp;&nbsp; (68877)<br>|
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $30089096 |
| Shares Outstanding | &nbsp;&nbsp; 3146300 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.563 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $845007093 |
| Shares Outstanding | &nbsp;&nbsp; 88522893 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.546 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $909803717 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; (34707528)<br>|
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $875096189 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-15

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP PIMCO Low Duration Bond Fund** | **LVIP PIMCO Low Duration Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $21625554 |
| **EXPENSES:** |  |
| Management fees | 2195774 |
| Distribution fees-Service Class | 1062592 |
| Interest expense on reverse repurchase agreements <br> and securities sold short<br>| 827303 |
| Shareholder servicing fees | 127355 |
| Accounting and administration expenses | 82452 |
| Professional fees | 48463 |
| Custodian fees | 26020 |
| Reports and statements to shareholders | 16159 |
| Trustees' fees and expenses | 12935 |
| Pricing fees | 11316 |
| Consulting fees | 7620 |
| Other | 7490 |
|  | 4425479 |
| Less:  |  |
| Management fees waived | (267380)<br>|
| Expenses reimbursed | (72430)<br>|
| Total operating expenses | 4085669 |
| **NET INVESTMENT INCOME**  | 17539885 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (1029479)<br>|
| Foreign currencies | 758487 |
| Foreign currency exchange contracts | (2067442)<br>|
| Futures contracts | 3746430 |
| Options written | (339254)<br>|
| Swap contracts | (2939629)<br>|
| Net realized loss | (1870887)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 15591734 |
| Foreign currencies | 240117 |
| Foreign currency exchange contracts | (6669502)<br>|
| Futures contracts | 2720232 |
| Options purchased | (196961)<br>|
| Options written | 64739 |
| Swap contracts | (5527445)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 6222914 |
| **NET REALIZED AND UNREALIZED GAIN** | 4352027 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $21891912 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP PIMCO Low Duration Bond Fund** | **LVIP PIMCO Low Duration Bond Fund** | **LVIP PIMCO Low Duration Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $17539885 | $35773835 |
| Net realized loss | (1870887)<br>| (2480408)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 6222914 | 7694855 |
| Net increase in net assets resulting <br> from operations<br>| 21891912 | 40988282 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (1226741)<br>|
| Service Class |  | (36557040)<br>|
|  |  | (37783781)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 5487347 | 13005895 |
| Service Class | 118932083 | 243800718 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 1226741 |
| Service Class |  | 36557040 |
|  | 124419430 | 294590394 |
| Cost of shares redeemed: |  |  |
| Standard Class | (3513761)<br>| (75005321)<br>|
| Service Class | (150129143)<br>| (220891173)<br>|
|  | (153642904)<br>| (295896494)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (29223474)<br>| (1306100)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (7331562)<br>| 1898401 |
| **NET ASSETS:** |  |  |
| Beginning of period | 882427751 | 880529350 |
| End of period | $875096189 | $882427751 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-16

------

**LVIP PIMCO Low Duration Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration 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; $9.318 | &nbsp;&nbsp; $9.282 | &nbsp;&nbsp; $9.167 | &nbsp;&nbsp; $9.854 | &nbsp;&nbsp; $10.085 | &nbsp;&nbsp; $9.900 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.198 | 0.405 | 0.353 | 0.174 | 0.105 | 0.166 |
| Net realized and unrealized gain (loss) | 0.047 | 0.068 | 0.092 | &nbsp;&nbsp; (0.655)<br>| &nbsp;&nbsp; (0.170)<br>| 0.238 |
| Total from investment operations | 0.245 | 0.473 | 0.445 | &nbsp;&nbsp; (0.481)<br>| &nbsp;&nbsp; (0.065)<br>| 0.404 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.328)<br>| &nbsp;&nbsp; (0.143)<br>| &nbsp;&nbsp; (0.115)<br>| &nbsp;&nbsp; (0.153)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.048)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.063)<br>| &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.018)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.219)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.563 | &nbsp;&nbsp; $9.318 | &nbsp;&nbsp; $9.282 | &nbsp;&nbsp; $9.167 | &nbsp;&nbsp; $9.854 | &nbsp;&nbsp; $10.085 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 5.13% | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; (4.88%)<br>| &nbsp;&nbsp; (0.64%)<br>| &nbsp;&nbsp; 4.09% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $30089 | &nbsp;&nbsp; $27368 | &nbsp;&nbsp; $87466 | &nbsp;&nbsp; $376412 | &nbsp;&nbsp; $135986 | &nbsp;&nbsp; $167331 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.54% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% |
| Ratio of net investment income to average net assets<sup>5</sup> | &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 4.28% | &nbsp;&nbsp; 3.79% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.64% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.60% |
| Portfolio turnover | &nbsp;&nbsp; 107% | &nbsp;&nbsp; 231% | &nbsp;&nbsp; 383% | &nbsp;&nbsp; 1,035% | &nbsp;&nbsp; 461% | &nbsp;&nbsp; 852% |

---

&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 excluding interest expense for the six months ended June 30, 2025, the years ended 2024, 2023, 2022, 2021, and 2020 was 0.50%, 0.50%, 0.50%, 0.50%, 0.53%, and 0.54%, respectively. 

<sup>5</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, 2022, 2021, and 2020 was 4.42%, 4.51%, 3.95%, 1.86%, 1.04%, and 1.64%, respectively. 

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-17

------

**LVIP PIMCO Low Duration Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration 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; $9.312 | &nbsp;&nbsp; $9.277 | &nbsp;&nbsp; $9.162 | &nbsp;&nbsp; $9.849 | &nbsp;&nbsp; $10.080 | &nbsp;&nbsp; $9.898 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.186 | 0.389 | 0.325 | 0.152 | 0.079 | 0.140 |
| Net realized and unrealized gain (loss) | 0.048 | 0.060 | 0.095 | &nbsp;&nbsp; (0.655)<br>| &nbsp;&nbsp; (0.168)<br>| 0.238 |
| Total from investment operations | 0.234 | 0.449 | 0.420 | &nbsp;&nbsp; (0.503)<br>| &nbsp;&nbsp; (0.089)<br>| 0.378 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.414)<br>| &nbsp;&nbsp; (0.303)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.099)<br>| &nbsp;&nbsp; (0.132)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.048)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.064)<br>| &nbsp;&nbsp; (0.043)<br>| &nbsp;&nbsp; (0.016)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.414)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; (0.142)<br>| &nbsp;&nbsp; (0.196)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.546 | &nbsp;&nbsp; $9.312 | &nbsp;&nbsp; $9.277 | &nbsp;&nbsp; $9.162 | &nbsp;&nbsp; $9.849 | &nbsp;&nbsp; $10.080 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; 4.61% | &nbsp;&nbsp; (5.12%)<br>| &nbsp;&nbsp; (0.89%)<br>| &nbsp;&nbsp; 3.83% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $845007 | &nbsp;&nbsp; $855060 | &nbsp;&nbsp; $793063 | &nbsp;&nbsp; $789146 | &nbsp;&nbsp; $815181 | &nbsp;&nbsp; $720390 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.83% |
| Ratio of net investment income to average net assets<sup>5</sup> | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 4.11% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 1.39% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 3.43% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 1.35% |
| Portfolio turnover | &nbsp;&nbsp; 107% | &nbsp;&nbsp; 231% | &nbsp;&nbsp; 383% | &nbsp;&nbsp; 1,035% | &nbsp;&nbsp; 461% | &nbsp;&nbsp; 852% |

---

&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 excluding interest expense for the six months ended June 30, 2025, the years ended 2024, 2023, 2022, 2021, and 2020 was 0.75%, 0.75%, 0.75%, 0.75%, 0.78%, and 0.79%, respectively. 

<sup>5</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, 2022, 2021, and 2020 was 4.17%, 4.26%, 3.70%, 1.61%, 0.79%, and 1.39%, respectively. 

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-18

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements**

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 PIMCO Low Duration Bond Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek a high level of current income consistent with preservation of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a

LVIP PIMCO Low Duration Bond Fund-19

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Repurchase Agreements–The Fund may purchase certain U.S. government securities subject to the counterparty's agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund's custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. As of June 30, 2025, there were no open repurchase agreements.

Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain, in a segregated account with its custodian, cash, cash equivalents or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements. The Fund will subject its reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund's investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund's earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case.

Cash and Cash Equivalents–Cash and cash equivalents include deposits held at financial institutions, which are available for the Fund's use with no restrictions, with original maturities of 90 days or less.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

LVIP PIMCO Low Duration Bond Fund-20

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.50% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.05% on the first $500 million of the Fund's average daily net assets and 0.075% of the Fund's average daily net assets in excess of $500 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses and interest expense) exceed 0.50% of the Fund's average daily net assets for the Standard Class and 0.75% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $105916 | &nbsp;&nbsp; $131939 | &nbsp;&nbsp; $126470 | &nbsp;&nbsp; $364325 |

---

Pacific Investment Management Company LLC (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $37376 |
| Legal | &nbsp;&nbsp; 5696 |

---

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 $10,974 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; $20203 |
| Management fees payable to LFI | &nbsp;&nbsp; 315358 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 173384 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 3865 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 20818 |

---

LVIP PIMCO Low Duration Bond Fund-21

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the 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; $164166354 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 848684323 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 209277646 |
| Sales of U.S. government securities | &nbsp;&nbsp; 776229225 |

---

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 for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $977909926 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $15163850 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (17671558)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(2507708)<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 PIMCO Low Duration Bond Fund-22

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $156123481 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $156123481 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6586547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6586547 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 125532261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125532261 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 316749491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 316749491 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 15421667 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15421667 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 240691801 | &nbsp;&nbsp; — | &nbsp;&nbsp; 240691801 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 24674529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24674529 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 35377054 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35377054 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 18702665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18702665 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 12450715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12450715 |
| Money Market Fund | &nbsp;&nbsp; 237473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 237473 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 161291 | &nbsp;&nbsp; — | &nbsp;&nbsp; 161291 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 26773801 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26773801 |
| **Total Investments** | &nbsp;&nbsp; $237473 | &nbsp;&nbsp; $979245303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $979482776 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $504668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $504668 |
| Futures Contracts | &nbsp;&nbsp; $6121806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6121806 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $702899 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $702899 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3487606)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3487606)<br>|
| Futures Contracts | &nbsp;&nbsp; $(2449944)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2449944)<br>|
| Reverse Repurchase Agreement | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7511875)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7511875)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5472381)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5472381)<br>|
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4138)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4138)<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; 581392 | &nbsp;&nbsp; 1372563 |
| Service Class | &nbsp;&nbsp; 12619723 | &nbsp;&nbsp; 25722343 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 131851 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3931287 |
|  | &nbsp;&nbsp; 13201115 | &nbsp;&nbsp; 31158044 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (372291)<br>| &nbsp;&nbsp; (7990589)<br>|
| Service Class | &nbsp;&nbsp; (15921646)<br>| &nbsp;&nbsp; (23317097)<br>|
|  | &nbsp;&nbsp; (16293937)<br>| &nbsp;&nbsp; (31307686)<br>|
| Net decrease | &nbsp;&nbsp; (3092822)<br>| &nbsp;&nbsp; (149642)<br>|

---

**5. 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 PIMCO Low Duration Bond Fund-23

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. 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 hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to fix the U.S. dollar value of a security between trade date and settlement date.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the 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 facilitate investments in portfolio securities; to reduce transaction costs and as a cash management tool.

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 PIMCO Low Duration Bond Fund-24

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Derivatives (continued)**

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 manage the Fund's exposure to changes in foreign currencies; to adjust the Fund's overall exposure to certain markets; to protect the value of portfolio securities; as a cash management tool; to purchase the underlying security for the Fund at a price lower than the current market value of the security by selling put options; to generate income; to reduce transaction costs; to take advantage of liquidity available in the options market and to receive premiums for writing options.

Swap Contracts–The Fund may enter into CDS contracts and interest rate swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event (including single name, baskets, and systemic), to enhance total return or to gain exposure to certain securities or markets. The Fund may use interest rate swaps to manage the Fund's sensitivity to interest rates or hedge against changes in interest rates.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such swap contract. Interest rate swaps may be used to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from (paid to) the counterparty over the interest rate swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, and (2) for centrally cleared swaps, trading these instruments through a central counterparty.

During the 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 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 a central counterparty 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 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 Schedule of Investments.

LVIP PIMCO Low Duration Bond Fund-25

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. 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 Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Unrealized appreciation on foreign <br> currency exchange contracts<br>| $504668 | Unrealized depreciation on foreign <br> currency exchange contracts<br>| $(3487606)<br>|
| Futures contracts <br> (Interest rate <br> contracts)\*<br>| Variation margin due from broker on <br> futures contracts<br>| 6121806 | Variation margin due from broker on <br> futures contracts<br>| (2449944)<br>|
| Options purchased <br> (Interest rate <br> contracts)<br>| Investments, at value | 161291 | Investments, at value |  |
| Options written <br> (Interest rate <br> contracts)<br>| Options written, at value |  | Options written, at value | (4138)<br>|
| Swap contracts <br> (Credit contracts)<br>| Variation margin due from broker on <br> centrally cleared swap contracts<br>|  | Variation margin due from broker on <br> centrally cleared swap contracts<br>| (550632)<br>|
| Swap contracts <br> (Interest rate <br> contracts)<br>| Variation margin due from brokers on <br> centrally cleared interest rate swap <br> contracts<br>| 702899 | Variation margin due from brokers on <br> centrally cleared interest rate swap <br> contracts<br>| (4921749)<br>|
| Total |  | $7490664 |  | $(11414069)<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>|
| 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; $(2067442)<br>| &nbsp;&nbsp; $(6669502)<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; 3746430 | &nbsp;&nbsp; 2720232 |
| 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; — | &nbsp;&nbsp; (196961)<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; (339254)<br>| &nbsp;&nbsp; 64739 |
| 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; (577562)<br>| &nbsp;&nbsp; (550048)<br>|
| 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; (2362067)<br>| &nbsp;&nbsp; (4977397)<br>|
| Total |  | &nbsp;&nbsp; $(1599895)<br>| &nbsp;&nbsp; $(9608937)<br>|

---

LVIP PIMCO Low Duration Bond Fund-26

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. 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) | $65168296 | $168265158 |
| Futures contracts (average notional value) | 1136793594 | 108401945 |
| Options contracts (average value) | 322278 | 59891 |
| CDS contracts (average notional value)\* |  | 37442857 |
| Interest rate swap contracts (average notional value)\*\* | 70590695 | 332573562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents buying protection and short represents selling protection. <br> \*\*Long represents paying floating interest payments and short represent receiving floating interest payments.

At June 30, 2025, the Fund posted securities collateral (comprised of U.S. treasury securities) for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Securities Collateral** |
| BNP Paribas SA | &nbsp;&nbsp; $244739 |
| Goldman Sachs International | &nbsp;&nbsp; 1100523 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 885624 |
| Total | &nbsp;&nbsp; $2230886 |

---

At June 30, 2025, the Fund received cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| Morgan Stanley & Co. International | &nbsp;&nbsp; $110000 |
| Total | &nbsp;&nbsp; $110000 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

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** |
| BNP Paribas SA | &nbsp;&nbsp; $216436 | &nbsp;&nbsp; $(771197)<br>| &nbsp;&nbsp; $(554761)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 39024 | &nbsp;&nbsp; (1164223)<br>| &nbsp;&nbsp; (1125199)<br>|
| JPMorgan Chase Bank | &nbsp;&nbsp; 241127 | &nbsp;&nbsp; (1545839)<br>| &nbsp;&nbsp; (1304712)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; 169372 | &nbsp;&nbsp; (10485)<br>| &nbsp;&nbsp; 158887 |
| Total | &nbsp;&nbsp; $665959 | &nbsp;&nbsp; $(3491744)<br>| &nbsp;&nbsp; $(2825785)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP PIMCO Low Duration Bond Fund-27

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. 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>|
| BNP Paribas SA | &nbsp;&nbsp; $(554761)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $244739 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(310022)<br>|
| Goldman Sachs International | &nbsp;&nbsp; (1125199)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1100523 | &nbsp;&nbsp; — | &nbsp;&nbsp; (24676)<br>|
| JPMorgan Chase Bank | &nbsp;&nbsp; (1304712)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 885624 | &nbsp;&nbsp; — | &nbsp;&nbsp; (419088)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; 158887 | &nbsp;&nbsp; — | &nbsp;&nbsp; (110000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48887 |
| Total | &nbsp;&nbsp; $(2825785)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(110000)<br>| &nbsp;&nbsp; $2230886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(704899)<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>|
| JPMorgan Chase Bank | &nbsp;&nbsp; $(7511875)<br>| &nbsp;&nbsp; $7511875 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total | &nbsp;&nbsp; $(7511875)<br>| &nbsp;&nbsp; $7511875 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&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>

**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.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

LVIP PIMCO Low Duration Bond Fund-28

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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 fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**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 PIMCO Low Duration Bond Fund-29

------

![](img6f992a821.jpg)

LVIP SSGA Index Allocation Funds

LVIP SSGA Conservative Index Allocation Fund <br> LVIP SSGA Moderate Index Allocation Fund <br> LVIP SSGA Moderately Aggressive Index Allocation Fund

LVIP Structured Allocation Funds

LVIP Structured Conservative Allocation Fund <br> LVIP Structured Moderate Allocation Fund <br> LVIP Structured Moderately Aggressive Allocation Fund

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Allocation Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_5549d6ce-eefa-4a25-8d91-56e6b9538913_SOI-continued-308_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_5549d6ce-eefa-4a25-8d91-56e6b9538913_FS-continued-308_1)**  | &nbsp;&nbsp; **7** |
| **[Statements of Operations](#xx_5549d6ce-eefa-4a25-8d91-56e6b9538913_FS-continued-308_3)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_5549d6ce-eefa-4a25-8d91-56e6b9538913_FS-continued-308_4)**  | &nbsp;&nbsp; **10** |
| **[Financial Highlights](#xx_5549d6ce-eefa-4a25-8d91-56e6b9538913_FIHI-continued-308_1)**  | &nbsp;&nbsp; **12** |
| **[Notes to Financial Statements](#xx_5549d6ce-eefa-4a25-8d91-56e6b9538913_NTF-continued-308_1)**  | &nbsp;&nbsp; **24** |

---

------

**LVIP SSGA Conservative Index Allocation 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–86.10%** | **AFFILIATED INVESTMENTS–86.10%** | **AFFILIATED INVESTMENTS–86.10%** |
| **INVESTMENT COMPANIES–86.10%** | **INVESTMENT COMPANIES–86.10%** | **INVESTMENT COMPANIES–86.10%** |
| **Equity Funds–22.19%** | **Equity Funds–22.19%** | **Equity Funds–22.19%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 337662 | $4404120 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 777410 | 25010844 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 91509 | 2942570 |
|  |  | **32357534** |
| **Fixed Income Fund–49.74%** | **Fixed Income Fund–49.74%** | **Fixed Income Fund–49.74%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 7143648 | 72515170 |
|  |  | **72515170** |
| **International Equity Fund–14.17%** | **International Equity Fund–14.17%** | **International Equity Fund–14.17%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 1642303 | 20651957 |
|  |  | **20651957** |
| **Total Affiliated Investments** <br>**(Cost $99,530,198)**<br>|  | **125524661** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS–13.94%** | **UNAFFILIATED INVESTMENTS–13.94%** | **UNAFFILIATED INVESTMENTS–13.94%** |
| **INVESTMENT COMPANIES–13.94%** | **INVESTMENT COMPANIES–13.94%** | **INVESTMENT COMPANIES–13.94%** |
| **Fixed Income Fund–9.95%** | **Fixed Income Fund–9.95%** | **Fixed Income Fund–9.95%** |
| Schwab US TIPS ETF | 543540 | $14501647 |
|  |  | **14501647** |
| **International Equity Fund–3.99%** | **International Equity Fund–3.99%** | **International Equity Fund–3.99%** |
| iShares Core MSCI Emerging <br> Markets ETF<br>| 96946 | 5819669 |
|  |  | **5819669** |
| **Money Market Fund–0.00%** | **Money Market Fund–0.00%** | **Money Market Fund–0.00%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 4196 | 4196 |
|  |  | **4196** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $18,167,628)**<br>|  | **20325512** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.04% (Cost $117,697,826)** | **145850173** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)** | **(53587)**<br>|
| **NET ASSETS APPLICABLE TO 10,118,640 SHARES OUTSTANDING–100.00%** | **$145796586** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| MSCI–Morgan Stanley Capital International |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-1

------

**LVIP SSGA Moderate Index Allocation Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–84.13%** | **AFFILIATED INVESTMENTS–84.13%** | **AFFILIATED INVESTMENTS–84.13%** |
| **INVESTMENT COMPANIES–84.13%** | **INVESTMENT COMPANIES–84.13%** | **INVESTMENT COMPANIES–84.13%** |
| **Equity Funds–34.20%** | **Equity Funds–34.20%** | **Equity Funds–34.20%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 3056036 | $39859874 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 4966630 | 159786436 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 828210 | 26631906 |
|  |  | **226278216** |
| **Fixed Income Fund–29.75%** | **Fixed Income Fund–29.75%** | **Fixed Income Fund–29.75%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 19396328 | 196892130 |
|  |  | **196892130** |
| **International Equity Fund–20.18%** | **International Equity Fund–20.18%** | **International Equity Fund–20.18%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 10617058 | 133509504 |
|  |  | **133509504** |
| **Total Affiliated Investments** <br>**(Cost $392,784,768)**<br>|  | **556679850** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS–15.90%** | **UNAFFILIATED INVESTMENTS–15.90%** | **UNAFFILIATED INVESTMENTS–15.90%** |
| **INVESTMENT COMPANIES–15.90%** | **INVESTMENT COMPANIES–15.90%** | **INVESTMENT COMPANIES–15.90%** |
| **Fixed Income Fund–9.92%** | **Fixed Income Fund–9.92%** | **Fixed Income Fund–9.92%** |
| Schwab US TIPS ETF | 2460542 | $65647261 |
|  |  | **65647261** |
| **International Equity Fund–5.98%** | **International Equity Fund–5.98%** | **International Equity Fund–5.98%** |
| iShares Core MSCI Emerging <br> Markets ETF<br>| 658407 | 39524172 |
|  |  | **39524172** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $93,621,170)**<br>|  | **105171433** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.03% (Cost $486,405,938)** | **661851283** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.03%)** | **(180884)**<br>|
| **NET ASSETS APPLICABLE TO 37,246,032 SHARES OUTSTANDING–100.00%** | **$661670399** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| MSCI–Morgan Stanley Capital International |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-2

------

**LVIP SSGA Moderately Aggressive Index Allocation Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–85.12%** | **AFFILIATED INVESTMENTS–85.12%** | **AFFILIATED INVESTMENTS–85.12%** |
| **INVESTMENT COMPANIES–85.12%** | **INVESTMENT COMPANIES–85.12%** | **INVESTMENT COMPANIES–85.12%** |
| **Equity Funds–38.18%** | **Equity Funds–38.18%** | **Equity Funds–38.18%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 3492046 | $45546748 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 5269857 | 169541836 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 1013972 | 32605289 |
|  |  | **247693873** |
| **Fixed Income Fund–24.77%** | **Fixed Income Fund–24.77%** | **Fixed Income Fund–24.77%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 15831297 | 160703498 |
|  |  | **160703498** |
| **International Equity Fund–22.17%** | **International Equity Fund–22.17%** | **International Equity Fund–22.17%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 11438510 | 143839268 |
|  |  | **143839268** |
| **Total Affiliated Investments** <br>**(Cost $378,689,587)**<br>|  | **552236639** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS–14.94%** | **UNAFFILIATED INVESTMENTS–14.94%** | **UNAFFILIATED INVESTMENTS–14.94%** |
| **INVESTMENT COMPANIES–14.94%** | **INVESTMENT COMPANIES–14.94%** | **INVESTMENT COMPANIES–14.94%** |
| **Fixed Income Fund–4.96%** | **Fixed Income Fund–4.96%** | **Fixed Income Fund–4.96%** |
| Schwab US TIPS ETF | 1205877 | $32172798 |
|  |  | **32172798** |
| **International Equity Fund–9.96%** | **International Equity Fund–9.96%** | **International Equity Fund–9.96%** |
| iShares Core MSCI Emerging <br> Markets ETF<br>| 1075932 | 64588198 |
|  |  | **64588198** |
| **Money Market Fund–0.02%** | **Money Market Fund–0.02%** | **Money Market Fund–0.02%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 146057 | 146057 |
|  |  | **146057** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $80,805,213)**<br>|  | **96907053** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.06% (Cost $459,494,800)** | **649143692** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)** | **(365002)**<br>|
| **NET ASSETS APPLICABLE TO 34,171,587 SHARES OUTSTANDING–100.00%** | **$648778690** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| MSCI–Morgan Stanley Capital International |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-3

------

**LVIP Structured Conservative Allocation Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–90.10%** | **AFFILIATED INVESTMENTS–90.10%** | **AFFILIATED INVESTMENTS–90.10%** |
| **INVESTMENT COMPANIES–90.10%** | **INVESTMENT COMPANIES–90.10%** | **INVESTMENT COMPANIES–90.10%** |
| **Equity Funds–22.20%** | **Equity Funds–22.20%** | **Equity Funds–22.20%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 1387660 | $21830678 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 640785 | 8184102 |
|  |  | **30014780** |
| **Fixed Income Fund–49.72%** | **Fixed Income Fund–49.72%** | **Fixed Income Fund–49.72%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 6621763 | 67217510 |
|  |  | **67217510** |
| **International Equity Funds–18.18%** | **International Equity Funds–18.18%** | **International Equity Funds–18.18%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 599830 | 5394875 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds (continued)** | **International Equity Funds (continued)** | **International Equity Funds (continued)** |
| ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) | ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) |  |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 1944142 | $19178958 |
|  |  | **24573833** |
| **Total Affiliated Investments** <br>**(Cost $108,291,342)**<br>|  | **121806123** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENT–10.01%** | **UNAFFILIATED INVESTMENT–10.01%** | **UNAFFILIATED INVESTMENT–10.01%** |
| **INVESTMENT COMPANY–10.01%** | **INVESTMENT COMPANY–10.01%** | **INVESTMENT COMPANY–10.01%** |
| **Fixed Income Fund–10.01%** | **Fixed Income Fund–10.01%** | **Fixed Income Fund–10.01%** |
| Schwab US TIPS ETF | 506970 | 13525960 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $13,177,881)**<br>|  | **13525960** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.11% (Cost $121,469,223)** | **135332083** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.11%)** | **(144495)**<br>|
| **NET ASSETS APPLICABLE TO 12,263,574 SHARES OUTSTANDING–100.00%** | **$135187588** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-4

------

**LVIP Structured Moderate Allocation Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–90.12%** | **AFFILIATED INVESTMENTS–90.12%** | **AFFILIATED INVESTMENTS–90.12%** |
| **INVESTMENT COMPANIES–90.12%** | **INVESTMENT COMPANIES–90.12%** | **INVESTMENT COMPANIES–90.12%** |
| **Equity Funds–34.21%** | **Equity Funds–34.21%** | **Equity Funds–34.21%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 10816253 | $170161297 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 5549645 | 70880066 |
|  |  | **241041363** |
| **Fixed Income Fund–29.74%** | **Fixed Income Fund–29.74%** | **Fixed Income Fund–29.74%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 20647520 | 209592973 |
|  |  | **209592973** |
| **International Equity Funds–26.17%** | **International Equity Funds–26.17%** | **International Equity Funds–26.17%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 4675775 | 42053923 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds (continued)** | **International Equity Funds (continued)** | **International Equity Funds (continued)** |
| ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) | ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) |  |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 14431804 | $142369745 |
|  |  | **184423668** |
| **Total Affiliated Investments** <br>**(Cost $529,820,490)**<br>|  | **635058004** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENT–9.91%** | **UNAFFILIATED INVESTMENT–9.91%** | **UNAFFILIATED INVESTMENT–9.91%** |
| **INVESTMENT COMPANY–9.91%** | **INVESTMENT COMPANY–9.91%** | **INVESTMENT COMPANY–9.91%** |
| **Fixed Income Fund–9.91%** | **Fixed Income Fund–9.91%** | **Fixed Income Fund–9.91%** |
| Schwab US TIPS ETF | 2618871 | 69871478 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $68,087,990)**<br>|  | **69871478** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.03% (Cost $597,908,480)** | **704929482** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.03%)** | **(218032)**<br>|
| **NET ASSETS APPLICABLE TO 57,819,520 SHARES OUTSTANDING–100.00%** | **$704711450** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-5

------

**LVIP Structured Moderately Aggressive Allocation Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–95.08%** | **AFFILIATED INVESTMENTS–95.08%** | **AFFILIATED INVESTMENTS–95.08%** |
| **INVESTMENT COMPANIES–95.08%** | **INVESTMENT COMPANIES–95.08%** | **INVESTMENT COMPANIES–95.08%** |
| **Equity Funds–38.19%** | **Equity Funds–38.19%** | **Equity Funds–38.19%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 7779429 | $122385981 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 4421363 | 56469650 |
|  |  | **178855631** |
| **Fixed Income Fund–24.76%** | **Fixed Income Fund–24.76%** | **Fixed Income Fund–24.76%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 11422886 | 115953712 |
|  |  | **115953712** |
| **International Equity Funds–32.13%** | **International Equity Funds–32.13%** | **International Equity Funds–32.13%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 5173663 | 46531923 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds (continued)** | **International Equity Funds (continued)** | **International Equity Funds (continued)** |
| ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) | ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) |  |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 10539722 | $103974358 |
|  |  | **150506281** |
| **Total Affiliated Investments** <br>**(Cost $364,894,811)**<br>|  | **445315624** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENT–4.96%** | **UNAFFILIATED INVESTMENT–4.96%** | **UNAFFILIATED INVESTMENT–4.96%** |
| **INVESTMENT COMPANY–4.96%** | **INVESTMENT COMPANY–4.96%** | **INVESTMENT COMPANY–4.96%** |
| **Fixed Income Fund–4.96%** | **Fixed Income Fund–4.96%** | **Fixed Income Fund–4.96%** |
| Schwab US TIPS ETF | 870923 | 23236226 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $22,646,787)**<br>|  | **23236226** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.04% (Cost $387,541,598)** | **468551850** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)** | **(190277)**<br>|
| **NET ASSETS APPLICABLE TO 36,064,187 SHARES OUTSTANDING–100.00%** | **$468361573** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **ASSETS:** |  |  |  |  |  |  |
| Affiliated investments, at value | &nbsp;&nbsp; $125524661 | &nbsp;&nbsp; $556679850 | &nbsp;&nbsp; $552236639 | &nbsp;&nbsp; $121806123 | &nbsp;&nbsp; $635058004 | &nbsp;&nbsp; $445315624 |
| Unaffiliated investments, at <br> value<br>| &nbsp;&nbsp; 20325512 | &nbsp;&nbsp; 105171433 | &nbsp;&nbsp; 96907053 | &nbsp;&nbsp; 13525960 | &nbsp;&nbsp; 69871478 | &nbsp;&nbsp; 23236226 |
| Receivable for fund shares sold | &nbsp;&nbsp; 72965 | &nbsp;&nbsp; 690603 | &nbsp;&nbsp; 81353 | &nbsp;&nbsp; 5248 | &nbsp;&nbsp; 726825 | &nbsp;&nbsp; 209796 |
| Expense reimbursement <br> receivable from Lincoln <br> Financial Investments <br> Corporation<br>| &nbsp;&nbsp; 6267 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 1452 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 14325 | &nbsp;&nbsp; 1050 |
| Dividends and interest <br> receivable <br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 144 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 3194 | &nbsp;&nbsp; 258963 | &nbsp;&nbsp; 724572 | &nbsp;&nbsp; 16962 | &nbsp;&nbsp; 808516 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 145929800 | &nbsp;&nbsp; 662546989 | &nbsp;&nbsp; 649485892 | &nbsp;&nbsp; 136062270 | &nbsp;&nbsp; 705687967 | &nbsp;&nbsp; 469571356 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for securities <br> purchased<br>| &nbsp;&nbsp; 50894 | &nbsp;&nbsp; 11327 | &nbsp;&nbsp; 145883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70283 | &nbsp;&nbsp; — |
| Due to manager and affiliates | &nbsp;&nbsp; 38222 | &nbsp;&nbsp; 155290 | &nbsp;&nbsp; 145926 | &nbsp;&nbsp; 42279 | &nbsp;&nbsp; 209145 | &nbsp;&nbsp; 131149 |
| Payable for fund shares <br> redeemed<br>| &nbsp;&nbsp; 18648 | &nbsp;&nbsp; 677118 | &nbsp;&nbsp; 386016 | &nbsp;&nbsp; 794060 | &nbsp;&nbsp; 648732 | &nbsp;&nbsp; 1014909 |
| Payable for audit fee | &nbsp;&nbsp; 11544 | &nbsp;&nbsp; 11544 | &nbsp;&nbsp; 11544 | &nbsp;&nbsp; 11544 | &nbsp;&nbsp; 11544 | &nbsp;&nbsp; 11544 |
| Payable for fund accounting <br> fee<br>| &nbsp;&nbsp; 8212 | &nbsp;&nbsp; 8262 | &nbsp;&nbsp; 8260 | &nbsp;&nbsp; 8211 | &nbsp;&nbsp; 8273 | &nbsp;&nbsp; 8246 |
| Other accrued expenses <br> payable<br>| &nbsp;&nbsp; 5694 | &nbsp;&nbsp; 9811 | &nbsp;&nbsp; 9573 | &nbsp;&nbsp; 3949 | &nbsp;&nbsp; 11521 | &nbsp;&nbsp; 234 |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14639 | &nbsp;&nbsp; 17019 | &nbsp;&nbsp; 43701 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 133214 | &nbsp;&nbsp; 876590 | &nbsp;&nbsp; 707202 | &nbsp;&nbsp; 874682 | &nbsp;&nbsp; 976517 | &nbsp;&nbsp; 1209783 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $145796586 | &nbsp;&nbsp; $661670399 | &nbsp;&nbsp; $648778690 | &nbsp;&nbsp; $135187588 | &nbsp;&nbsp; $704711450 | &nbsp;&nbsp; $468361573 |
| Affiliated investments, at cost | &nbsp;&nbsp; $99530198 | &nbsp;&nbsp; $392784768 | &nbsp;&nbsp; $378689587 | &nbsp;&nbsp; $108291342 | &nbsp;&nbsp; $529820490 | &nbsp;&nbsp; $364894811 |
| Unaffiliated investments, at <br> cost<br>| &nbsp;&nbsp; 18167628 | &nbsp;&nbsp; 93621170 | &nbsp;&nbsp; 80805213 | &nbsp;&nbsp; 13177881 | &nbsp;&nbsp; 68087990 | &nbsp;&nbsp; 22646787 |
| **Standard Class:** |  |  |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $61541656 | &nbsp;&nbsp; $363008757 | &nbsp;&nbsp; $386372533 | &nbsp;&nbsp; $24903484 | &nbsp;&nbsp; $177753636 | &nbsp;&nbsp; $158160674 |
| Shares Outstanding | &nbsp;&nbsp; 4266643 | &nbsp;&nbsp; 20414335 | &nbsp;&nbsp; 20316630 | &nbsp;&nbsp; 2256763 | &nbsp;&nbsp; 14561856 | &nbsp;&nbsp; 12159957 |
| Net Asset Value Per Share | &nbsp;&nbsp; $14.424 | &nbsp;&nbsp; $17.782 | &nbsp;&nbsp; $19.018 | &nbsp;&nbsp; $11.035 | &nbsp;&nbsp; $12.207 | &nbsp;&nbsp; $13.007 |
| **Service Class:** |  |  |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $84254930 | &nbsp;&nbsp; $298661642 | &nbsp;&nbsp; $262406157 | &nbsp;&nbsp; $110284104 | &nbsp;&nbsp; $526957814 | &nbsp;&nbsp; $310200899 |
| Shares Outstanding | &nbsp;&nbsp; 5851997 | &nbsp;&nbsp; 16831697 | &nbsp;&nbsp; 13854957 | &nbsp;&nbsp; 10006811 | &nbsp;&nbsp; 43257664 | &nbsp;&nbsp; 23904230 |
| Net Asset Value Per Share | &nbsp;&nbsp; $14.398 | &nbsp;&nbsp; $17.744 | &nbsp;&nbsp; $18.940 | &nbsp;&nbsp; $11.021 | &nbsp;&nbsp; $12.182 | &nbsp;&nbsp; $12.977 |

---

LVIP Allocation Funds-7

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** |
| **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** |
|  | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **COMPONENTS OF NET** <br> **ASSETS AT JUNE 30,** <br> **2025:**<br>|  |  |  |  |  |  |
| Shares of beneficial interest <br> (unlimited authorization–no <br> par)<br>| &nbsp;&nbsp; $121168276 | &nbsp;&nbsp; $485922980 | &nbsp;&nbsp; $459516341 | &nbsp;&nbsp; $128534272 | &nbsp;&nbsp; $617635265 | &nbsp;&nbsp; $403735985 |
| Distributable <br> earnings/(accumulated loss)<br>| &nbsp;&nbsp; 24628310 | &nbsp;&nbsp; 175747419 | &nbsp;&nbsp; 189262349 | &nbsp;&nbsp; 6653316 | &nbsp;&nbsp; 87076185 | &nbsp;&nbsp; 64625588 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $145796586 | &nbsp;&nbsp; $661670399 | &nbsp;&nbsp; $648778690 | &nbsp;&nbsp; $135187588 | &nbsp;&nbsp; $704711450 | &nbsp;&nbsp; $468361573 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| 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) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends from unaffiliated <br> investments<br>| $255858 | $1292985 | $1181090 | $169961 | $871812 | $289309 |
| **EXPENSES:** |  |  |  |  |  |  |
| Management fees | 106623 | 469456 | 458808 | 99395 | 510181 | 337799 |
| Distribution fees-Service Class | 104072 | 355082 | 312332 | 135507 | 640469 | 377734 |
| Shareholder servicing fees | 20614 | 90762 | 88703 | 19216 | 98635 | 65308 |
| Accounting and administration <br> expenses<br>| 19668 | 43681 | 42945 | 19202 | 46579 | 35062 |
| Professional fees | 16892 | 22007 | 21849 | 16800 | 22674 | 20190 |
| Reports and statements to <br> shareholders<br>| 2543 | 5608 | 5464 | 2450 | 6904 | 4605 |
| Consulting fees | 2302 | 2467 | 2467 | 2296 | 2483 | 2404 |
| Custodian fees | 2231 | 3863 | 3977 | 1956 | 3794 | 2634 |
| Trustees' fees and expenses | 2108 | 9207 | 8968 | 1989 | 10153 | 6691 |
| Index fees | 587 | 2544 | 2458 |  |  |  |
| Pricing fees | 21 | 21 | 20 | 18 | 18 | 18 |
| Other | 2110 | 5761 | 5642 | 2844 | 10950 | 7557 |
|  | 279771 | 1010459 | 953633 | 301673 | 1352840 | 860002 |
| Less:  |  |  |  |  |  |  |
| Expenses reimbursed | (33535)<br>|  |  |  |  |  |
| Total operating expenses | 246236 | 1010459 | 953633 | 301673 | 1352840 | 860002 |
| **NET INVESTMENT INCOME** <br> **(LOSS)** <br>| 9622 | 282526 | 227457 | (131712)<br>| (481028)<br>| (570693)<br>|
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS):**<br>|  |  |  |  |  |  |
| Net realized gain from: |  |  |  |  |  |  |
| Sale of affiliated investments | 200487 | 1336108 | 641772 | 199215 | 3144251 | 2078475 |
| Sale of unaffiliated investments | 92365 | 324718 | 425452 | 13852 | 56026 | 16253 |
| Net realized gain | 292852 | 1660826 | 1067224 | 213067 | 3200277 | 2094728 |
| Net change in unrealized <br> appreciation (depreciation) of:<br>|  |  |  |  |  |  |
| Affiliated investments | 7740133 | 39023257 | 40536975 | 8425836 | 49766278 | 37243269 |
| Unaffiliated investments | 1190865 | 7158490 | 9416739 | 426053 | 2177607 | 719749 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 8930998 | 46181747 | 49953714 | 8851889 | 51943885 | 37963018 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN**<br>| 9223850 | 47842573 | 51020938 | 9064956 | 55144162 | 40057746 |
| **NET INCREASE IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $9233472 | $48125099 | $51248395 | $8933244 | $54663134 | $39487053 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-9

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund** |
|  | **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) | $9622 | $3684713 | $282526 | $14492204 | $227457 | $13441558 |
| Net realized gain | 292852 | 2337449 | 1660826 | 13386390 | 1067224 | 14684137 |
| Net change in unrealized appreciation (depreciation) | 8930998 | 1949829 | 46181747 | 20822485 | 49953714 | 23145273 |
| Net increase in net assets resulting from operations | 9233472 | 7971991 | 48125099 | 48701079 | 51248395 | 51270968 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class |  | (1951479)<br>|  | (11997937)<br>|  | (12543193)<br>|
| Service Class |  | (2643554)<br>|  | (9526025)<br>|  | (8312430)<br>|
| Return of capital: |  |  |  |  |  |  |
| Standard Class |  |  |  |  |  |  |
| Service Class |  |  |  |  |  |  |
|  |  | (4595033)<br>|  | (21523962)<br>|  | (20855623)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 1976398 | 7387216 | 21037910 | 54865506 | 24966474 | 65684751 |
| Service Class | 4238360 | 11900322 | 12739965 | 25793145 | 12168335 | 24765506 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class |  | 1951479 |  | 11997937 |  | 12543193 |
| Service Class |  | 2643554 |  | 9526025 |  | 8312430 |
|  | 6214758 | 23882571 | 33777875 | 102182613 | 37134809 | 111305880 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (3048390)<br>| (7372496)<br>| (22465506)<br>| (55455185)<br>| (26080553)<br>| (57554641)<br>|
| Service Class | (9639383)<br>| (17403497)<br>| (20883455)<br>| (46718843)<br>| (21757290)<br>| (36159454)<br>|
|  | (12687773)<br>| (24775993)<br>| (43348961)<br>| (102174028)<br>| (47837843)<br>| (93714095)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (6473015)<br>| (893422)<br>| (9571086)<br>| 8585 | (10703034)<br>| 17591785 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2760457 | 2483536 | 38554013 | 27185702 | 40545361 | 48007130 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | 143036129 | 140552593 | 623116386 | 595930684 | 608233329 | 560226199 |
| End of period | $145796586 | $143036129 | $661670399 | $623116386 | $648778690 | $608233329 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-10

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** |
| **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** |
|  | **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderately Aggressive**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderately Aggressive**<br> **Allocation Fund** |
|  | **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) | $(131712)<br>| $3388357 | $(481028)<br>| $15595152 | $(570693)<br>| $9980732 |
| Net realized gain | 213067 | 355062 | 3200277 | 9019193 | 2094728 | 7369500 |
| Net change in unrealized appreciation (depreciation) | 8851889 | 4797066 | 51943885 | 37837813 | 37963018 | 28053917 |
| Net increase in net assets resulting from operations | 8933244 | 8540485 | 54663134 | 62452158 | 39487053 | 45404149 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class |  | (3061041)<br>|  | (27706054)<br>|  | (25442002)<br>|
| Service Class |  | (14081296)<br>|  | (87997137)<br>|  | (54626628)<br>|
| Return of capital: |  |  |  |  |  |  |
| Standard Class |  |  |  | (209810)<br>|  |  |
| Service Class |  |  |  | (707014)<br>|  |  |
|  |  | (17142337)<br>|  | (116620015)<br>|  | (80068630)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 1151143 | 3020719 | 9862423 | 33445445 | 9531623 | 28584914 |
| Service Class | 3417319 | 10501099 | 12415951 | 18233204 | 8542191 | 12902305 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class |  | 3061041 |  | 27915864 |  | 25442002 |
| Service Class |  | 14081296 |  | 88704151 |  | 54626628 |
|  | 4568462 | 30664155 | 22278374 | 168298664 | 18073814 | 121555849 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (2089510)<br>| (3209845)<br>| (13697908)<br>| (31925776)<br>| (11125518)<br>| (39389338)<br>|
| Service Class | (11211785)<br>| (25961772)<br>| (46954816)<br>| (94943708)<br>| (32533685)<br>| (57702409)<br>|
|  | (13301295)<br>| (29171617)<br>| (60652724)<br>| (126869484)<br>| (43659203)<br>| (97091747)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (8732833)<br>| 1492538 | (38374350)<br>| 41429180 | (25585389)<br>| 24464102 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 200411 | (7109314)<br>| 16288784 | (12738677)<br>| 13901664 | (10200379)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | 134987177 | 142096491 | 688422666 | 701161343 | 454459909 | 464660288 |
| End of period | $135187588 | $134987177 | $704711450 | $688422666 | $468361573 | $454459909 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-11

------

**LVIP SSGA Conservative Index Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation 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; $13.512 | &nbsp;&nbsp; $13.195 | &nbsp;&nbsp; $12.378 | &nbsp;&nbsp; $15.237 | &nbsp;&nbsp; $14.733 | &nbsp;&nbsp; $13.532 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.011 | 0.374 | 0.314 | 0.340 | 0.305 | 0.273 |
| Net realized and unrealized gain (loss) | 0.901 | 0.410 | 1.006 | &nbsp;&nbsp; (2.596)<br>| 0.634 | 1.368 |
| Total from investment operations | 0.912 | 0.784 | 1.320 | &nbsp;&nbsp; (2.256)<br>| 0.939 | 1.641 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.388)<br>| &nbsp;&nbsp; (0.318)<br>| &nbsp;&nbsp; (0.363)<br>| &nbsp;&nbsp; (0.322)<br>| &nbsp;&nbsp; (0.294)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.079)<br>| &nbsp;&nbsp; (0.185)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.113)<br>| &nbsp;&nbsp; (0.146)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.467)<br>| &nbsp;&nbsp; (0.503)<br>| &nbsp;&nbsp; (0.603)<br>| &nbsp;&nbsp; (0.435)<br>| &nbsp;&nbsp; (0.440)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.424 | &nbsp;&nbsp; $13.512 | &nbsp;&nbsp; $13.195 | &nbsp;&nbsp; $12.378 | &nbsp;&nbsp; $15.237 | &nbsp;&nbsp; $14.733 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; 10.73% | &nbsp;&nbsp; (14.75%)<br>| &nbsp;&nbsp; 6.37% | &nbsp;&nbsp; 12.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $61542 | &nbsp;&nbsp; $58715 | &nbsp;&nbsp; $55436 | &nbsp;&nbsp; $50418 | &nbsp;&nbsp; $58531 | &nbsp;&nbsp; $49097 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.26% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.16% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.97% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.11% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.68% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.47% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.91% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 31% |

---

&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 Allocation Funds-12

------

**LVIP SSGA Conservative Index Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation 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; $13.505 | &nbsp;&nbsp; $13.187 | &nbsp;&nbsp; $12.372 | &nbsp;&nbsp; $15.227 | &nbsp;&nbsp; $14.726 | &nbsp;&nbsp; $13.528 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.006)<br>| 0.340 | 0.281 | 0.306 | 0.266 | 0.238 |
| Net realized and unrealized gain (loss) | 0.899 | 0.410 | 1.004 | &nbsp;&nbsp; (2.593)<br>| 0.632 | 1.366 |
| Total from investment operations | 0.893 | 0.750 | 1.285 | &nbsp;&nbsp; (2.287)<br>| 0.898 | 1.604 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.285)<br>| &nbsp;&nbsp; (0.328)<br>| &nbsp;&nbsp; (0.284)<br>| &nbsp;&nbsp; (0.260)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.079)<br>| &nbsp;&nbsp; (0.185)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.113)<br>| &nbsp;&nbsp; (0.146)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.432)<br>| &nbsp;&nbsp; (0.470)<br>| &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; (0.397)<br>| &nbsp;&nbsp; (0.406)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.398 | &nbsp;&nbsp; $13.505 | &nbsp;&nbsp; $13.187 | &nbsp;&nbsp; $12.372 | &nbsp;&nbsp; $15.227 | &nbsp;&nbsp; $14.726 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.61% | &nbsp;&nbsp; 5.69% | &nbsp;&nbsp; 10.46% | &nbsp;&nbsp; (14.96%)<br>| &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 11.91% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $84255 | &nbsp;&nbsp; $84321 | &nbsp;&nbsp; $85116 | &nbsp;&nbsp; $81908 | &nbsp;&nbsp; $103670 | &nbsp;&nbsp; $98050 |
| Ratio of expenses to average net assets<sup>4</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>4</sup><br>| &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.51% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.09% )<sup>5</sup><br>| &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.72% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.14% )<sup>5</sup><br>| &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.66% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 31% |

---

&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 Allocation Funds-13

------

**LVIP SSGA Moderate Index Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation 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; $16.482 | &nbsp;&nbsp; $15.763 | &nbsp;&nbsp; $14.551 | &nbsp;&nbsp; $18.135 | &nbsp;&nbsp; $16.887 | &nbsp;&nbsp; $15.344 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.017 | 0.408 | 0.354 | 0.409 | 0.351 | 0.282 |
| Net realized and unrealized gain (loss) | 1.283 | 0.912 | 1.597 | &nbsp;&nbsp; (3.221)<br>| 1.403 | 1.817 |
| Total from investment operations | 1.300 | 1.320 | 1.951 | &nbsp;&nbsp; (2.812)<br>| 1.754 | 2.099 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.434)<br>| &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (0.399)<br>| &nbsp;&nbsp; (0.343)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (0.381)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.107)<br>| &nbsp;&nbsp; (0.213)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.601)<br>| &nbsp;&nbsp; (0.739)<br>| &nbsp;&nbsp; (0.772)<br>| &nbsp;&nbsp; (0.506)<br>| &nbsp;&nbsp; (0.556)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.782 | &nbsp;&nbsp; $16.482 | &nbsp;&nbsp; $15.763 | &nbsp;&nbsp; $14.551 | &nbsp;&nbsp; $18.135 | &nbsp;&nbsp; $16.887 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.89% | &nbsp;&nbsp; 8.37% | &nbsp;&nbsp; 13.57% | &nbsp;&nbsp; (15.41%)<br>| &nbsp;&nbsp; 10.39% | &nbsp;&nbsp; 13.83% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $363009 | &nbsp;&nbsp; $337914 | &nbsp;&nbsp; $312213 | &nbsp;&nbsp; $271486 | &nbsp;&nbsp; $308832 | &nbsp;&nbsp; $267776 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.20% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 2.58% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.84% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 23% |

---

&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 Allocation Funds-14

------

**LVIP SSGA Moderate Index Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation 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; $16.467 | &nbsp;&nbsp; $15.749 | &nbsp;&nbsp; $14.542 | &nbsp;&nbsp; $18.121 | &nbsp;&nbsp; $16.875 | &nbsp;&nbsp; $15.337 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.004)<br>| 0.365 | 0.316 | 0.369 | 0.306 | 0.243 |
| Net realized and unrealized gain (loss) | 1.281 | 0.912 | 1.592 | &nbsp;&nbsp; (3.216)<br>| 1.402 | 1.812 |
| Total from investment operations | 1.277 | 1.277 | 1.908 | &nbsp;&nbsp; (2.847)<br>| 1.708 | 2.055 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.392)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.304)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (0.381)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.107)<br>| &nbsp;&nbsp; (0.213)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.559)<br>| &nbsp;&nbsp; (0.701)<br>| &nbsp;&nbsp; (0.732)<br>| &nbsp;&nbsp; (0.462)<br>| &nbsp;&nbsp; (0.517)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.744 | &nbsp;&nbsp; $16.467 | &nbsp;&nbsp; $15.749 | &nbsp;&nbsp; $14.542 | &nbsp;&nbsp; $18.121 | &nbsp;&nbsp; $16.875 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 13.28% | &nbsp;&nbsp; (15.62%)<br>| &nbsp;&nbsp; 10.12% | &nbsp;&nbsp; 13.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $298662 | &nbsp;&nbsp; $285203 | &nbsp;&nbsp; $283718 | &nbsp;&nbsp; $262063 | &nbsp;&nbsp; $332821 | &nbsp;&nbsp; $305451 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.05% )<sup>5</sup><br>| &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.59% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 23% |

---

&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 Allocation Funds-15

------

**LVIP SSGA Moderately Aggressive Index Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation 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; $17.508 | &nbsp;&nbsp; $16.604 | &nbsp;&nbsp; $15.194 | &nbsp;&nbsp; $18.970 | &nbsp;&nbsp; $17.483 | &nbsp;&nbsp; $15.891 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.016 | 0.417 | 0.360 | 0.395 | 0.344 | 0.287 |
| Net realized and unrealized gain (loss) | 1.494 | 1.122 | 1.862 | &nbsp;&nbsp; (3.426)<br>| 1.643 | 1.950 |
| Total from investment operations | 1.510 | 1.539 | 2.222 | &nbsp;&nbsp; (3.031)<br>| 1.987 | 2.237 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.445)<br>| &nbsp;&nbsp; (0.352)<br>| &nbsp;&nbsp; (0.424)<br>| &nbsp;&nbsp; (0.405)<br>| &nbsp;&nbsp; (0.389)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.190)<br>| &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.256)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.635)<br>| &nbsp;&nbsp; (0.812)<br>| &nbsp;&nbsp; (0.745)<br>| &nbsp;&nbsp; (0.500)<br>| &nbsp;&nbsp; (0.645)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.018 | &nbsp;&nbsp; $17.508 | &nbsp;&nbsp; $16.604 | &nbsp;&nbsp; $15.194 | &nbsp;&nbsp; $18.970 | &nbsp;&nbsp; $17.483 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.62% | &nbsp;&nbsp; 9.26% | &nbsp;&nbsp; 14.82% | &nbsp;&nbsp; (15.88%)<br>| &nbsp;&nbsp; 11.37% | &nbsp;&nbsp; 14.28% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $386373 | &nbsp;&nbsp; $356844 | &nbsp;&nbsp; $318829 | &nbsp;&nbsp; $271813 | &nbsp;&nbsp; $305640 | &nbsp;&nbsp; $262014 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.18% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.83% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% | &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 does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Allocation Funds-16

------

**LVIP SSGA Moderately Aggressive Index Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation 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; $17.458 | &nbsp;&nbsp; $16.558 | &nbsp;&nbsp; $15.157 | &nbsp;&nbsp; $18.923 | &nbsp;&nbsp; $17.443 | &nbsp;&nbsp; $15.860 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.007)<br>| 0.371 | 0.318 | 0.353 | 0.297 | 0.246 |
| Net realized and unrealized gain (loss) | 1.489 | 1.119 | 1.856 | &nbsp;&nbsp; (3.415)<br>| 1.636 | 1.941 |
| Total from investment operations | 1.482 | 1.490 | 2.174 | &nbsp;&nbsp; (3.062)<br>| 1.933 | 2.187 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.400)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.383)<br>| &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.348)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.190)<br>| &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.256)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.590)<br>| &nbsp;&nbsp; (0.773)<br>| &nbsp;&nbsp; (0.704)<br>| &nbsp;&nbsp; (0.453)<br>| &nbsp;&nbsp; (0.604)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.940 | &nbsp;&nbsp; $17.458 | &nbsp;&nbsp; $16.558 | &nbsp;&nbsp; $15.157 | &nbsp;&nbsp; $18.923 | &nbsp;&nbsp; $17.443 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.48% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 14.54% | &nbsp;&nbsp; (16.09%)<br>| &nbsp;&nbsp; 11.09% | &nbsp;&nbsp; 13.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $262406 | &nbsp;&nbsp; $251390 | &nbsp;&nbsp; $241397 | &nbsp;&nbsp; $213896 | &nbsp;&nbsp; $268538 | &nbsp;&nbsp; $245748 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.07% )<sup>5</sup><br>| &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.58% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% | &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 does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Allocation Funds-17

------

**LVIP Structured Conservative Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation 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; $10.315 | &nbsp;&nbsp; $11.026 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $12.915 | &nbsp;&nbsp; $12.585 | &nbsp;&nbsp; $11.966 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp; — | 0.294 | 0.270 | 0.353 | 0.296 | 0.236 |
| Net realized and unrealized gain (loss) | 0.720 | 0.438 | 0.790 | &nbsp;&nbsp; (2.084)<br>| 0.638 | 0.906 |
| Total from investment operations | 0.720 | 0.732 | 1.060 | &nbsp;&nbsp; (1.731)<br>| 0.934 | 1.142 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.289)<br>| &nbsp;&nbsp; (0.440)<br>| &nbsp;&nbsp; (0.497)<br>| &nbsp;&nbsp; (0.256)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.094)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.369)<br>| &nbsp;&nbsp; (0.107)<br>| &nbsp;&nbsp; (0.267)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.443)<br>| &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.809)<br>| &nbsp;&nbsp; (0.604)<br>| &nbsp;&nbsp; (0.523)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.035 | &nbsp;&nbsp; $10.315 | &nbsp;&nbsp; $11.026 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $12.915 | &nbsp;&nbsp; $12.585 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.98% | &nbsp;&nbsp; 6.46% | &nbsp;&nbsp; 10.27% | &nbsp;&nbsp; (13.30%)<br>| &nbsp;&nbsp; 7.43% | &nbsp;&nbsp; 9.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $24903 | &nbsp;&nbsp; $24202 | &nbsp;&nbsp; $22898 | &nbsp;&nbsp; $21098 | &nbsp;&nbsp; $24304 | &nbsp;&nbsp; $22240 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.01% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 1.99% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 17% | &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 does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Allocation Funds-18

------

**LVIP Structured Conservative Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation 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; $10.315 | &nbsp;&nbsp; $11.026 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $12.913 | &nbsp;&nbsp; $12.582 | &nbsp;&nbsp; $11.966 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.013)<br>| 0.266 | 0.243 | 0.324 | 0.262 | 0.206 |
| Net realized and unrealized gain (loss) | 0.719 | 0.438 | 0.788 | &nbsp;&nbsp; (2.082)<br>| 0.639 | 0.903 |
| Total from investment operations | 0.706 | 0.704 | 1.031 | &nbsp;&nbsp; (1.758)<br>| 0.901 | 1.109 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.260)<br>| &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.463)<br>| &nbsp;&nbsp; (0.226)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.094)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.369)<br>| &nbsp;&nbsp; (0.107)<br>| &nbsp;&nbsp; (0.267)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.415)<br>| &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.780)<br>| &nbsp;&nbsp; (0.570)<br>| &nbsp;&nbsp; (0.493)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.021 | &nbsp;&nbsp; $10.315 | &nbsp;&nbsp; $11.026 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $12.913 | &nbsp;&nbsp; $12.582 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.84% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 9.99% | &nbsp;&nbsp; (13.52%)<br>| &nbsp;&nbsp; 7.17% | &nbsp;&nbsp; 9.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $110284 | &nbsp;&nbsp; $110785 | &nbsp;&nbsp; $119199 | &nbsp;&nbsp; $125899 | &nbsp;&nbsp; $161937 | &nbsp;&nbsp; $161559 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.24% )<sup>5</sup><br>| &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 1.74% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 17% | &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 does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Allocation Funds-19

------

**LVIP Structured Moderate Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation 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; $11.265 | &nbsp;&nbsp; $12.275 | &nbsp;&nbsp; $11.378 | &nbsp;&nbsp; $14.372 | &nbsp;&nbsp; $13.554 | &nbsp;&nbsp; $12.950 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.003 | 0.300 | 0.301 | 0.443 | 0.347 | 0.256 |
| Net realized and unrealized gain (loss) | 0.939 | 0.871 | 1.172 | &nbsp;&nbsp; (2.359)<br>| 1.299 | 0.988 |
| Total from investment operations | 0.942 | 1.171 | 1.473 | &nbsp;&nbsp; (1.916)<br>| 1.646 | 1.244 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.403)<br>| &nbsp;&nbsp; (0.314)<br>| &nbsp;&nbsp; (0.572)<br>| &nbsp;&nbsp; (0.696)<br>| &nbsp;&nbsp; (0.317)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.762)<br>| &nbsp;&nbsp; (0.262)<br>| &nbsp;&nbsp; (0.506)<br>| &nbsp;&nbsp; (0.132)<br>| &nbsp;&nbsp; (0.323)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.181)<br>| &nbsp;&nbsp; (0.576)<br>| &nbsp;&nbsp; (1.078)<br>| &nbsp;&nbsp; (0.828)<br>| &nbsp;&nbsp; (0.640)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.207 | &nbsp;&nbsp; $11.265 | &nbsp;&nbsp; $12.275 | &nbsp;&nbsp; $11.378 | &nbsp;&nbsp; $14.372 | &nbsp;&nbsp; $13.554 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.36% | &nbsp;&nbsp; 9.41% | &nbsp;&nbsp; 13.09% | &nbsp;&nbsp; (13.15%)<br>| &nbsp;&nbsp; 12.15% | &nbsp;&nbsp; 9.86% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $177754 | &nbsp;&nbsp; $167781 | &nbsp;&nbsp; $152040 | &nbsp;&nbsp; $139079 | &nbsp;&nbsp; $156805 | &nbsp;&nbsp; $136955 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.05% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 3.47% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.05% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 21% |

---

&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 Allocation Funds-20

------

**LVIP Structured Moderate Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation 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; $11.256 | &nbsp;&nbsp; $12.268 | &nbsp;&nbsp; $11.372 | &nbsp;&nbsp; $14.364 | &nbsp;&nbsp; $13.546 | &nbsp;&nbsp; $12.945 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.012)<br>| 0.269 | 0.271 | 0.411 | 0.310 | 0.224 |
| Net realized and unrealized gain (loss) | 0.938 | 0.870 | 1.170 | &nbsp;&nbsp; (2.358)<br>| 1.297 | 0.984 |
| Total from investment operations | 0.926 | 1.139 | 1.441 | &nbsp;&nbsp; (1.947)<br>| 1.607 | 1.208 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.373)<br>| &nbsp;&nbsp; (0.283)<br>| &nbsp;&nbsp; (0.539)<br>| &nbsp;&nbsp; (0.657)<br>| &nbsp;&nbsp; (0.284)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.762)<br>| &nbsp;&nbsp; (0.262)<br>| &nbsp;&nbsp; (0.506)<br>| &nbsp;&nbsp; (0.132)<br>| &nbsp;&nbsp; (0.323)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.151)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (1.045)<br>| &nbsp;&nbsp; (0.789)<br>| &nbsp;&nbsp; (0.607)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.182 | &nbsp;&nbsp; $11.256 | &nbsp;&nbsp; $12.268 | &nbsp;&nbsp; $11.372 | &nbsp;&nbsp; $14.364 | &nbsp;&nbsp; $13.546 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.23% | &nbsp;&nbsp; 9.14% | &nbsp;&nbsp; 12.81% | &nbsp;&nbsp; (13.38%)<br>| &nbsp;&nbsp; 11.87% | &nbsp;&nbsp; 9.59% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $526958 | &nbsp;&nbsp; $520642 | &nbsp;&nbsp; $549122 | &nbsp;&nbsp; $562606 | &nbsp;&nbsp; $731672 | &nbsp;&nbsp; $728337 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.20% )<sup>5</sup><br>| &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.80% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 21% |

---

&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 Allocation Funds-21

------

**LVIP Structured Moderately Aggressive Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation 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; $11.917 | &nbsp;&nbsp; $12.973 | &nbsp;&nbsp; $11.897 | &nbsp;&nbsp; $14.994 | &nbsp;&nbsp; $14.002 | &nbsp;&nbsp; $13.483 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.005)<br>| 0.309 | 0.315 | 0.489 | 0.370 | 0.271 |
| Net realized and unrealized gain (loss) | 1.095 | 1.063 | 1.365 | &nbsp;&nbsp; (2.487)<br>| 1.544 | 0.937 |
| Total from investment operations | 1.090 | 1.372 | 1.680 | &nbsp;&nbsp; (1.998)<br>| 1.914 | 1.208 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.324)<br>| &nbsp;&nbsp; (0.635)<br>| &nbsp;&nbsp; (0.786)<br>| &nbsp;&nbsp; (0.337)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.017)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.136)<br>| &nbsp;&nbsp; (0.352)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.428)<br>| &nbsp;&nbsp; (0.604)<br>| &nbsp;&nbsp; (1.099)<br>| &nbsp;&nbsp; (0.922)<br>| &nbsp;&nbsp; (0.689)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.007 | &nbsp;&nbsp; $11.917 | &nbsp;&nbsp; $12.973 | &nbsp;&nbsp; $11.897 | &nbsp;&nbsp; $14.994 | &nbsp;&nbsp; $14.002 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.15% | &nbsp;&nbsp; 10.48% | &nbsp;&nbsp; 14.27% | &nbsp;&nbsp; (13.13%)<br>| &nbsp;&nbsp; 13.68% | &nbsp;&nbsp; 9.28% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $158161 | &nbsp;&nbsp; $146492 | &nbsp;&nbsp; $143276 | &nbsp;&nbsp; $124080 | &nbsp;&nbsp; $140459 | &nbsp;&nbsp; $119194 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.08% )<sup>5</sup><br>| &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 3.68% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.13% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &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 does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Allocation Funds-22

------

**LVIP Structured Moderately Aggressive Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation 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; $11.904 | &nbsp;&nbsp; $12.963 | &nbsp;&nbsp; $11.890 | &nbsp;&nbsp; $14.983 | &nbsp;&nbsp; $13.993 | &nbsp;&nbsp; $13.477 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.020)<br>| 0.275 | 0.283 | 0.456 | 0.331 | 0.238 |
| Net realized and unrealized gain (loss) | 1.093 | 1.062 | 1.361 | &nbsp;&nbsp; (2.484)<br>| 1.541 | 0.934 |
| Total from investment operations | 1.073 | 1.337 | 1.644 | &nbsp;&nbsp; (2.028)<br>| 1.872 | 1.172 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.379)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.601)<br>| &nbsp;&nbsp; (0.746)<br>| &nbsp;&nbsp; (0.304)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.017)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.136)<br>| &nbsp;&nbsp; (0.352)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.396)<br>| &nbsp;&nbsp; (0.571)<br>| &nbsp;&nbsp; (1.065)<br>| &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.656)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.977 | &nbsp;&nbsp; $11.904 | &nbsp;&nbsp; $12.963 | &nbsp;&nbsp; $11.890 | &nbsp;&nbsp; $14.983 | &nbsp;&nbsp; $13.993 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.01% | &nbsp;&nbsp; 10.21% | &nbsp;&nbsp; 13.98% | &nbsp;&nbsp; (13.35%)<br>| &nbsp;&nbsp; 13.39% | &nbsp;&nbsp; 9.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $310201 | &nbsp;&nbsp; $307968 | &nbsp;&nbsp; $321385 | &nbsp;&nbsp; $318469 | &nbsp;&nbsp; $412715 | &nbsp;&nbsp; $407285 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.33% )<sup>5</sup><br>| &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 3.43% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 1.88% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &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 does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Allocation Funds-23

------

**LVIP 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 SSGA Conservative Index Allocation Fund, LVIP SSGA Moderate Index Allocation Fund, LVIP SSGA Moderately Aggressive Index Allocation Fund, LVIP Structured Conservative Allocation Fund, LVIP Structured Moderate Allocation Fund and LVIP Structured Moderately Aggressive Allocation Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in investment companies, including exchange-traded funds ("ETFs"), and mutual funds that are advised by Lincoln Financial Investments Corporation ("LFI") or unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e., index funds). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP SSGA Conservative Index Allocation Fund and LVIP Structured Conservative Allocation Fund is to seek a high level of current income, with some consideration given to growth of capital.

The investment objective of the LVIP SSGA Moderate Index Allocation Fund and LVIP Structured Moderate Allocation Fund is to seek a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

The investment objective of the LVIP SSGA Moderately Aggressive Index Allocation Fund and LVIP Structured Moderately Aggressive Allocation Fund is to seek a balance between high level of current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of their financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Funds value Underlying Funds 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 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.

LVIP Allocation Funds-24

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**LVIP Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Funds' investment portfolios, including monitoring of the Funds' investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.15% of each Fund's average daily net assets. The management fee is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse the LVIP SSGA Conservative Index Allocation Fund to the extent that annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.20% of average daily net assets for the Standard Class and 0.45% for the Service Class. 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 of Trustees (the "Board") and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. 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** |
| LVIP SSGA Conservative <br> Index Allocation Fund<br>| &nbsp;&nbsp; $75198 | &nbsp;&nbsp; $71765 | &nbsp;&nbsp; $67205 | &nbsp;&nbsp; $214168 |

---

SSGA Funds Management Inc. ("SSGA") provides consulting services to LFI but has no management discretion over the Funds' assets and LFI pays no compensation to SSGA under the consulting agreement.

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Administrative | &nbsp;&nbsp; $6048 | &nbsp;&nbsp; $26501 | &nbsp;&nbsp; $25879 | &nbsp;&nbsp; $5649 | &nbsp;&nbsp; $28955 | &nbsp;&nbsp; $19153 |
| Legal | &nbsp;&nbsp; 922 | &nbsp;&nbsp; 4039 | &nbsp;&nbsp; 3944 | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 4413 | &nbsp;&nbsp; 2919 |

---

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 Allocation Funds-25

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**LVIP Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $570 | &nbsp;&nbsp; $1509 | &nbsp;&nbsp; $1469 | &nbsp;&nbsp; $492 | &nbsp;&nbsp; $2426 | &nbsp;&nbsp; $1205 |

---

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Expense reimbursement <br> receivable due from LFI<br>| &nbsp;&nbsp; $6267 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Management fees payable to <br> LFI<br>| &nbsp;&nbsp; 17696 | &nbsp;&nbsp; 79843 | &nbsp;&nbsp; 78189 | &nbsp;&nbsp; 16542 | &nbsp;&nbsp; 85609 | &nbsp;&nbsp; 56888 |
| Distribution fees payable to <br> LFD<br>| &nbsp;&nbsp; 17091 | &nbsp;&nbsp; 59980 | &nbsp;&nbsp; 52619 | &nbsp;&nbsp; 22530 | &nbsp;&nbsp; 106886 | &nbsp;&nbsp; 63008 |
| Printing and mailing fees <br> payable to Lincoln Life<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 255 |
| Shareholder servicing fees <br> payable to Lincoln Life<br>| &nbsp;&nbsp; 3421 | &nbsp;&nbsp; 15436 | &nbsp;&nbsp; 15117 | &nbsp;&nbsp; 3198 | &nbsp;&nbsp; 16551 | &nbsp;&nbsp; 10998 |

---

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2025, each Fund engaged in securities purchases and securities sales which resulted in net realized gains (losses) as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Purchases | &nbsp;&nbsp; $261139 | &nbsp;&nbsp; $734622 | &nbsp;&nbsp; $476194 | &nbsp;&nbsp; $166893 | &nbsp;&nbsp; $128855 | &nbsp;&nbsp; $134748 |
| Sales | &nbsp;&nbsp; 238121 | &nbsp;&nbsp; 346429 | &nbsp;&nbsp; 244683 | &nbsp;&nbsp; 195120 | &nbsp;&nbsp; 592468 | &nbsp;&nbsp; 285632 |
| Net realized gain | &nbsp;&nbsp; 4351 | &nbsp;&nbsp; 866 | &nbsp;&nbsp; 989 | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 5198 | &nbsp;&nbsp; 1542 |

---

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 Allocation Funds-26

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**LVIP Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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 SSGA Conservative Index Allocation Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-86.10%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-22.19%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $4303207 | $381662 | $282944 | $(8195)<br>| $10390 | $4404120 | 337662 | $— | $— |
| ✧✧LVIP SSGA S&P 500 Index Fund | 24319220 | 1617567 | 2388180 | 244851 | 1217386 | 25010844 | 777410 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 2865875 | 315716 | 188629 | 1168 | (51560)<br>| 2942570 | 91509 |  |  |
| **Fixed Income Fund-49.74%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 71453387 | 3072846 | 4715732 | (664502)<br>| 3369171 | 72515170 | 7143648 |  |  |
| **International Equity Fund-14.17%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 20047078 | 387649 | 3604681 | 627165 | 3194746 | 20651957 | 1642303 |  |  |
| Total | $122988767 | $5775440 | $11180166 | $200487 | $7740133 | $125524661 |  | $— | $— |

---

&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>LVIP SSGA Moderate Index Allocation Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-84.13%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-34.20%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $37461107 | $3432882 | $1125055 | $(35430)<br>| $126370 | $39859874 | 3056036 | $— | $— |
| ✧✧LVIP SSGA S&P 500 Index Fund | 149444667 | 8943998 | 8021579 | 247957 | 9171393 | 159786436 | 4966630 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 24948510 | 2813227 | 750037 | 16102 | (395896)<br>| 26631906 | 828210 |  |  |
| **Fixed Income Fund-29.75%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 186606059 | 8748950 | 5625275 | (966766)<br>| 8129162 | 196892130 | 19396328 |  |  |
| **International Equity Fund-20.18%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 124654283 | 1642905 | 16854157 | 2074245 | 21992228 | 133509504 | 10617058 |  |  |
| Total | $523114626 | $25581962 | $32376103 | $1336108 | $39023257 | $556679850 |  | $— | $— |

---

&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>LVIP SSGA Moderately Aggressive Index Allocation Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-85.12%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-38.18%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $42637789 | $4224941 | $1401363 | $(74749)<br>| $160130 | $45546748 | 3492046 | $— | $— |
| ✧✧LVIP SSGA S&P 500 Index Fund | 157945380 | 9703959 | 8006652 | 144210 | 9754939 | 169541836 | 5269857 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 30424389 | 3657849 | 1000975 | (31751)<br>| (444223)<br>| 32605289 | 1013972 |  |  |
| **Fixed Income Fund-24.77%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 151710570 | 8167712 | 5004870 | (879340)<br>| 6709426 | 160703498 | 15831297 |  |  |
| **International Equity Fund-22.17%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 133772744 | 1955895 | 17729476 | 1483402 | 24356703 | 143839268 | 11438510 |  |  |
| Total | $516490872 | $27710356 | $33143336 | $641772 | $40536975 | $552236639 |  | $— | $— |

---

&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 Allocation Funds-27

------

**LVIP Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Structured Conservative Allocation Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-90.10%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-22.20%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Large Cap Equity Fund<br>| $21634112 | $1316694 | $2447557 | $263245 | $1064184 | $21830678 | 1387660 | $— | $— |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> SMID Cap Equity Fund<br>| 8095733 | 813147 | 676604 | 46113 | (94287)<br>| 8184102 | 640785 |  |  |
| **Fixed Income Fund-49.72%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 67507072 | 2669569 | 5498171 | (656165)<br>| 3195205 | 67217510 | 6621763 |  |  |
| **International Equity Funds-18.18%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Emerging Markets Equity Fund<br>| 5344081 | 79751 | 861149 | 57456 | 774736 | 5394875 | 599830 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> International Equity Fund<br>| 18954275 | 279128 | 4029009 | 488566 | 3485998 | 19178958 | 1944142 |  |  |
| Total | $121535273 | $5158289 | $13512490 | $199215 | $8425836 | $121806123 |  | $— | $— |

---

&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>LVIP Structured Moderate Allocation Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-90.12%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-34.21%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Large Cap Equity Fund<br>| $165454881 | $8297285 | $13744772 | $1252273 | $8901630 | $170161297 | 10816253 | $— | $— |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> SMID Cap Equity Fund<br>| 68793960 | 6702108 | 4180946 | 287500 | (722556)<br>| 70880066 | 5549645 |  |  |
| **Fixed Income Fund-29.74%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 206510524 | 7850270 | 12542837 | (1672730)<br>| 9447746 | 209592973 | 20647520 |  |  |
| **International Equity Funds-26.17%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Emerging Markets Equity Fund<br>| 40869993 | 123866 | 5311612 | 180888 | 6190788 | 42053923 | 4675775 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> International Equity Fund<br>| 138055303 | 412886 | 25143434 | 3096320 | 25948670 | 142369745 | 14431804 |  |  |
| Total | $619684661 | $23386415 | $60923601 | $3144251 | $49766278 | $635058004 |  | $— | $— |

---

&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 Allocation Funds-28

------

**LVIP Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Structured Moderately Aggressive Allocation Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-95.08%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-38.19%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Large Cap Equity Fund<br>| $118381590 | $6592808 | $9835894 | $722614 | $6524863 | $122385981 | 7779429 | $— | $— |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> SMID Cap Equity Fund<br>| 54522524 | 6063267 | 3757127 | 156533 | (515547)<br>| 56469650 | 4421363 |  |  |
| **Fixed Income Fund-24.76%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 113658716 | 5848338 | 7827347 | (1016769)<br>| 5290774 | 115953712 | 11422886 |  |  |
| **International Equity Funds-32.13%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Emerging Markets Equity Fund<br>| 44988187 | 338167 | 5814791 | 63432 | 6956928 | 46531923 | 5173663 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> International Equity Fund<br>| 100296418 | 743967 | 18204943 | 2152665 | 18986251 | 103974358 | 10539722 |  |  |
| Total | $431847435 | $19586547 | $45440102 | $2078475 | $37243269 | $445315624 |  | $— | $— |

---

&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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Purchases | &nbsp;&nbsp; $6440099 | &nbsp;&nbsp; $29481733 | &nbsp;&nbsp; $30936704 | &nbsp;&nbsp; $5683622 | &nbsp;&nbsp; $26665052 | &nbsp;&nbsp; $20873729 |
| Sales | &nbsp;&nbsp; 12948777 | &nbsp;&nbsp; 39194339 | &nbsp;&nbsp; 41601073 | &nbsp;&nbsp; 14458385 | &nbsp;&nbsp; 65106246 | &nbsp;&nbsp; 46879650 |

---

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $117697826 | &nbsp;&nbsp; $486405938 | &nbsp;&nbsp; $459494800 | &nbsp;&nbsp; $121469223 | &nbsp;&nbsp; $597908480 | &nbsp;&nbsp; $387541598 |
| Aggregate unrealized <br> appreciation of investments<br>| &nbsp;&nbsp; $31530050 | &nbsp;&nbsp; $186605462 | &nbsp;&nbsp; $197703143 | &nbsp;&nbsp; $17087336 | &nbsp;&nbsp; $118822139 | &nbsp;&nbsp; $86633500 |
| Aggregate unrealized <br> depreciation of investments<br>| &nbsp;&nbsp; (3377703)<br>| &nbsp;&nbsp; (11160117)<br>| &nbsp;&nbsp; (8054251)<br>| &nbsp;&nbsp; (3224476)<br>| &nbsp;&nbsp; (11801137)<br>| &nbsp;&nbsp; (5623248)<br>|
| Net unrealized appreciation <br> of investments<br>| &nbsp;&nbsp; $28152347 | &nbsp;&nbsp; $175445345 | &nbsp;&nbsp; $189648892 | &nbsp;&nbsp; $13862860 | &nbsp;&nbsp; $107021002 | &nbsp;&nbsp; $81010252 |

---

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.

LVIP Allocation Funds-29

------

**LVIP Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (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 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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **Investments:** |  |  |  |  |  |  |
| **<u>Assets:</u>** |  |  |  |  |  |  |
| Affiliated Investment <br> Companies<br>| &nbsp;&nbsp; $125524661 | &nbsp;&nbsp; $556679850 | &nbsp;&nbsp; $552236639 | &nbsp;&nbsp; $121806123 | &nbsp;&nbsp; $635058004 | &nbsp;&nbsp; $445315624 |
| Unaffiliated Investment <br> Companies<br>| &nbsp;&nbsp; 20325512 | &nbsp;&nbsp; 105171433 | &nbsp;&nbsp; 96907053 | &nbsp;&nbsp; 13525960 | &nbsp;&nbsp; 69871478 | &nbsp;&nbsp; 23236226 |
| **Total Investments** | &nbsp;&nbsp; $145850173 | &nbsp;&nbsp; $661851283 | &nbsp;&nbsp; $649143692 | &nbsp;&nbsp; $135332083 | &nbsp;&nbsp; $704929482 | &nbsp;&nbsp; $468551850 |

---

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund** |
|  | **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; 142686 | &nbsp;&nbsp; 543328 | &nbsp;&nbsp; 1254044 | &nbsp;&nbsp; 3307774 | &nbsp;&nbsp; 1397146 | &nbsp;&nbsp; 3717371 |
| Service Class | &nbsp;&nbsp; 306897 | &nbsp;&nbsp; 868155 | &nbsp;&nbsp; 752133 | &nbsp;&nbsp; 1554252 | &nbsp;&nbsp; 677265 | &nbsp;&nbsp; 1417578 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 143593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 722263 | &nbsp;&nbsp; — | &nbsp;&nbsp; 710778 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 194520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 573707 | &nbsp;&nbsp; — | &nbsp;&nbsp; 472203 |
|  | &nbsp;&nbsp; 449583 | &nbsp;&nbsp; 1749596 | &nbsp;&nbsp; 2006177 | &nbsp;&nbsp; 6157996 | &nbsp;&nbsp; 2074411 | &nbsp;&nbsp; 6317930 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (221318)<br>| &nbsp;&nbsp; (542906)<br>| &nbsp;&nbsp; (1342009)<br>| &nbsp;&nbsp; (3334490)<br>| &nbsp;&nbsp; (1462282)<br>| &nbsp;&nbsp; (3248436)<br>|
| Service Class | &nbsp;&nbsp; (698750)<br>| &nbsp;&nbsp; (1273184)<br>| &nbsp;&nbsp; (1240224)<br>| &nbsp;&nbsp; (2823039)<br>| &nbsp;&nbsp; (1222195)<br>| &nbsp;&nbsp; (2068475)<br>|
|  | &nbsp;&nbsp; (920068)<br>| &nbsp;&nbsp; (1816090)<br>| &nbsp;&nbsp; (2582233)<br>| &nbsp;&nbsp; (6157529)<br>| &nbsp;&nbsp; (2684477)<br>| &nbsp;&nbsp; (5316911)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (470485)<br>| &nbsp;&nbsp; (66494)<br>| &nbsp;&nbsp; (576056)<br>| &nbsp;&nbsp; 467 | &nbsp;&nbsp; (610066)<br>| &nbsp;&nbsp; 1001019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Allocation Funds-30

------

**LVIP Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Capital Shares (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation 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; 109230 | &nbsp;&nbsp; 270044 | &nbsp;&nbsp; 858470 | &nbsp;&nbsp; 2727705 | &nbsp;&nbsp; 787856 | &nbsp;&nbsp; 2145473 |
| Service Class | &nbsp;&nbsp; 325795 | &nbsp;&nbsp; 942404 | &nbsp;&nbsp; 1074386 | &nbsp;&nbsp; 1467767 | &nbsp;&nbsp; 701084 | &nbsp;&nbsp; 983707 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 285756 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2391169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2063587 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1314974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7608372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4438324 |
|  | &nbsp;&nbsp; 435025 | &nbsp;&nbsp; 2813178 | &nbsp;&nbsp; 1932856 | &nbsp;&nbsp; 14195013 | &nbsp;&nbsp; 1488940 | &nbsp;&nbsp; 9631091 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (198769)<br>| &nbsp;&nbsp; (286274)<br>| &nbsp;&nbsp; (1190871)<br>| &nbsp;&nbsp; (2610966)<br>| &nbsp;&nbsp; (920704)<br>| &nbsp;&nbsp; (2960640)<br>|
| Service Class | &nbsp;&nbsp; (1059580)<br>| &nbsp;&nbsp; (2327551)<br>| &nbsp;&nbsp; (4072541)<br>| &nbsp;&nbsp; (7580377)<br>| &nbsp;&nbsp; (2667115)<br>| &nbsp;&nbsp; (4343523)<br>|
|  | &nbsp;&nbsp; (1258349)<br>| &nbsp;&nbsp; (2613825)<br>| &nbsp;&nbsp; (5263412)<br>| &nbsp;&nbsp; (10191343)<br>| &nbsp;&nbsp; (3587819)<br>| &nbsp;&nbsp; (7304163)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (823324)<br>| &nbsp;&nbsp; 199353 | &nbsp;&nbsp; (3330556)<br>| &nbsp;&nbsp; 4003670 | &nbsp;&nbsp; (2098879)<br>| &nbsp;&nbsp; 2326928 |

---

**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 Allocation Funds-31

------

![](imgd8070f1c1.jpg)

LVIP SSGA Bond Index Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA Bond Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_c6361403-0209-40c4-9a28-61c80e2b570b_SOI-continued-267_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_c6361403-0209-40c4-9a28-61c80e2b570b_FS-continued-267_1)**  | &nbsp;&nbsp; **66** |
| **[Statements of Changes in Net Assets](#xx_c6361403-0209-40c4-9a28-61c80e2b570b_FS-continued-267_1)**  | &nbsp;&nbsp; **66** |
| **[Financial Highlights](#xx_c6361403-0209-40c4-9a28-61c80e2b570b_FIHI-continued-267_1)**  | &nbsp;&nbsp; **67** |
| **[Notes to Financial Statements](#xx_c6361403-0209-40c4-9a28-61c80e2b570b_NTF-continued-267_1)**  | &nbsp;&nbsp; **69** |

---

------

**LVIP SSGA Bond Index 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 COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.76%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.76%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.76%** |
| 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 K060 Class A2 3.30% <br> 10/25/26<br>| 1000000 | $986892 |
| ♦Series K067 Class AM 3.28% <br> 8/25/27<br>| 800000 | 785089 |
| ♦•Series K069 Class A2 3.19% <br> 9/25/27<br>| 1373912 | 1353702 |
| ♦Series K072 Class A2 3.44% <br> 12/25/27<br>| 1270000 | 1251326 |
| ♦Series K089 Class A2 3.56% <br> 1/25/29<br>| 714286 | 703773 |
| ♦Series K098 Class A2 2.43% <br> 8/25/29<br>| 350000 | 327336 |
| ♦Series K102 Class A2 2.54% <br> 10/25/29<br>| 1000000 | 935238 |
| ♦Series K105 Class A2 1.87% <br> 1/25/30<br>| 250000 | 226305 |
| ♦Series K108 Class A2 1.52% <br> 3/25/30<br>| 222222 | 198936 |
| ♦Series K109 Class A2 1.56% <br> 4/25/30<br>| 200000 | 179041 |
| ♦Series K110 Class A2 1.48% <br> 4/25/30<br>| 160714 | 142265 |
| ♦Series K111 Class A2 1.35% <br> 5/25/30<br>| 600000 | 525117 |
| ♦Series K113 Class A2 1.34% <br> 6/25/30<br>| 500000 | 437594 |
| ♦Series K115 Class A2 1.38% <br> 6/25/30<br>| 2383333 | 2085845 |
| ♦Series K117 Class A2 1.41% <br> 8/25/30<br>| 750000 | 652626 |
| ♦Series K121 Class A2 1.55% <br> 10/25/30<br>| 400000 | 350063 |
| ♦Series K123 Class A2 1.62% <br> 12/25/30<br>| 350000 | 306305 |
| ♦Series K126 Class A2 2.07% <br> 1/25/31<br>| 400000 | 358063 |
| ♦Series K140 Class A2 2.25% <br> 1/25/32<br>| 1000000 | 885115 |
| ♦Series K-1515 Class A2 1.94% <br> 2/25/35<br>| 351000 | 276087 |
| ♦Series K-1519 Class A2 2.01% <br> 12/25/35<br>| 250000 | 193200 |
| ♦•Series K-159 Class A2 4.50% <br> 7/25/33<br>| 487500 | 489997 |
| ♦Series K741 Class A2 1.60% <br> 12/25/27<br>| 400000 | 378116 |
| ♦Series K752 Class A2 4.28% <br> 7/25/30<br>| 500000 | 501018 |
| Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
| •Series 2017-M15 Class ATS2 <br> 3.21% 11/25/27<br>| 408267 | 399644 |
| •Series 2017-M3 Class A2 <br> 2.55% 12/25/26<br>| 562296 | 548382 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2017-M8 Class A2 <br> 3.06% 5/25/27<br>| 243745 | $238844 |
| •Series 2018-M1 Class A2 <br> 3.09% 12/25/27<br>| 117536 | 114453 |
| Series 2020-M42 Class A2 <br> 1.27% 7/25/30<br>| 960000 | 834287 |
| •Series 2020-M53 Class A2 <br> 1.75% 11/25/32<br>| 1000000 | 833553 |
| Series 2020-M8 Class A2 <br> 1.82% 2/25/30<br>| 135429 | 121576 |
| •Series 2021-M1 Class A2 <br> 1.43% 11/25/30<br>| 131250 | 112739 |
| •Series 2022-M1 Class A2 <br> 1.72% 10/25/31<br>| 500000 | 423430 |
| •Series 2022-M13 Class A2 <br> 2.68% 6/25/32<br>| 500000 | 443919 |
| •Series 2022-M3 Class A2 <br> 1.76% 11/25/31<br>| 1000000 | 850132 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $21,305,167)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $21,305,167)** | **19450008** |
| **AGENCY MORTGAGE-BACKED SECURITIES–24.39%** | **AGENCY MORTGAGE-BACKED SECURITIES–24.39%** | **AGENCY MORTGAGE-BACKED SECURITIES–24.39%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 1.50% 2/1/37 | 3531177 | 3137830 |
| 1.50% 2/1/51 | 5879718 | 4422600 |
| 1.50% 10/1/51 | 2572474 | 1934920 |
| 1.50% 11/1/51 | 2522079 | 1897018 |
| 2.00% 2/1/37 | 1596846 | 1462927 |
| 2.00% 10/1/50 | 5147436 | 4107166 |
| 2.00% 11/1/50 | 5729797 | 4570048 |
| 2.00% 1/1/51 | 5213262 | 4158065 |
| 2.00% 2/1/51 | 7036913 | 5603813 |
| 2.00% 9/1/51 | 6049622 | 4806995 |
| 2.00% 11/1/51 | 9852666 | 7823415 |
| 2.00% 2/1/52 | 7662832 | 6082820 |
| 2.00% 3/1/52 | 4987122 | 3958135 |
| 2.50% 4/1/28 | 10523 | 10310 |
| 2.50% 7/1/28 | 42595 | 41702 |
| 2.50% 9/1/28 | 238350 | 232912 |
| 2.50% 10/1/28 | 295205 | 288499 |
| 2.50% 1/1/31 | 325687 | 314226 |
| 2.50% 5/1/31 | 126789 | 122105 |
| 2.50% 6/1/31 | 464986 | 448224 |
| 2.50% 12/1/31 | 504374 | 485676 |
| 2.50% 12/1/32 | 322394 | 309083 |
| 2.50% 1/1/42 | 1089581 | 971019 |
| 2.50% 6/1/42 | 381602 | 340316 |
| 2.50% 7/1/50 | 4294101 | 3605885 |
| 2.50% 8/1/50 | 3446644 | 2889246 |
| 2.50% 10/1/50 | 3792101 | 3179465 |
| 2.50% 11/1/50 | 3514832 | 2942120 |
| 2.50% 6/1/51 | 3408368 | 2827684 |
| 2.50% 9/1/51 | 4826152 | 4016224 |

---

LVIP SSGA Bond Index Fund-1

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 2.50% 10/1/51 | 3613691 | $2998874 |
| 2.50% 11/1/51 | 4988072 | 4153710 |
| 2.50% 12/1/51 | 5766311 | 4794411 |
| 2.50% 4/1/52 | 22121 | 18545 |
| 3.00% 11/1/26 | 98392 | 97418 |
| 3.00% 2/1/27 | 10829 | 10703 |
| 3.00% 4/1/27 | 26613 | 26279 |
| 3.00% 11/1/27 | 13903 | 13753 |
| 3.00% 2/1/29 | 154736 | 151858 |
| 3.00% 4/1/30 | 401276 | 393128 |
| 3.00% 12/1/30 | 508224 | 496416 |
| 3.00% 5/1/31 | 247519 | 241401 |
| 3.00% 2/1/32 | 252400 | 245774 |
| 3.00% 5/1/32 | 149829 | 145745 |
| 3.00% 11/1/32 | 278423 | 270550 |
| 3.00% 4/1/36 | 345129 | 328068 |
| 3.00% 2/1/37 | 291796 | 276319 |
| 3.00% 5/1/42 | 624397 | 568249 |
| 3.00% 10/1/42 | 554002 | 502019 |
| 3.00% 1/1/43 | 1423236 | 1288520 |
| 3.00% 4/1/43 | 865040 | 784486 |
| 3.00% 7/1/43 | 346833 | 313444 |
| 3.00% 8/1/43 | 144517 | 130597 |
| 3.00% 10/1/43 | 522975 | 472712 |
| 3.00% 4/1/46 | 295973 | 263394 |
| 3.00% 7/1/46 | 2238014 | 1984984 |
| 3.00% 11/1/46 | 810899 | 720210 |
| 3.00% 1/1/47 | 1007896 | 896422 |
| 3.00% 2/1/47 | 1961897 | 1740166 |
| 3.00% 12/1/47 | 85123 | 75179 |
| 3.00% 10/1/49 | 601904 | 527422 |
| 3.00% 1/1/50 | 1791329 | 1569477 |
| 3.00% 2/1/50 | 2319897 | 2032302 |
| 3.00% 4/1/50 | 1254702 | 1099091 |
| 3.00% 2/1/52 | 2143162 | 1866775 |
| 3.00% 3/1/52 | 1992150 | 1727002 |
| 3.00% 8/1/52 | 585308 | 507283 |
| 3.50% 12/1/25 | 9526 | 9475 |
| 3.50% 3/1/26 | 12716 | 12645 |
| 3.50% 10/1/27 | 36364 | 36074 |
| 3.50% 2/1/30 | 35963 | 35519 |
| 3.50% 4/1/32 | 108731 | 107291 |
| 3.50% 7/1/38 | 504860 | 487327 |
| 3.50% 10/1/41 | 566891 | 533229 |
| 3.50% 2/1/42 | 386475 | 363406 |
| 3.50% 5/1/42 | 478751 | 450023 |
| 3.50% 10/1/42 | 489191 | 459478 |
| 3.50% 2/1/43 | 463138 | 435883 |
| 3.50% 5/1/43 | 355108 | 333170 |
| 3.50% 8/1/43 | 789692 | 740336 |
| 3.50% 2/1/44 | 172860 | 161963 |
| 3.50% 3/1/44 | 13067 | 12223 |
| 3.50% 6/1/44 | 180251 | 168422 |
| 3.50% 8/1/44 | 211886 | 197281 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 3.50% 11/1/44 | 368765 | $343614 |
| 3.50% 1/1/45 | 472196 | 439697 |
| 3.50% 7/1/45 | 645967 | 600841 |
| 3.50% 12/1/45 | 274201 | 255215 |
| 3.50% 3/1/46 | 312007 | 289052 |
| 3.50% 5/1/46 | 231125 | 213739 |
| 3.50% 6/1/46 | 531684 | 491468 |
| 3.50% 2/1/47 | 525549 | 484513 |
| 3.50% 3/1/47 | 290254 | 267877 |
| 3.50% 10/1/47 | 205705 | 189400 |
| 3.50% 11/1/47 | 300004 | 275962 |
| 3.50% 12/1/47 | 663087 | 608168 |
| 3.50% 2/1/48 | 648525 | 594812 |
| 3.50% 5/1/48 | 258736 | 237134 |
| 3.50% 8/1/49 | 168737 | 153762 |
| 3.50% 9/1/49 | 1490057 | 1373601 |
| 3.50% 12/1/49 | 645265 | 587737 |
| 3.50% 3/1/50 | 187048 | 170267 |
| 3.50% 9/1/52 | 2165839 | 1953352 |
| 4.00% 7/1/25 | 232 | 232 |
| 4.00% 4/1/26 | 11201 | 11166 |
| 4.00% 5/1/39 | 44088 | 42784 |
| 4.00% 2/1/40 | 18886 | 18246 |
| 4.00% 5/1/40 | 13183 | 12745 |
| 4.00% 8/1/40 | 8105 | 7846 |
| 4.00% 9/1/40 | 43697 | 42282 |
| 4.00% 10/1/40 | 227810 | 220440 |
| 4.00% 11/1/40 | 453639 | 438686 |
| 4.00% 12/1/40 | 315855 | 305626 |
| 4.00% 2/1/41 | 274535 | 265596 |
| 4.00% 12/1/41 | 365354 | 351685 |
| 4.00% 1/1/42 | 28859 | 28422 |
| 4.00% 3/1/42 | 25910 | 25052 |
| 4.00% 4/1/42 | 422809 | 408649 |
| 4.00% 6/1/42 | 2034 | 1965 |
| 4.00% 5/1/44 | 478734 | 457809 |
| 4.00% 9/1/44 | 142668 | 135903 |
| 4.00% 10/1/45 | 226873 | 215436 |
| 4.00% 11/1/45 | 93676 | 88953 |
| 4.00% 1/1/46 | 262282 | 249005 |
| 4.00% 2/1/46 | 213531 | 200458 |
| 4.00% 2/1/47 | 124323 | 117913 |
| 4.00% 9/1/47 | 922388 | 874491 |
| 4.00% 11/1/47 | 125223 | 119038 |
| 4.00% 12/1/47 | 270082 | 256001 |
| 4.00% 1/1/48 | 128943 | 122759 |
| 4.00% 5/1/48 | 524081 | 497976 |
| 4.00% 7/1/48 | 156734 | 148531 |
| 4.00% 10/1/48 | 239107 | 226383 |
| 4.00% 3/1/49 | 254976 | 241151 |
| 4.00% 11/1/49 | 601180 | 565753 |
| 4.00% 10/1/52 | 1474179 | 1373593 |
| 4.50% 2/1/39 | 13522 | 13508 |
| 4.50% 4/1/39 | 8476 | 8467 |

---

LVIP SSGA Bond Index Fund-2

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 4.50% 5/1/39 | 22175 | $22152 |
| 4.50% 6/1/39 | 127864 | 127730 |
| 4.50% 7/1/39 | 18808 | 18817 |
| 4.50% 9/1/39 | 176601 | 176416 |
| 4.50% 10/1/39 | 101165 | 100885 |
| 4.50% 1/1/40 | 389851 | 389442 |
| 4.50% 2/1/40 | 210450 | 210229 |
| 4.50% 7/1/40 | 29169 | 29121 |
| 4.50% 8/1/40 | 17419 | 17083 |
| 4.50% 9/1/40 | 189639 | 189226 |
| 4.50% 2/1/41 | 418528 | 416400 |
| 4.50% 3/1/41 | 106560 | 106251 |
| 4.50% 9/1/41 | 128320 | 127949 |
| 4.50% 3/1/44 | 70940 | 69698 |
| 4.50% 7/1/45 | 251790 | 251216 |
| 4.50% 4/1/47 | 63993 | 62438 |
| 4.50% 9/1/47 | 145059 | 141504 |
| 4.50% 12/1/47 | 68276 | 66539 |
| 4.50% 6/1/48 | 183694 | 178605 |
| 4.50% 8/1/48 | 320312 | 311833 |
| 4.50% 3/1/49 | 341672 | 332355 |
| 4.50% 6/1/49 | 432694 | 419444 |
| 4.50% 10/1/52 | 558915 | 535631 |
| 4.50% 12/1/52 | 2032375 | 1960802 |
| 4.50% 5/1/53 | 261986 | 250977 |
| 5.00% 10/1/34 | 38843 | 39420 |
| 5.00% 2/1/35 | 12210 | 12391 |
| 5.00% 8/1/35 | 14611 | 14828 |
| 5.00% 10/1/35 | 7232 | 7347 |
| 5.00% 11/1/35 | 2921 | 2964 |
| 5.00% 12/1/35 | 24394 | 24792 |
| 5.00% 2/1/37 | 18132 | 18252 |
| 5.00% 12/1/37 | 96287 | 97933 |
| 5.00% 1/1/38 | 1255 | 1276 |
| 5.00% 4/1/38 | 780 | 791 |
| 5.00% 6/1/38 | 35030 | 35565 |
| 5.00% 7/1/38 | 4523 | 4595 |
| 5.00% 9/1/38 | 1808 | 1836 |
| 5.00% 10/1/38 | 34715 | 35246 |
| 5.00% 12/1/38 | 30062 | 30528 |
| 5.00% 1/1/39 | 8941 | 9079 |
| 5.00% 2/1/39 | 154965 | 157334 |
| 5.00% 3/1/39 | 351148 | 356186 |
| 5.00% 8/1/39 | 34907 | 35409 |
| 5.00% 9/1/39 | 109552 | 111050 |
| 5.00% 1/1/40 | 94584 | 95877 |
| 5.00% 4/1/40 | 807954 | 813861 |
| 5.00% 5/1/40 | 33883 | 34346 |
| 5.00% 6/1/40 | 151228 | 152946 |
| 5.00% 9/1/40 | 23540 | 23891 |
| 5.00% 3/1/41 | 66130 | 67034 |
| 5.00% 9/1/48 | 52903 | 52920 |
| 5.00% 11/1/48 | 97608 | 97447 |
| 5.00% 9/1/52 | 1362405 | 1341852 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 5.00% 10/1/52 | 769385 | $759532 |
| 5.00% 12/1/52 | 1241438 | 1228867 |
| 5.00% 2/1/53 | 2976348 | 2926999 |
| 5.00% 7/1/53 | 3141948 | 3090856 |
| 5.00% 11/1/54 | 1932957 | 1895066 |
| 5.00% 1/1/55 | 2439977 | 2391958 |
| 5.50% 8/1/33 | 7490 | 7693 |
| 5.50% 6/1/34 | 21017 | 21528 |
| 5.50% 6/1/35 | 14613 | 15057 |
| 5.50% 11/1/35 | 15931 | 16282 |
| 5.50% 1/1/37 | 8095 | 8322 |
| 5.50% 5/1/37 | 12293 | 12685 |
| 5.50% 7/1/37 | 4974 | 5047 |
| 5.50% 1/1/38 | 54009 | 55765 |
| 5.50% 2/1/38 | 13895 | 14273 |
| 5.50% 5/1/38 | 159338 | 163479 |
| 5.50% 6/1/38 | 3756 | 3857 |
| 5.50% 8/1/38 | 12779 | 13142 |
| 5.50% 12/1/38 | 8488 | 8687 |
| 5.50% 8/1/39 | 32179 | 33015 |
| 5.50% 12/1/39 | 83005 | 84776 |
| 5.50% 3/1/40 | 81493 | 83611 |
| 5.50% 4/1/40 | 163646 | 168633 |
| 5.50% 5/1/40 | 53415 | 54869 |
| 5.50% 6/1/41 | 16834 | 17272 |
| 5.50% 12/1/52 | 410064 | 415769 |
| 5.50% 7/1/53 | 2331885 | 2336659 |
| 5.50% 3/1/54 | 3767653 | 3768361 |
| 5.50% 11/1/54 | 6199955 | 6201120 |
| 6.00% 11/1/28 | 1125 | 1153 |
| 6.00% 7/1/33 | 1421 | 1446 |
| 6.00% 8/1/36 | 3727 | 3911 |
| 6.00% 11/1/36 | 12420 | 12817 |
| 6.00% 4/1/37 | 128 | 133 |
| 6.00% 5/1/37 | 13564 | 14236 |
| 6.00% 8/1/37 | 26870 | 28039 |
| 6.00% 9/1/37 | 19451 | 20392 |
| 6.00% 10/1/37 | 7497 | 7696 |
| 6.00% 11/1/37 | 41556 | 43613 |
| 6.00% 12/1/37 | 5062 | 5251 |
| 6.00% 1/1/38 | 20860 | 21894 |
| 6.00% 4/1/38 | 3181 | 3323 |
| 6.00% 6/1/38 | 6177 | 6463 |
| 6.00% 7/1/38 | 8475 | 8844 |
| 6.00% 8/1/38 | 5803 | 6084 |
| 6.00% 9/1/38 | 6665 | 6984 |
| 6.00% 10/1/38 | 9765 | 10127 |
| 6.00% 3/1/39 | 6683 | 7008 |
| 6.00% 5/1/40 | 175077 | 183731 |
| 6.00% 7/1/40 | 212536 | 223039 |
| 6.00% 2/1/53 | 1653886 | 1686044 |
| 6.00% 6/1/53 | 411015 | 419531 |
| 6.00% 8/1/53 | 1462809 | 1488935 |
| 6.00% 9/1/53 | 1192008 | 1222723 |

---

LVIP SSGA Bond Index Fund-3

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 6.00% 11/1/53 | 2910562 | $2961875 |
| 6.00% 12/1/53 | 574309 | 584368 |
| 6.00% 6/1/54 | 1088252 | 1106492 |
| 6.00% 8/1/54 | 6167665 | 6269218 |
| 6.00% 9/1/54 | 3240701 | 3293980 |
| 6.00% 6/1/55 | 2284199 | 2322107 |
| 6.50% 11/1/36 | 33699 | 35418 |
| 6.50% 8/1/37 | 16266 | 16928 |
| 6.50% 10/1/37 | 5392 | 5719 |
| 6.50% 4/1/39 | 21629 | 22547 |
| 6.50% 10/1/53 | 2295394 | 2372401 |
| 6.50% 12/1/53 | 2511498 | 2621729 |
| 6.50% 1/1/54 | 1522423 | 1572436 |
| 6.50% 6/1/55 | 1500105 | 1549385 |
| 7.00% 1/1/54 | 747270 | 787853 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 1.50% 7/1/36 | 3197347 | 2845452 |
| 1.50% 3/1/37 | 5372100 | 4773698 |
| 1.50% 12/1/41 | 2297032 | 1896745 |
| 1.50% 11/1/51 | 4019616 | 3023431 |
| 2.00% 9/1/35 | 1788413 | 1644055 |
| 2.00% 11/1/35 | 3131150 | 2878372 |
| 2.00% 12/1/35 | 2256203 | 2068495 |
| 2.00% 2/1/36 | 2024514 | 1854777 |
| 2.00% 6/1/36 | 3656804 | 3350123 |
| 2.00% 12/1/36 | 3602765 | 3291635 |
| 2.00% 5/1/37 | 1161870 | 1061505 |
| 2.00% 8/1/40 | 510648 | 442431 |
| 2.00% 10/1/40 | 576283 | 503528 |
| 2.00% 11/1/40 | 4110213 | 3568883 |
| 2.00% 1/1/41 | 1889425 | 1630809 |
| 2.00% 11/1/41 | 2195735 | 1881273 |
| 2.00% 8/1/50 | 10388220 | 8306998 |
| 2.00% 1/1/51 | 5231342 | 4170854 |
| 2.00% 2/1/51 | 5377269 | 4282169 |
| 2.00% 4/1/51 | 6977950 | 5552161 |
| 2.00% 7/1/51 | 8854784 | 7044715 |
| 2.00% 10/1/51 | 8943277 | 7088020 |
| 2.00% 11/1/51 | 6565798 | 5213507 |
| 2.00% 1/1/52 | 6551294 | 5194528 |
| 2.00% 3/1/52 | 4563875 | 3618145 |
| 2.50% 10/1/27 | 82782 | 81209 |
| 2.50% 3/1/28 | 146727 | 143664 |
| 2.50% 4/1/28 | 284512 | 278422 |
| 2.50% 7/1/28 | 67908 | 66326 |
| 2.50% 9/1/28 | 111198 | 108557 |
| 2.50% 10/1/28 | 59265 | 57949 |
| 2.50% 2/1/30 | 247463 | 239737 |
| 2.50% 5/1/30 | 101667 | 98366 |
| 2.50% 7/1/31 | 302325 | 291090 |
| 2.50% 10/1/31 | 321583 | 309198 |
| 2.50% 6/1/32 | 835188 | 803661 |
| 2.50% 12/1/32 | 351130 | 336284 |
| 2.50% 2/1/35 | 1468416 | 1385424 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 8/1/35 | 732991 | $687031 |
| 2.50% 2/1/40 | 347055 | 316086 |
| 2.50% 6/1/40 | 362647 | 329483 |
| 2.50% 8/1/40 | 852508 | 773776 |
| 2.50% 4/1/41 | 273055 | 244651 |
| 2.50% 11/1/49 | 3973624 | 3338276 |
| 2.50% 4/1/51 | 9877856 | 8251888 |
| 2.50% 7/1/51 | 5670741 | 4726768 |
| 2.50% 8/1/51 | 5790369 | 4829155 |
| 2.50% 9/1/51 | 1557153 | 1298663 |
| 2.50% 10/1/51 | 7203664 | 5996676 |
| 2.50% 1/1/52 | 4289623 | 3612195 |
| 2.50% 3/1/52 | 7036430 | 5850371 |
| 3.00% 11/1/26 | 83593 | 82638 |
| 3.00% 6/1/27 | 27631 | 27264 |
| 3.00% 8/1/27 | 58414 | 57607 |
| 3.00% 9/1/27 | 238993 | 235654 |
| 3.00% 10/1/27 | 41292 | 40681 |
| 3.00% 12/1/27 | 12412 | 12209 |
| 3.00% 8/1/29 | 283349 | 277632 |
| 3.00% 4/1/30 | 165831 | 162315 |
| 3.00% 5/1/30 | 202487 | 199517 |
| 3.00% 6/1/30 | 230565 | 225642 |
| 3.00% 12/1/30 | 179611 | 175460 |
| 3.00% 10/1/32 | 259784 | 252245 |
| 3.00% 11/1/34 | 215485 | 205085 |
| 3.00% 12/1/34 | 141950 | 135103 |
| 3.00% 2/1/35 | 287256 | 273038 |
| 3.00% 3/1/36 | 126624 | 119189 |
| 3.00% 11/1/36 | 616463 | 583770 |
| 3.00% 9/1/37 | 326211 | 307850 |
| 3.00% 9/1/42 | 331474 | 298732 |
| 3.00% 10/1/42 | 831377 | 751313 |
| 3.00% 11/1/42 | 543606 | 491759 |
| 3.00% 12/1/42 | 559266 | 505927 |
| 3.00% 1/1/43 | 399610 | 361584 |
| 3.00% 4/1/43 | 518618 | 468513 |
| 3.00% 6/1/43 | 1464195 | 1321612 |
| 3.00% 7/1/43 | 830328 | 749589 |
| 3.00% 9/1/45 | 563569 | 503403 |
| 3.00% 11/1/45 | 104810 | 93273 |
| 3.00% 10/1/46 | 812573 | 720782 |
| 3.00% 11/1/46 | 897050 | 796087 |
| 3.00% 12/1/46 | 917443 | 813806 |
| 3.00% 1/1/47 | 829141 | 732250 |
| 3.00% 9/1/47 | 315597 | 278766 |
| 3.00% 2/1/48 | 1070615 | 951722 |
| 3.00% 12/1/49 | 4167767 | 3635437 |
| 3.00% 2/1/50 | 1845798 | 1626978 |
| 3.00% 7/1/50 | 1647001 | 1441879 |
| 3.00% 1/1/51 | 3711982 | 3292602 |
| 3.00% 2/1/52 | 1780856 | 1555507 |
| 3.00% 5/1/52 | 2080600 | 1803462 |
| 3.50% 11/1/25 | 5372 | 5344 |

---

LVIP SSGA Bond Index Fund-4

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 3.50% 12/1/25 | 12872 | $12806 |
| 3.50% 12/1/26 | 27681 | 27444 |
| 3.50% 10/1/29 | 262416 | 259368 |
| 3.50% 4/1/32 | 102057 | 100618 |
| 3.50% 7/1/32 | 63453 | 62546 |
| 3.50% 6/1/33 | 156570 | 154058 |
| 3.50% 7/1/34 | 846352 | 826927 |
| 3.50% 2/1/37 | 375346 | 362383 |
| 3.50% 10/1/40 | 150001 | 141469 |
| 3.50% 12/1/40 | 90792 | 85371 |
| 3.50% 2/1/41 | 141753 | 133348 |
| 3.50% 8/1/42 | 154117 | 144641 |
| 3.50% 9/1/42 | 448258 | 420648 |
| 3.50% 10/1/42 | 899117 | 843192 |
| 3.50% 11/1/42 | 235357 | 219029 |
| 3.50% 1/1/43 | 764124 | 715942 |
| 3.50% 2/1/43 | 130532 | 122383 |
| 3.50% 7/1/43 | 1078667 | 1010882 |
| 3.50% 10/1/44 | 423567 | 395056 |
| 3.50% 1/1/45 | 270161 | 252363 |
| 3.50% 5/1/45 | 524441 | 487081 |
| 3.50% 8/1/45 | 637838 | 592002 |
| 3.50% 11/1/45 | 786437 | 728469 |
| 3.50% 2/1/46 | 1500218 | 1388983 |
| 3.50% 5/1/46 | 325512 | 300913 |
| 3.50% 6/1/46 | 133535 | 123766 |
| 3.50% 2/1/47 | 443066 | 408390 |
| 3.50% 3/1/47 | 299019 | 275617 |
| 3.50% 5/1/47 | 569630 | 527779 |
| 3.50% 7/1/47 | 1171709 | 1099119 |
| 3.50% 9/1/47 | 277193 | 254203 |
| 3.50% 12/1/47 | 571391 | 524547 |
| 3.50% 1/1/48 | 673806 | 617661 |
| 3.50% 2/1/48 | 378026 | 345540 |
| 3.50% 6/1/48 | 702738 | 642297 |
| 3.50% 11/1/48 | 529826 | 492873 |
| 3.50% 6/1/49 | 1899077 | 1741911 |
| 3.50% 8/1/49 | 1896752 | 1727901 |
| 3.50% 6/1/50 | 489880 | 445881 |
| 3.50% 5/1/52 | 475675 | 434363 |
| 4.00% 8/1/25 | 18 | 18 |
| 4.00% 9/1/25 | 681 | 679 |
| 4.00% 10/1/25 | 737 | 734 |
| 4.00% 1/1/26 | 33 | 33 |
| 4.00% 3/1/26 | 7491 | 7455 |
| 4.00% 5/1/26 | 113 | 113 |
| 4.00% 7/1/26 | 2649 | 2637 |
| 4.00% 3/1/31 | 15789 | 15710 |
| 4.00% 9/1/35 | 75784 | 74997 |
| 4.00% 10/1/35 | 122118 | 120764 |
| 4.00% 1/1/37 | 181589 | 178194 |
| 4.00% 1/1/38 | 213438 | 208913 |
| 4.00% 1/1/39 | 8638 | 8448 |
| 4.00% 2/1/39 | 8820 | 8554 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 3/1/39 | 479 | $464 |
| 4.00% 4/1/39 | 32608 | 31604 |
| 4.00% 6/1/39 | 28027 | 26931 |
| 4.00% 8/1/39 | 108116 | 105037 |
| 4.00% 9/1/39 | 141986 | 137577 |
| 4.00% 11/1/39 | 7982 | 7730 |
| 4.00% 12/1/39 | 160574 | 155454 |
| 4.00% 1/1/40 | 52594 | 50868 |
| 4.00% 5/1/40 | 76295 | 73783 |
| 4.00% 8/1/40 | 22115 | 21367 |
| 4.00% 9/1/40 | 29845 | 28851 |
| 4.00% 10/1/40 | 132908 | 128412 |
| 4.00% 11/1/40 | 187869 | 181496 |
| 4.00% 12/1/40 | 307877 | 297449 |
| 4.00% 1/1/41 | 573891 | 554374 |
| 4.00% 2/1/41 | 204064 | 197172 |
| 4.00% 3/1/41 | 3236 | 3120 |
| 4.00% 4/1/41 | 63115 | 60945 |
| 4.00% 5/1/41 | 348568 | 336550 |
| 4.00% 9/1/41 | 63053 | 60840 |
| 4.00% 10/1/41 | 26745 | 25820 |
| 4.00% 11/1/41 | 71386 | 68910 |
| 4.00% 12/1/41 | 2212 | 2135 |
| 4.00% 1/1/42 | 2255 | 2177 |
| 4.00% 10/1/43 | 905957 | 871025 |
| 4.00% 12/1/43 | 230158 | 221317 |
| 4.00% 7/1/44 | 288834 | 275069 |
| 4.00% 9/1/44 | 303522 | 289050 |
| 4.00% 10/1/44 | 446255 | 425012 |
| 4.00% 3/1/45 | 449592 | 421778 |
| 4.00% 7/1/45 | 462373 | 438707 |
| 4.00% 9/1/45 | 634504 | 602649 |
| 4.00% 4/1/46 | 244794 | 232238 |
| 4.00% 7/1/46 | 102731 | 97334 |
| 4.00% 11/1/46 | 831910 | 788203 |
| 4.00% 4/1/47 | 458618 | 434470 |
| 4.00% 9/1/47 | 238574 | 225902 |
| 4.00% 12/1/47 | 931218 | 883814 |
| 4.00% 1/1/48 | 276112 | 261388 |
| 4.00% 2/1/48 | 584898 | 553651 |
| 4.00% 5/1/48 | 144355 | 136636 |
| 4.00% 6/1/48 | 1193424 | 1129542 |
| 4.00% 7/1/48 | 346743 | 328237 |
| 4.00% 5/1/49 | 543783 | 513145 |
| 4.00% 8/1/49 | 1630424 | 1539405 |
| 4.00% 7/1/52 | 1082594 | 1015097 |
| 4.00% 8/1/52 | 1469174 | 1380300 |
| 4.00% 10/1/52 | 3249680 | 3022910 |
| 4.50% 8/1/33 | 3582 | 3574 |
| 4.50% 1/1/34 | 2790 | 2773 |
| 4.50% 9/1/35 | 11812 | 11764 |
| 4.50% 2/1/38 | 469 | 467 |
| 4.50% 4/1/38 | 11841 | 11670 |
| 4.50% 5/1/38 | 213553 | 212303 |

---

LVIP SSGA Bond Index Fund-5

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 4.50% 7/1/38 | 11038 | $11012 |
| 4.50% 11/1/38 | 21077 | 21042 |
| 4.50% 2/1/39 | 63428 | 63282 |
| 4.50% 3/1/39 | 42344 | 42248 |
| 4.50% 4/1/39 | 207318 | 206846 |
| 4.50% 5/1/39 | 116320 | 116056 |
| 4.50% 6/1/39 | 20675 | 20559 |
| 4.50% 7/1/39 | 69363 | 69199 |
| 4.50% 9/1/39 | 62431 | 62289 |
| 4.50% 11/1/39 | 359854 | 357581 |
| 4.50% 1/1/40 | 175321 | 174922 |
| 4.50% 2/1/40 | 308877 | 308160 |
| 4.50% 5/1/40 | 131698 | 131071 |
| 4.50% 6/1/40 | 91188 | 90962 |
| 4.50% 8/1/40 | 26395 | 26300 |
| 4.50% 9/1/40 | 81128 | 80843 |
| 4.50% 10/1/40 | 440666 | 438746 |
| 4.50% 11/1/40 | 61934 | 61750 |
| 4.50% 2/1/41 | 238997 | 238128 |
| 4.50% 4/1/41 | 5597 | 5479 |
| 4.50% 5/1/41 | 403396 | 401098 |
| 4.50% 1/1/42 | 491093 | 488311 |
| 4.50% 9/1/43 | 206741 | 202954 |
| 4.50% 10/1/44 | 39491 | 38865 |
| 4.50% 9/1/47 | 300419 | 292548 |
| 4.50% 11/1/47 | 274353 | 266120 |
| 4.50% 8/1/48 | 538516 | 523543 |
| 4.50% 11/1/48 | 318757 | 309863 |
| 4.50% 12/1/48 | 380530 | 369873 |
| 4.50% 7/1/52 | 1619762 | 1552170 |
| 4.50% 8/1/52 | 4948223 | 4741908 |
| 4.50% 2/1/53 | 504923 | 485639 |
| 4.50% 3/1/53 | 835983 | 800240 |
| 5.00% 9/1/33 | 24074 | 24359 |
| 5.00% 4/1/34 | 98145 | 99480 |
| 5.00% 7/1/34 | 61838 | 62679 |
| 5.00% 11/1/34 | 30528 | 30616 |
| 5.00% 4/1/35 | 18096 | 18342 |
| 5.00% 6/1/35 | 32284 | 32723 |
| 5.00% 7/1/35 | 363928 | 368878 |
| 5.00% 9/1/35 | 8408 | 8523 |
| 5.00% 10/1/35 | 22824 | 23148 |
| 5.00% 12/1/35 | 110345 | 111916 |
| 5.00% 2/1/36 | 246223 | 249830 |
| 5.00% 3/1/36 | 13947 | 14145 |
| 5.00% 11/1/36 | 5415 | 5489 |
| 5.00% 4/1/38 | 27894 | 28323 |
| 5.00% 7/1/38 | 1832 | 1825 |
| 5.00% 8/1/39 | 78479 | 79531 |
| 5.00% 12/1/39 | 27855 | 28201 |
| 5.00% 1/1/40 | 99849 | 101436 |
| 5.00% 7/1/40 | 199821 | 202325 |
| 5.00% 9/1/40 | 63275 | 64062 |
| 5.00% 6/1/41 | 116394 | 117842 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 5.00% 10/1/52 | 506503 | $499701 |
| 5.00% 4/1/53 | 423365 | 416858 |
| 5.00% 6/1/53 | 2566635 | 2520896 |
| 5.00% 10/1/53 | 1486065 | 1461421 |
| 5.00% 5/1/54 | 1410464 | 1382817 |
| 5.00% 11/1/54 | 1498098 | 1468616 |
| 5.50% 11/1/33 | 7724 | 7980 |
| 5.50% 1/1/34 | 14298 | 14624 |
| 5.50% 5/1/34 | 26553 | 27085 |
| 5.50% 7/1/34 | 14310 | 14681 |
| 5.50% 10/1/34 | 34495 | 35557 |
| 5.50% 9/1/35 | 19744 | 20377 |
| 5.50% 10/1/35 | 4913 | 5054 |
| 5.50% 12/1/35 | 19561 | 20188 |
| 5.50% 1/1/36 | 96773 | 99876 |
| 5.50% 4/1/36 | 186304 | 192264 |
| 5.50% 8/1/36 | 71927 | 73992 |
| 5.50% 1/1/37 | 44114 | 44936 |
| 5.50% 3/1/37 | 16345 | 16817 |
| 5.50% 5/1/37 | 22896 | 23558 |
| 5.50% 6/1/37 | 5308 | 5461 |
| 5.50% 8/1/37 | 8172 | 8417 |
| 5.50% 11/1/37 | 461 | 476 |
| 5.50% 12/1/37 | 69 | 69 |
| 5.50% 1/1/38 | 342054 | 351077 |
| 5.50% 2/1/38 | 7579 | 7764 |
| 5.50% 5/1/38 | 34909 | 35858 |
| 5.50% 6/1/38 | 1972 | 2031 |
| 5.50% 7/1/38 | 12885 | 13223 |
| 5.50% 10/1/38 | 7277 | 7469 |
| 5.50% 1/1/39 | 39842 | 40890 |
| 5.50% 5/1/39 | 67736 | 69634 |
| 5.50% 6/1/39 | 66739 | 68500 |
| 5.50% 10/1/39 | 28952 | 29716 |
| 5.50% 7/1/41 | 56855 | 58401 |
| 5.50% 12/1/52 | 557789 | 562655 |
| 5.50% 2/1/53 | 1417459 | 1425762 |
| 5.50% 5/1/53 | 2034236 | 2037499 |
| 5.50% 7/1/53 | 825153 | 832361 |
| 5.50% 9/1/53 | 2968687 | 2972845 |
| 5.50% 10/1/53 | 2931217 | 2934409 |
| 5.50% 8/1/54 | 2346829 | 2347270 |
| 5.50% 12/1/54 | 983375 | 983560 |
| 5.50% 2/1/55 | 2934709 | 2935261 |
| 6.00% 12/1/35 | 18694 | 19388 |
| 6.00% 2/1/36 | 7664 | 8034 |
| 6.00% 6/1/36 | 7065 | 7406 |
| 6.00% 7/1/36 | 21300 | 22245 |
| 6.00% 8/1/36 | 13975 | 14649 |
| 6.00% 9/1/36 | 17081 | 17673 |
| 6.00% 10/1/36 | 9300 | 9690 |
| 6.00% 11/1/36 | 1272 | 1327 |
| 6.00% 1/1/37 | 17590 | 18438 |
| 6.00% 2/1/37 | 56236 | 58952 |

---

LVIP SSGA Bond Index Fund-6

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 6.00% 3/1/37 | 14438 | $14881 |
| 6.00% 5/1/37 | 20129 | 21102 |
| 6.00% 6/1/37 | 15166 | 15941 |
| 6.00% 8/1/37 | 19836 | 20794 |
| 6.00% 9/1/37 | 43986 | 46111 |
| 6.00% 10/1/37 | 36467 | 38230 |
| 6.00% 11/1/37 | 15940 | 16672 |
| 6.00% 1/1/38 | 5708 | 5991 |
| 6.00% 4/1/38 | 1421 | 1472 |
| 6.00% 5/1/38 | 22309 | 23387 |
| 6.00% 6/1/38 | 10696 | 11091 |
| 6.00% 8/1/38 | 13751 | 14200 |
| 6.00% 9/1/38 | 11550 | 11933 |
| 6.00% 10/1/38 | 4087 | 4244 |
| 6.00% 11/1/38 | 5032 | 5243 |
| 6.00% 12/1/38 | 101313 | 106210 |
| 6.00% 4/1/40 | 77345 | 81086 |
| 6.00% 6/1/40 | 135104 | 141630 |
| 6.00% 1/1/53 | 1066610 | 1087090 |
| 6.00% 5/1/53 | 949474 | 968158 |
| 6.00% 7/1/53 | 786599 | 806236 |
| 6.00% 5/1/54 | 2541541 | 2584137 |
| 6.00% 9/1/54 | 2676570 | 2720621 |
| 6.50% 3/1/32 | 229 | 238 |
| 6.50% 7/1/36 | 12371 | 12929 |
| 6.50% 9/1/36 | 13169 | 13750 |
| 6.50% 11/1/36 | 11895 | 12571 |
| 6.50% 9/1/37 | 2633 | 2790 |
| 6.50% 10/1/37 | 23887 | 25009 |
| 6.50% 2/1/38 | 18574 | 19572 |
| 6.50% 3/1/38 | 82397 | 87085 |
| 6.50% 5/1/38 | 15957 | 16864 |
| 6.50% 7/1/38 | 48293 | 50936 |
| 6.50% 11/1/53 | 656599 | 678169 |
| 6.50% 12/1/53 | 633544 | 654356 |
| 6.50% 6/1/54 | 1832288 | 1896048 |
| 6.50% 8/1/54 | 2553729 | 2637622 |
| 6.50% 9/1/54 | 903367 | 933044 |
| 7.00% 8/1/39 | 22647 | 23877 |
| 7.00% 11/1/53 | 568968 | 599867 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 1/20/51 | 2775084 | 2260562 |
| 2.00% 4/20/51 | 2748827 | 2239471 |
| 2.00% 5/20/51 | 3101493 | 2526299 |
| 2.00% 6/20/51 | 4029775 | 3282411 |
| 2.00% 9/20/51 | 5474257 | 4458928 |
| 2.00% 12/20/51 | 3801867 | 3096684 |
| 2.00% 1/20/52 | 3481917 | 2836071 |
| 2.00% 5/20/52 | 937496 | 763606 |
| 2.50% 12/20/46 | 439049 | 381923 |
| 2.50% 7/20/50 | 1146375 | 974709 |
| 2.50% 8/20/50 | 3266297 | 2781025 |
| 2.50% 10/20/50 | 3526775 | 3001304 |
| 2.50% 4/20/51 | 4584459 | 3897845 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 7/20/51 | 5114030 | $4347047 |
| 2.50% 8/20/51 | 2435128 | 2069911 |
| 2.50% 9/20/51 | 3666336 | 3116456 |
| 2.50% 3/20/52 | 611422 | 519717 |
| 2.50% 4/20/52 | 855326 | 727036 |
| 2.50% 5/20/52 | 1954617 | 1661445 |
| 3.00% 9/15/42 | 308354 | 278235 |
| 3.00% 9/20/42 | 468962 | 427777 |
| 3.00% 11/15/42 | 266894 | 241974 |
| 3.00% 11/20/42 | 236021 | 215195 |
| 3.00% 12/15/42 | 108321 | 98206 |
| 3.00% 12/20/42 | 377121 | 343690 |
| 3.00% 1/20/43 | 361344 | 329163 |
| 3.00% 2/20/43 | 670417 | 605107 |
| 3.00% 3/20/43 | 956136 | 867664 |
| 3.00% 6/20/43 | 310738 | 282422 |
| 3.00% 9/20/43 | 574831 | 521734 |
| 3.00% 12/20/44 | 321464 | 289647 |
| 3.00% 2/15/45 | 198349 | 176930 |
| 3.00% 3/20/45 | 305294 | 274695 |
| 3.00% 4/20/45 | 267187 | 240324 |
| 3.00% 6/20/45 | 445241 | 400062 |
| 3.00% 8/20/45 | 614569 | 550867 |
| 3.00% 12/20/45 | 129131 | 115987 |
| 3.00% 5/20/46 | 509219 | 457253 |
| 3.00% 9/20/46 | 607388 | 545243 |
| 3.00% 10/20/46 | 624402 | 560298 |
| 3.00% 11/20/46 | 516645 | 463270 |
| 3.00% 1/20/47 | 958494 | 859802 |
| 3.00% 2/20/47 | 348233 | 312239 |
| 3.00% 6/20/47 | 390472 | 349992 |
| 3.00% 1/20/48 | 323086 | 289157 |
| 3.00% 12/20/49 | 395866 | 351650 |
| 3.00% 2/20/50 | 1027847 | 912720 |
| 3.00% 6/20/50 | 2180226 | 1935061 |
| 3.00% 7/20/50 | 3465503 | 3075092 |
| 3.00% 8/20/51 | 1406027 | 1245188 |
| 3.50% 10/15/40 | 41906 | 39119 |
| 3.50% 1/15/41 | 13598 | 12727 |
| 3.50% 7/15/41 | 37677 | 35135 |
| 3.50% 10/15/41 | 40824 | 38133 |
| 3.50% 12/20/41 | 315459 | 295505 |
| 3.50% 3/15/42 | 5573 | 5200 |
| 3.50% 4/20/42 | 148632 | 139168 |
| 3.50% 6/15/42 | 368698 | 344621 |
| 3.50% 6/20/42 | 454946 | 425836 |
| 3.50% 10/15/42 | 16741 | 15606 |
| 3.50% 10/20/42 | 189983 | 177748 |
| 3.50% 12/20/42 | 410012 | 383562 |
| 3.50% 2/20/43 | 703831 | 658289 |
| 3.50% 3/20/43 | 393498 | 365014 |
| 3.50% 5/20/43 | 496001 | 463803 |
| 3.50% 9/20/43 | 567220 | 530043 |
| 3.50% 1/20/44 | 546543 | 510323 |

---

LVIP SSGA Bond Index Fund-7

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 3.50% 12/20/44 | 278715 | $259580 |
| 3.50% 3/20/45 | 236842 | 220511 |
| 3.50% 4/20/45 | 1248831 | 1149396 |
| 3.50% 6/20/45 | 478321 | 445139 |
| 3.50% 10/20/45 | 493952 | 459683 |
| 3.50% 11/20/45 | 329842 | 306958 |
| 3.50% 12/20/45 | 114151 | 106096 |
| 3.50% 3/20/46 | 430486 | 399564 |
| 3.50% 6/20/46 | 835891 | 777477 |
| 3.50% 7/20/46 | 499231 | 464112 |
| 3.50% 1/20/47 | 387291 | 358822 |
| 3.50% 6/20/47 | 521827 | 482337 |
| 3.50% 7/20/47 | 474362 | 438365 |
| 3.50% 9/20/47 | 519977 | 478697 |
| 3.50% 11/20/47 | 486364 | 449254 |
| 3.50% 12/20/47 | 214989 | 199405 |
| 3.50% 1/20/48 | 472500 | 436354 |
| 3.50% 6/20/48 | 587785 | 542819 |
| 3.50% 8/20/49 | 267006 | 244263 |
| 3.50% 11/20/49 | 417412 | 380390 |
| 3.50% 12/20/49 | 867607 | 791983 |
| 3.50% 7/20/52 | 209395 | 191007 |
| 3.50% 10/20/52 | 1219593 | 1113428 |
| 4.00% 6/15/39 | 15989 | 15184 |
| 4.00% 8/15/40 | 61028 | 57800 |
| 4.00% 8/20/40 | 91673 | 87664 |
| 4.00% 10/15/40 | 132185 | 125193 |
| 4.00% 12/15/40 | 245068 | 233556 |
| 4.00% 1/15/41 | 223390 | 212898 |
| 4.00% 9/15/41 | 54911 | 52006 |
| 4.00% 10/20/41 | 18641 | 17826 |
| 4.00% 11/20/41 | 331796 | 317278 |
| 4.00% 12/20/41 | 134389 | 128509 |
| 4.00% 5/20/42 | 307422 | 293969 |
| 4.00% 7/20/42 | 198546 | 189857 |
| 4.00% 8/20/42 | 150564 | 143974 |
| 4.00% 8/20/43 | 219773 | 209924 |
| 4.00% 3/20/44 | 294282 | 280430 |
| 4.00% 8/20/44 | 416516 | 396051 |
| 4.00% 10/20/44 | 119323 | 113362 |
| 4.00% 12/20/44 | 430939 | 409409 |
| 4.00% 1/20/45 | 88708 | 84278 |
| 4.00% 2/20/45 | 228307 | 216905 |
| 4.00% 8/20/45 | 150207 | 142147 |
| 4.00% 9/20/45 | 214814 | 203884 |
| 4.00% 10/20/45 | 322212 | 307706 |
| 4.00% 11/20/45 | 209813 | 199008 |
| 4.00% 1/20/46 | 45281 | 42922 |
| 4.00% 6/20/46 | 206642 | 196090 |
| 4.00% 1/20/47 | 167742 | 158327 |
| 4.00% 4/20/47 | 288224 | 271779 |
| 4.00% 6/20/47 | 210518 | 198441 |
| 4.00% 7/20/47 | 73726 | 69511 |
| 4.00% 8/20/47 | 304139 | 285670 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 4.00% 5/20/49 | 403370 | $378811 |
| 4.00% 7/20/49 | 324853 | 305678 |
| 4.00% 3/20/50 | 494476 | 465215 |
| 4.00% 10/20/52 | 3287540 | 3078418 |
| 4.00% 11/20/52 | 626597 | 584869 |
| 4.50% 2/15/39 | 17289 | 16934 |
| 4.50% 3/15/39 | 202426 | 197815 |
| 4.50% 4/15/39 | 45760 | 44721 |
| 4.50% 5/15/39 | 17929 | 17499 |
| 4.50% 6/15/39 | 21015 | 20533 |
| 4.50% 7/15/39 | 48867 | 48031 |
| 4.50% 8/15/39 | 7288 | 7164 |
| 4.50% 9/15/39 | 63742 | 62373 |
| 4.50% 10/15/39 | 189484 | 185091 |
| 4.50% 11/15/39 | 64140 | 62996 |
| 4.50% 12/15/39 | 46888 | 45962 |
| 4.50% 1/15/40 | 162101 | 159157 |
| 4.50% 4/15/40 | 68032 | 66382 |
| 4.50% 5/15/40 | 53870 | 52611 |
| 4.50% 6/15/40 | 150692 | 146044 |
| 4.50% 8/15/40 | 32542 | 31888 |
| 4.50% 9/15/40 | 34272 | 33539 |
| 4.50% 1/15/41 | 204892 | 205450 |
| 4.50% 2/15/41 | 276396 | 269665 |
| 4.50% 3/15/41 | 34144 | 33315 |
| 4.50% 6/15/41 | 32850 | 31952 |
| 4.50% 7/15/41 | 4787 | 4692 |
| 4.50% 7/20/41 | 458447 | 454888 |
| 4.50% 12/20/43 | 289657 | 283835 |
| 4.50% 3/20/44 | 192111 | 188171 |
| 4.50% 4/20/45 | 138060 | 135258 |
| 4.50% 4/20/47 | 90975 | 88811 |
| 4.50% 7/20/47 | 92197 | 90913 |
| 4.50% 9/20/47 | 47409 | 46390 |
| 4.50% 3/20/48 | 138670 | 135369 |
| 4.50% 7/20/48 | 540236 | 526485 |
| 4.50% 10/20/52 | 245736 | 237299 |
| 4.50% 1/20/53 | 3230591 | 3115676 |
| 4.50% 3/20/53 | 856713 | 825444 |
| 4.50% 6/20/53 | 1337933 | 1286344 |
| 4.50% 2/20/55 | 1495674 | 1432282 |
| 5.00% 3/15/35 | 9529 | 9683 |
| 5.00% 3/15/38 | 4249 | 4303 |
| 5.00% 4/15/38 | 3085 | 3121 |
| 5.00% 5/15/38 | 519 | 523 |
| 5.00% 8/15/38 | 1807 | 1813 |
| 5.00% 1/15/39 | 35763 | 35920 |
| 5.00% 4/15/39 | 35816 | 36290 |
| 5.00% 5/15/39 | 228952 | 231979 |
| 5.00% 6/15/39 | 174686 | 176345 |
| 5.00% 9/15/39 | 49018 | 48974 |
| 5.00% 10/15/39 | 61421 | 62234 |
| 5.00% 11/15/39 | 76389 | 77399 |
| 5.00% 1/15/40 | 256226 | 258694 |

---

LVIP SSGA Bond Index Fund-8

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 5.00% 2/15/40 | 156001 | $156572 |
| 5.00% 4/15/40 | 88914 | 89433 |
| 5.00% 7/15/40 | 86488 | 87559 |
| 5.00% 4/20/43 | 235593 | 238488 |
| 5.00% 7/20/48 | 107300 | 107268 |
| 5.00% 5/20/53 | 2150773 | 2119637 |
| 5.00% 7/20/53 | 3252213 | 3202792 |
| 5.00% 5/20/54 | 1907195 | 1874682 |
| 5.00% 7/20/54 | 242724 | 238561 |
| 5.00% 1/20/55 | 1981458 | 1947572 |
| 5.00% 6/20/55 | 1801339 | 1770254 |
| 5.50% 10/15/33 | 38796 | 39361 |
| 5.50% 4/15/37 | 10082 | 10359 |
| 5.50% 7/15/37 | 7916 | 8219 |
| 5.50% 1/15/38 | 41172 | 42675 |
| 5.50% 2/15/38 | 48124 | 49984 |
| 5.50% 7/15/38 | 20148 | 20641 |
| 5.50% 8/15/38 | 6180 | 6331 |
| 5.50% 9/15/38 | 85729 | 89276 |
| 5.50% 12/15/38 | 64738 | 67548 |
| 5.50% 1/15/39 | 24986 | 25848 |
| 5.50% 5/15/39 | 48630 | 50679 |
| 5.50% 7/15/39 | 546 | 562 |
| 5.50% 10/15/39 | 48033 | 50060 |
| 5.50% 12/15/39 | 12500 | 12976 |
| 5.50% 4/15/40 | 82429 | 84847 |
| 5.50% 2/15/41 | 12026 | 12474 |
| 5.50% 12/20/52 | 725896 | 733013 |
| 5.50% 5/20/53 | 400061 | 402562 |
| 5.50% 7/20/53 | 1618493 | 1628931 |
| 5.50% 8/20/53 | 794287 | 798550 |
| 5.50% 10/20/53 | 823334 | 828239 |
| 5.50% 5/20/54 | 2329820 | 2337279 |
| 5.50% 9/20/54 | 6276672 | 6293412 |
| 6.00% 1/15/38 | 23656 | 24567 |
| 6.00% 3/15/38 | 275 | 281 |
| 6.00% 5/15/38 | 10443 | 10731 |
| 6.00% 7/15/38 | 877 | 906 |
| 6.00% 8/15/38 | 18767 | 19446 |
| 6.00% 10/15/38 | 23774 | 24793 |
| 6.00% 11/15/38 | 18819 | 20053 |
| 6.00% 12/15/38 | 42475 | 44246 |
| 6.00% 8/15/39 | 2814 | 2885 |
| 6.00% 10/15/39 | 1848 | 1897 |
| 6.00% 6/15/40 | 2288 | 2346 |
| 6.00% 12/15/40 | 122477 | 128610 |
| 6.00% 12/20/52 | 373667 | 381949 |
| 6.00% 9/20/53 | 1195879 | 1220189 |
| 6.00% 2/20/54 | 2897813 | 2952935 |
| 6.00% 9/20/54 | 3665461 | 3722438 |
| 6.50% 5/15/38 | 6609 | 6874 |
| 6.50% 7/15/38 | 52240 | 54414 |
| 6.50% 10/15/38 | 3413 | 3626 |
| 6.50% 2/15/39 | 49314 | 51307 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 6.50% 8/15/39 | 2937 | $3059 |
| 6.50% 1/20/54 | 667572 | 686600 |
| 6.50% 6/20/54 | 2171456 | 2232223 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| 2.50% 7/20/54 | 1000000 | 849439 |
| 4.50% 7/20/54 | 400000 | 382823 |
| 5.00% 7/20/54 | 2650000 | 2602690 |
| 5.50% 7/20/54 | 3375000 | 3379429 |
| 6.00% 7/20/54 | 2825000 | 2866266 |
| 6.50% 7/20/54 | 1750000 | 1796427 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 2.50% 7/1/55 | 3300000 | 2735603 |
| 4.00% 7/1/39 | 800000 | 782417 |
| 4.50% 7/1/54 | 1000000 | 956421 |
| 5.00% 7/1/39 | 1250000 | 1258980 |
| 5.00% 7/1/54 | 1800000 | 1763820 |
| 5.50% 8/1/54 | 5075000 | 5073839 |
| 6.00% 7/1/54 | 4750000 | 4826583 |
| 6.50% 7/1/54 | 1850000 | 1910082 |
| 7.00% 7/1/54 | 1875000 | 1973816 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $694,559,107)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $694,559,107)** | **624249589** |
| **AGENCY OBLIGATIONS–0.58%** | **AGENCY OBLIGATIONS–0.58%** | **AGENCY OBLIGATIONS–0.58%** |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 1.25% 12/21/26 | 1000000 | 962711 |
| 3.25% 11/16/28 | 1255000 | 1237892 |
| 3.88% 6/4/27 | 2405000 | 2410783 |
| Series 677 5.50% 7/15/36 | 300000 | 326985 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 6.25% 7/15/32 | 750000 | 850354 |
| 6.75% 9/15/29 | 100000 | 111393 |
| 6.75% 3/15/31 | 300000 | 343248 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 0.75% 10/8/27 | 850000 | 795214 |
| 0.88% 8/5/30 | 5000000 | 4319868 |
| 5.63% 7/15/37 | 100000 | 109584 |
| 6.25% 5/15/29 | 500000 | 544552 |
| 6.63% 11/15/30 | 300000 | 339426 |
| 7.13% 1/15/30 | 500000 | 568638 |
| 7.25% 5/15/30 | 500000 | 575840 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| 4.63% 9/15/60 | 150000 | 130636 |
| 4.65% 6/15/35 | 500000 | 507602 |
| Series B 4.70% 7/15/33 | 200000 | 204378 |
| 5.38% 4/1/56 | 200000 | 198703 |
| 5.88% 4/1/36 | 75000 | 82918 |
| 6.15% 1/15/38 | 100000 | 113054 |
| 7.13% 5/1/30 | 100000 | 114373 |
| **Total Agency Obligations** <br>**(Cost $14,788,004)** | **Total Agency Obligations** <br>**(Cost $14,788,004)** | **14848152** |

---

LVIP SSGA Bond Index Fund-9

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS–24.07%** | **CORPORATE BONDS–24.07%** | **CORPORATE BONDS–24.07%** |
| **Advertising–0.03%** | **Advertising–0.03%** | **Advertising–0.03%** |
| Interpublic Group of Cos., <br> Inc.<br>|  |  |
| 2.40% 3/1/31 | 100000 | $88876 |
| 3.38% 3/1/41 | 70000 | 51991 |
| 5.38% 6/15/33 | 175000 | 177574 |
| Omnicom Group, Inc. |  |  |
| 2.45% 4/30/30 | 100000 | 91088 |
| 5.30% 11/1/34 | 250000 | 252154 |
|  |  | **661683** |
| **Aerospace & Defense–0.45%** | **Aerospace & Defense–0.45%** | **Aerospace & Defense–0.45%** |
| Boeing Co. |  |  |
| 2.70% 2/1/27 | 75000 | 72896 |
| 2.95% 2/1/30 | 150000 | 139059 |
| 3.20% 3/1/29 | 100000 | 95190 |
| 3.25% 2/1/28 | 150000 | 145490 |
| 3.25% 3/1/28 | 95000 | 91753 |
| 3.25% 2/1/35 | 100000 | 84223 |
| 3.55% 3/1/38 | 65000 | 52149 |
| 3.60% 5/1/34 | 100000 | 88132 |
| 3.63% 2/1/31 | 85000 | 80081 |
| 3.63% 3/1/48 | 35000 | 24227 |
| 3.75% 2/1/50 | 150000 | 105929 |
| 3.85% 11/1/48 | 35000 | 25139 |
| 3.90% 5/1/49 | 100000 | 71620 |
| 3.95% 8/1/59 | 150000 | 102539 |
| 5.04% 5/1/27 | 250000 | 251862 |
| 5.15% 5/1/30 | 500000 | 509050 |
| 5.71% 5/1/40 | 450000 | 444573 |
| 5.81% 5/1/50 | 500000 | 479500 |
| 5.93% 5/1/60 | 350000 | 332697 |
| 6.13% 2/15/33 | 50000 | 52741 |
| 6.26% 5/1/27 | 45000 | 46297 |
| 6.30% 5/1/29 | 125000 | 132144 |
| 6.53% 5/1/34 | 80000 | 86922 |
| 6.86% 5/1/54 | 45000 | 49262 |
| 6.88% 3/15/39 | 100000 | 109139 |
| GE Capital Funding LLC <br> 4.55% 5/15/32<br>| 250000 | 248419 |
| General Dynamics Corp. |  |  |
| 2.13% 8/15/26 | 150000 | 146898 |
| 2.63% 11/15/27 | 100000 | 96892 |
| 3.75% 5/15/28 | 160000 | 159111 |
| 4.25% 4/1/50 | 300000 | 252377 |
| Howmet Aerospace, Inc. <br> 4.85% 10/15/31<br>| 150000 | 151908 |
| L3Harris Technologies, Inc. |  |  |
| 3.85% 12/15/26 | 75000 | 74555 |
| 4.40% 6/15/28 | 150000 | 150391 |
| 4.85% 4/27/35 | 70000 | 68483 |
| 5.05% 4/27/45 | 70000 | 65311 |
| 5.40% 1/15/27 | 165000 | 167734 |
| 5.40% 7/31/33 | 250000 | 256795 |
| 5.50% 8/15/54 | 200000 | 193953 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Lockheed Martin Corp. |  |  |
| 1.85% 6/15/30 | 45000 | $40003 |
| 2.80% 6/15/50 | 50000 | 31322 |
| 3.60% 3/1/35 | 150000 | 135794 |
| 3.80% 3/1/45 | 250000 | 196982 |
| 4.07% 12/15/42 | 279000 | 234359 |
| 4.50% 5/15/36 | 40000 | 38450 |
| 4.70% 5/15/46 | 109000 | 97155 |
| 4.75% 2/15/34 | 350000 | 347942 |
| 4.80% 8/15/34 | 115000 | 114605 |
| 5.10% 11/15/27 | 100000 | 102519 |
| 5.25% 1/15/33 | 200000 | 207608 |
| 5.70% 11/15/54 | 70000 | 70612 |
| 5.90% 11/15/63 | 90000 | 92947 |
| Northrop Grumman Corp. |  |  |
| 3.20% 2/1/27 | 100000 | 98376 |
| 3.25% 1/15/28 | 125000 | 122119 |
| 4.70% 3/15/33 | 115000 | 114647 |
| 4.90% 6/1/34 | 250000 | 249269 |
| 5.05% 11/15/40 | 100000 | 96078 |
| 5.20% 6/1/54 | 400000 | 372697 |
| 5.25% 5/1/50 | 200000 | 187426 |
| RTX Corp. |  |  |
| 2.25% 7/1/30 | 100000 | 90362 |
| 2.38% 3/15/32 | 200000 | 174023 |
| 3.03% 3/15/52 | 140000 | 89805 |
| 3.13% 5/4/27 | 350000 | 343122 |
| 3.13% 7/1/50 | 600000 | 397763 |
| 3.50% 3/15/27 | 107000 | 105712 |
| 3.75% 11/1/46 | 100000 | 76297 |
| 4.05% 5/4/47 | 50000 | 39876 |
| 4.13% 11/16/28 | 180000 | 179274 |
| 4.15% 5/15/45 | 250000 | 204736 |
| 4.35% 4/15/47 | 70000 | 58155 |
| 4.45% 11/16/38 | 60000 | 55288 |
| 4.63% 11/16/48 | 100000 | 85946 |
| 4.70% 12/15/41 | 200000 | 181694 |
| 5.38% 2/27/53 | 160000 | 153154 |
| 6.10% 3/15/34 | 500000 | 540555 |
|  |  | **11432113** |
| **Agriculture–0.30%** | **Agriculture–0.30%** | **Agriculture–0.30%** |
| Altria Group, Inc. |  |  |
| 2.45% 2/4/32 | 200000 | 172495 |
| 2.63% 9/16/26 | 145000 | 142184 |
| 3.40% 5/6/30 | 25000 | 23741 |
| 3.40% 2/4/41 | 415000 | 307856 |
| 3.88% 9/16/46 | 200000 | 147917 |
| 4.00% 2/4/61 | 385000 | 271785 |
| 4.45% 5/6/50 | 40000 | 31303 |
| 4.50% 5/2/43 | 100000 | 83366 |
| 4.80% 2/14/29 | 225000 | 227496 |
| 5.38% 1/31/44 | 63000 | 59478 |
| 5.80% 2/14/39 | 165000 | 167174 |

---

LVIP SSGA Bond Index Fund-10

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| Archer-Daniels-Midland Co. |  |  |
| 2.70% 9/15/51 | 250000 | $152027 |
| 4.50% 3/15/49 | 500000 | 426965 |
| BAT Capital Corp. |  |  |
| 2.26% 3/25/28 | 75000 | 70958 |
| 2.73% 3/25/31 | 150000 | 135082 |
| 3.22% 9/6/26 | 150000 | 147917 |
| 3.46% 9/6/29 | 200000 | 192292 |
| 3.56% 8/15/27 | 200000 | 196792 |
| 3.98% 9/25/50 | 100000 | 71133 |
| 4.39% 8/15/37 | 275000 | 245910 |
| 4.76% 9/6/49 | 100000 | 82440 |
| 5.35% 8/15/32 | 250000 | 255681 |
| 5.63% 8/15/35 | 250000 | 254393 |
| 6.25% 8/15/55 | 180000 | 182308 |
| 6.42% 8/2/33 | 250000 | 271505 |
| 7.08% 8/2/53 | 125000 | 139231 |
| 7.75% 10/19/32 | 110000 | 127139 |
| BAT International Finance <br> PLC 5.93% 2/2/29<br>| 195000 | 204635 |
| Bunge Ltd. Finance Corp. |  |  |
| 3.25% 8/15/26 | 45000 | 44445 |
| 3.75% 9/25/27 | 55000 | 54531 |
| JBS USA LUX SARL/JBS USA <br> Food Co./JBS USA Foods <br> Group 5.95% 4/20/35<br>| 125000 | 129497 |
| Philip Morris International, <br> Inc.<br>|  |  |
| 2.10% 5/1/30 | 55000 | 49547 |
| 3.13% 8/17/27 | 150000 | 146688 |
| 4.25% 11/10/44 | 85000 | 72176 |
| 4.50% 3/20/42 | 100000 | 88095 |
| 4.63% 11/1/29 | 250000 | 252332 |
| 4.88% 2/15/28 | 350000 | 355894 |
| 4.90% 11/1/34 | 250000 | 248810 |
| 5.13% 11/17/27 | 155000 | 158101 |
| 5.13% 2/15/30 | 100000 | 102883 |
| 5.25% 9/7/28 | 250000 | 257138 |
| 5.50% 9/7/30 | 250000 | 261326 |
| 5.63% 9/7/33 | 250000 | 261963 |
| 5.75% 11/17/32 | 115000 | 121578 |
| Reynolds American, Inc. |  |  |
| 5.70% 8/15/35 | 50000 | 51041 |
| 5.85% 8/15/45 | 180000 | 173664 |
| 6.15% 9/15/43 | 125000 | 126457 |
|  |  | **7747369** |
| **Airlines–0.06%** | **Airlines–0.06%** | **Airlines–0.06%** |
| ♦American Airlines <br> Pass-Through Trust<br>|  |  |
| 3.00% 4/15/30 | 35897 | 33955 |
| 3.20% 12/15/29 | 303500 | 290897 |
| 3.65% 8/15/30 | 61500 | 59450 |
| ♦Delta Air Lines Pass-Through <br> Trust 2.00% 12/10/29<br>| 105155 | 98976 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| ♦JetBlue Pass-Through Trust |  |  |
| 2.75% 11/15/33 | 37197 | $32552 |
| 4.00% 5/15/34 | 17638 | 16513 |
| Southwest Airlines Co. |  |  |
| 2.63% 2/10/30 | 100000 | 91098 |
| 5.13% 6/15/27 | 265000 | 267369 |
| ♦United Airlines Pass-Through <br> Trust<br>|  |  |
| 2.70% 11/1/33 | 71905 | 64249 |
| 3.10% 1/7/30 | 60426 | 57738 |
| 3.50% 9/1/31 | 91839 | 86523 |
| 3.75% 3/3/28 | 94431 | 92843 |
| 4.15% 2/25/33 | 78910 | 75573 |
| 5.45% 8/15/38 | 59478 | 60026 |
| 5.88% 4/15/29 | 119249 | 121681 |
|  |  | **1449443** |
| **Apparel–0.04%** | **Apparel–0.04%** | **Apparel–0.04%** |
| NIKE, Inc. |  |  |
| 2.38% 11/1/26 | 150000 | 146814 |
| 2.85% 3/27/30 | 500000 | 471029 |
| 3.38% 11/1/46 | 100000 | 72170 |
| 3.63% 5/1/43 | 100000 | 79194 |
| 3.88% 11/1/45 | 100000 | 79406 |
| Ralph Lauren Corp. 2.95% <br> 6/15/30<br>| 55000 | 51395 |
| Tapestry, Inc. |  |  |
| 3.05% 3/15/32 | 100000 | 89329 |
| 4.13% 7/15/27 | 35000 | 34754 |
|  |  | **1024091** |
| **Auto Manufacturers–0.55%** | **Auto Manufacturers–0.55%** | **Auto Manufacturers–0.55%** |
| American Honda Finance <br> Corp.<br>|  |  |
| 1.30% 9/9/26 | 165000 | 159148 |
| 2.00% 3/24/28 | 115000 | 108043 |
| 2.35% 1/8/27 | 100000 | 97054 |
| 4.45% 10/22/27 | 170000 | 170501 |
| 4.70% 1/12/28 | 175000 | 176594 |
| 4.85% 10/23/31 | 250000 | 250673 |
| 4.90% 7/9/27 | 70000 | 70860 |
| 4.90% 1/10/34 | 160000 | 158324 |
| 5.25% 7/7/26 | 150000 | 151259 |
| 5.85% 10/4/30 | 220000 | 232454 |
| Cummins, Inc. 4.88% 10/1/43 | 64000 | 59816 |
| Ford Motor Credit Co. LLC |  |  |
| 5.80% 3/5/27 | 600000 | 604734 |
| 5.92% 3/20/28 | 200000 | 202030 |
| 6.05% 3/5/31 | 750000 | 748459 |
| 6.05% 11/5/31 | 200000 | 198968 |
| 6.13% 3/8/34 | 250000 | 243363 |
| 6.50% 2/7/35 | 250000 | 249654 |
| 6.53% 3/19/32 | 700000 | 709919 |
| 6.80% 11/7/28 | 205000 | 212389 |
| 7.12% 11/7/33 | 285000 | 295783 |

---

LVIP SSGA Bond Index Fund-11

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Ford Motor Credit Co. <br> LLC (continued)<br>|  |  |
| 7.20% 6/10/30 | 400000 | $420958 |
| General Motors Co. |  |  |
| 5.00% 10/1/28 | 150000 | 151452 |
| 5.15% 4/1/38 | 125000 | 116313 |
| 5.40% 4/1/48 | 200000 | 173721 |
| 5.95% 4/1/49 | 100000 | 93476 |
| 6.25% 10/2/43 | 350000 | 343307 |
| 6.60% 4/1/36 | 305000 | 323027 |
| 6.75% 4/1/46 | 75000 | 76580 |
| 6.80% 10/1/27 | 200000 | 208241 |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 2.35% 2/26/27 | 150000 | 144557 |
| 2.35% 1/8/31 | 250000 | 216548 |
| 2.40% 4/10/28 | 100000 | 94081 |
| 2.70% 8/20/27 | 250000 | 240134 |
| 3.10% 1/12/32 | 150000 | 131795 |
| 3.60% 6/21/30 | 250000 | 233930 |
| 3.85% 1/5/28 | 100000 | 97959 |
| 4.35% 1/17/27 | 180000 | 179204 |
| 4.90% 10/6/29 | 125000 | 124785 |
| 5.45% 9/6/34 | 110000 | 107820 |
| 5.55% 7/15/29 | 45000 | 45969 |
| 5.60% 6/18/31 | 155000 | 158091 |
| 5.63% 4/4/32 | 180000 | 182125 |
| 5.75% 2/8/31 | 75000 | 77064 |
| 5.80% 6/23/28 | 200000 | 205992 |
| 5.85% 4/6/30 | 145000 | 149897 |
| 5.90% 1/7/35 | 250000 | 251326 |
| 5.95% 4/4/34 | 45000 | 45640 |
| 6.00% 1/9/28 | 100000 | 102992 |
| 6.10% 1/7/34 | 250000 | 257307 |
| Honda Motor Co. Ltd. |  |  |
| 2.53% 3/10/27 | 85000 | 82465 |
| 2.97% 3/10/32 | 100000 | 89744 |
| Mercedes-Benz Finance <br> North America LLC 8.50% <br> 1/18/31<br>| 200000 | 237811 |
| PACCAR Financial Corp. |  |  |
| 4.45% 8/6/27 | 165000 | 166907 |
| 4.60% 1/10/28 | 100000 | 101282 |
| 4.95% 8/10/28 | 250000 | 256153 |
| Toyota Motor Corp. |  |  |
| 2.76% 7/2/29 | 70000 | 66335 |
| 3.67% 7/20/28 | 105000 | 104129 |
| 5.12% 7/13/33 | 250000 | 256657 |
| Toyota Motor Credit Corp. |  |  |
| 1.15% 8/13/27 | 120000 | 112822 |
| 1.90% 1/13/27 | 200000 | 193192 |
| 1.90% 4/6/28 | 100000 | 94340 |
| 2.40% 1/13/32 | 200000 | 174824 |
| 3.05% 3/22/27 | 200000 | 196275 |
| 3.20% 1/11/27 | 100000 | 98564 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Toyota Motor Credit <br> Corp. (continued)<br>|  |  |
| 4.63% 1/12/28 | 160000 | $161936 |
| 5.00% 3/19/27 | 65000 | 65956 |
| 5.05% 5/16/29 | 250000 | 256633 |
| 5.10% 3/21/31 | 145000 | 148939 |
| 5.45% 11/10/27 | 200000 | 205900 |
| 5.55% 11/20/30 | 800000 | 842132 |
|  |  | **13967312** |
| **Auto Parts & Equipment–0.02%** | **Auto Parts & Equipment–0.02%** | **Auto Parts & Equipment–0.02%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25% 3/1/32 | 100000 | 89502 |
| 4.15% 5/1/52 | 125000 | 89567 |
| 4.35% 3/15/29 | 65000 | 64060 |
| 5.40% 3/15/49 | 150000 | 128393 |
| BorgWarner, Inc. 2.65% <br> 7/1/27<br>| 125000 | 120937 |
| Lear Corp. |  |  |
| 3.80% 9/15/27 | 100000 | 98480 |
| 4.25% 5/15/29 | 50000 | 49085 |
|  |  | **640024** |
| **Banks–5.54%** | **Banks–5.54%** | **Banks–5.54%** |
| Australia & New Zealand <br> Banking Group Ltd.<br>|  |  |
| 4.62% 12/16/29 | 250000 | 254025 |
| 4.75% 1/18/27 | 250000 | 252546 |
| Banco Santander SA |  |  |
| μ1.72% 9/14/27 | 200000 | 193195 |
| 2.96% 3/25/31 | 200000 | 182580 |
| 3.49% 5/28/30 | 200000 | 190322 |
| 4.25% 4/11/27 | 200000 | 199499 |
| 4.38% 4/12/28 | 200000 | 199460 |
| μ5.37% 7/15/28 | 280000 | 285151 |
| 5.44% 7/15/31 | 350000 | 363578 |
| 5.59% 8/8/28 | 200000 | 206607 |
| 6.03% 1/17/35 | 200000 | 210706 |
| 6.61% 11/7/28 | 200000 | 213342 |
| 6.92% 8/8/33 | 200000 | 216758 |
| 6.94% 11/7/33 | 250000 | 282482 |
| Bank of America Corp. |  |  |
| μ1.73% 7/22/27 | 305000 | 296454 |
| μ1.90% 7/23/31 | 200000 | 175735 |
| μ1.92% 10/24/31 | 350000 | 305230 |
| μ2.09% 6/14/29 | 750000 | 702998 |
| μ2.30% 7/21/32 | 500000 | 435712 |
| μ2.48% 9/21/36 | 300000 | 254205 |
| μ2.50% 2/13/31 | 300000 | 274008 |
| μ2.55% 2/4/28 | 200000 | 194378 |
| μ2.57% 10/20/32 | 250000 | 220340 |
| μ2.65% 3/11/32 | 250000 | 224403 |
| μ2.68% 6/19/41 | 300000 | 213977 |
| μ2.83% 10/24/51 | 75000 | 46951 |
| μ2.88% 10/22/30 | 200000 | 187200 |

---

LVIP SSGA Bond Index Fund-12

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America <br> Corp. (continued)<br>|  |  |
| μ2.97% 2/4/33 | 1125000 | $1007423 |
| μ2.97% 7/21/52 | 500000 | 323168 |
| μ3.19% 7/23/30 | 250000 | 237973 |
| 3.25% 10/21/27 | 500000 | 490466 |
| μ3.42% 12/20/28 | 480000 | 469192 |
| μ3.48% 3/13/52 | 250000 | 178422 |
| μ3.59% 7/21/28 | 350000 | 344627 |
| μ3.82% 1/20/28 | 250000 | 247821 |
| μ3.85% 3/8/37 | 200000 | 183019 |
| μ3.95% 1/23/49 | 250000 | 196289 |
| μ3.97% 2/7/30 | 375000 | 369116 |
| 4.18% 11/25/27 | 250000 | 248991 |
| μ4.27% 7/23/29 | 400000 | 398682 |
| μ4.38% 4/27/28 | 250000 | 249948 |
| μ4.44% 1/20/48 | 200000 | 170967 |
| μ4.57% 4/27/33 | 250000 | 246018 |
| μ4.98% 1/24/29 | 500000 | 507132 |
| 5.00% 1/21/44 | 350000 | 330692 |
| μ5.16% 1/24/31 | 375000 | 384356 |
| μ5.20% 4/25/29 | 200000 | 204392 |
| μ5.29% 4/25/34 | 200000 | 204007 |
| μ5.43% 8/15/35 | 250000 | 249926 |
| μ5.46% 5/9/36 | 900000 | 922872 |
| μ5.47% 1/23/35 | 200000 | 205468 |
| μ5.51% 1/24/36 | 185000 | 190220 |
| μ5.52% 10/25/35 | 250000 | 250002 |
| μ5.82% 9/15/29 | 250000 | 260429 |
| μ5.87% 9/15/34 | 250000 | 263815 |
| 5.88% 2/7/42 | 218000 | 227813 |
| μ5.93% 9/15/27 | 250000 | 254364 |
| 6.11% 1/29/37 | 200000 | 211203 |
| μ6.20% 11/10/28 | 130000 | 135288 |
| 7.75% 5/14/38 | 200000 | 238742 |
| Bank of America NA |  |  |
| 5.53% 8/18/26 | 250000 | 253546 |
| 6.00% 10/15/36 | 400000 | 422849 |
| Bank of Montreal |  |  |
| 2.65% 3/8/27 | 135000 | 131823 |
| μ4.57% 9/10/27 | 100000 | 100230 |
| μ4.64% 9/10/30 | 200000 | 201656 |
| 5.20% 2/1/28 | 200000 | 204538 |
| 5.37% 6/4/27 | 350000 | 357441 |
| 5.51% 6/4/31 | 350000 | 365966 |
| Bank of New York Mellon <br> Corp.<br>|  |  |
| 3.00% 10/30/28 | 55000 | 52971 |
| 3.25% 5/16/27 | 150000 | 147915 |
| 3.30% 8/23/29 | 350000 | 336162 |
| μ3.44% 2/7/28 | 180000 | 177977 |
| 3.85% 4/28/28 | 100000 | 99720 |
| μ4.89% 7/21/28 | 200000 | 202647 |
| μ4.97% 4/26/34 | 85000 | 85265 |
| μ5.06% 7/22/32 | 200000 | 204723 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of New York Mellon <br> Corp. (continued)<br>|  |  |
| μ5.23% 11/20/35 | 750000 | $762571 |
| μ5.61% 7/21/39 | 60000 | 61110 |
| μ5.80% 10/25/28 | 180000 | 186379 |
| μ5.83% 10/25/33 | 145000 | 153789 |
| μ6.32% 10/25/29 | 160000 | 169915 |
| μ6.47% 10/25/34 | 350000 | 385410 |
| Bank of Nova Scotia |  |  |
| 1.30% 9/15/26 | 100000 | 96573 |
| 2.45% 2/2/32 | 200000 | 173983 |
| 2.70% 8/3/26 | 200000 | 196818 |
| 2.95% 3/11/27 | 200000 | 196107 |
| μ4.40% 9/8/28 | 185000 | 185314 |
| μ4.59% 5/4/37 | 65000 | 61518 |
| μ4.74% 11/10/32 | 250000 | 249775 |
| 4.85% 2/1/30 | 105000 | 106995 |
| 5.65% 2/1/34 | 250000 | 262306 |
| BankUnited, Inc. 5.13% <br> 6/11/30<br>| 200000 | 197840 |
| Barclays PLC |  |  |
| μ2.28% 11/24/27 | 200000 | 193945 |
| μ2.65% 6/24/31 | 300000 | 270972 |
| μ2.67% 3/10/32 | 200000 | 177583 |
| μ2.89% 11/24/32 | 200000 | 177007 |
| μ3.33% 11/24/42 | 200000 | 148469 |
| μ3.81% 3/10/42 | 200000 | 156902 |
| 4.34% 1/10/28 | 200000 | 199488 |
| μ4.94% 9/10/30 | 200000 | 201491 |
| 4.95% 1/10/47 | 200000 | 181617 |
| μ4.97% 5/16/29 | 200000 | 202091 |
| 5.25% 8/17/45 | 200000 | 191272 |
| μ5.34% 9/10/35 | 200000 | 198499 |
| μ5.75% 8/9/33 | 600000 | 621928 |
| μ5.79% 2/25/36 | 200000 | 204418 |
| μ6.22% 5/9/34 | 200000 | 212271 |
| μ6.69% 9/13/34 | 205000 | 223802 |
| μ7.39% 11/2/28 | 200000 | 212301 |
| μ7.44% 11/2/33 | 200000 | 226990 |
| BPCE SA 3.38% 12/2/26 | 250000 | 247044 |
| Canadian Imperial Bank of <br> Commerce<br>|  |  |
| 3.60% 4/7/32 | 90000 | 83657 |
| μ4.51% 9/11/27 | 185000 | 185291 |
| μ4.63% 9/11/30 | 160000 | 160018 |
| μ4.86% 1/13/28 | 100000 | 100694 |
| μ4.86% 3/30/29 | 150000 | 151614 |
| μ5.25% 1/13/31 | 100000 | 102432 |
| 5.26% 4/8/29 | 125000 | 128638 |
| 5.99% 10/3/28 | 350000 | 367359 |
| Citibank NA |  |  |
| 4.84% 8/6/29 | 250000 | 255275 |
| μ4.88% 11/19/27 | 350000 | 352129 |
| 4.93% 8/6/26 | 250000 | 251716 |
| 5.80% 9/29/28 | 500000 | 522784 |

---

LVIP SSGA Bond Index Fund-13

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. |  |  |
| μ2.52% 11/3/32 | 145000 | $126780 |
| μ2.56% 5/1/32 | 140000 | 124029 |
| μ2.67% 1/29/31 | 300000 | 275065 |
| μ2.90% 11/3/42 | 100000 | 70815 |
| μ3.06% 1/25/33 | 135000 | 120651 |
| μ3.07% 2/24/28 | 250000 | 244459 |
| 3.20% 10/21/26 | 300000 | 295714 |
| μ3.52% 10/27/28 | 250000 | 244807 |
| μ3.67% 7/24/28 | 200000 | 196875 |
| μ3.79% 3/17/33 | 300000 | 280432 |
| μ3.88% 1/24/39 | 250000 | 215494 |
| μ3.98% 3/20/30 | 750000 | 735132 |
| 4.13% 7/25/28 | 380000 | 377304 |
| 4.30% 11/20/26 | 400000 | 399423 |
| 4.45% 9/29/27 | 300000 | 300288 |
| 4.65% 7/30/45 | 250000 | 219215 |
| 4.65% 7/23/48 | 250000 | 216188 |
| 4.75% 5/18/46 | 150000 | 128022 |
| μ4.79% 3/4/29 | 250000 | 251795 |
| μ4.95% 5/7/31 | 1000000 | 1011397 |
| μ5.17% 2/13/30 | 150000 | 153035 |
| μ5.33% 3/27/36 | 500000 | 503923 |
| μ5.59% 11/19/34 | 250000 | 253884 |
| μ5.61% 3/4/56 | 250000 | 245388 |
| μ5.83% 2/13/35 | 250000 | 255091 |
| 5.88% 2/22/33 | 200000 | 207412 |
| 5.88% 1/30/42 | 150000 | 155076 |
| 6.00% 10/31/33 | 100000 | 105013 |
| μ6.02% 1/24/36 | 225000 | 231056 |
| μ6.17% 5/25/34 | 200000 | 209366 |
| μ6.27% 11/17/33 | 335000 | 360719 |
| 6.63% 6/15/32 | 100000 | 109051 |
| 6.68% 9/13/43 | 150000 | 163630 |
| 8.13% 7/15/39 | 350000 | 440709 |
| μCitizens Financial Group, Inc. |  |  |
| 5.25% 3/5/31 | 110000 | 111473 |
| 5.72% 7/23/32 | 100000 | 103454 |
| 5.84% 1/23/30 | 250000 | 258935 |
| 6.65% 4/25/35 | 260000 | 280248 |
| μComerica, Inc. 5.98% 1/30/30 | 125000 | 128036 |
| Commonwealth Bank of <br> Australia 4.58% 11/27/26<br>| 250000 | 251669 |
| Cooperatieve Rabobank UA |  |  |
| 4.33% 8/28/26 | 250000 | 250531 |
| 4.80% 1/9/29 | 250000 | 254887 |
| 4.88% 1/21/28 | 250000 | 255278 |
| 5.25% 5/24/41 | 150000 | 147631 |
| μDeutsche Bank AG |  |  |
| 2.55% 1/7/28 | 350000 | 339947 |
| 3.55% 9/18/31 | 355000 | 332089 |
| 5.37% 1/10/29 | 165000 | 167896 |
| 5.40% 9/11/35 | 155000 | 154138 |
| 5.71% 2/8/28 | 150000 | 152464 |
| 6.82% 11/20/29 | 150000 | 159993 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μDeutsche Bank <br> AG (continued)<br>|  |  |
| 7.08% 2/10/34 | 200000 | $213199 |
| 7.15% 7/13/27 | 330000 | 338338 |
| Fifth Third Bancorp |  |  |
| μ1.71% 11/1/27 | 220000 | 212418 |
| 2.55% 5/5/27 | 120000 | 116249 |
| μ4.06% 4/25/28 | 90000 | 89417 |
| μ4.90% 9/6/30 | 180000 | 181997 |
| μ5.63% 1/29/32 | 70000 | 72848 |
| μ6.34% 7/27/29 | 55000 | 57932 |
| 8.25% 3/1/38 | 100000 | 119772 |
| μFifth Third Bank NA 4.97% <br> 1/28/28<br>| 250000 | 251830 |
| μFirst Citizens BancShares, <br> Inc.<br>|  |  |
| 5.23% 3/12/31 | 150000 | 150793 |
| 6.25% 3/12/40 | 250000 | 248761 |
| μFirst Horizon Corp. 5.51% <br> 3/7/31<br>| 160000 | 162306 |
| Goldman Sachs Group, Inc. |  |  |
| μ1.95% 10/21/27 | 430000 | 416353 |
| μ2.38% 7/21/32 | 855000 | 746711 |
| μ2.64% 2/24/28 | 90000 | 87408 |
| μ2.65% 10/21/32 | 175000 | 154639 |
| μ2.91% 7/21/42 | 290000 | 207649 |
| μ3.10% 2/24/33 | 200000 | 180009 |
| μ3.44% 2/24/43 | 100000 | 76242 |
| μ3.62% 3/15/28 | 400000 | 394415 |
| μ3.69% 6/5/28 | 135000 | 133081 |
| 3.80% 3/15/30 | 600000 | 585519 |
| μ3.81% 4/23/29 | 400000 | 393630 |
| 3.85% 1/26/27 | 300000 | 298006 |
| μ4.02% 10/31/38 | 350000 | 305259 |
| μ4.22% 5/1/29 | 500000 | 497150 |
| μ4.41% 4/23/39 | 500000 | 450751 |
| μ4.69% 10/23/30 | 1011000 | 1014037 |
| 4.75% 10/21/45 | 150000 | 133346 |
| μ4.94% 4/23/28 | 150000 | 151169 |
| μ5.05% 7/23/30 | 140000 | 142325 |
| 5.15% 5/22/45 | 360000 | 323393 |
| μ5.21% 1/28/31 | 100000 | 102341 |
| μ5.22% 4/23/31 | 100000 | 102517 |
| μ5.33% 7/23/35 | 120000 | 121043 |
| μ5.54% 1/28/36 | 130000 | 133314 |
| μ5.56% 11/19/45 | 350000 | 344588 |
| μ5.73% 4/25/30 | 150000 | 156143 |
| μ5.73% 1/28/56 | 145000 | 144974 |
| μ5.85% 4/25/35 | 65000 | 68165 |
| 5.95% 1/15/27 | 200000 | 205439 |
| 6.25% 2/1/41 | 255000 | 272600 |
| 6.45% 5/1/36 | 200000 | 213732 |
| μ6.48% 10/24/29 | 500000 | 530383 |
| μ6.56% 10/24/34 | 500000 | 552863 |

---

LVIP SSGA Bond Index Fund-14

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HSBC Bank USA NA 7.00% <br> 1/15/39<br>| 100000 | $114708 |
| HSBC Holdings PLC |  |  |
| μ2.01% 9/22/28 | 355000 | 336503 |
| μ2.36% 8/18/31 | 200000 | 177624 |
| μ2.85% 6/4/31 | 250000 | 228465 |
| μ3.97% 5/22/30 | 435000 | 423627 |
| μ4.04% 3/13/28 | 200000 | 198354 |
| μ4.58% 6/19/29 | 235000 | 235339 |
| μ4.76% 3/29/33 | 200000 | 195815 |
| μ4.90% 3/3/29 | 405000 | 408430 |
| μ5.13% 11/19/28 | 200000 | 202543 |
| μ5.13% 3/3/31 | 500000 | 506676 |
| μ5.29% 11/19/30 | 250000 | 255393 |
| μ5.40% 8/11/33 | 200000 | 205147 |
| μ5.45% 3/3/36 | 315000 | 316736 |
| μ5.60% 5/17/28 | 425000 | 432960 |
| μ5.73% 5/17/32 | 370000 | 384660 |
| μ5.87% 11/18/35 | 250000 | 252984 |
| μ5.89% 8/14/27 | 250000 | 253566 |
| 6.10% 1/14/42 | 200000 | 211739 |
| μ6.25% 3/9/34 | 250000 | 267490 |
| μ6.33% 3/9/44 | 200000 | 214686 |
| 6.50% 5/2/36 | 200000 | 212373 |
| 6.50% 9/15/37 | 200000 | 212211 |
| μ6.55% 6/20/34 | 250000 | 265585 |
| 6.80% 6/1/38 | 200000 | 216807 |
| μ7.39% 11/3/28 | 250000 | 265497 |
| HSBC USA, Inc. 4.65% 6/3/28 | 400000 | 403155 |
| Huntington Bancshares, Inc. |  |  |
| 2.55% 2/4/30 | 250000 | 228629 |
| μ5.02% 5/17/33 | 70000 | 69123 |
| μ6.14% 11/18/39 | 65000 | 66261 |
| μ6.21% 8/21/29 | 250000 | 262329 |
| μHuntington National Bank <br> 4.87% 4/12/28<br>| 250000 | 251565 |
| Industrial & Commercial <br> Bank of China Ltd. 3.54% <br> 11/8/27<br>| 250000 | 246473 |
| ING Groep NV |  |  |
| 4.05% 4/9/29 | 370000 | 365491 |
| μ4.25% 3/28/33 | 200000 | 192500 |
| μ5.07% 3/25/31 | 250000 | 254279 |
| μ5.53% 3/25/36 | 210000 | 213776 |
| μ6.08% 9/11/27 | 200000 | 203674 |
| μ6.11% 9/11/34 | 200000 | 212615 |
| JPMorgan Chase & Co. |  |  |
| μ1.47% 9/22/27 | 190000 | 183309 |
| μ1.76% 11/19/31 | 350000 | 303268 |
| μ1.95% 2/4/32 | 150000 | 130081 |
| μ2.07% 6/1/29 | 280000 | 262619 |
| μ2.18% 6/1/28 | 700000 | 672749 |
| μ2.53% 11/19/41 | 350000 | 245323 |
| μ2.55% 11/8/32 | 250000 | 220086 |
| μ2.74% 10/15/30 | 460000 | 428923 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & <br> Co. (continued)<br>|  |  |
| 2.95% 10/1/26 | 500000 | $492721 |
| μ2.95% 2/24/28 | 150000 | 146567 |
| μ2.96% 5/13/31 | 80000 | 73976 |
| μ2.96% 1/25/33 | 200000 | 179766 |
| μ3.11% 4/22/41 | 300000 | 229932 |
| μ3.11% 4/22/51 | 700000 | 471025 |
| μ3.51% 1/23/29 | 310000 | 303658 |
| μ3.54% 5/1/28 | 150000 | 147780 |
| 3.63% 12/1/27 | 260000 | 256345 |
| μ3.70% 5/6/30 | 250000 | 243322 |
| μ3.96% 11/15/48 | 200000 | 159907 |
| μ4.01% 4/23/29 | 350000 | 346921 |
| 4.13% 12/15/26 | 500000 | 499428 |
| μ4.20% 7/23/29 | 300000 | 298733 |
| μ4.32% 4/26/28 | 250000 | 249759 |
| μ4.45% 12/5/29 | 200000 | 200375 |
| μ4.51% 10/22/28 | 600000 | 601794 |
| μ4.57% 6/14/30 | 140000 | 140617 |
| μ4.59% 4/26/33 | 210000 | 207846 |
| μ4.92% 1/24/29 | 160000 | 162149 |
| 4.95% 6/1/45 | 500000 | 456345 |
| μ4.98% 7/22/28 | 95000 | 96218 |
| μ5.00% 7/22/30 | 200000 | 203652 |
| μ5.01% 1/23/30 | 100000 | 101846 |
| μ5.04% 1/23/28 | 125000 | 126192 |
| μ5.10% 4/22/31 | 105000 | 107604 |
| μ5.14% 1/24/31 | 85000 | 87166 |
| μ5.29% 7/22/35 | 85000 | 86498 |
| μ5.30% 7/24/29 | 280000 | 287479 |
| μ5.34% 1/23/35 | 95000 | 97245 |
| μ5.35% 6/1/34 | 615000 | 632725 |
| 5.40% 1/6/42 | 200000 | 200601 |
| μ5.50% 1/24/36 | 165000 | 169950 |
| 5.50% 10/15/40 | 100000 | 102065 |
| μ5.53% 11/29/45 | 165000 | 165367 |
| μ5.57% 4/22/28 | 120000 | 122462 |
| μ5.57% 4/22/36 | 105000 | 108816 |
| μ5.58% 4/22/30 | 110000 | 114219 |
| 5.60% 7/15/41 | 500000 | 513411 |
| μ5.72% 9/14/33 | 1155000 | 1203854 |
| μ5.77% 4/22/35 | 95000 | 99806 |
| μ6.09% 10/23/29 | 230000 | 241743 |
| μ6.25% 10/23/34 | 160000 | 173894 |
| 6.40% 5/15/38 | 450000 | 499922 |
| 8.00% 4/29/27 | 100000 | 106645 |
| JPMorgan Chase Bank NA <br> 5.11% 12/8/26<br>| 250000 | 253165 |
| KeyBank NA 5.85% 11/15/27 | 250000 | 258108 |
| KeyCorp |  |  |
| 2.25% 4/6/27 | 250000 | 241068 |
| μ5.12% 4/4/31 | 250000 | 252984 |

---

LVIP SSGA Bond Index Fund-15

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Kreditanstalt fuer <br> Wiederaufbau<br>|  |  |
| ^0.00% 4/18/36 | 200000 | $124594 |
| ^0.00% 6/29/37 | 500000 | 294664 |
| 1.75% 9/14/29 | 140000 | 129124 |
| 2.88% 4/3/28 | 525000 | 513736 |
| 3.00% 5/20/27 | 315000 | 310467 |
| 3.75% 2/15/28 | 425000 | 425665 |
| 3.75% 7/15/30 | 500000 | 497710 |
| 3.88% 5/15/28 | 890000 | 894076 |
| 3.88% 6/15/28 | 205000 | 205942 |
| 4.00% 6/28/27 | 1000000 | 1004539 |
| 4.00% 3/15/29 | 80000 | 80664 |
| 4.13% 7/15/33 | 200000 | 199499 |
| 4.63% 8/7/26 | 350000 | 352557 |
| 4.63% 3/18/30 | 70000 | 72453 |
| 4.75% 10/29/30 | 400000 | 416759 |
| Landwirtschaftliche <br> Rentenbank<br>|  |  |
| 2.50% 11/15/27 | 300000 | 291651 |
| 4.63% 4/17/29 | 150000 | 154333 |
| 5.00% 10/24/33 | 600000 | 631385 |
| Lloyds Banking Group PLC |  |  |
| μ3.75% 3/18/28 | 200000 | 197558 |
| 4.34% 1/9/48 | 150000 | 118972 |
| 4.38% 3/22/28 | 200000 | 199753 |
| μ5.46% 1/5/28 | 250000 | 253388 |
| μ5.59% 11/26/35 | 200000 | 203443 |
| μ5.68% 1/5/35 | 200000 | 205299 |
| μ5.72% 6/5/30 | 230000 | 238867 |
| μ5.87% 3/6/29 | 200000 | 206748 |
| μ5.99% 8/7/27 | 200000 | 203032 |
| μ7.95% 11/15/33 | 200000 | 229158 |
| μM&T Bank Corp. |  |  |
| 4.83% 1/16/29 | 60000 | 60492 |
| 5.05% 1/27/34 | 170000 | 167598 |
| 5.39% 1/16/36 | 65000 | 64774 |
| 7.41% 10/30/29 | 145000 | 157261 |
| μManufacturers & Traders <br> Trust Co. 4.76% 7/6/28<br>| 400000 | 402776 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>|  |  |
| μ1.64% 10/13/27 | 250000 | 241331 |
| 2.05% 7/17/30 | 200000 | 177617 |
| μ2.34% 1/19/28 | 200000 | 193663 |
| 2.56% 2/25/30 | 200000 | 183603 |
| 3.29% 7/25/27 | 200000 | 196556 |
| 3.74% 3/7/29 | 200000 | 196230 |
| 3.75% 7/18/39 | 200000 | 172259 |
| 4.05% 9/11/28 | 200000 | 199345 |
| 4.15% 3/7/39 | 70000 | 64537 |
| μ5.16% 4/24/31 | 250000 | 255936 |
| μ5.20% 1/16/31 | 200000 | 204817 |
| μ5.24% 4/19/29 | 200000 | 204544 |
| μ5.35% 9/13/28 | 200000 | 204278 |

---

---

| | | |
|:---|:---|:---|
|  | **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. (continued)<br>|  |  |
| μ5.41% 4/19/34 | 200000 | $205486 |
| μ5.47% 9/13/33 | 200000 | 206150 |
| μ5.57% 1/16/36 | 250000 | 256854 |
| μ5.62% 4/24/36 | 250000 | 257079 |
| Mizuho Financial Group, Inc. |  |  |
| μ1.98% 9/8/31 | 200000 | 174972 |
| μ2.26% 7/9/32 | 200000 | 173179 |
| μ3.15% 7/16/30 | 200000 | 189286 |
| 3.17% 9/11/27 | 200000 | 195833 |
| 4.02% 3/5/28 | 200000 | 199149 |
| μ4.25% 9/11/29 | 200000 | 198792 |
| μ5.38% 7/10/30 | 200000 | 205750 |
| μ5.41% 9/13/28 | 200000 | 204448 |
| μ5.42% 5/13/36 | 250000 | 253042 |
| μ5.59% 7/10/35 | 250000 | 257259 |
| μ5.78% 7/6/29 | 200000 | 207654 |
| Morgan Stanley |  |  |
| μ1.51% 7/20/27 | 500000 | 485030 |
| μ1.79% 2/13/32 | 655000 | 560382 |
| μ1.93% 4/28/32 | 250000 | 213747 |
| μ2.24% 7/21/32 | 500000 | 432974 |
| μ2.48% 1/21/28 | 170000 | 165011 |
| μ2.48% 9/16/36 | 250000 | 212434 |
| μ2.51% 10/20/32 | 185000 | 162006 |
| μ2.70% 1/22/31 | 235000 | 216697 |
| μ2.94% 1/21/33 | 135000 | 120487 |
| 3.13% 7/27/26 | 235000 | 232062 |
| •3.59% 7/22/28 | 200000 | 196499 |
| μ3.62% 4/1/31 | 800000 | 767166 |
| 3.63% 1/20/27 | 350000 | 346986 |
| μ3.77% 1/24/29 | 450000 | 443575 |
| 3.95% 4/23/27 | 300000 | 298116 |
| •3.97% 7/22/38 | 130000 | 113198 |
| μ4.21% 4/20/28 | 175000 | 174638 |
| 4.35% 9/8/26 | 300000 | 299463 |
| 4.38% 1/22/47 | 400000 | 340549 |
| μ4.43% 1/23/30 | 165000 | 164768 |
| μ4.99% 4/12/29 | 110000 | 111600 |
| μ5.04% 7/19/30 | 90000 | 91529 |
| μ5.12% 2/1/29 | 165000 | 167880 |
| μ5.16% 4/20/29 | 155000 | 158038 |
| μ5.17% 1/16/30 | 120000 | 122514 |
| μ5.19% 4/17/31 | 135000 | 138393 |
| μ5.23% 1/15/31 | 165000 | 168909 |
| μ5.25% 4/21/34 | 180000 | 183105 |
| μ5.30% 4/20/37 | 160000 | 159406 |
| μ5.32% 7/19/35 | 1135000 | 1148856 |
| μ5.42% 7/21/34 | 265000 | 271467 |
| μ5.45% 7/20/29 | 200000 | 205690 |
| μ5.47% 1/18/35 | 100000 | 102305 |
| μ5.52% 11/19/55 | 155000 | 151471 |
| μ5.59% 1/18/36 | 155000 | 159110 |
| μ5.65% 4/13/28 | 75000 | 76665 |

---

LVIP SSGA Bond Index Fund-16

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley (continued) |  |  |
| μ5.66% 4/18/30 | 165000 | $171387 |
| μ5.66% 4/17/36 | 135000 | 139893 |
| μ5.83% 4/19/35 | 115000 | 120481 |
| 6.25% 8/9/26 | 100000 | 101987 |
| μ6.30% 10/18/28 | 350000 | 364587 |
| μ6.34% 10/18/33 | 325000 | 352855 |
| μ6.41% 11/1/29 | 290000 | 307174 |
| μ6.63% 11/1/34 | 230000 | 253529 |
| 7.25% 4/1/32 | 100000 | 115089 |
| Morgan Stanley Bank NA |  |  |
| μ4.95% 1/14/28 | 250000 | 252014 |
| μ5.02% 1/12/29 | 250000 | 253887 |
| μ5.50% 5/26/28 | 280000 | 285912 |
| 5.88% 10/30/26 | 320000 | 326734 |
| National Australia Bank Ltd. |  |  |
| 4.79% 1/10/29 | 250000 | 255384 |
| 4.90% 1/14/30 | 250000 | 257259 |
| 5.09% 6/11/27 | 250000 | 254688 |
| μNational Bank of Canada <br> 5.60% 7/2/27<br>| 250000 | 252751 |
| μNatWest Group PLC |  |  |
| 3.07% 5/22/28 | 200000 | 195017 |
| 4.45% 5/8/30 | 200000 | 198470 |
| 4.96% 8/15/30 | 370000 | 374247 |
| 5.81% 9/13/29 | 365000 | 379066 |
| Northern Trust Corp. |  |  |
| 1.95% 5/1/30 | 190000 | 170728 |
| 3.65% 8/3/28 | 100000 | 98614 |
| 4.00% 5/10/27 | 135000 | 134835 |
| Oesterreichische <br> Kontrollbank AG<br>|  |  |
| 3.75% 9/5/29 | 535000 | 533506 |
| 4.13% 1/18/29 | 125000 | 126394 |
| 4.25% 3/1/28 | 145000 | 146693 |
| 4.50% 1/24/30 | 215000 | 220845 |
| 5.00% 10/23/26 | 165000 | 167155 |
| PNC Bank NA |  |  |
| 2.70% 10/22/29 | 250000 | 233279 |
| 3.10% 10/25/27 | 250000 | 243858 |
| PNC Financial Services <br> Group, Inc.<br>|  |  |
| 1.15% 8/13/26 | 250000 | 241542 |
| 2.55% 1/22/30 | 150000 | 138941 |
| 3.15% 5/19/27 | 250000 | 245282 |
| 3.45% 4/23/29 | 350000 | 340307 |
| μ5.10% 7/23/27 | 200000 | 201505 |
| μ5.30% 1/21/28 | 60000 | 60902 |
| μ5.40% 7/23/35 | 120000 | 122194 |
| μ5.49% 5/14/30 | 125000 | 129510 |
| μ5.58% 6/12/29 | 175000 | 181234 |
| μ5.68% 1/22/35 | 125000 | 129875 |
| μ5.94% 8/18/34 | 250000 | 264470 |
| μRegions Financial Corp. |  |  |
| 5.50% 9/6/35 | 115000 | 115288 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μRegions Financial <br> Corp. (continued)<br>|  |  |
| 5.72% 6/6/30 | 180000 | $185905 |
| Royal Bank of Canada |  |  |
| 1.40% 11/2/26 | 250000 | 241350 |
| 2.05% 1/21/27 | 100000 | 96969 |
| 3.63% 5/4/27 | 200000 | 198075 |
| 3.88% 5/4/32 | 200000 | 191283 |
| μ4.72% 3/27/28 | 210000 | 211264 |
| 4.95% 2/1/29 | 180000 | 184123 |
| μ4.97% 1/24/29 | 210000 | 213025 |
| μ4.97% 8/2/30 | 70000 | 70975 |
| μ4.97% 5/2/31 | 250000 | 253732 |
| μ5.07% 7/23/27 | 90000 | 90602 |
| μ5.15% 2/4/31 | 250000 | 255140 |
| 5.20% 7/20/26 | 250000 | 252443 |
| 5.20% 8/1/28 | 250000 | 257178 |
| μSantander Holdings USA, Inc. |  |  |
| 2.49% 1/6/28 | 70000 | 67761 |
| 5.35% 9/6/30 | 250000 | 254467 |
| 5.74% 3/20/31 | 155000 | 159115 |
| 6.34% 5/31/35 | 250000 | 261066 |
| 6.50% 3/9/29 | 125000 | 130334 |
| μSantander U.K. Group <br> Holdings PLC<br>|  |  |
| 2.47% 1/11/28 | 200000 | 193633 |
| 4.86% 9/11/30 | 250000 | 249672 |
| 5.69% 4/15/31 | 250000 | 257856 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>|  |  |
| 1.40% 9/17/26 | 200000 | 193096 |
| 1.90% 9/17/28 | 200000 | 185641 |
| 2.13% 7/8/30 | 300000 | 268052 |
| 2.22% 9/17/31 | 200000 | 174111 |
| 2.93% 9/17/41 | 100000 | 72371 |
| 3.04% 7/16/29 | 200000 | 189570 |
| 3.35% 10/18/27 | 150000 | 147217 |
| 3.36% 7/12/27 | 200000 | 196904 |
| 3.94% 7/19/28 | 150000 | 148730 |
| 5.24% 4/15/30 | 250000 | 257495 |
| 5.45% 1/15/32 | 250000 | 258759 |
| 5.52% 1/13/28 | 450000 | 463309 |
| 5.63% 1/15/35 | 250000 | 258717 |
| 5.77% 1/13/33 | 200000 | 210382 |
| 5.78% 7/13/33 | 250000 | 262692 |
| 5.84% 7/9/44 | 90000 | 91508 |
| 6.18% 7/13/43 | 165000 | 175979 |
| Synovus Bank 5.63% 2/15/28 | 250000 | 252709 |
| μSynovus Financial Corp. <br> 6.17% 11/1/30<br>| 40000 | 41034 |
| Toronto-Dominion Bank |  |  |
| 1.25% 9/10/26 | 200000 | 192998 |
| 1.95% 1/12/27 | 250000 | 241692 |
| 2.00% 9/10/31 | 100000 | 87324 |
| 2.45% 1/12/32 | 250000 | 218109 |

---

LVIP SSGA Bond Index Fund-17

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Toronto-Dominion <br> Bank (continued)<br>|  |  |
| 4.57% 12/17/26 | 250000 | $250947 |
| 4.78% 12/17/29 | 250000 | 252935 |
| 4.98% 4/5/27 | 100000 | 101232 |
| 4.99% 4/5/29 | 100000 | 102062 |
| 5.16% 1/10/28 | 350000 | 357148 |
| 5.26% 12/11/26 | 130000 | 131759 |
| 5.52% 7/17/28 | 200000 | 206875 |
| 5.53% 7/17/26 | 200000 | 202463 |
| Truist Financial Corp. |  |  |
| 1.13% 8/3/27 | 200000 | 188000 |
| 1.95% 6/5/30 | 165000 | 146040 |
| μ4.87% 1/26/29 | 40000 | 40462 |
| μ5.12% 1/26/34 | 40000 | 40025 |
| μ5.15% 8/5/32 | 250000 | 254859 |
| μ5.44% 1/24/30 | 140000 | 144196 |
| μ5.71% 1/24/35 | 115000 | 119203 |
| μ5.87% 6/8/34 | 400000 | 417876 |
| μ6.12% 10/28/33 | 250000 | 265698 |
| μ7.16% 10/30/29 | 90000 | 97352 |
| U.S. Bancorp |  |  |
| 1.38% 7/22/30 | 150000 | 129609 |
| μ2.22% 1/27/28 | 200000 | 193285 |
| 2.38% 7/22/26 | 150000 | 147281 |
| μ2.68% 1/27/33 | 200000 | 175328 |
| 3.00% 7/30/29 | 150000 | 142004 |
| 3.90% 4/26/28 | 250000 | 248395 |
| μ4.65% 2/1/29 | 250000 | 251622 |
| μ4.84% 2/1/34 | 250000 | 246855 |
| μ5.10% 7/23/30 | 85000 | 86764 |
| μ5.38% 1/23/30 | 110000 | 113258 |
| μ5.68% 1/23/35 | 120000 | 124581 |
| μ5.78% 6/12/29 | 250000 | 259602 |
| μ5.85% 10/21/33 | 155000 | 163065 |
| μ6.79% 10/26/27 | 250000 | 257355 |
| μU.S. Bank NA 4.51% 10/22/27 | 250000 | 250268 |
| UBS AG |  |  |
| 5.65% 9/11/28 | 250000 | 260350 |
| 7.50% 2/15/28 | 600000 | 647258 |
| Wachovia Corp. 5.50% 8/1/35 | 150000 | 152413 |
| Wells Fargo & Co. |  |  |
| μ2.39% 6/2/28 | 205000 | 197500 |
| μ2.57% 2/11/31 | 115000 | 105353 |
| μ2.88% 10/30/30 | 500000 | 467166 |
| μ3.35% 3/2/33 | 390000 | 356167 |
| μ3.53% 3/24/28 | 140000 | 138057 |
| μ3.58% 5/22/28 | 755000 | 743373 |
| 4.15% 1/24/29 | 300000 | 298863 |
| 4.30% 7/22/27 | 750000 | 750148 |
| 4.40% 6/14/46 | 250000 | 203959 |
| μ4.61% 4/25/53 | 200000 | 170443 |
| 4.65% 11/4/44 | 225000 | 192609 |
| 4.75% 12/7/46 | 350000 | 299951 |
| μ4.90% 1/24/28 | 210000 | 211521 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & <br> Co. (continued)<br>|  |  |
| μ4.97% 4/23/29 | 155000 | $157169 |
| μ5.01% 4/4/51 | 950000 | 864992 |
| μ5.15% 4/23/31 | 210000 | 215074 |
| μ5.20% 1/23/30 | 140000 | 143402 |
| μ5.21% 12/3/35 | 285000 | 286096 |
| μ5.24% 1/24/31 | 175000 | 179522 |
| μ5.39% 4/24/34 | 195000 | 199533 |
| μ5.50% 1/23/35 | 140000 | 143573 |
| μ5.56% 7/25/34 | 600000 | 619216 |
| μ5.61% 4/23/36 | 165000 | 170316 |
| μ5.71% 4/22/28 | 190000 | 194126 |
| μ6.30% 10/23/29 | 385000 | 406902 |
| μ6.49% 10/23/34 | 355000 | 388026 |
| Wells Fargo Bank NA |  |  |
| 5.25% 12/11/26 | 400000 | 405768 |
| 5.45% 8/7/26 | 315000 | 319016 |
| 6.60% 1/15/38 | 450000 | 498004 |
| Westpac Banking Corp. |  |  |
| 2.65% 1/16/30 | 70000 | 65594 |
| μ2.67% 11/15/35 | 125000 | 110260 |
| 2.70% 8/19/26 | 200000 | 196867 |
| 2.96% 11/16/40 | 95000 | 70308 |
| 3.35% 3/8/27 | 250000 | 247161 |
| 3.40% 1/25/28 | 100000 | 98519 |
| μ4.11% 7/24/34 | 95000 | 91805 |
| μ4.32% 11/23/31 | 250000 | 248353 |
| 4.42% 7/24/39 | 70000 | 63541 |
| 5.05% 4/16/29 | 250000 | 257977 |
| 5.46% 11/18/27 | 250000 | 257889 |
| 6.82% 11/17/33 | 350000 | 384866 |
|  |  | **141715449** |
| **Beverages–0.45%** | **Beverages–0.45%** | **Beverages–0.45%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. 4.70% <br> 2/1/36<br>| 550000 | 536662 |
| Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |
| 4.38% 4/15/38 | 285000 | 265925 |
| 4.44% 10/6/48 | 395000 | 335898 |
| 4.75% 1/23/29 | 395000 | 402116 |
| 4.90% 1/23/31 | 160000 | 164594 |
| 4.95% 1/15/42 | 300000 | 283011 |
| 5.00% 6/15/34 | 250000 | 255199 |
| 5.45% 1/23/39 | 165000 | 167836 |
| 5.55% 1/23/49 | 730000 | 724463 |
| 8.20% 1/15/39 | 200000 | 255074 |
| Brown-Forman Corp. 4.00% <br> 4/15/38<br>| 85000 | 74495 |
| Coca-Cola Co. |  |  |
| 1.00% 3/15/28 | 145000 | 134593 |
| 1.45% 6/1/27 | 60000 | 57266 |

---

LVIP SSGA Bond Index Fund-18

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Coca-Cola Co. (continued) |  |  |
| 1.50% 3/5/28 | 145000 | $136284 |
| 1.65% 6/1/30 | 700000 | 620844 |
| 2.00% 3/5/31 | 165000 | 146704 |
| 2.50% 6/1/40 | 70000 | 51037 |
| 2.50% 3/15/51 | 165000 | 99072 |
| 2.60% 6/1/50 | 150000 | 92479 |
| 2.75% 6/1/60 | 150000 | 89363 |
| 2.90% 5/25/27 | 100000 | 98132 |
| 3.00% 3/5/51 | 65000 | 43186 |
| 4.65% 8/14/34 | 140000 | 140714 |
| 5.00% 5/13/34 | 100000 | 102972 |
| 5.20% 1/14/55 | 125000 | 119666 |
| 5.40% 5/13/64 | 145000 | 141455 |
| Coca-Cola Consolidated, Inc. <br> 5.25% 6/1/29<br>| 125000 | 128810 |
| Coca-Cola Femsa SAB de CV <br> 2.75% 1/22/30<br>| 300000 | 279790 |
| Constellation Brands, Inc. |  |  |
| 3.15% 8/1/29 | 100000 | 94996 |
| 3.50% 5/9/27 | 30000 | 29521 |
| 3.60% 2/15/28 | 100000 | 98229 |
| 3.70% 12/6/26 | 100000 | 99179 |
| 4.10% 2/15/48 | 100000 | 77811 |
| 4.50% 5/9/47 | 45000 | 37363 |
| 4.65% 11/15/28 | 125000 | 126113 |
| 4.75% 5/9/32 | 200000 | 198608 |
| 4.90% 5/1/33 | 125000 | 123855 |
| Diageo Capital PLC |  |  |
| 2.38% 10/24/29 | 200000 | 185625 |
| 3.88% 5/18/28 | 200000 | 198749 |
| 3.88% 4/29/43 | 30000 | 24129 |
| 5.38% 10/5/26 | 250000 | 253134 |
| 5.63% 10/5/33 | 250000 | 262755 |
| 5.88% 9/30/36 | 100000 | 107074 |
| Keurig Dr. Pepper, Inc. |  |  |
| 2.25% 3/15/31 | 85000 | 75027 |
| 3.35% 3/15/51 | 60000 | 40306 |
| 3.43% 6/15/27 | 70000 | 68854 |
| 3.95% 4/15/29 | 200000 | 196746 |
| 4.05% 4/15/32 | 135000 | 129732 |
| 4.42% 12/15/46 | 50000 | 41163 |
| 4.50% 4/15/52 | 145000 | 119455 |
| 4.60% 5/25/28 | 150000 | 151146 |
| Molson Coors Beverage Co. |  |  |
| 3.00% 7/15/26 | 110000 | 108363 |
| 4.20% 7/15/46 | 345000 | 275244 |
| 5.00% 5/1/42 | 250000 | 228030 |
| Pepsico Singapore Financing <br> I Pte. Ltd.<br>|  |  |
| 4.55% 2/16/29 | 250000 | 253658 |
| 4.70% 2/16/34 | 250000 | 248770 |
| PepsiCo, Inc. |  |  |
| 1.40% 2/25/31 | 75000 | 64319 |
| 1.95% 10/21/31 | 150000 | 130368 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| PepsiCo, Inc. (continued) |  |  |
| 2.38% 10/6/26 | 80000 | $78407 |
| 2.63% 10/21/41 | 200000 | 141361 |
| 2.75% 3/19/30 | 100000 | 93776 |
| 2.75% 10/21/51 | 135000 | 84223 |
| 3.00% 10/15/27 | 150000 | 146664 |
| 4.45% 5/15/28 | 200000 | 203013 |
| 4.45% 2/15/33 | 200000 | 200125 |
| 4.50% 7/17/29 | 100000 | 101594 |
| 4.65% 2/15/53 | 200000 | 176315 |
| 4.80% 7/17/34 | 100000 | 100651 |
| 5.13% 11/10/26 | 130000 | 131638 |
| 5.25% 7/17/54 | 100000 | 96922 |
|  |  | **11550651** |
| **Biotechnology–0.29%** | **Biotechnology–0.29%** | **Biotechnology–0.29%** |
| Amgen, Inc. |  |  |
| 1.65% 8/15/28 | 200000 | 184869 |
| 2.00% 1/15/32 | 200000 | 170551 |
| 2.20% 2/21/27 | 175000 | 169280 |
| 2.30% 2/25/31 | 100000 | 88933 |
| 2.45% 2/21/30 | 400000 | 366324 |
| 2.60% 8/19/26 | 200000 | 196307 |
| 2.80% 8/15/41 | 200000 | 144506 |
| 3.00% 2/22/29 | 90000 | 85991 |
| 3.00% 1/15/52 | 200000 | 128410 |
| 3.15% 2/21/40 | 200000 | 154055 |
| 3.35% 2/22/32 | 90000 | 83336 |
| 3.38% 2/21/50 | 300000 | 211031 |
| 4.20% 2/22/52 | 90000 | 70467 |
| 4.40% 2/22/62 | 75000 | 58543 |
| 5.15% 3/2/28 | 250000 | 255440 |
| 5.15% 11/15/41 | 250000 | 235586 |
| 5.25% 3/2/30 | 200000 | 206076 |
| 5.25% 3/2/33 | 725000 | 742416 |
| 5.60% 3/2/43 | 90000 | 89281 |
| 5.65% 3/2/53 | 705000 | 688359 |
| 5.75% 3/2/63 | 90000 | 87497 |
| Baxalta, Inc. 5.25% 6/23/45 | 14000 | 13072 |
| Biogen, Inc. |  |  |
| 2.25% 5/1/30 | 75000 | 67580 |
| 3.15% 5/1/50 | 120000 | 75627 |
| 3.25% 2/15/51 | 586000 | 374039 |
| Gilead Sciences, Inc. |  |  |
| 1.20% 10/1/27 | 120000 | 112664 |
| 1.65% 10/1/30 | 95000 | 83046 |
| 2.60% 10/1/40 | 250000 | 179367 |
| 2.80% 10/1/50 | 250000 | 157158 |
| 4.50% 2/1/45 | 80000 | 69701 |
| 4.60% 9/1/35 | 200000 | 194280 |
| 4.75% 3/1/46 | 200000 | 179025 |
| 4.80% 4/1/44 | 200000 | 182702 |
| 5.10% 6/15/35 | 85000 | 86088 |
| 5.25% 10/15/33 | 155000 | 160352 |
| 5.50% 11/15/54 | 250000 | 244900 |

---

LVIP SSGA Bond Index Fund-19

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Illumina, Inc. 5.75% 12/13/27 | 250000 | $256141 |
| Royalty Pharma PLC |  |  |
| 1.75% 9/2/27 | 115000 | 108910 |
| 2.20% 9/2/30 | 105000 | 93078 |
| 3.30% 9/2/40 | 160000 | 120497 |
| 3.55% 9/2/50 | 160000 | 108397 |
| 5.40% 9/2/34 | 250000 | 253294 |
|  |  | **7537176** |
| **Building Materials–0.16%** | **Building Materials–0.16%** | **Building Materials–0.16%** |
| Carrier Global Corp. |  |  |
| 2.49% 2/15/27 | 85000 | 82722 |
| 2.72% 2/15/30 | 120000 | 111518 |
| 3.38% 4/5/40 | 85000 | 67460 |
| 3.58% 4/5/50 | 120000 | 88057 |
| 5.90% 3/15/34 | 125000 | 133082 |
| CRH America Finance, Inc. <br> 5.50% 1/9/35<br>| 250000 | 256202 |
| CRH SMW Finance DAC <br> 5.13% 1/9/30<br>| 200000 | 205058 |
| Fortune Brands Innovations, <br> Inc.<br>|  |  |
| 3.25% 9/15/29 | 150000 | 142133 |
| 5.88% 6/1/33 | 160000 | 167786 |
| Johnson Controls <br> International PLC 4.95% <br> 7/2/64<br>| 68000 | 56807 |
| Johnson Controls <br> International PLC/Tyco Fire <br> & Security Finance SCA<br>|  |  |
| 1.75% 9/15/30 | 85000 | 74608 |
| 2.00% 9/16/31 | 90000 | 77147 |
| 5.50% 4/19/29 | 250000 | 259274 |
| Lennox International, Inc. |  |  |
| 1.70% 8/1/27 | 40000 | 37727 |
| 5.50% 9/15/28 | 200000 | 206241 |
| Martin Marietta Materials, <br> Inc.<br>|  |  |
| 3.45% 6/1/27 | 43000 | 42275 |
| 3.50% 12/15/27 | 100000 | 98049 |
| 4.25% 12/15/47 | 100000 | 81131 |
| 5.15% 12/1/34 | 180000 | 180836 |
| 5.50% 12/1/54 | 90000 | 86779 |
| Masco Corp. |  |  |
| 1.50% 2/15/28 | 75000 | 69634 |
| 2.00% 2/15/31 | 150000 | 129012 |
| 3.13% 2/15/51 | 45000 | 27988 |
| 3.50% 11/15/27 | 60000 | 58719 |
| Mohawk Industries, Inc. <br> 5.85% 9/18/28<br>| 100000 | 103804 |
| Owens Corning |  |  |
| 3.88% 6/1/30 | 150000 | 144806 |
| 3.95% 8/15/29 | 70000 | 68627 |
| 5.50% 6/15/27 | 70000 | 71499 |
| 5.70% 6/15/34 | 110000 | 114246 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Owens Corning (continued) |  |  |
| 5.95% 6/15/54 | 115000 | $116265 |
| Trane Technologies Financing <br> Ltd. 5.25% 3/3/33<br>| 45000 | 46400 |
| Trane Technologies Global <br> Holding Co. Ltd.<br>|  |  |
| 3.75% 8/21/28 | 100000 | 98815 |
| 4.30% 2/21/48 | 100000 | 81990 |
| 5.75% 6/15/43 | 100000 | 101185 |
| Vulcan Materials Co. |  |  |
| 3.90% 4/1/27 | 45000 | 44691 |
| 5.35% 12/1/34 | 250000 | 254492 |
| 5.70% 12/1/54 | 150000 | 148800 |
|  |  | **4135865** |
| **Chemicals–0.28%** | **Chemicals–0.28%** | **Chemicals–0.28%** |
| Air Products & Chemicals, <br> Inc.<br>|  |  |
| 4.60% 2/8/29 | 250000 | 253588 |
| 4.85% 2/8/34 | 250000 | 250620 |
| Albemarle Corp. |  |  |
| 5.05% 6/1/32 | 100000 | 96203 |
| 5.45% 12/1/44 | 100000 | 83469 |
| 5.65% 6/1/52 | 100000 | 83355 |
| Cabot Corp. 4.00% 7/1/29 | 100000 | 97520 |
| Dow Chemical Co. |  |  |
| 2.10% 11/15/30 | 250000 | 220450 |
| 3.60% 11/15/50 | 250000 | 168896 |
| 4.80% 5/15/49 | 95000 | 77763 |
| 5.15% 2/15/34 | 250000 | 249898 |
| 5.25% 11/15/41 | 100000 | 91426 |
| 6.30% 3/15/33 | 155000 | 166206 |
| 7.38% 11/1/29 | 25000 | 27706 |
| 9.40% 5/15/39 | 58000 | 75936 |
| DuPont de Nemours, Inc. |  |  |
| 4.73% 11/15/28 | 350000 | 355313 |
| 5.32% 11/15/38 | 82000 | 84882 |
| Eastman Chemical Co. |  |  |
| 4.65% 10/15/44 | 70000 | 59238 |
| 4.80% 9/1/42 | 250000 | 218638 |
| Ecolab, Inc. |  |  |
| 1.30% 1/30/31 | 195000 | 165745 |
| 2.13% 8/15/50 | 250000 | 136539 |
| 2.70% 11/1/26 | 45000 | 44142 |
| 5.25% 1/15/28 | 300000 | 309018 |
| Huntsman International LLC |  |  |
| 2.95% 6/15/31 | 45000 | 37876 |
| 4.50% 5/1/29 | 90000 | 85351 |
| Linde, Inc. |  |  |
| 1.10% 8/10/30 | 250000 | 215005 |
| 2.00% 8/10/50 | 160000 | 83819 |
| LYB International Finance <br> III LLC<br>|  |  |
| 2.25% 10/1/30 | 45000 | 39856 |
| 3.38% 10/1/40 | 60000 | 44307 |

---

LVIP SSGA Bond Index Fund-20

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| LYB International Finance <br> III LLC (continued)<br>|  |  |
| 3.63% 4/1/51 | 85000 | $56846 |
| 3.80% 10/1/60 | 60000 | 38773 |
| 4.20% 10/15/49 | 125000 | 92769 |
| 5.63% 5/15/33 | 500000 | 511235 |
| Mosaic Co. |  |  |
| 4.05% 11/15/27 | 150000 | 148874 |
| 5.45% 11/15/33 | 104000 | 106376 |
| NewMarket Corp. 2.70% <br> 3/18/31<br>| 200000 | 178815 |
| Nutrien Ltd. |  |  |
| 2.95% 5/13/30 | 100000 | 93088 |
| 3.95% 5/13/50 | 100000 | 73767 |
| 4.13% 3/15/35 | 100000 | 91029 |
| 4.90% 3/27/28 | 115000 | 116628 |
| 5.40% 6/21/34 | 250000 | 254146 |
| PPG Industries, Inc. |  |  |
| 2.55% 6/15/30 | 50000 | 45548 |
| 2.80% 8/15/29 | 100000 | 94060 |
| RPM International, Inc. |  |  |
| 2.95% 1/15/32 | 125000 | 110223 |
| 3.75% 3/15/27 | 100000 | 98763 |
| 5.25% 6/1/45 | 100000 | 91792 |
| Sherwin-Williams Co. |  |  |
| 2.30% 5/15/30 | 60000 | 54236 |
| 2.95% 8/15/29 | 100000 | 94466 |
| 3.30% 5/15/50 | 100000 | 67331 |
| 3.45% 6/1/27 | 145000 | 143023 |
| 4.50% 6/1/47 | 88000 | 73615 |
| 4.55% 3/1/28 | 250000 | 252147 |
| 4.80% 9/1/31 | 105000 | 106125 |
| Westlake Corp. |  |  |
| 3.60% 8/15/26 | 150000 | 148459 |
| 5.00% 8/15/46 | 100000 | 86455 |
|  |  | **7051354** |
| **Commercial Services–0.29%** | **Commercial Services–0.29%** | **Commercial Services–0.29%** |
| Automatic Data Processing, <br> Inc.<br>|  |  |
| 1.25% 9/1/30 | 75000 | 64958 |
| 1.70% 5/15/28 | 95000 | 89333 |
| Block Financial LLC 3.88% <br> 8/15/30<br>| 60000 | 56956 |
| California Institute of <br> Technology<br>|  |  |
| 3.65% 9/1/19 | 45000 | 28311 |
| 4.32% 8/1/45 | 60000 | 51437 |
| Cintas Corp. No. 2 3.70% <br> 4/1/27<br>| 100000 | 99276 |
| Emory University |  |  |
| 2.14% 9/1/30 | 35000 | 31446 |
| 2.97% 9/1/50 | 35000 | 22751 |
| Equifax, Inc. |  |  |
| 2.35% 9/15/31 | 350000 | 305237 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Equifax, Inc. (continued) |  |  |
| 5.10% 12/15/27 | 45000 | $45717 |
| Ford Foundation |  |  |
| 2.42% 6/1/50 | 200000 | 116423 |
| 2.82% 6/1/70 | 30000 | 16731 |
| George Washington University |  |  |
| 4.13% 9/15/48 | 200000 | 161237 |
| 4.30% 9/15/44 | 100000 | 84759 |
| Georgetown University |  |  |
| 4.32% 4/1/49 | 50000 | 41382 |
| 5.12% 4/1/53 | 55000 | 50176 |
| 5.22% 10/1/18 | 50000 | 43878 |
| Global Payments, Inc. |  |  |
| 2.15% 1/15/27 | 200000 | 193460 |
| 2.90% 5/15/30 | 115000 | 105730 |
| 2.90% 11/15/31 | 200000 | 176895 |
| 4.45% 6/1/28 | 100000 | 99676 |
| Johns Hopkins University |  |  |
| 2.81% 1/1/60 | 35000 | 20651 |
| 4.71% 7/1/32 | 60000 | 60298 |
| Leland Stanford Junior <br> University<br>|  |  |
| 2.41% 6/1/50 | 60000 | 35455 |
| 4.68% 3/1/35 | 250000 | 248263 |
| Massachusetts Institute of <br> Technology<br>|  |  |
| 3.07% 4/1/52 | 200000 | 132770 |
| 3.89% 7/1/16 | 55000 | 38036 |
| 5.60% 7/1/11 | 200000 | 199085 |
| Moody's Corp. |  |  |
| 2.00% 8/19/31 | 100000 | 86785 |
| 2.75% 8/19/41 | 100000 | 70673 |
| 3.25% 1/15/28 | 65000 | 63638 |
| 3.25% 5/20/50 | 100000 | 67135 |
| 3.75% 2/25/52 | 100000 | 74353 |
| 4.25% 2/1/29 | 100000 | 99967 |
| 4.88% 12/17/48 | 100000 | 89171 |
| Northwestern University |  |  |
| 3.66% 12/1/57 | 75000 | 53222 |
| 4.94% 12/1/35 | 20000 | 20131 |
| PayPal Holdings, Inc. |  |  |
| 2.30% 6/1/30 | 80000 | 72776 |
| 2.65% 10/1/26 | 65000 | 63830 |
| 2.85% 10/1/29 | 95000 | 89655 |
| 3.25% 6/1/50 | 500000 | 340235 |
| 4.45% 3/6/28 | 125000 | 126016 |
| 5.15% 6/1/34 | 200000 | 203145 |
| President & Fellows of <br> Harvard College<br>|  |  |
| 3.15% 7/15/46 | 100000 | 71853 |
| 3.30% 7/15/56 | 100000 | 67721 |
| 3.75% 11/15/52 | 65000 | 49797 |
| 5.26% 3/15/36 | 70000 | 72528 |
| Quanta Services, Inc. |  |  |
| 2.35% 1/15/32 | 55000 | 47352 |

---

LVIP SSGA Bond Index Fund-21

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Quanta Services, <br> Inc. (continued)<br>|  |  |
| 3.05% 10/1/41 | 60000 | $42546 |
| 4.75% 8/9/27 | 85000 | 85713 |
| 5.25% 8/9/34 | 175000 | 177143 |
| RELX Capital, Inc. |  |  |
| 3.00% 5/22/30 | 100000 | 94127 |
| 4.00% 3/18/29 | 200000 | 198480 |
| Rockefeller Foundation 2.49% <br> 10/1/50<br>| 60000 | 35353 |
| S&P Global, Inc. |  |  |
| 1.25% 8/15/30 | 75000 | 64569 |
| 2.30% 8/15/60 | 395000 | 201705 |
| 2.45% 3/1/27 | 70000 | 68118 |
| 2.50% 12/1/29 | 55000 | 51137 |
| 2.70% 3/1/29 | 150000 | 142169 |
| 2.90% 3/1/32 | 105000 | 95457 |
| 2.95% 1/22/27 | 150000 | 147441 |
| 3.25% 12/1/49 | 65000 | 45918 |
| 3.70% 3/1/52 | 35000 | 26457 |
| 3.90% 3/1/62 | 45000 | 33526 |
| 5.25% 9/15/33 | 160000 | 166160 |
| Trustees of Princeton <br> University<br>|  |  |
| 2.52% 7/1/50 | 40000 | 24445 |
| 4.65% 7/1/30 | 75000 | 76758 |
| 5.70% 3/1/39 | 50000 | 53511 |
| Trustees of the University of <br> Pennsylvania 3.61% 2/15/19<br>| 100000 | 63916 |
| UL Solutions, Inc. 6.50% <br> 10/20/28<br>| 250000 | 262966 |
| University of Chicago |  |  |
| 2.55% 4/1/50 | 35000 | 22485 |
| 4.00% 10/1/53 | 60000 | 47371 |
| University of Notre Dame du <br> Lac 3.39% 2/15/48<br>| 100000 | 73561 |
| University of Southern <br> California<br>|  |  |
| 3.03% 10/1/39 | 200000 | 160126 |
| 3.84% 10/1/47 | 55000 | 43344 |
| Verisk Analytics, Inc. |  |  |
| 3.63% 5/15/50 | 20000 | 14283 |
| 4.13% 3/15/29 | 120000 | 119193 |
| 5.25% 6/5/34 | 180000 | 183821 |
| William Marsh Rice <br> University 3.57% 5/15/45<br>| 100000 | 78215 |
|  |  | **7350324** |
| **Computers–0.52%** | **Computers–0.52%** | **Computers–0.52%** |
| Accenture Capital, Inc. 4.25% <br> 10/4/31<br>| 700000 | 693457 |
| Apple, Inc. |  |  |
| 1.20% 2/8/28 | 250000 | 233152 |
| 1.25% 8/20/30 | 100000 | 86754 |
| 1.40% 8/5/28 | 200000 | 185318 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Apple, Inc. (continued) |  |  |
| 1.65% 5/11/30 | 120000 | $106861 |
| 1.70% 8/5/31 | 200000 | 173935 |
| 2.05% 9/11/26 | 200000 | 195414 |
| 2.20% 9/11/29 | 250000 | 232102 |
| 2.40% 8/20/50 | 220000 | 130149 |
| 2.45% 8/4/26 | 250000 | 245732 |
| 2.65% 5/11/50 | 500000 | 313639 |
| 2.70% 8/5/51 | 200000 | 125099 |
| 2.80% 2/8/61 | 250000 | 147834 |
| 2.85% 8/5/61 | 200000 | 119865 |
| 2.95% 9/11/49 | 135000 | 90618 |
| 3.00% 11/13/27 | 200000 | 196137 |
| 3.20% 5/11/27 | 154000 | 152053 |
| 3.35% 2/9/27 | 200000 | 197949 |
| 3.45% 2/9/45 | 125000 | 97142 |
| 3.75% 9/12/47 | 225000 | 177542 |
| 3.75% 11/13/47 | 150000 | 118299 |
| 3.85% 8/4/46 | 135000 | 109270 |
| 3.95% 8/8/52 | 900000 | 717367 |
| 4.00% 5/10/28 | 175000 | 175617 |
| 4.25% 2/9/47 | 25000 | 21430 |
| 4.30% 5/10/33 | 250000 | 250756 |
| 4.38% 5/13/45 | 100000 | 88348 |
| 4.45% 5/6/44 | 200000 | 182367 |
| 4.50% 2/23/36 | 250000 | 249331 |
| 4.85% 5/10/53 | 250000 | 238368 |
| Booz Allen Hamilton, Inc. <br> 5.95% 4/15/35<br>| 145000 | 147159 |
| CGI, Inc. 4.95% 3/14/30 | 200000 | 201988 |
| Dell International LLC/EMC <br> Corp.<br>|  |  |
| 3.38% 12/15/41 | 125000 | 93424 |
| 3.45% 12/15/51 | 250000 | 171330 |
| 4.90% 10/1/26 | 800000 | 803568 |
| 5.50% 4/1/35 | 250000 | 252486 |
| 8.10% 7/15/36 | 73000 | 87986 |
| 8.35% 7/15/46 | 33000 | 42092 |
| Genpact Luxembourg <br> SARL/Genpact USA, Inc. <br> 6.00% 6/4/29<br>| 125000 | 129379 |
| Hewlett Packard Enterprise <br> Co.<br>|  |  |
| 4.55% 10/15/29 | 500000 | 497499 |
| 5.25% 7/1/28 | 250000 | 256260 |
| 6.35% 10/15/45 | 250000 | 256466 |
| HP, Inc. |  |  |
| 3.00% 6/17/27 | 150000 | 146327 |
| 4.20% 4/15/32 | 200000 | 191121 |
| 6.00% 9/15/41 | 305000 | 306262 |
| 6.10% 4/25/35 | 180000 | 186249 |
| IBM International Capital <br> Pte. Ltd.<br>|  |  |
| 4.60% 2/5/29 | 250000 | 252431 |
| 4.90% 2/5/34 | 250000 | 249541 |

---

LVIP SSGA Bond Index Fund-22

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| IBM International Capital <br> Pte. Ltd. (continued)<br>|  |  |
| 5.30% 2/5/54 | 105000 | $98246 |
| International Business <br> Machines Corp.<br>|  |  |
| 1.95% 5/15/30 | 110000 | 98125 |
| 2.20% 2/9/27 | 100000 | 96998 |
| 2.72% 2/9/32 | 155000 | 138008 |
| 2.85% 5/15/40 | 165000 | 121485 |
| 2.95% 5/15/50 | 155000 | 98712 |
| 3.30% 1/27/27 | 100000 | 98715 |
| 3.43% 2/9/52 | 125000 | 86000 |
| 4.00% 6/20/42 | 200000 | 165641 |
| 4.15% 5/15/39 | 200000 | 176168 |
| 4.25% 5/15/49 | 350000 | 281931 |
| 4.75% 2/6/33 | 250000 | 250982 |
| 5.10% 2/6/53 | 250000 | 227741 |
| 5.60% 11/30/39 | 210000 | 215037 |
| 5.88% 11/29/32 | 120000 | 129392 |
| Leidos, Inc. |  |  |
| 2.30% 2/15/31 | 195000 | 170625 |
| 5.50% 3/15/35 | 135000 | 137058 |
| 5.75% 3/15/33 | 45000 | 46881 |
| NetApp, Inc. |  |  |
| 2.38% 6/22/27 | 50000 | 48084 |
| 2.70% 6/22/30 | 50000 | 45688 |
| Teledyne FLIR LLC 2.50% <br> 8/1/30<br>| 35000 | 31710 |
| Western Digital Corp. |  |  |
| 2.85% 2/1/29 | 65000 | 60259 |
| 3.10% 2/1/32 | 110000 | 97299 |
|  |  | **13244258** |
| **Cosmetics & Personal Care–0.15%** | **Cosmetics & Personal Care–0.15%** | **Cosmetics & Personal Care–0.15%** |
| Colgate-Palmolive Co. |  |  |
| 3.70% 8/1/47 | 55000 | 43175 |
| 4.00% 8/15/45 | 100000 | 84031 |
| 4.60% 3/1/28 | 250000 | 254278 |
| Estee Lauder Cos., Inc. |  |  |
| 1.95% 3/15/31 | 115000 | 100130 |
| 3.15% 3/15/27 | 100000 | 98427 |
| 4.15% 3/15/47 | 65000 | 50462 |
| 4.38% 6/15/45 | 250000 | 204355 |
| 4.65% 5/15/33 | 125000 | 123141 |
| Haleon U.S. Capital LLC |  |  |
| 3.38% 3/24/27 | 250000 | 246345 |
| 3.63% 3/24/32 | 250000 | 233895 |
| Kenvue, Inc. 5.05% 3/22/53 | 400000 | 372059 |
| Procter & Gamble Co. |  |  |
| 1.20% 10/29/30 | 100000 | 86314 |
| 2.85% 8/11/27 | 150000 | 146769 |
| 4.05% 1/26/33 | 250000 | 246755 |
| 4.15% 10/24/29 | 190000 | 191281 |
| 4.55% 1/29/34 | 250000 | 250737 |
| 4.55% 10/24/34 | 250000 | 249912 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Unilever Capital Corp. |  |  |
| 1.38% 9/14/30 | 105000 | $91127 |
| 2.00% 7/28/26 | 100000 | 97753 |
| 2.90% 5/5/27 | 150000 | 147145 |
| 3.50% 3/22/28 | 100000 | 98710 |
| 4.88% 9/8/28 | 100000 | 102417 |
| 5.00% 12/8/33 | 100000 | 102466 |
| 5.90% 11/15/32 | 133000 | 145002 |
|  |  | **3766686** |
| **Distribution/Wholesale–0.01%** | **Distribution/Wholesale–0.01%** | **Distribution/Wholesale–0.01%** |
| WW Grainger, Inc. |  |  |
| 4.45% 9/15/34 | 145000 | 141440 |
| 4.60% 6/15/45 | 55000 | 48668 |
|  |  | **190108** |
| **Diversified Financial Services–0.84%** | **Diversified Financial Services–0.84%** | **Diversified Financial Services–0.84%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 150000 | 146141 |
| 3.30% 1/30/32 | 240000 | 217438 |
| 3.40% 10/29/33 | 150000 | 132276 |
| 3.65% 7/21/27 | 150000 | 147724 |
| 3.85% 10/29/41 | 150000 | 119940 |
| 4.63% 10/15/27 | 200000 | 200797 |
| 4.63% 9/10/29 | 150000 | 150033 |
| 4.95% 9/10/34 | 165000 | 161398 |
| 5.10% 1/19/29 | 170000 | 173035 |
| 5.75% 6/6/28 | 210000 | 217255 |
| 6.15% 9/30/30 | 290000 | 309264 |
| Affiliated Managers Group, <br> Inc. 5.50% 8/20/34<br>| 250000 | 249738 |
| Air Lease Corp. |  |  |
| 2.10% 9/1/28 | 70000 | 65294 |
| 2.20% 1/15/27 | 200000 | 193610 |
| 3.13% 12/1/30 | 50000 | 46204 |
| 5.10% 3/1/29 | 400000 | 408522 |
| 5.85% 12/15/27 | 250000 | 258565 |
| Ally Financial, Inc. |  |  |
| μ5.54% 1/17/31 | 55000 | 55773 |
| μ6.99% 6/13/29 | 125000 | 131586 |
| 8.00% 11/1/31 | 600000 | 683172 |
| American Express Co. |  |  |
| 1.65% 11/4/26 | 85000 | 82215 |
| 3.30% 5/3/27 | 230000 | 226515 |
| 4.05% 5/3/29 | 165000 | 164934 |
| 4.05% 12/3/42 | 135000 | 114246 |
| μ4.73% 4/25/29 | 95000 | 96080 |
| μ5.02% 4/25/31 | 90000 | 91900 |
| μ5.04% 7/26/28 | 105000 | 106434 |
| μ5.10% 2/16/28 | 235000 | 237661 |
| μ5.28% 7/26/35 | 165000 | 167039 |
| μ5.53% 4/25/30 | 250000 | 259885 |
| μ5.63% 7/28/34 | 125000 | 127823 |

---

LVIP SSGA Bond Index Fund-23

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| American Express <br> Co. (continued)<br>|  |  |
| μ5.67% 4/25/36 | 65000 | $67309 |
| 5.85% 11/5/27 | 300000 | 310950 |
| μ5.92% 4/25/35 | 125000 | 130483 |
| μ6.49% 10/30/31 | 165000 | 179785 |
| Ameriprise Financial, Inc. |  |  |
| 2.88% 9/15/26 | 100000 | 98520 |
| 5.15% 5/15/33 | 115000 | 117999 |
| 5.20% 4/15/35 | 190000 | 191398 |
| Apollo Global Management, <br> Inc. 5.80% 5/21/54<br>| 165000 | 162952 |
| BGC Group, Inc. 8.00% <br> 5/25/28<br>| 200000 | 213943 |
| BlackRock Funding, Inc. |  |  |
| 4.60% 7/26/27 | 55000 | 55672 |
| 4.90% 1/8/35 | 45000 | 45549 |
| 5.35% 1/8/55 | 40000 | 38985 |
| Blackrock, Inc. |  |  |
| 1.90% 1/28/31 | 50000 | 43996 |
| 2.10% 2/25/32 | 250000 | 215705 |
| 2.40% 4/30/30 | 90000 | 82828 |
| 3.20% 3/15/27 | 167000 | 164726 |
| 3.25% 4/30/29 | 150000 | 145813 |
| Capital One Financial Corp. |  |  |
| μ1.88% 11/2/27 | 250000 | 241484 |
| μ2.36% 7/29/32 | 200000 | 169605 |
| μ2.62% 11/2/32 | 250000 | 218270 |
| μ3.27% 3/1/30 | 200000 | 191302 |
| 3.65% 5/11/27 | 500000 | 494656 |
| 3.75% 3/9/27 | 250000 | 247889 |
| 4.10% 2/9/27 | 115000 | 114461 |
| μ5.47% 2/1/29 | 155000 | 158717 |
| μ6.05% 2/1/35 | 70000 | 72967 |
| μ6.31% 6/8/29 | 165000 | 173200 |
| μ6.38% 6/8/34 | 165000 | 175660 |
| 6.70% 11/29/32 | 200000 | 218383 |
| μ7.62% 10/30/31 | 180000 | 203372 |
| Cboe Global Markets, Inc. <br> 3.65% 1/12/27<br>| 100000 | 99199 |
| Charles Schwab Corp. |  |  |
| 2.00% 3/20/28 | 200000 | 189289 |
| 3.20% 3/2/27 | 100000 | 98479 |
| 3.25% 5/22/29 | 200000 | 193143 |
| 3.30% 4/1/27 | 90000 | 88754 |
| μ5.85% 5/19/34 | 125000 | 132789 |
| μ6.14% 8/24/34 | 250000 | 270495 |
| μ6.20% 11/17/29 | 140000 | 148547 |
| CI Financial Corp. 3.20% <br> 12/17/30<br>| 155000 | 136744 |
| CME Group, Inc. |  |  |
| 2.65% 3/15/32 | 105000 | 94013 |
| 3.75% 6/15/28 | 100000 | 99353 |
| 4.15% 6/15/48 | 75000 | 63182 |
| 4.40% 3/15/30 | 250000 | 251762 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| CME Group, Inc. (continued) |  |  |
| 5.30% 9/15/43 | 100000 | $100003 |
| Eaton Vance Corp. 3.50% <br> 4/6/27<br>| 100000 | 98657 |
| Franklin Resources, Inc. <br> 1.60% 10/30/30<br>| 100000 | 86139 |
| Intercontinental Exchange, <br> Inc.<br>|  |  |
| 1.85% 9/15/32 | 165000 | 136958 |
| 2.10% 6/15/30 | 155000 | 138733 |
| 2.65% 9/15/40 | 165000 | 119546 |
| 3.00% 6/15/50 | 115000 | 75033 |
| 3.00% 9/15/60 | 160000 | 97300 |
| 3.75% 9/21/28 | 105000 | 103409 |
| 4.00% 9/15/27 | 200000 | 199120 |
| 4.25% 9/21/48 | 150000 | 123740 |
| 4.35% 6/15/29 | 85000 | 85296 |
| 4.60% 3/15/33 | 55000 | 54750 |
| 4.95% 6/15/52 | 95000 | 85876 |
| 5.20% 6/15/62 | 145000 | 135388 |
| 5.25% 6/15/31 | 30000 | 31139 |
| Jefferies Financial Group, <br> Inc.<br>|  |  |
| 2.75% 10/15/32 | 155000 | 130464 |
| 5.88% 7/21/28 | 135000 | 140008 |
| 6.20% 4/14/34 | 225000 | 235354 |
| 6.25% 1/15/36 | 100000 | 103628 |
| Lazard Group LLC 3.63% <br> 3/1/27<br>| 100000 | 98167 |
| LPL Holdings, Inc. |  |  |
| 5.15% 6/15/30 | 250000 | 253100 |
| 6.00% 5/20/34 | 250000 | 258518 |
| Mastercard, Inc. |  |  |
| 1.90% 3/15/31 | 100000 | 88267 |
| 2.95% 11/21/26 | 150000 | 147864 |
| 2.95% 6/1/29 | 150000 | 144112 |
| 2.95% 3/15/51 | 45000 | 29596 |
| 3.30% 3/26/27 | 600000 | 593617 |
| 3.65% 6/1/49 | 150000 | 114779 |
| 3.80% 11/21/46 | 100000 | 80152 |
| 4.55% 3/15/28 | 85000 | 86169 |
| 4.95% 3/15/32 | 165000 | 169775 |
| Nasdaq, Inc. |  |  |
| 1.65% 1/15/31 | 200000 | 172442 |
| 2.50% 12/21/40 | 200000 | 138550 |
| 3.95% 3/7/52 | 100000 | 74740 |
| 5.55% 2/15/34 | 210000 | 218793 |
| Nomura Holdings, Inc. |  |  |
| 2.33% 1/22/27 | 200000 | 193436 |
| 2.61% 7/14/31 | 200000 | 176465 |
| 2.71% 1/22/29 | 200000 | 187463 |
| 3.00% 1/22/32 | 200000 | 177084 |
| 5.39% 7/6/27 | 200000 | 203619 |
| 6.07% 7/12/28 | 250000 | 260887 |

---

LVIP SSGA Bond Index Fund-24

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| ORIX Corp. |  |  |
| 2.25% 3/9/31 | 100000 | $88150 |
| 3.70% 7/18/27 | 100000 | 98739 |
| 4.65% 9/10/29 | 250000 | 251815 |
| Raymond James Financial, <br> Inc.<br>|  |  |
| 3.75% 4/1/51 | 250000 | 182062 |
| 4.95% 7/15/46 | 50000 | 44928 |
| Synchrony Financial |  |  |
| 2.88% 10/28/31 | 125000 | 108455 |
| 3.70% 8/4/26 | 200000 | 198113 |
| 5.15% 3/19/29 | 50000 | 50202 |
| μ5.94% 8/2/30 | 90000 | 92473 |
| Visa, Inc. |  |  |
| 1.90% 4/15/27 | 500000 | 482690 |
| 2.00% 8/15/50 | 300000 | 162787 |
| 2.70% 4/15/40 | 100000 | 75548 |
| 2.75% 9/15/27 | 75000 | 73202 |
| 4.15% 12/14/35 | 115000 | 109567 |
| 4.30% 12/14/45 | 530000 | 460716 |
| Voya Financial, Inc. |  |  |
| 4.80% 6/15/46 | 60000 | 51663 |
| 5.70% 7/15/43 | 100000 | 97271 |
| Western Union Co. 2.75% <br> 3/15/31<br>| 100000 | 87626 |
|  |  | **21418968** |
| **Electric–2.10%** | **Electric–2.10%** | **Electric–2.10%** |
| AEP Texas, Inc. |  |  |
| 2.10% 7/1/30 | 100000 | 88849 |
| 3.45% 1/15/50 | 50000 | 33852 |
| 4.15% 5/1/49 | 100000 | 75727 |
| 5.40% 6/1/33 | 180000 | 182595 |
| AEP Transmission Co. LLC |  |  |
| 3.75% 12/1/47 | 100000 | 75709 |
| 4.50% 6/15/52 | 40000 | 33552 |
| AES Corp. 2.45% 1/15/31 | 250000 | 218561 |
| Alabama Power Co. |  |  |
| 1.45% 9/15/30 | 250000 | 216712 |
| 3.05% 3/15/32 | 65000 | 59277 |
| 3.70% 12/1/47 | 100000 | 76168 |
| 3.75% 3/1/45 | 150000 | 116922 |
| 4.30% 1/2/46 | 150000 | 125539 |
| 4.30% 7/15/48 | 65000 | 53744 |
| 6.13% 5/15/38 | 100000 | 107828 |
| Ameren Corp. 1.75% 3/15/28 | 100000 | 93294 |
| Ameren Illinois Co. |  |  |
| 1.55% 11/15/30 | 40000 | 34603 |
| 3.70% 12/1/47 | 100000 | 75203 |
| 3.80% 5/15/28 | 100000 | 99230 |
| 4.95% 6/1/33 | 250000 | 253351 |
| American Electric Power Co., <br> Inc.<br>|  |  |
| 2.30% 3/1/30 | 50000 | 45105 |
| 3.20% 11/13/27 | 100000 | 97545 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| American Electric Power Co., <br> Inc. (continued)<br>|  |  |
| 3.25% 3/1/50 | 65000 | $42419 |
| 5.63% 3/1/33 | 65000 | 67570 |
| 5.95% 11/1/32 | 200000 | 212021 |
| Appalachian Power Co. |  |  |
| 2.70% 4/1/31 | 250000 | 224551 |
| 3.70% 5/1/50 | 100000 | 70640 |
| 5.65% 4/1/34 | 250000 | 257201 |
| Arizona Public Service Co. |  |  |
| 2.95% 9/15/27 | 50000 | 48452 |
| 3.35% 5/15/50 | 70000 | 47458 |
| 3.50% 12/1/49 | 100000 | 68497 |
| 4.25% 3/1/49 | 100000 | 78684 |
| 4.35% 11/15/45 | 100000 | 81850 |
| 4.50% 4/1/42 | 100000 | 85332 |
| 5.05% 9/1/41 | 100000 | 91531 |
| Atlantic City Electric Co. <br> 2.30% 3/15/31<br>| 50000 | 44367 |
| Avangrid, Inc. 3.80% 6/1/29 | 100000 | 97690 |
| Avista Corp. 4.35% 6/1/48 | 100000 | 81713 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90% 6/15/50 | 55000 | 34390 |
| 3.50% 8/15/46 | 200000 | 146758 |
| 3.75% 8/15/47 | 100000 | 75752 |
| 5.30% 6/1/34 | 250000 | 255895 |
| 6.35% 10/1/36 | 100000 | 108691 |
| Berkshire Hathaway Energy <br> Co.<br>|  |  |
| 1.65% 5/15/31 | 90000 | 76656 |
| 2.85% 5/15/51 | 150000 | 91860 |
| 3.25% 4/15/28 | 125000 | 122335 |
| 3.80% 7/15/48 | 70000 | 52832 |
| 4.60% 5/1/53 | 150000 | 125348 |
| 5.95% 5/15/37 | 125000 | 133012 |
| Black Hills Corp. |  |  |
| 3.05% 10/15/29 | 100000 | 93754 |
| 3.88% 10/15/49 | 100000 | 72472 |
| 6.00% 1/15/35 | 95000 | 98529 |
| 6.15% 5/15/34 | 250000 | 262313 |
| CenterPoint Energy Houston <br> Electric LLC<br>|  |  |
| 2.35% 4/1/31 | 85000 | 75548 |
| 2.40% 9/1/26 | 100000 | 97790 |
| 3.00% 2/1/27 | 100000 | 98021 |
| 3.35% 4/1/51 | 125000 | 87210 |
| 4.25% 2/1/49 | 50000 | 40131 |
| 5.05% 3/1/35 | 100000 | 99877 |
| CenterPoint Energy, Inc. <br> 2.95% 3/1/30<br>| 100000 | 93120 |
| Cleco Corporate <br> Holdings LLC 4.97% 5/1/46<br>| 70000 | 60100 |
| Cleveland Electric <br> Illuminating Co. 5.95% <br> 12/15/36<br>| 100000 | 104188 |

---

LVIP SSGA Bond Index Fund-25

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| CMS Energy Corp. 4.88% <br> 3/1/44<br>| 100000 | $89169 |
| Commonwealth Edison Co. |  |  |
| 2.20% 3/1/30 | 100000 | 91055 |
| 2.75% 9/1/51 | 285000 | 172283 |
| 3.13% 3/15/51 | 100000 | 66075 |
| 3.20% 11/15/49 | 145000 | 97920 |
| 3.65% 6/15/46 | 100000 | 75600 |
| 3.70% 8/15/28 | 45000 | 44445 |
| 4.00% 3/1/48 | 250000 | 197721 |
| 4.90% 2/1/33 | 90000 | 90654 |
| 5.30% 6/1/34 | 55000 | 56586 |
| 5.65% 6/1/54 | 65000 | 64404 |
| 6.45% 1/15/38 | 100000 | 110172 |
| Connecticut Light & Power <br> Co.<br>|  |  |
| 4.15% 6/1/45 | 75000 | 61123 |
| 4.30% 4/15/44 | 130000 | 109748 |
| 4.65% 1/1/29 | 250000 | 253079 |
| 4.95% 1/15/30 | 250000 | 255862 |
| 4.95% 8/15/34 | 65000 | 64977 |
| Consolidated Edison Co. of <br> New York, Inc.<br>|  |  |
| 3.00% 12/1/60 | 160000 | 94453 |
| 3.60% 6/15/61 | 200000 | 135938 |
| 3.70% 11/15/59 | 85000 | 58932 |
| 3.80% 5/15/28 | 100000 | 99276 |
| 3.95% 3/1/43 | 150000 | 122019 |
| 4.00% 12/1/28 | 100000 | 99608 |
| 4.30% 12/1/56 | 100000 | 78741 |
| 4.45% 3/15/44 | 200000 | 172246 |
| 4.50% 12/1/45 | 100000 | 85608 |
| 4.63% 12/1/54 | 200000 | 168546 |
| 4.65% 12/1/48 | 100000 | 84892 |
| 5.13% 3/15/35 | 100000 | 101281 |
| 5.50% 12/1/39 | 250000 | 252734 |
| 5.50% 3/15/55 | 100000 | 96924 |
| 5.85% 3/15/36 | 100000 | 105228 |
| 6.30% 8/15/37 | 20000 | 21745 |
| 6.75% 4/1/38 | 25000 | 28397 |
| Constellation Energy <br> Generation LLC<br>|  |  |
| 5.60% 6/15/42 | 292000 | 284111 |
| 6.13% 1/15/34 | 75000 | 80769 |
| 6.25% 10/1/39 | 100000 | 106753 |
| Consumers Energy Co. |  |  |
| 2.50% 5/1/60 | 85000 | 46986 |
| 3.95% 5/15/43 | 150000 | 122555 |
| 4.63% 5/15/33 | 100000 | 99020 |
| 4.65% 3/1/28 | 250000 | 253414 |
| 4.90% 2/15/29 | 250000 | 255212 |
| Dayton Power & Light Co. <br> 3.95% 6/15/49<br>| 95000 | 70196 |
| Delmarva Power & Light Co. <br> 4.15% 5/15/45<br>| 50000 | 41052 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Dominion Energy South <br> Carolina, Inc.<br>|  |  |
| 5.30% 1/15/35 | 110000 | $112456 |
| 6.05% 1/15/38 | 225000 | 238985 |
| 6.25% 10/15/53 | 145000 | 156631 |
| Dominion Energy, Inc. |  |  |
| 2.25% 8/15/31 | 90000 | 78694 |
| 2.85% 8/15/26 | 60000 | 58971 |
| 3.30% 4/15/41 | 30000 | 22143 |
| 4.25% 6/1/28 | 250000 | 249636 |
| 4.60% 3/15/49 | 150000 | 122908 |
| 4.90% 8/1/41 | 60000 | 54104 |
| 5.00% 6/15/30 | 155000 | 158185 |
| 5.45% 3/15/35 | 250000 | 252123 |
| 5.95% 6/15/35 | 25000 | 26280 |
| DTE Electric Co. |  |  |
| 1.90% 4/1/28 | 160000 | 150973 |
| 2.25% 3/1/30 | 150000 | 136910 |
| 3.25% 4/1/51 | 70000 | 47815 |
| 3.70% 6/1/46 | 50000 | 38054 |
| 3.75% 8/15/47 | 100000 | 76097 |
| 3.95% 3/1/49 | 70000 | 54938 |
| 4.05% 5/15/48 | 100000 | 80535 |
| DTE Energy Co. |  |  |
| 2.85% 10/1/26 | 200000 | 196487 |
| 3.40% 6/15/29 | 98000 | 94035 |
| 4.88% 6/1/28 | 210000 | 213086 |
| 4.95% 7/1/27 | 65000 | 65744 |
| 5.20% 4/1/30 | 120000 | 122794 |
| Duke Energy Carolinas LLC |  |  |
| 2.55% 4/15/31 | 75000 | 67867 |
| 3.45% 4/15/51 | 90000 | 63735 |
| 3.95% 3/15/48 | 150000 | 117050 |
| 4.00% 9/30/42 | 150000 | 123980 |
| 4.95% 1/15/33 | 250000 | 254373 |
| 5.25% 3/15/35 | 250000 | 255672 |
| 5.30% 2/15/40 | 100000 | 99945 |
| 6.10% 6/1/37 | 170000 | 180864 |
| Duke Energy Corp. |  |  |
| 2.45% 6/1/30 | 370000 | 335752 |
| 2.65% 9/1/26 | 165000 | 161901 |
| 3.15% 8/15/27 | 250000 | 244934 |
| 3.95% 8/15/47 | 200000 | 150289 |
| 4.80% 12/15/45 | 100000 | 86598 |
| 4.85% 1/5/29 | 250000 | 253927 |
| 5.00% 12/8/27 | 125000 | 127244 |
| 5.45% 6/15/34 | 145000 | 148927 |
| 5.75% 9/15/33 | 250000 | 262575 |
| 6.10% 9/15/53 | 250000 | 254272 |
| Duke Energy Florida LLC |  |  |
| 1.75% 6/15/30 | 335000 | 295489 |
| 3.20% 1/15/27 | 150000 | 148064 |
| 3.85% 11/15/42 | 100000 | 79654 |
| Duke Energy Florida Project <br> Finance LLC 2.54% 9/1/31<br>| 65190 | 62602 |

---

LVIP SSGA Bond Index Fund-26

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Duke Energy Indiana LLC |  |  |
| 2.75% 4/1/50 | 125000 | $77007 |
| 3.75% 5/15/46 | 150000 | 113613 |
| 6.12% 10/15/35 | 100000 | 105915 |
| 6.45% 4/1/39 | 130000 | 142386 |
| Duke Energy Ohio, Inc. 3.65% <br> 2/1/29<br>| 100000 | 98077 |
| Duke Energy Progress LLC |  |  |
| 3.70% 9/1/28 | 100000 | 98773 |
| 4.10% 3/15/43 | 100000 | 82468 |
| 5.05% 3/15/35 | 115000 | 115487 |
| 6.30% 4/1/38 | 250000 | 271314 |
| Duke Energy Progress NC <br> Storm Funding LLC 2.39% <br> 7/1/39<br>| 100000 | 83026 |
| Edison International |  |  |
| 5.25% 11/15/28 | 145000 | 143523 |
| 5.25% 3/15/32 | 90000 | 85374 |
| El Paso Electric Co. 5.00% <br> 12/1/44<br>| 150000 | 131248 |
| Emera U.S. Finance LP 4.75% <br> 6/15/46<br>| 105000 | 87297 |
| Enel Americas SA 4.00% <br> 10/25/26<br>| 35000 | 34721 |
| Enel Chile SA 4.88% 6/12/28 | 150000 | 150590 |
| Entergy Arkansas LLC |  |  |
| 2.65% 6/15/51 | 65000 | 38038 |
| 3.35% 6/15/52 | 100000 | 66857 |
| 4.20% 4/1/49 | 100000 | 79561 |
| Entergy Corp. |  |  |
| 1.90% 6/15/28 | 85000 | 79487 |
| 2.40% 6/15/31 | 100000 | 88327 |
| 2.95% 9/1/26 | 90000 | 88505 |
| Entergy Louisiana LLC |  |  |
| 1.60% 12/15/30 | 50000 | 43235 |
| 2.35% 6/15/32 | 100000 | 86227 |
| 2.40% 10/1/26 | 100000 | 97809 |
| 2.90% 3/15/51 | 75000 | 46375 |
| 3.10% 6/15/41 | 100000 | 73461 |
| 3.25% 4/1/28 | 150000 | 146475 |
| 4.00% 3/15/33 | 95000 | 89537 |
| 4.20% 4/1/50 | 100000 | 79324 |
| 4.95% 1/15/45 | 110000 | 97295 |
| 5.15% 9/15/34 | 155000 | 155882 |
| 5.80% 3/15/55 | 175000 | 175020 |
| Entergy Mississippi LLC |  |  |
| 2.85% 6/1/28 | 50000 | 48209 |
| 3.85% 6/1/49 | 25000 | 18409 |
| Entergy Texas, Inc. |  |  |
| 3.55% 9/30/49 | 50000 | 34924 |
| 5.25% 4/15/35 | 145000 | 146183 |
| 5.80% 9/1/53 | 140000 | 137975 |
| Evergy Kansas Central, Inc. |  |  |
| 2.55% 7/1/26 | 50000 | 49115 |
| 4.25% 12/1/45 | 50000 | 40965 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Evergy Kansas Central, <br> Inc. (continued)<br>|  |  |
| 5.25% 3/15/35 | 100000 | $101100 |
| Evergy Metro, Inc. |  |  |
| 2.25% 6/1/30 | 150000 | 135423 |
| 4.20% 6/15/47 | 100000 | 80055 |
| Eversource Energy |  |  |
| 2.55% 3/15/31 | 250000 | 222235 |
| 2.90% 3/1/27 | 100000 | 97562 |
| 3.30% 1/15/28 | 100000 | 97354 |
| 3.38% 3/1/32 | 100000 | 91085 |
| 4.25% 4/1/29 | 75000 | 74268 |
| 5.45% 3/1/28 | 365000 | 374414 |
| Exelon Corp. |  |  |
| 2.75% 3/15/27 | 100000 | 97569 |
| 3.35% 3/15/32 | 100000 | 92246 |
| 4.10% 3/15/52 | 40000 | 30666 |
| 4.45% 4/15/46 | 100000 | 82695 |
| 4.95% 6/15/35 | 105000 | 102032 |
| 5.10% 6/15/45 | 105000 | 95381 |
| 5.15% 3/15/28 | 50000 | 51107 |
| 5.30% 3/15/33 | 100000 | 102473 |
| 5.60% 3/15/53 | 100000 | 96101 |
| FirstEnergy <br> Transmission LLC<br>|  |  |
| 4.55% 1/15/30 | 85000 | 85043 |
| 5.00% 1/15/35 | 65000 | 64300 |
| Florida Power & Light Co. |  |  |
| 3.70% 12/1/47 | 100000 | 75981 |
| 3.80% 12/15/42 | 100000 | 81111 |
| 4.05% 6/1/42 | 150000 | 126748 |
| 4.13% 6/1/48 | 100000 | 81231 |
| 4.80% 5/15/33 | 250000 | 250644 |
| 5.05% 4/1/28 | 145000 | 148506 |
| 5.10% 4/1/33 | 160000 | 163530 |
| 5.30% 6/15/34 | 500000 | 515368 |
| 5.30% 4/1/53 | 165000 | 157634 |
| 5.69% 3/1/40 | 50000 | 52205 |
| 5.70% 3/15/55 | 110000 | 111258 |
| 5.80% 3/15/65 | 155000 | 157161 |
| 5.96% 4/1/39 | 100000 | 106980 |
| Fortis, Inc. 3.06% 10/4/26 | 200000 | 196436 |
| Georgia Power Co. |  |  |
| 2.65% 9/15/29 | 105000 | 98437 |
| 3.25% 3/15/51 | 285000 | 195381 |
| 3.70% 1/30/50 | 40000 | 29813 |
| 4.30% 3/15/42 | 200000 | 172614 |
| 4.30% 3/15/43 | 100000 | 84982 |
| 4.55% 3/15/30 | 100000 | 100947 |
| 4.65% 5/16/28 | 250000 | 253436 |
| 4.75% 9/1/40 | 100000 | 93031 |
| 4.85% 3/15/31 | 155000 | 158363 |
| Hydro-Quebec 8.50% 12/1/29 | 115000 | 134384 |
| Iberdrola International BV <br> 6.75% 7/15/36<br>| 100000 | 113378 |

---

LVIP SSGA Bond Index Fund-27

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Idaho Power Co. |  |  |
| 5.20% 8/15/34 | 180000 | $183499 |
| 5.50% 3/15/53 | 200000 | 191528 |
| Indiana Michigan Power Co. |  |  |
| 3.75% 7/1/47 | 100000 | 74323 |
| 3.85% 5/15/28 | 150000 | 148404 |
| 4.25% 8/15/48 | 50000 | 39706 |
| Interstate Power & Light Co. |  |  |
| 2.30% 6/1/30 | 25000 | 22513 |
| 3.50% 9/30/49 | 50000 | 35174 |
| 3.60% 4/1/29 | 200000 | 194160 |
| 4.95% 9/30/34 | 85000 | 83316 |
| 5.70% 10/15/33 | 105000 | 109023 |
| 6.25% 7/15/39 | 130000 | 137843 |
| ITC Holdings Corp. 3.35% <br> 11/15/27<br>| 100000 | 97863 |
| Jersey Central Power & Light <br> Co. 5.10% 1/15/35<br>| 60000 | 59823 |
| Kentucky Utilities Co. |  |  |
| 3.30% 6/1/50 | 105000 | 70600 |
| 5.13% 11/1/40 | 100000 | 96352 |
| MidAmerican Energy Co. |  |  |
| 3.10% 5/1/27 | 100000 | 98364 |
| 3.65% 4/15/29 | 50000 | 49036 |
| 3.95% 8/1/47 | 100000 | 78923 |
| 4.25% 7/15/49 | 50000 | 40659 |
| 4.40% 10/15/44 | 100000 | 85522 |
| 5.35% 1/15/34 | 125000 | 129528 |
| 5.75% 11/1/35 | 25000 | 26423 |
| Mississippi Power Co. 3.95% <br> 3/30/28<br>| 100000 | 99598 |
| National Grid PLC 5.42% <br> 1/11/34<br>| 250000 | 256830 |
| National Rural Utilities <br> Cooperative Finance Corp.<br>|  |  |
| 1.35% 3/15/31 | 125000 | 105197 |
| 2.40% 3/15/30 | 195000 | 179412 |
| 3.05% 4/25/27 | 100000 | 98155 |
| 4.02% 11/1/32 | 100000 | 95207 |
| 4.85% 2/7/29 | 250000 | 254483 |
| 5.80% 1/15/33 | 85000 | 90328 |
| 8.00% 3/1/32 | 150000 | 176461 |
| Nevada Power Co. |  |  |
| 2.40% 5/1/30 | 100000 | 91698 |
| 3.13% 8/1/50 | 65000 | 41195 |
| 3.70% 5/1/29 | 75000 | 73409 |
| 6.00% 3/15/54 | 80000 | 81333 |
| 6.75% 7/1/37 | 100000 | 111515 |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 1.88% 1/15/27 | 200000 | 192868 |
| 2.44% 1/15/32 | 200000 | 173531 |
| 2.75% 11/1/29 | 320000 | 298914 |
| 3.00% 1/15/52 | 200000 | 125266 |
| 3.50% 4/1/29 | 150000 | 145268 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| NextEra Energy Capital <br> Holdings, Inc. (continued)<br>|  |  |
| 4.63% 7/15/27 | 200000 | $201233 |
| 5.00% 7/15/32 | 60000 | 60703 |
| 5.05% 2/28/33 | 250000 | 252021 |
| 5.25% 2/28/53 | 145000 | 133872 |
| μ5.65% 5/1/79 | 100000 | 99617 |
| Northern States Power Co. |  |  |
| 2.25% 4/1/31 | 100000 | 90099 |
| 2.90% 3/1/50 | 60000 | 39054 |
| 3.20% 4/1/52 | 60000 | 40798 |
| 3.60% 5/15/46 | 50000 | 37679 |
| 3.60% 9/15/47 | 100000 | 74721 |
| 4.00% 8/15/45 | 100000 | 80509 |
| 5.35% 11/1/39 | 40000 | 40474 |
| 5.65% 6/15/54 | 250000 | 251490 |
| 6.20% 7/1/37 | 100000 | 109112 |
| NorthWestern Corp. 4.18% <br> 11/15/44<br>| 150000 | 121682 |
| NSTAR Electric Co. |  |  |
| 1.95% 8/15/31 | 100000 | 86429 |
| 3.20% 5/15/27 | 100000 | 98348 |
| Oglethorpe Power Corp. |  |  |
| 3.75% 8/1/50 | 155000 | 108179 |
| 5.95% 11/1/39 | 100000 | 102867 |
| Ohio Edison Co. 6.88% <br> 7/15/36<br>| 100000 | 112445 |
| Ohio Power Co. |  |  |
| 1.63% 1/15/31 | 100000 | 84883 |
| 4.15% 4/1/48 | 100000 | 77271 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.30% 3/15/30 | 100000 | 95533 |
| 3.80% 8/15/28 | 100000 | 98834 |
| 4.15% 4/1/47 | 50000 | 39672 |
| 5.60% 4/1/53 | 250000 | 243489 |
| Oncor Electric Delivery Co. <br> LLC<br>|  |  |
| 3.70% 11/15/28 | 200000 | 196850 |
| 3.75% 4/1/45 | 100000 | 76868 |
| 4.10% 11/15/48 | 100000 | 78671 |
| 4.55% 12/1/41 | 150000 | 131848 |
| 4.65% 11/1/29 | 110000 | 111267 |
| 5.30% 6/1/42 | 200000 | 191142 |
| 5.35% 4/1/35 | 105000 | 106964 |
| 5.55% 6/15/54 | 175000 | 169339 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 85000 | 80503 |
| 2.50% 2/1/31 | 250000 | 217013 |
| 3.25% 6/1/31 | 185000 | 166019 |
| 3.30% 8/1/40 | 150000 | 107309 |
| 3.50% 8/1/50 | 410000 | 262886 |
| 4.20% 3/1/29 | 70000 | 68312 |
| 4.20% 6/1/41 | 115000 | 88440 |
| 4.40% 3/1/32 | 100000 | 93601 |
| 4.95% 7/1/50 | 600000 | 483605 |

---

LVIP SSGA Bond Index Fund-28

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Pacific Gas & Electric <br> Co. (continued)<br>|  |  |
| 5.00% 6/4/28 | 600000 | $601807 |
| 5.25% 3/1/52 | 100000 | 83202 |
| 5.90% 10/1/54 | 170000 | 154130 |
| 6.15% 1/15/33 | 125000 | 128744 |
| 6.75% 1/15/53 | 300000 | 301844 |
| PacifiCorp |  |  |
| 3.50% 6/15/29 | 65000 | 62841 |
| 4.10% 2/1/42 | 100000 | 80251 |
| 4.13% 1/15/49 | 70000 | 53600 |
| 4.15% 2/15/50 | 100000 | 75944 |
| 5.35% 12/1/53 | 300000 | 269647 |
| 5.45% 2/15/34 | 350000 | 354949 |
| 5.75% 4/1/37 | 100000 | 101658 |
| 6.00% 1/15/39 | 100000 | 103292 |
| 6.35% 7/15/38 | 25000 | 26622 |
| 7.70% 11/15/31 | 100000 | 116041 |
| PECO Energy Co. |  |  |
| 2.80% 6/15/50 | 290000 | 181826 |
| 3.00% 9/15/49 | 40000 | 26254 |
| 3.05% 3/15/51 | 30000 | 19637 |
| 5.95% 10/1/36 | 100000 | 106547 |
| PG&E Recovery Funding LLC <br> 5.53% 6/1/51<br>| 563000 | 554059 |
| PG&E Wildfire Recovery <br> Funding LLC 4.72% 6/1/39<br>| 250000 | 241804 |
| Potomac Electric Power Co. <br> 4.15% 3/15/43<br>| 100000 | 82235 |
| PPL Capital Funding, Inc. <br> 5.25% 9/1/34<br>| 115000 | 115925 |
| PPL Electric Utilities Corp. |  |  |
| 4.13% 6/15/44 | 100000 | 83808 |
| 4.85% 2/15/34 | 155000 | 155034 |
| 5.00% 5/15/33 | 145000 | 147199 |
| 5.25% 5/15/53 | 85000 | 81056 |
| 6.25% 5/15/39 | 30000 | 33065 |
| Progress Energy, Inc. 7.75% <br> 3/1/31<br>| 150000 | 172730 |
| Public Service Co. of Colorado |  |  |
| 1.90% 1/15/31 | 150000 | 130136 |
| 2.70% 1/15/51 | 150000 | 88874 |
| 3.20% 3/1/50 | 65000 | 43245 |
| 4.05% 9/15/49 | 50000 | 38037 |
| 5.35% 5/15/34 | 255000 | 258630 |
| 5.75% 5/15/54 | 100000 | 98352 |
| 6.25% 9/1/37 | 100000 | 107324 |
| Public Service Electric & Gas <br> Co.<br>|  |  |
| 2.05% 8/1/50 | 100000 | 53143 |
| 3.00% 3/1/51 | 100000 | 65186 |
| 3.60% 12/1/47 | 50000 | 37041 |
| 3.70% 5/1/28 | 100000 | 99121 |
| 3.80% 3/1/46 | 100000 | 77843 |
| 3.85% 5/1/49 | 125000 | 96835 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Public Service Electric & Gas <br> Co. (continued)<br>|  |  |
| 4.05% 5/1/48 | 100000 | $80096 |
| 4.85% 8/1/34 | 250000 | 249207 |
| 5.30% 8/1/54 | 190000 | 181682 |
| 5.50% 3/1/40 | 100000 | 101558 |
| Public Service Enterprise <br> Group, Inc.<br>|  |  |
| 1.60% 8/15/30 | 100000 | 86364 |
| 5.88% 10/15/28 | 250000 | 261644 |
| 6.13% 10/15/33 | 125000 | 132766 |
| Puget Energy, Inc. 5.73% <br> 3/15/35<br>| 90000 | 90539 |
| Puget Sound Energy, Inc. |  |  |
| 2.89% 9/15/51 | 105000 | 65002 |
| 4.22% 6/15/48 | 65000 | 51922 |
| 5.33% 6/15/34 | 195000 | 198867 |
| 5.64% 4/15/41 | 80000 | 79208 |
| 5.80% 3/15/40 | 100000 | 102630 |
| San Diego Gas & Electric Co. |  |  |
| 4.10% 6/15/49 | 100000 | 76702 |
| 4.15% 5/15/48 | 100000 | 77675 |
| 4.95% 8/15/28 | 200000 | 204199 |
| 5.35% 4/1/53 | 155000 | 144755 |
| 5.40% 4/15/35 | 185000 | 188905 |
| 6.00% 6/1/39 | 110000 | 115449 |
| Sempra |  |  |
| 3.40% 2/1/28 | 95000 | 92750 |
| 3.70% 4/1/29 | 180000 | 175444 |
| 3.80% 2/1/38 | 150000 | 124124 |
| 4.00% 2/1/48 | 95000 | 70112 |
| 6.00% 10/15/39 | 125000 | 126736 |
| Southern California Edison <br> Co.<br>|  |  |
| 2.25% 6/1/30 | 70000 | 61457 |
| 2.85% 8/1/29 | 155000 | 143426 |
| 3.65% 3/1/28 | 100000 | 97224 |
| 3.90% 3/15/43 | 100000 | 73709 |
| 4.00% 4/1/47 | 300000 | 215455 |
| 4.13% 3/1/48 | 150000 | 108795 |
| 4.20% 3/1/29 | 100000 | 97896 |
| 4.40% 9/6/26 | 250000 | 249562 |
| 4.50% 9/1/40 | 100000 | 83754 |
| 4.88% 3/1/49 | 100000 | 79952 |
| 5.25% 3/15/30 | 95000 | 95982 |
| 5.45% 6/1/31 | 165000 | 167886 |
| 5.45% 3/1/35 | 250000 | 245404 |
| 5.90% 3/1/55 | 125000 | 114295 |
| 5.95% 11/1/32 | 200000 | 205240 |
| 5.95% 2/1/38 | 25000 | 24977 |
| 6.05% 3/15/39 | 170000 | 169788 |
| 6.65% 4/1/29 | 100000 | 104946 |
| Southern Co. |  |  |
| 4.25% 7/1/36 | 85000 | 77723 |
| 5.11% 8/1/27 | 100000 | 101502 |

---

LVIP SSGA Bond Index Fund-29

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Southern Power Co. |  |  |
| 4.95% 12/15/46 | 100000 | $86381 |
| 5.25% 7/15/43 | 120000 | 112239 |
| Southwestern Electric Power <br> Co.<br>|  |  |
| 2.75% 10/1/26 | 150000 | 146770 |
| 3.85% 2/1/48 | 100000 | 72877 |
| 3.90% 4/1/45 | 300000 | 225349 |
| 6.20% 3/15/40 | 200000 | 208539 |
| Southwestern Public Service <br> Co.<br>|  |  |
| 4.40% 11/15/48 | 100000 | 79951 |
| 6.00% 6/1/54 | 180000 | 181487 |
| Tampa Electric Co. |  |  |
| 4.10% 6/15/42 | 100000 | 82410 |
| 4.35% 5/15/44 | 50000 | 41878 |
| 4.45% 6/15/49 | 100000 | 82186 |
| 5.15% 3/1/35 | 250000 | 251167 |
| Tucson Electric Power Co. <br> 1.50% 8/1/30<br>| 90000 | 77505 |
| Union Electric Co. |  |  |
| 2.63% 3/15/51 | 250000 | 148733 |
| 2.95% 6/15/27 | 100000 | 98103 |
| 3.50% 3/15/29 | 100000 | 97590 |
| 3.65% 4/15/45 | 100000 | 76649 |
| 3.90% 9/15/42 | 100000 | 81104 |
| 4.00% 4/1/48 | 100000 | 78488 |
| 8.45% 3/15/39 | 80000 | 101946 |
| Virginia Electric & Power Co. |  |  |
| 2.30% 11/15/31 | 200000 | 174770 |
| 2.95% 11/15/26 | 100000 | 98181 |
| 2.95% 11/15/51 | 200000 | 124914 |
| 3.30% 12/1/49 | 100000 | 67443 |
| 3.50% 3/15/27 | 150000 | 148379 |
| 3.80% 4/1/28 | 100000 | 99383 |
| 3.80% 9/15/47 | 100000 | 75054 |
| 4.00% 11/15/46 | 45000 | 34923 |
| 4.60% 12/1/48 | 115000 | 97478 |
| 4.65% 8/15/43 | 150000 | 131483 |
| 5.55% 8/15/54 | 85000 | 82273 |
| 6.00% 5/15/37 | 25000 | 26283 |
| 6.35% 11/30/37 | 100000 | 107578 |
| 8.88% 11/15/38 | 100000 | 132123 |
| WEC Energy Group, Inc. |  |  |
| 1.38% 10/15/27 | 150000 | 140564 |
| 1.80% 10/15/30 | 52000 | 45508 |
| 4.75% 1/15/28 | 100000 | 101015 |
| Wisconsin Electric Power Co. <br> 4.30% 10/15/48<br>| 45000 | 36781 |
| Wisconsin Power & Light Co. <br> 1.95% 9/16/31<br>| 50000 | 42846 |
| Wisconsin Public Service <br> Corp. 4.75% 11/1/44<br>| 200000 | 178131 |
| Xcel Energy, Inc. |  |  |
| 3.35% 12/1/26 | 100000 | 98581 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Xcel Energy, <br> Inc. (continued)<br>|  |  |
| 4.75% 3/21/28 | 80000 | $80777 |
| 5.45% 8/15/33 | 200000 | 203989 |
|  |  | **53703950** |
| **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** |
| Emerson Electric Co. |  |  |
| 1.80% 10/15/27 | 45000 | 42846 |
| 2.00% 12/21/28 | 200000 | 186370 |
| 2.75% 10/15/50 | 30000 | 18841 |
| 5.00% 3/15/35 | 210000 | 212978 |
| 5.25% 11/15/39 | 50000 | 50371 |
|  |  | **511406** |
| **Electronics–0.15%** | **Electronics–0.15%** | **Electronics–0.15%** |
| Allegion PLC 3.50% 10/1/29 | 50000 | 47897 |
| Allegion U.S. Holding Co., Inc. <br> 5.60% 5/29/34<br>| 150000 | 154082 |
| Amphenol Corp. |  |  |
| 2.20% 9/15/31 | 60000 | 52545 |
| 4.35% 6/1/29 | 75000 | 75322 |
| 5.00% 1/15/35 | 185000 | 186986 |
| 5.05% 4/5/27 | 170000 | 172631 |
| Arrow Electronics, Inc. |  |  |
| 3.88% 1/12/28 | 200000 | 196129 |
| 5.15% 8/21/29 | 160000 | 162430 |
| Avnet, Inc. 5.50% 6/1/32 | 100000 | 100778 |
| Flex Ltd. |  |  |
| 4.88% 6/15/29 | 75000 | 75476 |
| 6.00% 1/15/28 | 210000 | 216663 |
| Fortive Corp. 4.30% 6/15/46 | 50000 | 40895 |
| Honeywell International, Inc. |  |  |
| 1.10% 3/1/27 | 200000 | 190490 |
| 1.75% 9/1/31 | 160000 | 136617 |
| 1.95% 6/1/30 | 250000 | 223814 |
| 2.70% 8/15/29 | 60000 | 56602 |
| 2.80% 6/1/50 | 100000 | 63284 |
| 4.25% 1/15/29 | 160000 | 160458 |
| 4.95% 2/15/28 | 180000 | 183849 |
| 5.25% 3/1/54 | 500000 | 474339 |
| Hubbell, Inc. 2.30% 3/15/31 | 60000 | 53038 |
| Jabil, Inc. |  |  |
| 3.00% 1/15/31 | 50000 | 45585 |
| 3.60% 1/15/30 | 50000 | 47809 |
| 3.95% 1/12/28 | 110000 | 108863 |
| 4.25% 5/15/27 | 50000 | 49863 |
| Keysight Technologies, Inc. |  |  |
| 4.60% 4/6/27 | 60000 | 60236 |
| 5.35% 7/30/30 | 125000 | 128928 |
| TD SYNNEX Corp. 6.10% <br> 4/12/34<br>| 65000 | 68409 |
| Trimble, Inc. |  |  |
| 4.90% 6/15/28 | 100000 | 101468 |
| 6.10% 3/15/33 | 125000 | 132796 |

---

LVIP SSGA Bond Index Fund-30

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| Tyco Electronics Group SA <br> 2.50% 2/4/32<br>| 85000 | $74935 |
|  |  | **3843217** |
| **Entertainment–0.05%** | **Entertainment–0.05%** | **Entertainment–0.05%** |
| Warnermedia Holdings, Inc. |  |  |
| 3.76% 3/15/27 | 181000 | 176218 |
| 4.28% 3/15/32 | 166000 | 166000 |
| 5.05% 3/15/42 | 1085000 | 930938 |
| 5.14% 3/15/52 | 12000 | 12000 |
|  |  | **1285156** |
| **Environmental Control–0.10%** | **Environmental Control–0.10%** | **Environmental Control–0.10%** |
| Republic Services, Inc. |  |  |
| 1.45% 2/15/31 | 200000 | 170580 |
| 1.75% 2/15/32 | 100000 | 84096 |
| 2.90% 7/1/26 | 110000 | 108546 |
| 3.38% 11/15/27 | 60000 | 58970 |
| 3.95% 5/15/28 | 150000 | 149372 |
| 5.00% 11/15/29 | 100000 | 102825 |
| 5.15% 3/15/35 | 180000 | 183540 |
| 5.20% 11/15/34 | 100000 | 102351 |
| Waste Connections, Inc. |  |  |
| 2.20% 1/15/32 | 115000 | 99218 |
| 2.95% 1/15/52 | 115000 | 73273 |
| 3.20% 6/1/32 | 65000 | 59346 |
| 3.50% 5/1/29 | 150000 | 146646 |
| Waste Management, Inc. |  |  |
| 1.15% 3/15/28 | 30000 | 27799 |
| 1.50% 3/15/31 | 30000 | 25650 |
| 2.50% 11/15/50 | 20000 | 11935 |
| 3.15% 11/15/27 | 100000 | 97968 |
| 4.15% 4/15/32 | 200000 | 195755 |
| 4.65% 3/15/30 | 250000 | 253422 |
| 4.88% 2/15/29 | 250000 | 256028 |
| 4.95% 7/3/31 | 110000 | 112916 |
| 4.95% 3/15/35 | 165000 | 165700 |
| 5.35% 10/15/54 | 100000 | 96224 |
|  |  | **2582160** |
| **Food–0.36%** | **Food–0.36%** | **Food–0.36%** |
| Campbell's Co. |  |  |
| 4.15% 3/15/28 | 200000 | 199236 |
| 4.80% 3/15/48 | 65000 | 56597 |
| 5.40% 3/21/34 | 40000 | 40623 |
| Conagra Brands, Inc. |  |  |
| 1.38% 11/1/27 | 100000 | 93318 |
| 4.85% 11/1/28 | 165000 | 166598 |
| 5.30% 11/1/38 | 50000 | 47854 |
| 5.40% 11/1/48 | 105000 | 94643 |
| 8.25% 9/15/30 | 100000 | 116287 |
| Flowers Foods, Inc. |  |  |
| 2.40% 3/15/31 | 45000 | 39282 |
| 3.50% 10/1/26 | 105000 | 103463 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| General Mills, Inc. |  |  |
| 3.00% 2/1/51 | 95000 | $60665 |
| 4.20% 4/17/28 | 75000 | 74905 |
| 4.88% 1/30/30 | 180000 | 183001 |
| 4.95% 3/29/33 | 70000 | 70095 |
| 5.25% 1/30/35 | 250000 | 251168 |
| 5.50% 10/17/28 | 115000 | 119298 |
| Hershey Co. |  |  |
| 2.45% 11/15/29 | 50000 | 46507 |
| 3.13% 11/15/49 | 50000 | 33437 |
| 4.55% 2/24/28 | 40000 | 40506 |
| 4.75% 2/24/30 | 100000 | 101984 |
| 4.95% 2/24/32 | 100000 | 102203 |
| 5.10% 2/24/35 | 100000 | 101586 |
| Hormel Foods Corp. 1.80% <br> 6/11/30<br>| 85000 | 75570 |
| Ingredion, Inc. |  |  |
| 3.20% 10/1/26 | 100000 | 98397 |
| 3.90% 6/1/50 | 200000 | 147084 |
| J.M. Smucker Co. |  |  |
| 4.25% 3/15/35 | 100000 | 92886 |
| 4.38% 3/15/45 | 50000 | 40842 |
| 5.90% 11/15/28 | 125000 | 131360 |
| 6.20% 11/15/33 | 125000 | 134161 |
| 6.50% 11/15/43 | 115000 | 121997 |
| 6.50% 11/15/53 | 145000 | 154951 |
| JBS USA Holding Lux <br> SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 5.13% 2/1/28 | 500000 | 510200 |
| 5.75% 4/1/33 | 244000 | 250813 |
| 6.50% 12/1/52 | 165000 | 171194 |
| 6.75% 3/15/34 | 233000 | 254358 |
| JBS USA LUX SARL/JBS USA <br> Food Co./JBS USA Foods <br> Group 6.38% 2/25/55<br>| 50000 | 51330 |
| Kellanova |  |  |
| 3.40% 11/15/27 | 200000 | 196952 |
| 4.30% 5/15/28 | 150000 | 150804 |
| 4.50% 4/1/46 | 100000 | 85480 |
| Koninklijke Ahold Delhaize <br> NV 5.70% 10/1/40<br>| 145000 | 148228 |
| Kraft Heinz Foods Co. |  |  |
| 4.38% 6/1/46 | 1000000 | 809028 |
| 5.20% 3/15/32 | 190000 | 193446 |
| 5.40% 3/15/35 | 300000 | 303955 |
| Kroger Co. |  |  |
| 1.70% 1/15/31 | 125000 | 107911 |
| 5.00% 9/15/34 | 115000 | 114178 |
| 5.00% 4/15/42 | 100000 | 90850 |
| 5.50% 9/15/54 | 60000 | 56955 |
| 5.65% 9/15/64 | 90000 | 85197 |
| 6.90% 4/15/38 | 100000 | 112001 |
| 7.50% 4/1/31 | 250000 | 286808 |

---

LVIP SSGA Bond Index Fund-31

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| McCormick & Co., Inc. |  |  |
| 3.40% 8/15/27 | 150000 | $147437 |
| 4.20% 8/15/47 | 20000 | 15956 |
| Mondelez International, Inc. |  |  |
| 1.88% 10/15/32 | 180000 | 150677 |
| 2.63% 9/4/50 | 360000 | 212614 |
| 2.75% 4/13/30 | 135000 | 125355 |
| 4.75% 8/28/34 | 125000 | 123465 |
| Pilgrim's Pride Corp. |  |  |
| 6.25% 7/1/33 | 145000 | 153306 |
| 6.88% 5/15/34 | 250000 | 273801 |
| Sysco Corp. |  |  |
| 2.40% 2/15/30 | 35000 | 32014 |
| 3.25% 7/15/27 | 200000 | 196099 |
| 3.30% 7/15/26 | 100000 | 98850 |
| 3.30% 2/15/50 | 35000 | 23427 |
| 4.45% 3/15/48 | 100000 | 83081 |
| 4.50% 4/1/46 | 75000 | 62782 |
| 4.85% 10/1/45 | 85000 | 75191 |
| Tyson Foods, Inc. |  |  |
| 3.55% 6/2/27 | 155000 | 152866 |
| 4.35% 3/1/29 | 130000 | 129211 |
| 5.10% 9/28/48 | 40000 | 35826 |
|  |  | **9212150** |
| **Forest Products & Paper–0.03%** | **Forest Products & Paper–0.03%** | **Forest Products & Paper–0.03%** |
| International Paper Co. |  |  |
| 4.80% 6/15/44 | 149000 | 129304 |
| 6.00% 11/15/41 | 135000 | 136988 |
| Suzano Austria GmbH |  |  |
| 2.50% 9/15/28 | 125000 | 116184 |
| 3.75% 1/15/31 | 205000 | 191912 |
| 6.00% 1/15/29 | 200000 | 205314 |
| Suzano International Finance <br> BV 5.50% 1/17/27<br>| 100000 | 101118 |
|  |  | **880820** |
| **Gas–0.17%** | **Gas–0.17%** | **Gas–0.17%** |
| Atmos Energy Corp. |  |  |
| 1.50% 1/15/31 | 250000 | 213432 |
| 3.00% 6/15/27 | 65000 | 63735 |
| 3.38% 9/15/49 | 55000 | 38196 |
| 4.13% 10/15/44 | 150000 | 124213 |
| 4.13% 3/15/49 | 155000 | 123588 |
| 6.20% 11/15/53 | 125000 | 135166 |
| CenterPoint Energy <br> Resources Corp.<br>|  |  |
| 1.75% 10/1/30 | 275000 | 239416 |
| 4.00% 4/1/28 | 100000 | 99169 |
| 5.25% 3/1/28 | 250000 | 256038 |
| 5.85% 1/15/41 | 115000 | 116037 |
| National Fuel Gas Co. 3.95% <br> 9/15/27<br>| 200000 | 196883 |
| NiSource, Inc. |  |  |
| 1.70% 2/15/31 | 175000 | 149832 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| NiSource, Inc. (continued) |  |  |
| 2.95% 9/1/29 | 100000 | $94341 |
| 3.49% 5/15/27 | 100000 | 98458 |
| 3.95% 3/30/48 | 150000 | 115758 |
| 4.38% 5/15/47 | 100000 | 82210 |
| 4.80% 2/15/44 | 100000 | 88265 |
| 5.25% 2/15/43 | 59000 | 55034 |
| 5.40% 6/30/33 | 150000 | 153406 |
| 5.85% 4/1/55 | 65000 | 64318 |
| ONE Gas, Inc. |  |  |
| 4.66% 2/1/44 | 50000 | 43972 |
| 5.10% 4/1/29 | 165000 | 168990 |
| Piedmont Natural Gas Co., <br> Inc.<br>|  |  |
| 3.50% 6/1/29 | 100000 | 96943 |
| 3.64% 11/1/46 | 50000 | 36430 |
| 4.65% 8/1/43 | 50000 | 43348 |
| Southern California Gas Co. |  |  |
| 2.95% 4/15/27 | 110000 | 107751 |
| 3.95% 2/15/50 | 50000 | 37553 |
| 4.13% 6/1/48 | 100000 | 77609 |
| 5.05% 9/1/34 | 95000 | 95614 |
| Southern Co. Gas Capital <br> Corp.<br>|  |  |
| 1.75% 1/15/31 | 250000 | 214878 |
| 4.40% 6/1/43 | 100000 | 83905 |
| 4.40% 5/30/47 | 200000 | 162520 |
| 4.95% 9/15/34 | 250000 | 247453 |
| 5.88% 3/15/41 | 70000 | 71604 |
| Southwest Gas Corp. |  |  |
| 3.18% 8/15/51 | 140000 | 90452 |
| 3.70% 4/1/28 | 100000 | 97988 |
| 5.80% 12/1/27 | 50000 | 51598 |
| Washington Gas Light Co. |  |  |
| 3.65% 9/15/49 | 40000 | 28711 |
| 3.80% 9/15/46 | 70000 | 52585 |
|  |  | **4317399** |
| **Hand Machine Tools–0.01%** | **Hand Machine Tools–0.01%** | **Hand Machine Tools–0.01%** |
| Kennametal, Inc. 2.80% <br> 3/1/31<br>| 125000 | 112016 |
| Snap-on, Inc. 4.10% 3/1/48 | 85000 | 67969 |
| Stanley Black & Decker, Inc. <br> 5.20% 9/1/40<br>| 100000 | 93645 |
|  |  | **273630** |
| **Health Care Products–0.28%** | **Health Care Products–0.28%** | **Health Care Products–0.28%** |
| Abbott Laboratories |  |  |
| 1.15% 1/30/28 | 45000 | 42086 |
| 1.40% 6/30/30 | 40000 | 35201 |
| 3.75% 11/30/26 | 340000 | 338880 |
| 4.90% 11/30/46 | 400000 | 378613 |
| 6.00% 4/1/39 | 50000 | 54994 |
| 6.15% 11/30/37 | 50000 | 55467 |

---

LVIP SSGA Bond Index Fund-32

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Products (continued)** | **Health Care Products (continued)** | **Health Care Products (continued)** |
| Agilent Technologies, Inc. |  |  |
| 2.10% 6/4/30 | 115000 | $103037 |
| 4.75% 9/9/34 | 250000 | 246006 |
| Baxter International, Inc. |  |  |
| 1.73% 4/1/31 | 65000 | 55486 |
| 1.92% 2/1/27 | 200000 | 192542 |
| 2.54% 2/1/32 | 200000 | 174317 |
| 2.60% 8/15/26 | 150000 | 147174 |
| 3.13% 12/1/51 | 150000 | 95794 |
| 3.50% 8/15/46 | 100000 | 71392 |
| Boston Scientific Corp. |  |  |
| 2.65% 6/1/30 | 100000 | 92577 |
| 4.55% 3/1/39 | 100000 | 94602 |
| 4.70% 3/1/49 | 105000 | 94439 |
| 7.38% 1/15/40 | 201000 | 243666 |
| Danaher Corp. |  |  |
| 2.60% 10/1/50 | 190000 | 114184 |
| 2.80% 12/10/51 | 200000 | 124542 |
| 4.38% 9/15/45 | 115000 | 99314 |
| DH Europe Finance II SARL |  |  |
| 2.60% 11/15/29 | 65000 | 60700 |
| 3.25% 11/15/39 | 100000 | 80443 |
| GE HealthCare Technologies, <br> Inc.<br>|  |  |
| 4.80% 8/14/29 | 115000 | 116686 |
| 4.80% 1/15/31 | 700000 | 705785 |
| Koninklijke Philips NV |  |  |
| 5.00% 3/15/42 | 100000 | 89604 |
| 6.88% 3/11/38 | 50000 | 54772 |
| Medtronic, Inc. |  |  |
| 4.38% 3/15/35 | 108000 | 104475 |
| 4.63% 3/15/45 | 179000 | 161030 |
| Revvity, Inc. |  |  |
| 2.25% 9/15/31 | 180000 | 154115 |
| 3.63% 3/15/51 | 160000 | 109431 |
| Smith & Nephew PLC 2.03% <br> 10/14/30<br>| 100000 | 87582 |
| Solventum Corp. 5.60% <br> 3/23/34<br>| 700000 | 720402 |
| Stryker Corp. |  |  |
| 3.65% 3/7/28 | 200000 | 197409 |
| 4.25% 9/11/29 | 250000 | 249589 |
| 4.38% 5/15/44 | 100000 | 85392 |
| 4.63% 3/15/46 | 95000 | 84042 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.10% 8/15/47 | 100000 | 82063 |
| 4.95% 11/21/32 | 125000 | 127862 |
| 5.09% 8/10/33 | 250000 | 255890 |
| 5.20% 1/31/34 | 125000 | 128455 |
| 5.30% 2/1/44 | 200000 | 194491 |
| 5.40% 8/10/43 | 105000 | 103760 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.20% 9/15/34 | 200000 | 200643 |

---

---

| | | |
|:---|:---|:---|
|  | **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, <br> Inc. (continued)<br>|  |  |
| 5.35% 12/1/28 | 140000 | $144326 |
|  |  | **7153260** |
| **Health Care Services–0.86%** | **Health Care Services–0.86%** | **Health Care Services–0.86%** |
| Advocate Health & Hospitals <br> Corp.<br>|  |  |
| 3.39% 10/15/49 | 100000 | 70463 |
| 3.83% 8/15/28 | 35000 | 34591 |
| 4.27% 8/15/48 | 30000 | 24789 |
| Aetna, Inc. |  |  |
| 6.63% 6/15/36 | 100000 | 107319 |
| 6.75% 12/15/37 | 100000 | 108028 |
| AHS Hospital Corp. |  |  |
| 2.78% 7/1/51 | 40000 | 24472 |
| 5.02% 7/1/45 | 50000 | 46424 |
| Ascension Health |  |  |
| 3.11% 11/15/39 | 45000 | 35214 |
| 3.95% 11/15/46 | 185000 | 147035 |
| Banner Health |  |  |
| 1.90% 1/1/31 | 40000 | 35061 |
| 2.34% 1/1/30 | 75000 | 68903 |
| 2.91% 1/1/51 | 50000 | 31736 |
| Baylor Scott & White <br> Holdings<br>|  |  |
| 1.78% 11/15/30 | 25000 | 21895 |
| 2.84% 11/15/50 | 45000 | 28339 |
| 3.97% 11/15/46 | 50000 | 39697 |
| 4.19% 11/15/45 | 95000 | 78606 |
| Bon Secours Mercy Health, <br> Inc. 4.30% 7/1/28<br>| 25000 | 25045 |
| Centene Corp. |  |  |
| 2.50% 3/1/31 | 600000 | 517704 |
| 4.63% 12/15/29 | 750000 | 729474 |
| Children's Health System of <br> Texas 2.51% 8/15/50<br>| 105000 | 61036 |
| Children's Hospital Corp. <br> 4.12% 1/1/47<br>| 65000 | 53442 |
| Children's Hospital Medical <br> Center 4.27% 5/15/44<br>| 50000 | 42147 |
| Cigna Group |  |  |
| 2.38% 3/15/31 | 120000 | 106679 |
| 2.40% 3/15/30 | 150000 | 136878 |
| 3.20% 3/15/40 | 105000 | 80402 |
| 3.40% 3/15/50 | 85000 | 57635 |
| 3.40% 3/15/51 | 80000 | 53561 |
| 3.88% 10/15/47 | 150000 | 112726 |
| 4.80% 8/15/38 | 145000 | 136319 |
| 4.90% 12/15/48 | 145000 | 126591 |
| 5.25% 2/15/34 | 250000 | 253972 |
| 5.40% 3/15/33 | 250000 | 258370 |
| 5.60% 2/15/54 | 105000 | 100736 |
| 6.13% 11/15/41 | 300000 | 311739 |
| City of Hope 4.38% 8/15/48 | 75000 | 59537 |

---

LVIP SSGA Bond Index Fund-33

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| CommonSpirit Health |  |  |
| 2.78% 10/1/30 | 65000 | $59504 |
| 3.35% 10/1/29 | 40000 | 38248 |
| 3.82% 10/1/49 | 40000 | 29146 |
| 3.91% 10/1/50 | 150000 | 111057 |
| 4.19% 10/1/49 | 70000 | 53992 |
| 4.35% 11/1/42 | 400000 | 334616 |
| Corewell Health Obligated <br> Group 3.49% 7/15/49<br>| 50000 | 35440 |
| Dartmouth-Hitchcock Health <br> 4.18% 8/1/48<br>| 100000 | 75408 |
| Duke University Health <br> System, Inc. 3.92% 6/1/47<br>| 75000 | 59155 |
| Elevance Health, Inc. |  |  |
| 2.25% 5/15/30 | 50000 | 45137 |
| 2.55% 3/15/31 | 200000 | 179585 |
| 3.13% 5/15/50 | 65000 | 42267 |
| 3.60% 3/15/51 | 115000 | 80934 |
| 4.10% 3/1/28 | 350000 | 349036 |
| 4.10% 5/15/32 | 200000 | 192021 |
| 4.38% 12/1/47 | 125000 | 102170 |
| 4.63% 5/15/42 | 100000 | 87718 |
| 4.65% 1/15/43 | 125000 | 109591 |
| 4.65% 8/15/44 | 100000 | 86902 |
| 4.75% 2/15/33 | 250000 | 248432 |
| 5.20% 2/15/35 | 115000 | 116204 |
| 5.38% 6/15/34 | 155000 | 158426 |
| 5.50% 10/15/32 | 200000 | 208506 |
| 5.70% 2/15/55 | 115000 | 111441 |
| Hackensack Meridian Health, <br> Inc.<br>|  |  |
| 2.68% 9/1/41 | 250000 | 174105 |
| 4.50% 7/1/57 | 100000 | 80945 |
| HCA, Inc. |  |  |
| 2.38% 7/15/31 | 150000 | 130557 |
| 3.13% 3/15/27 | 70000 | 68539 |
| 3.50% 7/15/51 | 150000 | 99364 |
| 3.63% 3/15/32 | 150000 | 138358 |
| 4.13% 6/15/29 | 485000 | 476527 |
| 4.38% 3/15/42 | 50000 | 41659 |
| 4.50% 2/15/27 | 160000 | 160023 |
| 4.63% 3/15/52 | 575000 | 462080 |
| 5.00% 3/1/28 | 65000 | 65966 |
| 5.13% 6/15/39 | 50000 | 47024 |
| 5.25% 3/1/30 | 110000 | 112771 |
| 5.25% 6/15/49 | 200000 | 177672 |
| 5.45% 4/1/31 | 260000 | 268096 |
| 5.45% 9/15/34 | 85000 | 85736 |
| 5.50% 3/1/32 | 125000 | 129004 |
| 5.50% 6/15/47 | 200000 | 185852 |
| 5.75% 3/1/35 | 200000 | 205675 |
| 5.95% 9/15/54 | 175000 | 170075 |
| 6.20% 3/1/55 | 125000 | 125890 |
| Humana, Inc. |  |  |
| 1.35% 2/3/27 | 55000 | 52605 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| Humana, Inc. (continued) |  |  |
| 2.15% 2/3/32 | 55000 | $46202 |
| 3.70% 3/23/29 | 125000 | 121139 |
| 4.63% 12/1/42 | 175000 | 145208 |
| 5.55% 5/1/35 | 215000 | 216202 |
| 5.75% 3/1/28 | 100000 | 103184 |
| 5.88% 3/1/33 | 100000 | 103344 |
| 6.00% 5/1/55 | 300000 | 288979 |
| Indiana University Health, <br> Inc. Obligated Group 3.97% <br> 11/1/48<br>| 55000 | 43479 |
| Integris Baptist Medical <br> Center, Inc. 3.88% 8/15/50<br>| 100000 | 71008 |
| IQVIA, Inc. 6.25% 2/1/29 | 140000 | 146321 |
| Johns Hopkins Health System <br> Corp. 3.84% 5/15/46<br>| 70000 | 54592 |
| Kaiser Foundation Hospitals |  |  |
| 3.15% 5/1/27 | 125000 | 122664 |
| 3.27% 11/1/49 | 185000 | 127881 |
| 4.15% 5/1/47 | 105000 | 85503 |
| Laboratory Corp. of America <br> Holdings<br>|  |  |
| 3.60% 9/1/27 | 100000 | 98867 |
| 4.70% 2/1/45 | 500000 | 438392 |
| Mass General Brigham, Inc. |  |  |
| 3.19% 7/1/49 | 50000 | 33851 |
| 3.34% 7/1/60 | 65000 | 42462 |
| 3.77% 7/1/48 | 40000 | 30268 |
| Mayo Clinic |  |  |
| 3.20% 11/15/61 | 200000 | 123755 |
| 4.13% 11/15/52 | 100000 | 80265 |
| McLaren Health Care Corp. <br> 4.39% 5/15/48<br>| 65000 | 54307 |
| Memorial Sloan-Kettering <br> Cancer Center<br>|  |  |
| 2.96% 1/1/50 | 110000 | 71172 |
| 4.20% 7/1/55 | 127000 | 101658 |
| Methodist Hospital 2.71% <br> 12/1/50<br>| 300000 | 180861 |
| Montefiore Obligated Group <br> 5.25% 11/1/48<br>| 70000 | 56802 |
| Mount Sinai Hospital 3.98% <br> 7/1/48<br>| 100000 | 71342 |
| New York & Presbyterian <br> Hospital<br>|  |  |
| 2.26% 8/1/40 | 50000 | 34358 |
| 3.95% 8/1/19 | 35000 | 23896 |
| 4.02% 8/1/45 | 75000 | 61129 |
| 4.06% 8/1/56 | 50000 | 38709 |
| Northwell Healthcare, Inc. |  |  |
| 3.98% 11/1/46 | 250000 | 192187 |
| 4.26% 11/1/47 | 150000 | 119240 |
| Novant Health, Inc. |  |  |
| 3.17% 11/1/51 | 85000 | 55712 |
| 3.32% 11/1/61 | 70000 | 44223 |

---

LVIP SSGA Bond Index Fund-34

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| NY Society for Relief of <br> Ruptured & Crippled <br> Maintaining Hosp Special <br> Surgery 2.67% 10/1/50<br>| 120000 | $71273 |
| NYU Langone Hospitals |  |  |
| 3.38% 7/1/55 | 100000 | 67273 |
| 4.37% 7/1/47 | 100000 | 85690 |
| Orlando Health Obligated <br> Group<br>|  |  |
| 3.33% 10/1/50 | 125000 | 87511 |
| 4.09% 10/1/48 | 45000 | 36136 |
| PeaceHealth Obligated Group <br> 3.22% 11/15/50<br>| 65000 | 40212 |
| Providence St. Joseph Health <br> Obligated Group<br>|  |  |
| 2.70% 10/1/51 | 75000 | 41816 |
| 2.75% 10/1/26 | 100000 | 97887 |
| 3.74% 10/1/47 | 100000 | 72967 |
| 5.40% 10/1/33 | 200000 | 201911 |
| Quest Diagnostics, Inc. |  |  |
| 4.63% 12/15/29 | 250000 | 252464 |
| 5.00% 12/15/34 | 250000 | 248776 |
| Seattle Children's Hospital <br> 2.72% 10/1/50<br>| 185000 | 112975 |
| SSM Health Care Corp. 3.82% <br> 6/1/27<br>| 71000 | 70426 |
| Stanford Health Care 3.80% <br> 11/15/48<br>| 30000 | 22774 |
| Sutter Health |  |  |
| 2.29% 8/15/30 | 110000 | 99344 |
| 3.16% 8/15/40 | 100000 | 77344 |
| 3.36% 8/15/50 | 110000 | 75926 |
| Texas Health Resources 4.33% <br> 11/15/55<br>| 30000 | 24392 |
| Toledo Hospital 5.75% <br> 11/15/38<br>| 200000 | 199765 |
| Trinity Health Corp. |  |  |
| 2.63% 12/1/40 | 50000 | 35985 |
| 4.13% 12/1/45 | 25000 | 20439 |
| UnitedHealth Group, Inc. |  |  |
| 2.30% 5/15/31 | 200000 | 176260 |
| 2.75% 5/15/40 | 250000 | 181377 |
| 2.88% 8/15/29 | 155000 | 146298 |
| 2.90% 5/15/50 | 250000 | 155562 |
| 2.95% 10/15/27 | 250000 | 243213 |
| 3.05% 5/15/41 | 200000 | 146979 |
| 3.25% 5/15/51 | 200000 | 132660 |
| 3.38% 4/15/27 | 150000 | 147902 |
| 3.45% 1/15/27 | 100000 | 98924 |
| 3.50% 8/15/39 | 115000 | 92806 |
| 3.70% 8/15/49 | 135000 | 98280 |
| 3.75% 10/15/47 | 200000 | 148884 |
| 3.85% 6/15/28 | 200000 | 198296 |
| 3.88% 12/15/28 | 50000 | 49354 |
| 3.88% 8/15/59 | 150000 | 105698 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| UnitedHealth Group, <br> Inc. (continued)<br>|  |  |
| 4.00% 5/15/29 | 195000 | $192788 |
| 4.20% 1/15/47 | 55000 | 44186 |
| 4.25% 1/15/29 | 250000 | 249556 |
| 4.25% 3/15/43 | 100000 | 83981 |
| 4.25% 6/15/48 | 150000 | 120529 |
| 4.38% 3/15/42 | 100000 | 85742 |
| 4.50% 4/15/33 | 250000 | 243656 |
| 4.75% 7/15/26 | 110000 | 110396 |
| 4.80% 1/15/30 | 250000 | 253846 |
| 4.95% 1/15/32 | 200000 | 202559 |
| 5.00% 4/15/34 | 250000 | 249904 |
| 5.05% 4/15/53 | 250000 | 223145 |
| 5.15% 7/15/34 | 150000 | 151515 |
| 5.20% 4/15/63 | 250000 | 222767 |
| 5.25% 2/15/28 | 180000 | 184756 |
| 5.35% 2/15/33 | 250000 | 257583 |
| 5.38% 4/15/54 | 145000 | 135548 |
| 5.50% 7/15/44 | 200000 | 194798 |
| 5.63% 7/15/54 | 150000 | 145503 |
| 5.75% 7/15/64 | 70000 | 68083 |
| 5.88% 2/15/53 | 90000 | 90173 |
| Universal Health Services, <br> Inc.<br>|  |  |
| 1.65% 9/1/26 | 65000 | 62755 |
| 2.65% 1/15/32 | 50000 | 42441 |
| Willis-Knighton Medical <br> Center 3.07% 3/1/51<br>| 100000 | 61361 |
| Yale-New Haven Health <br> Services Corp. 2.50% 7/1/50<br>| 50000 | 28795 |
|  |  | **22001331** |
| **Home Builders–0.03%** | **Home Builders–0.03%** | **Home Builders–0.03%** |
| Dr. Horton, Inc. |  |  |
| 1.40% 10/15/27 | 250000 | 235062 |
| 5.00% 10/15/34 | 105000 | 103808 |
| MDC Holdings, Inc. 3.97% <br> 8/6/61<br>| 200000 | 144932 |
| Meritage Homes Corp. 5.65% <br> 3/15/35<br>| 105000 | 105298 |
| NVR, Inc. 3.00% 5/15/30 | 195000 | 181627 |
|  |  | **770727** |
| **Home Furnishings–0.01%** | **Home Furnishings–0.01%** | **Home Furnishings–0.01%** |
| Leggett & Platt, Inc. |  |  |
| 3.50% 11/15/27 | 100000 | 97041 |
| 3.50% 11/15/51 | 150000 | 95560 |
|  |  | **192601** |
| **Household Products Wares–0.06%** | **Household Products Wares–0.06%** | **Household Products Wares–0.06%** |
| Avery Dennison Corp. |  |  |
| 2.25% 2/15/32 | 100000 | 84970 |
| 4.88% 12/6/28 | 100000 | 101484 |
| 5.75% 3/15/33 | 250000 | 261394 |

---

LVIP SSGA Bond Index Fund-35

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Household Products Wares (continued)** | **Household Products Wares (continued)** | **Household Products Wares (continued)** |
| Church & Dwight Co., Inc. |  |  |
| 3.15% 8/1/27 | 100000 | $97978 |
| 3.95% 8/1/47 | 100000 | 77928 |
| Clorox Co. |  |  |
| 3.90% 5/15/28 | 100000 | 99026 |
| 4.60% 5/1/32 | 200000 | 199566 |
| Kimberly-Clark Corp. |  |  |
| 1.05% 9/15/27 | 85000 | 79878 |
| 2.88% 2/7/50 | 45000 | 29010 |
| 3.20% 7/30/46 | 50000 | 35110 |
| 3.90% 5/4/47 | 100000 | 78489 |
| 5.30% 3/1/41 | 200000 | 197397 |
| 6.63% 8/1/37 | 100000 | 115250 |
|  |  | **1457480** |
| **Insurance–0.74%** | **Insurance–0.74%** | **Insurance–0.74%** |
| Aflac, Inc. |  |  |
| 4.00% 10/15/46 | 300000 | 233298 |
| 4.75% 1/15/49 | 100000 | 86364 |
| Alleghany Corp. 4.90% <br> 9/15/44<br>| 95000 | 86466 |
| Allstate Corp. |  |  |
| 1.45% 12/15/30 | 100000 | 85127 |
| 3.28% 12/15/26 | 150000 | 147934 |
| 4.20% 12/15/46 | 150000 | 122389 |
| 4.50% 6/15/43 | 100000 | 86928 |
| 5.55% 5/9/35 | 150000 | 155750 |
| American Financial Group, <br> Inc. 4.50% 6/15/47<br>| 150000 | 121089 |
| American International <br> Group, Inc.<br>|  |  |
| 4.38% 6/30/50 | 130000 | 108803 |
| 4.75% 4/1/48 | 200000 | 177478 |
| Aon Corp. |  |  |
| 2.80% 5/15/30 | 150000 | 138980 |
| 3.75% 5/2/29 | 100000 | 97762 |
| Aon Corp./Aon Global <br> Holdings PLC<br>|  |  |
| 2.05% 8/23/31 | 100000 | 86329 |
| 2.85% 5/28/27 | 70000 | 68217 |
| 2.90% 8/23/51 | 100000 | 62104 |
| 3.90% 2/28/52 | 85000 | 63035 |
| Aon Global Ltd. 4.75% <br> 5/15/45<br>| 100000 | 87337 |
| Aon North America, Inc. <br> 5.45% 3/1/34<br>| 500000 | 513595 |
| Arch Capital Finance LLC |  |  |
| 4.01% 12/15/26 | 100000 | 99555 |
| 5.03% 12/15/46 | 100000 | 90346 |
| Arch Capital Group U.S., Inc. <br> 5.14% 11/1/43<br>| 105000 | 97244 |
| Arthur J Gallagher & Co. |  |  |
| 4.60% 12/15/27 | 55000 | 55409 |
| 4.85% 12/15/29 | 85000 | 86249 |
| 5.00% 2/15/32 | 85000 | 86146 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Arthur J Gallagher & <br> Co. (continued)<br>|  |  |
| 5.15% 2/15/35 | 140000 | $140066 |
| 5.45% 7/15/34 | 250000 | 255581 |
| 5.50% 3/2/33 | 155000 | 160111 |
| 5.55% 2/15/55 | 130000 | 124666 |
| Assurant, Inc. 4.90% 3/27/28 | 100000 | 100782 |
| Assured Guaranty <br> U.S. Holdings, Inc. 6.13% <br> 9/15/28<br>| 95000 | 99835 |
| Athene Holding Ltd. |  |  |
| 3.50% 1/15/31 | 20000 | 18826 |
| 3.95% 5/25/51 | 125000 | 88308 |
| 4.13% 1/12/28 | 150000 | 148607 |
| 6.65% 2/1/33 | 100000 | 108124 |
| AXA SA 8.60% 12/15/30 | 200000 | 237023 |
| AXIS Specialty Finance LLC <br> 3.90% 7/15/29<br>| 100000 | 97105 |
| Berkshire Hathaway Finance <br> Corp.<br>|  |  |
| 1.45% 10/15/30 | 160000 | 140002 |
| 2.30% 3/15/27 | 200000 | 194981 |
| 2.50% 1/15/51 | 140000 | 83711 |
| 2.85% 10/15/50 | 180000 | 116157 |
| 2.88% 3/15/32 | 200000 | 184370 |
| 3.85% 3/15/52 | 200000 | 154762 |
| 4.25% 1/15/49 | 100000 | 84594 |
| 4.30% 5/15/43 | 100000 | 88063 |
| 4.40% 5/15/42 | 100000 | 92493 |
| 5.75% 1/15/40 | 100000 | 108389 |
| Brighthouse Financial, Inc. <br> 4.70% 6/22/47<br>| 200000 | 153198 |
| Brown & Brown, Inc. |  |  |
| 2.38% 3/15/31 | 85000 | 74822 |
| 4.20% 3/17/32 | 65000 | 62192 |
| 4.50% 3/15/29 | 100000 | 99963 |
| 4.70% 6/23/28 | 400000 | 403374 |
| 4.95% 3/17/52 | 100000 | 86525 |
| Chubb Corp. |  |  |
| 6.00% 5/11/37 | 100000 | 108547 |
| 6.50% 5/15/38 | 200000 | 225029 |
| Chubb INA Holdings LLC |  |  |
| 1.38% 9/15/30 | 415000 | 360912 |
| 4.15% 3/13/43 | 100000 | 85442 |
| Cincinnati Financial Corp. <br> 6.92% 5/15/28<br>| 100000 | 107432 |
| CNA Financial Corp. |  |  |
| 2.05% 8/15/30 | 20000 | 17627 |
| 3.90% 5/1/29 | 40000 | 39214 |
| 5.13% 2/15/34 | 90000 | 90140 |
| Corebridge Financial, Inc. |  |  |
| 5.75% 1/15/34 | 350000 | 363622 |
| 6.05% 9/15/33 | 350000 | 368422 |
| Enstar Group Ltd. 3.10% <br> 9/1/31<br>| 95000 | 84454 |

---

LVIP SSGA Bond Index Fund-36

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Equitable Holdings, Inc. <br> 5.59% 1/11/33<br>| 200000 | $207966 |
| Everest Reinsurance <br> Holdings, Inc.<br>|  |  |
| 3.50% 10/15/50 | 50000 | 34144 |
| 4.87% 6/1/44 | 100000 | 88170 |
| F&G Annuities & Life, Inc. <br> 6.50% 6/4/29<br>| 65000 | 67020 |
| Fairfax Financial Holdings <br> Ltd.<br>|  |  |
| 3.38% 3/3/31 | 180000 | 167065 |
| 6.10% 3/15/55 | 100000 | 97950 |
| 6.35% 3/22/54 | 160000 | 162048 |
| Fidelity National Financial, <br> Inc.<br>|  |  |
| 3.40% 6/15/30 | 50000 | 46667 |
| 4.50% 8/15/28 | 150000 | 149720 |
| Globe Life, Inc. 5.85% 9/15/34 | 75000 | 77652 |
| Hanover Insurance Group, <br> Inc. 2.50% 9/1/30<br>| 145000 | 129056 |
| Hartford Insurance Group, <br> Inc.<br>|  |  |
| 2.80% 8/19/29 | 70000 | 65846 |
| 2.90% 9/15/51 | 100000 | 62534 |
| 3.60% 8/19/49 | 55000 | 40240 |
| 4.30% 4/15/43 | 43000 | 36243 |
| 4.40% 3/15/48 | 100000 | 84018 |
| 6.10% 10/1/41 | 50000 | 51775 |
| Kemper Corp. 3.80% 2/23/32 | 100000 | 90876 |
| Loews Corp. 6.00% 2/1/35 | 100000 | 108736 |
| Manulife Financial Corp. |  |  |
| μ4.06% 2/24/32 | 250000 | 247150 |
| 5.38% 3/4/46 | 100000 | 98982 |
| Markel Group, Inc. |  |  |
| 5.00% 4/5/46 | 250000 | 221441 |
| 5.00% 5/20/49 | 65000 | 56989 |
| Marsh & McLennan Cos., Inc. |  |  |
| 2.25% 11/15/30 | 105000 | 94010 |
| 2.38% 12/15/31 | 90000 | 78801 |
| 4.35% 1/30/47 | 45000 | 38088 |
| 4.38% 3/15/29 | 195000 | 195748 |
| 4.65% 3/15/30 | 105000 | 106184 |
| 4.75% 3/15/39 | 55000 | 52257 |
| 4.90% 3/15/49 | 90000 | 81298 |
| 5.00% 3/15/35 | 250000 | 249921 |
| 5.35% 11/15/44 | 250000 | 245468 |
| 5.40% 9/15/33 | 250000 | 259308 |
| 5.40% 3/15/55 | 140000 | 134884 |
| Mercury General Corp. 4.40% <br> 3/15/27<br>| 50000 | 49580 |
| MetLife, Inc. |  |  |
| 4.60% 5/13/46 | 200000 | 177080 |
| 5.25% 1/15/54 | 250000 | 235349 |
| 5.30% 12/15/34 | 200000 | 205456 |
| 5.70% 6/15/35 | 50000 | 52941 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| MetLife, Inc. (continued) |  |  |
| 5.88% 2/6/41 | 100000 | $103601 |
| 6.38% 6/15/34 | 100000 | 110843 |
| 6.40% 12/15/66 | 100000 | 104717 |
| 6.50% 12/15/32 | 100000 | 112257 |
| 10.75% 8/1/69 | 150000 | 200615 |
| Old Republic International <br> Corp. 3.85% 6/11/51<br>| 200000 | 142055 |
| Principal Financial Group, <br> Inc.<br>|  |  |
| 3.70% 5/15/29 | 50000 | 48776 |
| 5.38% 3/15/33 | 140000 | 143800 |
| Progressive Corp. |  |  |
| 2.50% 3/15/27 | 40000 | 38955 |
| 3.00% 3/15/32 | 50000 | 45602 |
| 3.70% 3/15/52 | 25000 | 18643 |
| 4.13% 4/15/47 | 200000 | 164518 |
| 4.20% 3/15/48 | 150000 | 123348 |
| 4.95% 6/15/33 | 250000 | 255329 |
| Prudential Financial, Inc. |  |  |
| 3.70% 3/13/51 | 250000 | 183753 |
| 3.88% 3/27/28 | 65000 | 64713 |
| 3.91% 12/7/47 | 163000 | 127344 |
| 4.35% 2/25/50 | 250000 | 207493 |
| 4.42% 3/27/48 | 100000 | 83971 |
| μ4.50% 9/15/47 | 215000 | 211804 |
| 5.20% 3/14/35 | 80000 | 80864 |
| 6.63% 6/21/40 | 200000 | 225009 |
| μ6.75% 3/1/53 | 160000 | 167609 |
| Prudential Funding Asia PLC <br> 3.63% 3/24/32<br>| 200000 | 186066 |
| Reinsurance Group of <br> America, Inc.<br>|  |  |
| 3.15% 6/15/30 | 70000 | 65397 |
| 3.95% 9/15/26 | 30000 | 29826 |
| 6.00% 9/15/33 | 250000 | 262043 |
| RenaissanceRe Finance, Inc. <br> 3.45% 7/1/27<br>| 130000 | 128036 |
| RenaissanceRe Holdings Ltd. <br> 3.60% 4/15/29<br>| 100000 | 96780 |
| Selective Insurance Group, <br> Inc. 5.90% 4/15/35<br>| 65000 | 66453 |
| Transatlantic Holdings, Inc. <br> 8.00% 11/30/39<br>| 100000 | 125599 |
| Travelers Cos., Inc. |  |  |
| 3.75% 5/15/46 | 50000 | 38942 |
| 4.00% 5/30/47 | 80000 | 64016 |
| 4.05% 3/7/48 | 200000 | 159872 |
| 4.10% 3/4/49 | 100000 | 80537 |
| 5.45% 5/25/53 | 115000 | 112463 |
| 6.25% 6/15/37 | 100000 | 110284 |
| 6.75% 6/20/36 | 100000 | 114313 |
| Unum Group |  |  |
| 4.00% 6/15/29 | 145000 | 142328 |
| 4.13% 6/15/51 | 200000 | 148568 |

---

LVIP SSGA Bond Index Fund-37

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Unum Group (continued) |  |  |
| 5.75% 8/15/42 | 50000 | $48202 |
| W.R. Berkley Corp. |  |  |
| 3.55% 3/30/52 | 150000 | 103302 |
| 4.00% 5/12/50 | 105000 | 79748 |
| Willis North America, Inc. |  |  |
| 2.95% 9/15/29 | 65000 | 61176 |
| 3.88% 9/15/49 | 70000 | 51666 |
| 4.65% 6/15/27 | 100000 | 100546 |
| 5.35% 5/15/33 | 250000 | 256306 |
| XL Group Ltd. 5.25% 12/15/43 | 200000 | 191340 |
|  |  | **19039494** |
| **Internet–0.38%** | **Internet–0.38%** | **Internet–0.38%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.13% 2/9/31 | 200000 | 177012 |
| 3.15% 2/9/51 | 200000 | 129660 |
| 3.25% 2/9/61 | 200000 | 123706 |
| 3.40% 12/6/27 | 210000 | 206324 |
| 4.00% 12/6/37 | 100000 | 88178 |
| 4.40% 12/6/57 | 200000 | 159793 |
| 5.25% 5/26/35 | 200000 | 202233 |
| Alphabet, Inc. |  |  |
| 0.80% 8/15/27 | 200000 | 187788 |
| 1.10% 8/15/30 | 130000 | 112305 |
| 1.90% 8/15/40 | 100000 | 67161 |
| 2.00% 8/15/26 | 250000 | 244592 |
| 2.05% 8/15/50 | 130000 | 72584 |
| 2.25% 8/15/60 | 400000 | 211191 |
| Amazon.com, Inc. |  |  |
| 1.20% 6/3/27 | 90000 | 85453 |
| 1.50% 6/3/30 | 165000 | 145947 |
| 1.65% 5/12/28 | 250000 | 234767 |
| 2.10% 5/12/31 | 250000 | 221967 |
| 2.50% 6/3/50 | 80000 | 48081 |
| 2.88% 5/12/41 | 250000 | 186566 |
| 3.10% 5/12/51 | 250000 | 168534 |
| 3.25% 5/12/61 | 250000 | 162667 |
| 3.30% 4/13/27 | 250000 | 247240 |
| 3.60% 4/13/32 | 500000 | 478608 |
| 3.88% 8/22/37 | 115000 | 104023 |
| 3.95% 4/13/52 | 200000 | 157826 |
| 4.05% 8/22/47 | 635000 | 523849 |
| 4.25% 8/22/57 | 205000 | 167791 |
| 4.55% 12/1/27 | 250000 | 253327 |
| 4.70% 12/1/32 | 250000 | 254780 |
| Baidu, Inc. 4.38% 3/29/28 | 200000 | 200561 |
| Booking Holdings, Inc. |  |  |
| 3.55% 3/15/28 | 150000 | 147617 |
| 4.63% 4/13/30 | 300000 | 303447 |
| eBay, Inc. |  |  |
| 5.95% 11/22/27 | 250000 | 259675 |
| 6.30% 11/22/32 | 250000 | 272891 |
| Expedia Group, Inc. |  |  |
| 2.95% 3/15/31 | 80000 | 72915 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Expedia Group, <br> Inc. (continued)<br>|  |  |
| 3.25% 2/15/30 | 35000 | $33017 |
| 3.80% 2/15/28 | 100000 | 98520 |
| 4.63% 8/1/27 | 90000 | 90365 |
| 5.40% 2/15/35 | 55000 | 55379 |
| Meta Platforms, Inc. |  |  |
| 4.30% 8/15/29 | 145000 | 146322 |
| 4.60% 5/15/28 | 250000 | 254581 |
| 4.65% 8/15/62 | 1000000 | 842949 |
| 4.75% 8/15/34 | 135000 | 135632 |
| 4.95% 5/15/33 | 250000 | 256346 |
| 5.40% 8/15/54 | 105000 | 102400 |
| 5.55% 8/15/64 | 145000 | 141699 |
| 5.60% 5/15/53 | 220000 | 219997 |
| Netflix, Inc. |  |  |
| 4.90% 8/15/34 | 135000 | 137616 |
| 5.40% 8/15/54 | 110000 | 108557 |
| VeriSign, Inc. 5.25% 6/1/32 | 250000 | 254779 |
| Weibo Corp. 3.38% 7/8/30 | 300000 | 279255 |
|  |  | **9838473** |
| **Investment Companies–0.19%** | **Investment Companies–0.19%** | **Investment Companies–0.19%** |
| Apollo Debt Solutions BDC |  |  |
| 6.55% 3/15/32 | 100000 | 102139 |
| 6.70% 7/29/31 | 145000 | 150675 |
| ARES Capital Corp. |  |  |
| 2.88% 6/15/27 | 150000 | 144967 |
| 3.20% 11/15/31 | 250000 | 217632 |
| 5.80% 3/8/32 | 250000 | 248954 |
| ARES Strategic Income Fund <br> 6.35% 8/15/29<br>| 250000 | 256307 |
| BlackRock TCP Capital Corp. <br> 6.95% 5/30/29<br>| 115000 | 118522 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 4.00% 1/15/29 | 200000 | 191889 |
| 5.60% 11/22/29 | 250000 | 251727 |
| 6.00% 11/22/34 | 250000 | 244463 |
| Blackstone Secured Lending <br> Fund<br>|  |  |
| 5.30% 6/30/30 | 145000 | 143673 |
| 5.35% 4/13/28 | 250000 | 251775 |
| Blue Owl Capital Corp. |  |  |
| 2.88% 6/11/28 | 200000 | 186321 |
| 5.95% 3/15/29 | 165000 | 165848 |
| Blue Owl Credit Income Corp. |  |  |
| 7.75% 9/16/27 | 200000 | 209786 |
| 7.95% 6/13/28 | 250000 | 267296 |
| Blue Owl Technology Finance <br> Corp. 6.10% 3/15/28<br>| 160000 | 160867 |
| FS KKR Capital Corp. |  |  |
| 3.13% 10/12/28 | 150000 | 137551 |
| 6.88% 8/15/29 | 150000 | 153822 |

---

LVIP SSGA Bond Index Fund-38

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| Golub Capital BDC, Inc. 2.50% <br> 8/24/26<br>| 145000 | $141109 |
| Golub Capital Private Credit <br> Fund 5.88% 5/1/30<br>| 70000 | 69915 |
| HA Sustainable <br> Infrastructure Capital, Inc. <br> 6.38% 7/1/34<br>| 125000 | 125008 |
| HPS Corporate Lending Fund <br> 6.25% 9/30/29<br>| 250000 | 254865 |
| Main Street Capital Corp. <br> 3.00% 7/14/26<br>| 165000 | 161554 |
| Oaktree Specialty Lending <br> Corp. 6.34% 2/27/30<br>| 60000 | 59454 |
| Oaktree Strategic Credit <br> Fund 6.50% 7/23/29<br>| 40000 | 40964 |
| Sixth Street Lending Partners |  |  |
| 5.75% 1/15/30 | 100000 | 100248 |
| 6.13% 7/15/30 | 125000 | 127284 |
| Sixth Street Specialty <br> Lending, Inc.<br>|  |  |
| 2.50% 8/1/26 | 125000 | 122213 |
| 6.95% 8/14/28 | 180000 | 189625 |
|  |  | **4996453** |
| **Iron & Steel–0.09%** | **Iron & Steel–0.09%** | **Iron & Steel–0.09%** |
| ArcelorMittal SA |  |  |
| 6.00% 6/17/34 | 95000 | 99577 |
| 6.55% 11/29/27 | 200000 | 208477 |
| 6.80% 11/29/32 | 175000 | 192355 |
| Nucor Corp. |  |  |
| 2.70% 6/1/30 | 15000 | 13838 |
| 2.98% 12/15/55 | 400000 | 243317 |
| 3.95% 5/1/28 | 100000 | 99563 |
| 5.10% 6/1/35 | 250000 | 250780 |
| Steel Dynamics, Inc. |  |  |
| 1.65% 10/15/27 | 25000 | 23563 |
| 3.25% 1/15/31 | 60000 | 55967 |
| 3.25% 10/15/50 | 40000 | 26370 |
| 3.45% 4/15/30 | 75000 | 71345 |
| 5.38% 8/15/34 | 105000 | 106617 |
| Vale Overseas Ltd. |  |  |
| 6.13% 6/12/33 | 190000 | 198983 |
| 6.40% 6/28/54 | 65000 | 63880 |
| 6.88% 11/21/36 | 350000 | 379850 |
| 6.88% 11/10/39 | 170000 | 184273 |
|  |  | **2218755** |
| **Leisure Time–0.01%** | **Leisure Time–0.01%** | **Leisure Time–0.01%** |
| Brunswick Corp. 5.85% <br> 3/18/29<br>| 115000 | 118455 |
| Harley-Davidson, Inc. 4.63% <br> 7/28/45<br>| 50000 | 40146 |
|  |  | **158601** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Lodging–0.10%** | **Lodging–0.10%** | **Lodging–0.10%** |
| Choice Hotels International, <br> Inc.<br>|  |  |
| 3.70% 12/1/29 | 100000 | $94387 |
| 5.85% 8/1/34 | 160000 | 161248 |
| Hyatt Hotels Corp. |  |  |
| 5.05% 3/30/28 | 90000 | 90979 |
| 5.38% 12/15/31 | 250000 | 253494 |
| Las Vegas Sands Corp. |  |  |
| 6.00% 8/15/29 | 125000 | 128475 |
| 6.20% 8/15/34 | 125000 | 127684 |
| Marriott International, Inc. |  |  |
| 2.85% 4/15/31 | 220000 | 199765 |
| 3.50% 10/15/32 | 150000 | 136361 |
| 4.00% 4/15/28 | 100000 | 99084 |
| 4.63% 6/15/30 | 135000 | 135320 |
| 5.00% 10/15/27 | 55000 | 55902 |
| 5.50% 4/15/37 | 250000 | 250042 |
| 5.55% 10/15/28 | 195000 | 202275 |
| Sands China Ltd. 3.25% <br> 8/8/31<br>| 800000 | 705885 |
|  |  | **2640901** |
| **Machinery Construction & Mining–0.07%** | **Machinery Construction & Mining–0.07%** | **Machinery Construction & Mining–0.07%** |
| Caterpillar Financial Services <br> Corp.<br>|  |  |
| 2.40% 8/9/26 | 100000 | 98123 |
| 4.38% 8/16/29 | 195000 | 196481 |
| 4.40% 3/3/28 | 250000 | 251854 |
| 4.60% 11/15/27 | 200000 | 202396 |
| 4.70% 11/15/29 | 200000 | 203690 |
| Caterpillar, Inc. |  |  |
| 1.90% 3/12/31 | 100000 | 88016 |
| 2.60% 9/19/29 | 150000 | 140832 |
| 3.80% 8/15/42 | 168000 | 138807 |
| 4.75% 5/15/64 | 250000 | 219606 |
| 6.05% 8/15/36 | 200000 | 218520 |
| Oshkosh Corp. 4.60% 5/15/28 | 100000 | 100147 |
|  |  | **1858472** |
| **Machinery Diversified–0.20%** | **Machinery Diversified–0.20%** | **Machinery Diversified–0.20%** |
| CNH Industrial Capital LLC <br> 5.50% 1/12/29<br>| 200000 | 206379 |
| CNH Industrial NV 3.85% <br> 11/15/27<br>| 105000 | 103923 |
| Deere & Co. |  |  |
| 2.88% 9/7/49 | 65000 | 42633 |
| 3.90% 6/9/42 | 150000 | 127728 |
| 5.38% 10/16/29 | 100000 | 104635 |
| 5.45% 1/16/35 | 250000 | 260426 |
| Dover Corp. |  |  |
| 2.95% 11/4/29 | 20000 | 18841 |
| 5.38% 3/1/41 | 100000 | 97655 |
| Flowserve Corp. 3.50% <br> 10/1/30<br>| 70000 | 65319 |

---

LVIP SSGA Bond Index Fund-39

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Machinery Diversified (continued)** | **Machinery Diversified (continued)** | **Machinery Diversified (continued)** |
| IDEX Corp. |  |  |
| 3.00% 5/1/30 | 75000 | $69698 |
| 4.95% 9/1/29 | 85000 | 86386 |
| Ingersoll Rand, Inc. |  |  |
| 5.18% 6/15/29 | 175000 | 179648 |
| 5.45% 6/15/34 | 105000 | 107979 |
| 5.70% 6/15/54 | 85000 | 84160 |
| John Deere Capital Corp. |  |  |
| 1.45% 1/15/31 | 70000 | 60406 |
| 1.70% 1/11/27 | 200000 | 193042 |
| 2.35% 3/8/27 | 50000 | 48632 |
| 2.45% 1/9/30 | 85000 | 78779 |
| 2.80% 9/8/27 | 100000 | 97305 |
| 2.80% 7/18/29 | 50000 | 47352 |
| 3.05% 1/6/28 | 100000 | 97652 |
| 3.45% 3/7/29 | 120000 | 117093 |
| 4.15% 9/15/27 | 150000 | 150313 |
| 4.35% 9/15/32 | 115000 | 113693 |
| 4.50% 1/16/29 | 210000 | 212293 |
| 4.70% 6/10/30 | 210000 | 213537 |
| 4.75% 1/20/28 | 175000 | 177767 |
| 4.90% 3/3/28 | 100000 | 102139 |
| 4.95% 7/14/28 | 55000 | 56350 |
| 5.05% 6/12/34 | 250000 | 254244 |
| 5.15% 9/8/26 | 100000 | 101201 |
| 5.15% 9/8/33 | 100000 | 103348 |
| Nordson Corp. 4.50% <br> 12/15/29<br>| 250000 | 250128 |
| nVent Finance SARL 4.55% <br> 4/15/28<br>| 100000 | 99937 |
| Otis Worldwide Corp. |  |  |
| 2.57% 2/15/30 | 105000 | 96858 |
| 5.13% 11/19/31 | 125000 | 128717 |
| 5.25% 8/16/28 | 135000 | 138971 |
| Regal Rexnord Corp. 6.05% <br> 4/15/28<br>| 200000 | 206097 |
| Rockwell Automation, Inc. |  |  |
| 3.50% 3/1/29 | 85000 | 82884 |
| 4.20% 3/1/49 | 70000 | 57600 |
| Xylem, Inc. |  |  |
| 1.95% 1/30/28 | 115000 | 108720 |
| 3.25% 11/1/26 | 55000 | 54210 |
| 4.38% 11/1/46 | 50000 | 40957 |
|  |  | **5045635** |
| **Media–0.58%** | **Media–0.58%** | **Media–0.58%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 2.25% 1/15/29 | 115000 | 105913 |
| 3.50% 6/1/41 | 315000 | 228530 |
| 3.50% 3/1/42 | 160000 | 114088 |
| 3.75% 2/15/28 | 100000 | 98151 |
| 3.85% 4/1/61 | 70000 | 44847 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 3.90% 6/1/52 | 145000 | $99515 |
| 3.95% 6/30/62 | 250000 | 161079 |
| 4.20% 3/15/28 | 150000 | 148687 |
| 4.40% 4/1/33 | 125000 | 117697 |
| 4.80% 3/1/50 | 445000 | 356030 |
| 5.05% 3/30/29 | 100000 | 100953 |
| 5.13% 7/1/49 | 200000 | 166293 |
| 5.25% 4/1/53 | 200000 | 169918 |
| 5.38% 5/1/47 | 275000 | 238675 |
| 5.50% 4/1/63 | 200000 | 169115 |
| 5.75% 4/1/48 | 225000 | 204604 |
| 6.10% 6/1/29 | 115000 | 120399 |
| 6.38% 10/23/35 | 190000 | 199559 |
| 6.48% 10/23/45 | 565000 | 559825 |
| Comcast Corp. |  |  |
| 1.50% 2/15/31 | 200000 | 170762 |
| 1.95% 1/15/31 | 175000 | 153399 |
| 2.35% 1/15/27 | 105000 | 102147 |
| 2.45% 8/15/52 | 150000 | 81780 |
| 2.65% 2/1/30 | 100000 | 92894 |
| 2.65% 8/15/62 | 700000 | 365904 |
| 2.80% 1/15/51 | 140000 | 83946 |
| 2.89% 11/1/51 | 75000 | 45643 |
| 2.94% 11/1/56 | 269000 | 157944 |
| 2.99% 11/1/63 | 101000 | 56791 |
| 3.15% 2/15/28 | 150000 | 146110 |
| 3.20% 7/15/36 | 150000 | 125567 |
| 3.25% 11/1/39 | 150000 | 117515 |
| 3.30% 2/1/27 | 250000 | 246483 |
| 3.40% 7/15/46 | 110000 | 78320 |
| 3.45% 2/1/50 | 110000 | 75428 |
| 3.55% 5/1/28 | 150000 | 147494 |
| 3.90% 3/1/38 | 150000 | 130461 |
| 3.97% 11/1/47 | 362000 | 279115 |
| 4.00% 8/15/47 | 150000 | 116269 |
| 4.00% 3/1/48 | 150000 | 115832 |
| 4.00% 11/1/49 | 79000 | 60044 |
| 4.05% 11/1/52 | 258000 | 194086 |
| 4.15% 10/15/28 | 185000 | 184650 |
| 4.20% 8/15/34 | 83000 | 78434 |
| 4.25% 10/15/30 | 165000 | 164165 |
| 4.25% 1/15/33 | 200000 | 193255 |
| 4.40% 8/15/35 | 192000 | 181835 |
| 4.60% 10/15/38 | 195000 | 180589 |
| 4.65% 7/15/42 | 24000 | 21320 |
| 4.70% 10/15/48 | 190000 | 163102 |
| 4.80% 5/15/33 | 250000 | 249505 |
| 4.95% 10/15/58 | 190000 | 162841 |
| 5.30% 6/1/34 | 250000 | 256075 |
| 5.35% 5/15/53 | 250000 | 231652 |
| 5.50% 11/15/32 | 105000 | 110294 |

---

LVIP SSGA Bond Index Fund-40

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Comcast Corp. (continued) |  |  |
| 6.50% 11/15/35 | 200000 | $221986 |
| Discovery <br> Communications LLC 3.95% <br> 3/20/28<br>| 161000 | 160814 |
| Fox Corp. |  |  |
| 4.71% 1/25/29 | 405000 | 408313 |
| 5.48% 1/25/39 | 75000 | 73404 |
| 5.58% 1/25/49 | 90000 | 84446 |
| 6.50% 10/13/33 | 240000 | 259662 |
| Grupo Televisa SAB |  |  |
| 6.63% 1/15/40 | 100000 | 93558 |
| 8.50% 3/11/32 | 200000 | 222554 |
| NBCUniversal Media LLC <br> 4.45% 1/15/43<br>| 175000 | 150732 |
| Paramount Global |  |  |
| 2.90% 1/15/27 | 53000 | 51588 |
| 4.20% 5/19/32 | 50000 | 45635 |
| 4.38% 3/15/43 | 77000 | 56685 |
| 4.85% 7/1/42 | 150000 | 118262 |
| 4.90% 8/15/44 | 125000 | 96416 |
| 4.95% 1/15/31 | 400000 | 388932 |
| 5.85% 9/1/43 | 150000 | 130548 |
| 6.88% 4/30/36 | 125000 | 128008 |
| 7.88% 7/30/30 | 200000 | 221578 |
| Time Warner Cable <br> Enterprises LLC 8.38% <br> 7/15/33<br>| 200000 | 232897 |
| Time Warner Cable LLC |  |  |
| 5.50% 9/1/41 | 100000 | 90927 |
| 5.88% 11/15/40 | 100000 | 96006 |
| 6.55% 5/1/37 | 200000 | 206564 |
| 7.30% 7/1/38 | 150000 | 163574 |
| TWDC Enterprises 18 Corp. |  |  |
| 1.85% 7/30/26 | 95000 | 92689 |
| 2.95% 6/15/27 | 200000 | 196508 |
| 3.00% 7/30/46 | 50000 | 33712 |
| 3.70% 12/1/42 | 150000 | 119166 |
| 4.13% 12/1/41 | 100000 | 85481 |
| 4.13% 6/1/44 | 83000 | 69247 |
| Walt Disney Co. |  |  |
| 2.00% 9/1/29 | 335000 | 307596 |
| 2.65% 1/13/31 | 220000 | 202817 |
| 2.75% 9/1/49 | 180000 | 113293 |
| 3.38% 11/15/26 | 60000 | 59453 |
| 3.50% 5/13/40 | 200000 | 164169 |
| 3.60% 1/13/51 | 75000 | 55398 |
| 3.80% 5/13/60 | 490000 | 357467 |
| 4.75% 9/15/44 | 60000 | 54232 |
| 4.75% 11/15/46 | 50000 | 44604 |
| 4.95% 10/15/45 | 30000 | 27562 |
| 6.40% 12/15/35 | 229000 | 258007 |
| 6.65% 11/15/37 | 175000 | 200137 |
|  |  | **14870156** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Metal Fabricate & Hardware–0.02%** | **Metal Fabricate & Hardware–0.02%** | **Metal Fabricate & Hardware–0.02%** |
| Precision Castparts Corp. |  |  |
| 3.90% 1/15/43 | 50000 | $40497 |
| 4.38% 6/15/45 | 100000 | 84988 |
| Timken Co. 4.13% 4/1/32 | 110000 | 102481 |
| Valmont Industries, Inc. |  |  |
| 5.00% 10/1/44 | 100000 | 89131 |
| 5.25% 10/1/54 | 100000 | 89841 |
|  |  | **406938** |
| **Mining–0.16%** | **Mining–0.16%** | **Mining–0.16%** |
| AngloGold Ashanti Holdings <br> PLC 3.38% 11/1/28<br>| 200000 | 190925 |
| Barrick North America <br> Finance LLC 5.75% 5/1/43<br>| 150000 | 151479 |
| Barrick PD Australia Finance <br> Pty. Ltd. 5.95% 10/15/39<br>| 100000 | 103574 |
| BHP Billiton Finance USA <br> Ltd.<br>|  |  |
| 4.13% 2/24/42 | 125000 | 107349 |
| 5.00% 9/30/43 | 500000 | 473822 |
| 5.10% 9/8/28 | 250000 | 256377 |
| 5.25% 9/8/33 | 250000 | 256003 |
| 5.50% 9/8/53 | 95000 | 93961 |
| Kinross Gold Corp. 4.50% <br> 7/15/27<br>| 400000 | 400372 |
| Newmont Corp. |  |  |
| 2.60% 7/15/32 | 200000 | 176820 |
| 4.88% 3/15/42 | 400000 | 370776 |
| 6.25% 10/1/39 | 100000 | 108012 |
| Rio Tinto Alcan, Inc. 6.13% <br> 12/15/33<br>| 150000 | 162904 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75% 11/2/51 | 200000 | 121474 |
| 5.20% 11/2/40 | 100000 | 98076 |
| 7.13% 7/15/28 | 75000 | 81277 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13% 8/21/42 | 150000 | 126294 |
| 4.50% 3/14/28 | 55000 | 55433 |
| 4.88% 3/14/30 | 115000 | 117199 |
| 5.25% 3/14/35 | 85000 | 86486 |
| 5.75% 3/14/55 | 110000 | 110137 |
| Southern Copper Corp. |  |  |
| 5.25% 11/8/42 | 150000 | 139380 |
| 5.88% 4/23/45 | 69000 | 68226 |
| 6.75% 4/16/40 | 110000 | 119253 |
| 7.50% 7/27/35 | 200000 | 229644 |
|  |  | **4205253** |
| **Miscellaneous Manufacturing–0.10%** | **Miscellaneous Manufacturing–0.10%** | **Miscellaneous Manufacturing–0.10%** |
| 3M Co. |  |  |
| 2.38% 8/26/29 | 150000 | 139048 |
| 2.88% 10/15/27 | 150000 | 145697 |
| 3.63% 10/15/47 | 150000 | 110826 |
| 3.88% 6/15/44 | 150000 | 120327 |
| 4.00% 9/14/48 | 65000 | 51412 |

---

LVIP SSGA Bond Index Fund-41

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** |
| 3M Co. (continued) |  |  |
| 4.80% 3/15/30 | 250000 | $254155 |
| Carlisle Cos., Inc. |  |  |
| 2.20% 3/1/32 | 150000 | 126768 |
| 3.75% 12/1/27 | 100000 | 98570 |
| Eaton Corp. |  |  |
| 3.10% 9/15/27 | 100000 | 98162 |
| 3.92% 9/15/47 | 100000 | 79346 |
| 4.15% 11/2/42 | 150000 | 129093 |
| 4.35% 5/18/28 | 105000 | 105844 |
| Illinois Tool Works, Inc. |  |  |
| 2.65% 11/15/26 | 150000 | 147363 |
| 3.90% 9/1/42 | 150000 | 124246 |
| 4.88% 9/15/41 | 100000 | 93522 |
| Parker-Hannifin Corp. |  |  |
| 3.25% 6/14/29 | 55000 | 52785 |
| 4.00% 6/14/49 | 55000 | 43244 |
| 6.25% 5/15/38 | 350000 | 380186 |
| Textron, Inc. |  |  |
| 3.00% 6/1/30 | 100000 | 92797 |
| 3.38% 3/1/28 | 50000 | 48712 |
| 3.65% 3/15/27 | 50000 | 49357 |
|  |  | **2491460** |
| **Office Business Equipment–0.02%** | **Office Business Equipment–0.02%** | **Office Business Equipment–0.02%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67% 12/1/26 | 180000 | 175453 |
| 3.57% 12/1/31 | 250000 | 230106 |
| 5.55% 8/22/34 | 175000 | 174516 |
|  |  | **580075** |
| **Oil & Gas–0.81%** | **Oil & Gas–0.81%** | **Oil & Gas–0.81%** |
| APA Corp. |  |  |
| 6.10% 2/15/35 | 115000 | 112784 |
| 6.75% 2/15/55 | 250000 | 236153 |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 1.75% 8/10/30 | 260000 | 228456 |
| 2.72% 1/12/32 | 210000 | 187753 |
| 2.77% 11/10/50 | 165000 | 100676 |
| 2.94% 6/4/51 | 320000 | 200818 |
| 3.00% 2/24/50 | 90000 | 57793 |
| 3.00% 3/17/52 | 100000 | 63042 |
| 3.02% 1/16/27 | 250000 | 245871 |
| 3.38% 2/8/61 | 300000 | 193352 |
| 4.23% 11/6/28 | 400000 | 400129 |
| 4.81% 2/13/33 | 35000 | 34953 |
| 4.89% 9/11/33 | 190000 | 190453 |
| 4.97% 10/17/29 | 250000 | 256448 |
| 4.99% 4/10/34 | 250000 | 251575 |
| 5.23% 11/17/34 | 250000 | 254363 |
| BP Capital Markets PLC |  |  |
| 3.28% 9/19/27 | 150000 | 147123 |
| 3.72% 11/28/28 | 90000 | 88509 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Burlington Resources LLC <br> 7.20% 8/15/31<br>| 100000 | $113872 |
| Canadian Natural Resources <br> Ltd.<br>|  |  |
| 2.95% 7/15/30 | 50000 | 45857 |
| 4.95% 6/1/47 | 100000 | 85382 |
| 5.00% 12/15/29 | 200000 | 201802 |
| 5.85% 2/1/35 | 200000 | 203371 |
| 6.25% 3/15/38 | 150000 | 155555 |
| Cenovus Energy, Inc. 5.40% <br> 6/15/47<br>| 298000 | 264522 |
| Chevron USA, Inc. |  |  |
| 1.02% 8/12/27 | 85000 | 79911 |
| 3.25% 10/15/29 | 100000 | 96993 |
| 3.85% 1/15/28 | 150000 | 149660 |
| 4.48% 2/26/28 | 250000 | 252982 |
| 4.69% 4/15/30 | 250000 | 254987 |
| 4.98% 4/15/35 | 250000 | 252846 |
| CNOOC Finance 2015 <br> Australia Pty. Ltd. 4.20% <br> 5/5/45<br>| 200000 | 176397 |
| ConocoPhillips Co. |  |  |
| 3.80% 3/15/52 | 110000 | 79853 |
| 4.03% 3/15/62 | 107000 | 77044 |
| 4.30% 11/15/44 | 150000 | 124755 |
| 4.70% 1/15/30 | 250000 | 253494 |
| 5.00% 1/15/35 | 250000 | 249817 |
| 5.05% 9/15/33 | 145000 | 147573 |
| 5.30% 5/15/53 | 180000 | 165998 |
| 5.50% 1/15/55 | 145000 | 137579 |
| 5.65% 1/15/65 | 145000 | 137935 |
| Coterra Energy, Inc. |  |  |
| 3.90% 5/15/27 | 215000 | 212306 |
| 4.38% 3/15/29 | 50000 | 49516 |
| Devon Energy Corp. |  |  |
| 4.75% 5/15/42 | 100000 | 83710 |
| 5.00% 6/15/45 | 70000 | 58221 |
| 5.20% 9/15/34 | 250000 | 242784 |
| 5.60% 7/15/41 | 100000 | 92503 |
| 5.75% 9/15/54 | 250000 | 225070 |
| Diamondback Energy, Inc. |  |  |
| 3.13% 3/24/31 | 95000 | 87015 |
| 3.25% 12/1/26 | 110000 | 108372 |
| 3.50% 12/1/29 | 200000 | 191324 |
| 4.25% 3/15/52 | 60000 | 45149 |
| 4.40% 3/24/51 | 70000 | 54013 |
| 5.15% 1/30/30 | 125000 | 127852 |
| 5.20% 4/18/27 | 50000 | 50683 |
| 5.40% 4/18/34 | 105000 | 105311 |
| 5.55% 4/1/35 | 180000 | 181954 |
| 5.75% 4/18/54 | 75000 | 69617 |
| 6.25% 3/15/53 | 200000 | 197749 |
| EOG Resources, Inc. |  |  |
| 3.90% 4/1/35 | 150000 | 137215 |
| 4.40% 7/15/28 | 400000 | 402310 |

---

LVIP SSGA Bond Index Fund-42

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| EQT Corp. 5.75% 2/1/34 | 350000 | $361889 |
| Equinor ASA |  |  |
| 2.38% 5/22/30 | 200000 | 183596 |
| 3.25% 11/18/49 | 110000 | 76892 |
| 3.63% 9/10/28 | 150000 | 147925 |
| 3.95% 5/15/43 | 250000 | 209429 |
| 4.80% 11/8/43 | 150000 | 138605 |
| 5.10% 8/17/40 | 200000 | 197248 |
| Expand Energy Corp. 5.70% <br> 1/15/35<br>| 210000 | 212994 |
| Exxon Mobil Corp. |  |  |
| 3.00% 8/16/39 | 200000 | 155752 |
| 3.10% 8/16/49 | 200000 | 133518 |
| 3.57% 3/6/45 | 200000 | 153361 |
| 4.11% 3/1/46 | 165000 | 135447 |
| 4.33% 3/19/50 | 400000 | 331500 |
| Helmerich & Payne, Inc. <br> 2.90% 9/29/31<br>| 45000 | 37627 |
| Hess Corp. |  |  |
| 4.30% 4/1/27 | 150000 | 149648 |
| 5.60% 2/15/41 | 200000 | 198591 |
| 5.80% 4/1/47 | 150000 | 149195 |
| 7.13% 3/15/33 | 100000 | 113244 |
| Marathon Petroleum Corp. |  |  |
| 3.80% 4/1/28 | 120000 | 118308 |
| 4.50% 4/1/48 | 50000 | 38787 |
| 5.13% 12/15/26 | 150000 | 151299 |
| 6.50% 3/1/41 | 145000 | 151371 |
| Occidental Petroleum Corp. |  |  |
| 5.20% 8/1/29 | 160000 | 160515 |
| 5.55% 10/1/34 | 145000 | 142277 |
| 6.05% 10/1/54 | 125000 | 114526 |
| 6.45% 9/15/36 | 500000 | 511561 |
| 8.88% 7/15/30 | 500000 | 571345 |
| Ovintiv, Inc. |  |  |
| 5.65% 5/15/28 | 175000 | 179900 |
| 6.25% 7/15/33 | 115000 | 118731 |
| Patterson-UTI Energy, Inc. <br> 7.15% 10/1/33<br>| 95000 | 97278 |
| Phillips 66 |  |  |
| 3.30% 3/15/52 | 65000 | 41683 |
| 3.90% 3/15/28 | 200000 | 197970 |
| 4.88% 11/15/44 | 180000 | 156211 |
| 5.88% 5/1/42 | 250000 | 247906 |
| Phillips 66 Co. |  |  |
| 3.15% 12/15/29 | 100000 | 94750 |
| 3.55% 10/1/26 | 100000 | 98962 |
| 3.75% 3/1/28 | 50000 | 49125 |
| 4.68% 2/15/45 | 40000 | 33458 |
| 4.90% 10/1/46 | 100000 | 84179 |
| Pioneer Natural Resources <br> Co.<br>|  |  |
| 1.90% 8/15/30 | 200000 | 177278 |
| 2.15% 1/15/31 | 90000 | 79940 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Shell Finance U.S., Inc. |  |  |
| 2.75% 4/6/30 | 315000 | $295387 |
| 3.25% 4/6/50 | 500000 | 341945 |
| 3.75% 9/12/46 | 150000 | 115629 |
| 4.00% 5/10/46 | 350000 | 278248 |
| 4.13% 5/11/35 | 156000 | 147425 |
| 4.38% 5/11/45 | 167000 | 141286 |
| Shell International Finance <br> BV<br>|  |  |
| 2.50% 9/12/26 | 150000 | 147396 |
| 5.50% 3/25/40 | 100000 | 101725 |
| 6.38% 12/15/38 | 300000 | 332800 |
| Suncor Energy, Inc. |  |  |
| 3.75% 3/4/51 | 70000 | 48873 |
| 4.00% 11/15/47 | 70000 | 51748 |
| 6.80% 5/15/38 | 55000 | 59453 |
| 6.85% 6/1/39 | 100000 | 108479 |
| 7.15% 2/1/32 | 25000 | 27584 |
| TotalEnergies Capital <br> International SA<br>|  |  |
| 2.83% 1/10/30 | 100000 | 94725 |
| 2.99% 6/29/41 | 200000 | 147431 |
| 3.13% 5/29/50 | 200000 | 131941 |
| 3.39% 6/29/60 | 200000 | 131085 |
| 3.46% 2/19/29 | 200000 | 195448 |
| 3.46% 7/12/49 | 100000 | 70871 |
| TotalEnergies Capital SA |  |  |
| 4.72% 9/10/34 | 125000 | 124193 |
| 5.28% 9/10/54 | 250000 | 234007 |
| 5.43% 9/10/64 | 250000 | 233887 |
| Valero Energy Corp. |  |  |
| 4.00% 4/1/29 | 100000 | 98069 |
| 4.00% 6/1/52 | 55000 | 38957 |
| 4.35% 6/1/28 | 120000 | 120059 |
| 6.63% 6/15/37 | 300000 | 322871 |
| 7.50% 4/15/32 | 100000 | 114312 |
|  |  | **20640765** |
| **Oil & Gas Services–0.05%** | **Oil & Gas Services–0.05%** | **Oil & Gas Services–0.05%** |
| Baker Hughes Holdings LLC <br> 5.13% 9/15/40<br>| 200000 | 192362 |
| Baker Hughes <br> Holdings LLC/Baker Hughes <br> Co-Obligor, Inc.<br>|  |  |
| 2.06% 12/15/26 | 200000 | 193762 |
| 4.08% 12/15/47 | 200000 | 156106 |
| 4.49% 5/1/30 | 30000 | 30065 |
| Halliburton Co. |  |  |
| 2.92% 3/1/30 | 150000 | 139512 |
| 4.75% 8/1/43 | 200000 | 173427 |
| 4.85% 11/15/35 | 100000 | 96246 |
| 5.00% 11/15/45 | 283000 | 250389 |
| NOV, Inc. 3.95% 12/1/42 | 150000 | 111644 |
|  |  | **1343513** |

---

LVIP SSGA Bond Index Fund-43

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Packaging & Containers–0.06%** | **Packaging & Containers–0.06%** | **Packaging & Containers–0.06%** |
| Amcor Finance USA, Inc. <br> 5.63% 5/26/33<br>| 160000 | $166103 |
| Amcor Flexibles North <br> America, Inc. 5.10% 3/17/30<br>| 110000 | 111874 |
| Amcor Group Finance PLC <br> 5.45% 5/23/29<br>| 250000 | 257048 |
| Berry Global, Inc. 5.80% <br> 6/15/31<br>| 250000 | 262703 |
| Packaging Corp. of America |  |  |
| 3.00% 12/15/29 | 50000 | 47197 |
| 3.05% 10/1/51 | 45000 | 28171 |
| 3.40% 12/15/27 | 70000 | 68498 |
| 4.05% 12/15/49 | 25000 | 19103 |
| Smurfit Westrock Financing <br> DAC 5.42% 1/15/35<br>| 200000 | 202607 |
| WestRock MWV LLC 8.20% <br> 1/15/30<br>| 150000 | 171671 |
| WRKCo, Inc. |  |  |
| 3.90% 6/1/28 | 50000 | 49345 |
| 4.00% 3/15/28 | 100000 | 99051 |
| 4.20% 6/1/32 | 50000 | 48017 |
|  |  | **1531388** |
| **Pharmaceuticals–1.20%** | **Pharmaceuticals–1.20%** | **Pharmaceuticals–1.20%** |
| AbbVie, Inc. |  |  |
| 2.95% 11/21/26 | 250000 | 245857 |
| 3.20% 11/21/29 | 525000 | 502164 |
| 4.05% 11/21/39 | 250000 | 219127 |
| 4.25% 11/21/49 | 525000 | 432501 |
| 4.30% 5/14/36 | 150000 | 141462 |
| 4.40% 11/6/42 | 300000 | 263778 |
| 4.45% 5/14/46 | 200000 | 172156 |
| 4.55% 3/15/35 | 250000 | 242725 |
| 4.63% 10/1/42 | 125000 | 111801 |
| 4.65% 3/15/28 | 120000 | 121814 |
| 4.80% 3/15/27 | 800000 | 807695 |
| 4.85% 6/15/44 | 250000 | 230200 |
| 4.88% 3/15/30 | 100000 | 102400 |
| 5.20% 3/15/35 | 110000 | 112383 |
| 5.50% 3/15/64 | 1000000 | 969704 |
| 5.60% 3/15/55 | 65000 | 65023 |
| Astrazeneca Finance LLC |  |  |
| 2.25% 5/28/31 | 55000 | 49224 |
| 4.88% 3/3/28 | 500000 | 510588 |
| 4.88% 3/3/33 | 500000 | 508216 |
| AstraZeneca PLC |  |  |
| 1.38% 8/6/30 | 200000 | 173629 |
| 2.13% 8/6/50 | 95000 | 52366 |
| 3.00% 5/28/51 | 30000 | 20187 |
| 4.00% 1/17/29 | 105000 | 104498 |
| 4.38% 11/16/45 | 95000 | 82688 |
| 4.38% 8/17/48 | 125000 | 106790 |
| Becton Dickinson & Co. |  |  |
| 1.96% 2/11/31 | 165000 | 143192 |
| 3.70% 6/6/27 | 196000 | 193640 |

---

---

| | | |
|:---|:---|:---|
|  | **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 & <br> Co. (continued)<br>|  |  |
| 3.79% 5/20/50 | 200000 | $148998 |
| 4.67% 6/6/47 | 125000 | 107198 |
| 4.69% 2/13/28 | 75000 | 75733 |
| 4.87% 2/8/29 | 250000 | 253528 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13% 11/13/27 | 150000 | 140566 |
| 1.45% 11/13/30 | 90000 | 77875 |
| 2.35% 11/13/40 | 65000 | 44609 |
| 2.55% 11/13/50 | 90000 | 52522 |
| 2.95% 3/15/32 | 70000 | 63463 |
| 3.25% 8/1/42 | 100000 | 74826 |
| 3.40% 7/26/29 | 217000 | 210247 |
| 3.55% 3/15/42 | 45000 | 35533 |
| 3.70% 3/15/52 | 105000 | 76493 |
| 3.90% 2/20/28 | 250000 | 248844 |
| 3.90% 3/15/62 | 95000 | 68015 |
| 4.13% 6/15/39 | 585000 | 520592 |
| 4.25% 10/26/49 | 210000 | 170264 |
| 4.35% 11/15/47 | 200000 | 166507 |
| 4.55% 2/20/48 | 250000 | 214951 |
| 4.90% 2/22/29 | 225000 | 230366 |
| 5.20% 2/22/34 | 185000 | 189466 |
| 5.50% 2/22/44 | 45000 | 44614 |
| 5.55% 2/22/54 | 720000 | 702425 |
| Cardinal Health, Inc. |  |  |
| 3.41% 6/15/27 | 250000 | 246333 |
| 4.37% 6/15/47 | 100000 | 81575 |
| 4.90% 9/15/45 | 100000 | 88364 |
| 5.35% 11/15/34 | 250000 | 254959 |
| Cencora, Inc. |  |  |
| 2.70% 3/15/31 | 200000 | 180568 |
| 2.80% 5/15/30 | 50000 | 46431 |
| 3.45% 12/15/27 | 100000 | 98142 |
| 4.30% 12/15/47 | 100000 | 80961 |
| 5.13% 2/15/34 | 180000 | 181422 |
| CVS Health Corp. |  |  |
| 1.30% 8/21/27 | 415000 | 389072 |
| 1.75% 8/21/30 | 250000 | 216083 |
| 1.88% 2/28/31 | 160000 | 136958 |
| 3.00% 8/15/26 | 65000 | 63971 |
| 3.25% 8/15/29 | 85000 | 80786 |
| 3.75% 4/1/30 | 200000 | 191860 |
| 4.13% 4/1/40 | 300000 | 250462 |
| 4.30% 3/25/28 | 323000 | 321675 |
| 4.78% 3/25/38 | 310000 | 284496 |
| 4.88% 7/20/35 | 225000 | 215488 |
| 5.00% 1/30/29 | 90000 | 91369 |
| 5.13% 2/21/30 | 100000 | 101805 |
| 5.13% 7/20/45 | 215000 | 190407 |
| 5.25% 2/21/33 | 100000 | 100668 |
| 5.30% 6/1/33 | 95000 | 95805 |
| 5.40% 6/1/29 | 165000 | 169812 |
| 5.63% 2/21/53 | 100000 | 92503 |

---

LVIP SSGA Bond Index Fund-44

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| CVS Health <br> Corp. (continued)<br>|  |  |
| 5.70% 6/1/34 | 250000 | $257399 |
| 5.88% 6/1/53 | 140000 | 133767 |
| 6.00% 6/1/44 | 200000 | 197680 |
| 6.05% 6/1/54 | 200000 | 196008 |
| Eli Lilly & Co. |  |  |
| 2.25% 5/15/50 | 250000 | 142688 |
| 2.50% 9/15/60 | 250000 | 137961 |
| 3.38% 3/15/29 | 65000 | 63590 |
| 4.15% 8/14/27 | 140000 | 140687 |
| 4.20% 8/14/29 | 45000 | 45160 |
| 4.60% 8/14/34 | 180000 | 178366 |
| 4.70% 2/9/34 | 500000 | 499711 |
| 5.00% 2/9/54 | 175000 | 163537 |
| 5.05% 8/14/54 | 100000 | 93867 |
| 5.20% 8/14/64 | 90000 | 85193 |
| 5.50% 2/12/55 | 700000 | 704362 |
| GlaxoSmithKline Capital PLC <br> 3.38% 6/1/29<br>| 165000 | 160223 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 4.88% 4/15/35 | 250000 | 249772 |
| 5.38% 4/15/34 | 100000 | 104504 |
| 6.38% 5/15/38 | 450000 | 499780 |
| Johnson & Johnson |  |  |
| 0.95% 9/1/27 | 155000 | 145792 |
| 2.10% 9/1/40 | 335000 | 230157 |
| 2.45% 9/1/60 | 165000 | 91835 |
| 2.90% 1/15/28 | 150000 | 146515 |
| 2.95% 3/3/27 | 200000 | 197002 |
| 3.40% 1/15/38 | 150000 | 129448 |
| 3.50% 1/15/48 | 95000 | 72550 |
| 3.55% 3/1/36 | 70000 | 63129 |
| 3.70% 3/1/46 | 80000 | 64193 |
| 3.75% 3/3/47 | 200000 | 160642 |
| 4.38% 12/5/33 | 183000 | 183451 |
| 4.80% 6/1/29 | 165000 | 169539 |
| 4.85% 5/15/41 | 100000 | 97477 |
| 4.95% 6/1/34 | 105000 | 109205 |
| 5.25% 6/1/54 | 110000 | 109123 |
| 5.85% 7/15/38 | 100000 | 109052 |
| McKesson Corp. |  |  |
| 4.25% 9/15/29 | 125000 | 124827 |
| 5.10% 7/15/33 | 200000 | 204634 |
| Mead Johnson Nutrition Co. <br> 5.90% 11/1/39<br>| 50000 | 51855 |
| Merck & Co., Inc. |  |  |
| 1.45% 6/24/30 | 105000 | 91852 |
| 1.70% 6/10/27 | 100000 | 95838 |
| 1.90% 12/10/28 | 100000 | 93372 |
| 2.15% 12/10/31 | 95000 | 82918 |
| 2.35% 6/24/40 | 145000 | 101821 |
| 2.45% 6/24/50 | 100000 | 58548 |
| 2.75% 12/10/51 | 100000 | 61450 |
| 2.90% 12/10/61 | 55000 | 32062 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Merck & Co., <br> Inc. (continued)<br>|  |  |
| 3.40% 3/7/29 | 200000 | $195112 |
| 3.60% 9/15/42 | 100000 | 79185 |
| 3.90% 3/7/39 | 200000 | 176000 |
| 4.00% 3/7/49 | 135000 | 107379 |
| 4.15% 5/18/43 | 242000 | 206651 |
| 4.50% 5/17/33 | 145000 | 144590 |
| 4.90% 5/17/44 | 150000 | 140262 |
| 5.00% 5/17/53 | 250000 | 229829 |
| Mylan, Inc. |  |  |
| 4.55% 4/15/28 | 150000 | 148752 |
| 5.20% 4/15/48 | 150000 | 119060 |
| 5.40% 11/29/43 | 133000 | 111931 |
| Novartis Capital Corp. |  |  |
| 2.00% 2/14/27 | 150000 | 145721 |
| 2.20% 8/14/30 | 150000 | 136432 |
| 2.75% 8/14/50 | 100000 | 63985 |
| 3.10% 5/17/27 | 125000 | 123143 |
| 3.70% 9/21/42 | 150000 | 122560 |
| 4.40% 5/6/44 | 250000 | 223115 |
| Pfizer Investment Enterprises <br> Pte. Ltd.<br>|  |  |
| 4.65% 5/19/30 | 250000 | 253458 |
| 4.75% 5/19/33 | 265000 | 264203 |
| 5.11% 5/19/43 | 250000 | 238404 |
| 5.30% 5/19/53 | 760000 | 717447 |
| 5.34% 5/19/63 | 250000 | 231868 |
| Pfizer, Inc. |  |  |
| 1.70% 5/28/30 | 125000 | 110702 |
| 1.75% 8/18/31 | 100000 | 86578 |
| 2.55% 5/28/40 | 300000 | 215308 |
| 2.70% 5/28/50 | 115000 | 71400 |
| 3.45% 3/15/29 | 250000 | 244835 |
| 3.60% 9/15/28 | 250000 | 247506 |
| 3.90% 3/15/39 | 50000 | 43648 |
| 4.00% 12/15/36 | 100000 | 91609 |
| 4.00% 3/15/49 | 200000 | 157714 |
| 4.10% 9/15/38 | 150000 | 134483 |
| 4.20% 9/15/48 | 100000 | 82292 |
| 7.20% 3/15/39 | 300000 | 356392 |
| Sanofi SA 3.63% 6/19/28 | 150000 | 148315 |
| Shire Acquisitions <br> Investments Ireland DAC <br> 3.20% 9/23/26<br>| 300000 | 296087 |
| Takeda Pharmaceutical Co. <br> Ltd.<br>|  |  |
| 2.05% 3/31/30 | 200000 | 179120 |
| 3.03% 7/9/40 | 200000 | 149552 |
| 3.18% 7/9/50 | 200000 | 130977 |
| 3.38% 7/9/60 | 200000 | 128209 |
| 5.00% 11/26/28 | 200000 | 203766 |
| Utah Acquisition Sub, Inc. <br> 5.25% 6/15/46<br>| 160000 | 129799 |

---

LVIP SSGA Bond Index Fund-45

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Viatris, Inc. |  |  |
| 2.70% 6/22/30 | 95000 | $84626 |
| 4.00% 6/22/50 | 95000 | 63284 |
| Wyeth LLC |  |  |
| 5.95% 4/1/37 | 350000 | 373323 |
| 6.00% 2/15/36 | 100000 | 107594 |
| 6.50% 2/1/34 | 100000 | 111484 |
| Zoetis, Inc. |  |  |
| 3.00% 9/12/27 | 100000 | 97644 |
| 3.00% 5/15/50 | 145000 | 95295 |
| 3.90% 8/20/28 | 50000 | 49646 |
| 3.95% 9/12/47 | 100000 | 79857 |
| 4.45% 8/20/48 | 50000 | 42174 |
| 4.70% 2/1/43 | 150000 | 137053 |
| 5.60% 11/16/32 | 135000 | 142534 |
|  |  | **30759853** |
| **Pipelines–0.86%** | **Pipelines–0.86%** | **Pipelines–0.86%** |
| Boardwalk Pipelines LP |  |  |
| 3.40% 2/15/31 | 45000 | 41568 |
| 4.45% 7/15/27 | 70000 | 69981 |
| 5.63% 8/1/34 | 250000 | 253582 |
| Cheniere Corpus Christi <br> Holdings LLC 3.70% <br> 11/15/29<br>| 230000 | 221881 |
| Cheniere Energy Partners LP |  |  |
| 5.75% 8/15/34 | 350000 | 359440 |
| 5.95% 6/30/33 | 250000 | 260959 |
| Columbia Pipeline Group, <br> Inc. 5.80% 6/1/45<br>| 100000 | 96305 |
| Eastern Energy Gas <br> Holdings LLC<br>|  |  |
| 5.80% 1/15/35 | 250000 | 260154 |
| 6.20% 1/15/55 | 105000 | 108505 |
| Enbridge, Inc. |  |  |
| 1.60% 10/4/26 | 110000 | 106277 |
| 3.40% 8/1/51 | 140000 | 92522 |
| 4.25% 12/1/26 | 100000 | 99806 |
| 4.60% 6/20/28 | 400000 | 403003 |
| 5.25% 4/5/27 | 180000 | 182634 |
| 5.30% 4/5/29 | 250000 | 256782 |
| 5.50% 12/1/46 | 100000 | 95254 |
| 5.63% 4/5/34 | 155000 | 159249 |
| 5.70% 3/8/33 | 200000 | 207357 |
| 5.95% 4/5/54 | 145000 | 143505 |
| Energy Transfer LP |  |  |
| 3.75% 5/15/30 | 105000 | 100743 |
| 3.90% 7/15/26 | 100000 | 99345 |
| 4.00% 10/1/27 | 245000 | 243151 |
| 4.20% 4/15/27 | 150000 | 149392 |
| 4.40% 3/15/27 | 100000 | 99991 |
| 4.95% 6/15/28 | 75000 | 76114 |
| 5.00% 5/15/44 | 70000 | 60318 |
| 5.00% 5/15/50 | 315000 | 263236 |
| 5.15% 3/15/45 | 150000 | 132176 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Energy <br> Transfer LP (continued)<br>|  |  |
| 5.30% 4/1/44 | 200000 | $179143 |
| 5.30% 4/15/47 | 150000 | 132304 |
| 5.40% 10/1/47 | 245000 | 218178 |
| 5.60% 9/1/34 | 700000 | 710930 |
| 5.80% 6/15/38 | 100000 | 100336 |
| 5.95% 10/1/43 | 125000 | 118749 |
| 6.00% 6/15/48 | 100000 | 96026 |
| 6.10% 12/1/28 | 180000 | 189085 |
| 6.50% 2/1/42 | 150000 | 155454 |
| 6.55% 12/1/33 | 145000 | 157320 |
| 7.50% 7/1/38 | 200000 | 228668 |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 2.80% 1/31/30 | 105000 | 98405 |
| 3.13% 7/31/29 | 150000 | 143390 |
| 3.20% 2/15/52 | 350000 | 228379 |
| 3.30% 2/15/53 | 85000 | 56206 |
| 3.95% 2/15/27 | 245000 | 244113 |
| 4.15% 10/16/28 | 100000 | 99931 |
| 4.20% 1/31/50 | 100000 | 79254 |
| 4.25% 2/15/48 | 90000 | 72923 |
| 4.45% 2/15/43 | 125000 | 108199 |
| 4.80% 2/1/49 | 100000 | 87180 |
| 4.85% 1/31/34 | 250000 | 248994 |
| 4.85% 3/15/44 | 125000 | 112610 |
| 4.90% 5/15/46 | 100000 | 89903 |
| 4.95% 2/15/35 | 140000 | 139513 |
| 5.55% 2/16/55 | 125000 | 120591 |
| 5.70% 2/15/42 | 150000 | 151140 |
| 5.95% 2/1/41 | 100000 | 103920 |
| 6.13% 10/15/39 | 50000 | 53235 |
| 7.55% 4/15/38 | 100000 | 118916 |
| Kinder Morgan Energy <br> Partners LP<br>|  |  |
| 5.00% 3/1/43 | 250000 | 222645 |
| 5.80% 3/15/35 | 150000 | 154770 |
| 6.50% 9/1/39 | 100000 | 106254 |
| 6.55% 9/15/40 | 200000 | 213851 |
| 7.75% 3/15/32 | 200000 | 229260 |
| Kinder Morgan, Inc. |  |  |
| 1.75% 11/15/26 | 95000 | 91752 |
| 2.00% 2/15/31 | 140000 | 122174 |
| 3.25% 8/1/50 | 145000 | 93761 |
| 4.30% 3/1/28 | 200000 | 200164 |
| 5.10% 8/1/29 | 115000 | 117345 |
| 5.20% 6/1/33 | 70000 | 70332 |
| 5.20% 3/1/48 | 150000 | 134863 |
| 5.55% 6/1/45 | 200000 | 188660 |
| 5.95% 8/1/54 | 180000 | 176648 |
| MPLX LP |  |  |
| 2.65% 8/15/30 | 390000 | 352968 |
| 4.00% 3/15/28 | 175000 | 173283 |
| 4.13% 3/1/27 | 165000 | 164105 |

---

LVIP SSGA Bond Index Fund-46

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| MPLX LP (continued) |  |  |
| 4.25% 12/1/27 | 50000 | $49801 |
| 4.50% 4/15/38 | 290000 | 256484 |
| 4.70% 4/15/48 | 115000 | 93297 |
| 4.90% 4/15/58 | 50000 | 40085 |
| 5.00% 3/1/33 | 145000 | 142983 |
| 5.20% 3/1/47 | 165000 | 143936 |
| 5.20% 12/1/47 | 90000 | 78385 |
| 5.50% 6/1/34 | 140000 | 140569 |
| ONEOK Partners LP |  |  |
| 6.13% 2/1/41 | 100000 | 99628 |
| 6.20% 9/15/43 | 178000 | 177111 |
| 6.65% 10/1/36 | 100000 | 107435 |
| ONEOK, Inc. |  |  |
| 3.10% 3/15/30 | 100000 | 93381 |
| 3.40% 9/1/29 | 150000 | 143144 |
| 3.95% 3/1/50 | 155000 | 109877 |
| 4.00% 7/13/27 | 85000 | 84453 |
| 4.20% 10/3/47 | 100000 | 74747 |
| 4.25% 9/24/27 | 75000 | 74874 |
| 4.25% 9/15/46 | 180000 | 136663 |
| 4.45% 9/1/49 | 60000 | 46003 |
| 4.50% 3/15/50 | 100000 | 77185 |
| 4.55% 7/15/28 | 150000 | 150299 |
| 4.75% 10/15/31 | 100000 | 99008 |
| 4.95% 7/13/47 | 100000 | 83939 |
| 5.05% 11/1/34 | 100000 | 97315 |
| 5.20% 7/15/48 | 75000 | 64936 |
| 5.65% 9/1/34 | 125000 | 126575 |
| 5.70% 11/1/54 | 100000 | 92304 |
| 5.85% 11/1/64 | 100000 | 92708 |
| 6.05% 9/1/33 | 105000 | 110172 |
| 6.63% 9/1/53 | 250000 | 259816 |
| Plains All American <br> Pipeline LP 5.95% 6/15/35<br>| 250000 | 257010 |
| Plains All American <br> Pipeline LP/PAA Finance <br> Corp.<br>|  |  |
| 4.30% 1/31/43 | 100000 | 79444 |
| 4.50% 12/15/26 | 100000 | 100147 |
| 5.15% 6/1/42 | 200000 | 178178 |
| 6.65% 1/15/37 | 125000 | 134880 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20% 3/15/28 | 70000 | 69629 |
| 4.50% 5/15/30 | 255000 | 254573 |
| 5.90% 9/15/37 | 250000 | 260035 |
| Spectra Energy Partners LP |  |  |
| 3.38% 10/15/26 | 145000 | 142968 |
| 4.50% 3/15/45 | 50000 | 41075 |
| Targa Resources Corp. |  |  |
| 5.50% 2/15/35 | 195000 | 195683 |
| 6.13% 5/15/55 | 150000 | 146739 |
| 6.50% 2/15/53 | 250000 | 256645 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 4.88% 2/1/31<br>| 700000 | $694385 |
| Tennessee Gas Pipeline Co. <br> LLC 7.63% 4/1/37<br>| 150000 | 173713 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10% 4/15/30 | 500000 | 489686 |
| 4.25% 5/15/28 | 150000 | 149531 |
| 4.63% 3/1/34 | 200000 | 191861 |
| 6.10% 6/1/40 | 100000 | 103612 |
| 7.25% 8/15/38 | 100000 | 113258 |
| Transcontinental Gas Pipe <br> Line Co. LLC<br>|  |  |
| 3.25% 5/15/30 | 100000 | 94318 |
| 3.95% 5/15/50 | 200000 | 151053 |
| 4.00% 3/15/28 | 100000 | 99067 |
| 4.45% 8/1/42 | 100000 | 84692 |
| 4.60% 3/15/48 | 100000 | 84164 |
| Valero Energy Partners LP <br> 4.50% 3/15/28<br>| 100000 | 100239 |
| Western Midstream <br> Operating LP<br>|  |  |
| 5.45% 11/15/34 | 350000 | 343140 |
| 6.15% 4/1/33 | 155000 | 161310 |
| 6.35% 1/15/29 | 165000 | 172736 |
| Williams Cos., Inc. |  |  |
| 2.60% 3/15/31 | 135000 | 120949 |
| 3.50% 11/15/30 | 150000 | 141802 |
| 3.75% 6/15/27 | 250000 | 247105 |
| 4.85% 3/1/48 | 70000 | 60630 |
| 4.90% 3/15/29 | 250000 | 253450 |
| 5.30% 8/15/28 | 350000 | 359512 |
| 5.75% 6/24/44 | 95000 | 93094 |
| 6.00% 3/15/55 | 90000 | 89872 |
|  |  | **22136358** |
| **Private Equity–0.04%** | **Private Equity–0.04%** | **Private Equity–0.04%** |
| Brookfield <br> Finance LLC/Brookfield <br> Finance, Inc. 3.45% 4/15/50<br>| 150000 | 101653 |
| Brookfield Finance, Inc. |  |  |
| 2.72% 4/15/31 | 80000 | 72332 |
| 3.50% 3/30/51 | 200000 | 135671 |
| 3.90% 1/25/28 | 100000 | 98827 |
| 4.70% 9/20/47 | 150000 | 127474 |
| 5.68% 1/15/35 | 250000 | 256576 |
| 5.97% 3/4/54 | 250000 | 249496 |
|  |  | **1042029** |
| **Real Estate Investment Trusts–0.84%** | **Real Estate Investment Trusts–0.84%** | **Real Estate Investment Trusts–0.84%** |
| Agree LP 5.63% 6/15/34 | 60000 | 61504 |
| Alexandria Real Estate <br> Equities, Inc.<br>|  |  |
| 2.00% 5/18/32 | 125000 | 103781 |

---

LVIP SSGA Bond Index Fund-47

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Alexandria Real Estate <br> Equities, Inc. (continued)<br>|  |  |
| 2.75% 12/15/29 | 100000 | $92343 |
| 2.95% 3/15/34 | 40000 | 33720 |
| 3.00% 5/18/51 | 250000 | 151514 |
| 3.38% 8/15/31 | 60000 | 55474 |
| 3.55% 3/15/52 | 70000 | 47079 |
| 3.95% 1/15/27 | 25000 | 24795 |
| 3.95% 1/15/28 | 100000 | 98907 |
| 4.00% 2/1/50 | 100000 | 73599 |
| 4.50% 7/30/29 | 110000 | 109778 |
| American Homes 4 Rent LP |  |  |
| 2.38% 7/15/31 | 80000 | 69661 |
| 3.63% 4/15/32 | 140000 | 129178 |
| 5.50% 2/1/34 | 250000 | 254179 |
| American Tower Corp. |  |  |
| 1.50% 1/31/28 | 50000 | 46570 |
| 1.88% 10/15/30 | 250000 | 217309 |
| 2.10% 6/15/30 | 25000 | 22202 |
| 2.70% 4/15/31 | 100000 | 89675 |
| 3.10% 6/15/50 | 300000 | 196730 |
| 3.13% 1/15/27 | 200000 | 196081 |
| 3.60% 1/15/28 | 100000 | 98178 |
| 3.65% 3/15/27 | 160000 | 158040 |
| 4.90% 3/15/30 | 250000 | 253544 |
| 5.35% 3/15/35 | 250000 | 254313 |
| 5.40% 1/31/35 | 125000 | 127605 |
| 5.80% 11/15/28 | 140000 | 146058 |
| Americold Realty Operating <br> Partnership LP 5.60% <br> 5/15/32<br>| 60000 | 60294 |
| AvalonBay Communities, Inc. |  |  |
| 1.90% 12/1/28 | 100000 | 92737 |
| 2.45% 1/15/31 | 105000 | 94268 |
| 2.90% 10/15/26 | 50000 | 49143 |
| 3.20% 1/15/28 | 85000 | 83018 |
| 3.30% 6/1/29 | 60000 | 57927 |
| 3.90% 10/15/46 | 50000 | 39236 |
| 4.15% 7/1/47 | 50000 | 40352 |
| 5.35% 6/1/34 | 115000 | 118268 |
| Boston Properties LP |  |  |
| 2.45% 10/1/33 | 100000 | 79919 |
| 2.55% 4/1/32 | 150000 | 126542 |
| 3.40% 6/21/29 | 150000 | 142213 |
| 4.50% 12/1/28 | 70000 | 69448 |
| 5.75% 1/15/35 | 250000 | 251604 |
| Brixmor Operating <br> Partnership LP<br>|  |  |
| 3.90% 3/15/27 | 100000 | 99135 |
| 4.13% 5/15/29 | 500000 | 492075 |
| Camden Property Trust |  |  |
| 3.35% 11/1/49 | 40000 | 28157 |
| 4.90% 1/15/34 | 250000 | 250009 |
| COPT Defense Properties LP <br> 2.75% 4/15/31<br>| 100000 | 88449 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Cousins Properties LP 5.38% <br> 2/15/32<br>| 60000 | $60624 |
| Crown Castle, Inc. |  |  |
| 1.05% 7/15/26 | 200000 | 192622 |
| 2.10% 4/1/31 | 200000 | 171593 |
| 2.25% 1/15/31 | 40000 | 34799 |
| 2.90% 4/1/41 | 200000 | 143035 |
| 3.25% 1/15/51 | 150000 | 97816 |
| 3.65% 9/1/27 | 140000 | 137589 |
| 3.80% 2/15/28 | 150000 | 147296 |
| 4.00% 3/1/27 | 40000 | 39763 |
| 4.75% 5/15/47 | 25000 | 21318 |
| 5.00% 1/11/28 | 70000 | 70690 |
| 5.20% 2/15/49 | 100000 | 89317 |
| 5.60% 6/1/29 | 125000 | 129017 |
| CubeSmart LP |  |  |
| 2.00% 2/15/31 | 160000 | 138600 |
| 3.00% 2/15/30 | 100000 | 93194 |
| 3.13% 9/1/26 | 50000 | 49179 |
| 4.38% 2/15/29 | 30000 | 29801 |
| Digital Realty Trust LP |  |  |
| 3.60% 7/1/29 | 65000 | 63005 |
| 3.70% 8/15/27 | 100000 | 98739 |
| 5.55% 1/15/28 | 175000 | 179491 |
| DOC Dr. LLC |  |  |
| 2.63% 11/1/31 | 50000 | 44112 |
| 3.95% 1/15/28 | 100000 | 99111 |
| 4.30% 3/15/27 | 50000 | 49869 |
| Equinix Europe 2 Financing <br> Corp. LLC 5.50% 6/15/34<br>| 110000 | 112653 |
| Equinix, Inc. |  |  |
| 1.55% 3/15/28 | 125000 | 116512 |
| 2.15% 7/15/30 | 55000 | 48948 |
| 2.90% 11/18/26 | 90000 | 88193 |
| 2.95% 9/15/51 | 250000 | 154107 |
| 3.00% 7/15/50 | 45000 | 28113 |
| 3.20% 11/18/29 | 90000 | 85407 |
| 3.90% 4/15/32 | 200000 | 189424 |
| ERP Operating LP |  |  |
| 2.50% 2/15/30 | 100000 | 92198 |
| 2.85% 11/1/26 | 140000 | 137464 |
| 3.00% 7/1/29 | 100000 | 95146 |
| 4.15% 12/1/28 | 100000 | 99951 |
| 4.50% 6/1/45 | 50000 | 42675 |
| Essex Portfolio LP |  |  |
| 1.70% 3/1/28 | 210000 | 195819 |
| 3.00% 1/15/30 | 100000 | 93510 |
| 4.00% 3/1/29 | 100000 | 98409 |
| Extra Space Storage LP |  |  |
| 2.20% 10/15/30 | 235000 | 207866 |
| 3.50% 7/1/26 | 100000 | 98991 |
| 3.90% 4/1/29 | 20000 | 19584 |
| 4.00% 6/15/29 | 100000 | 98068 |
| Federal Realty OP LP |  |  |
| 3.25% 7/15/27 | 100000 | 97496 |

---

LVIP SSGA Bond Index Fund-48

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Federal Realty <br> OP LP (continued)<br>|  |  |
| 5.38% 5/1/28 | 200000 | $204980 |
| GLP Capital LP/GLP <br> Financing II, Inc.<br>|  |  |
| 3.25% 1/15/32 | 50000 | 44006 |
| 4.00% 1/15/30 | 95000 | 91294 |
| 4.00% 1/15/31 | 50000 | 47128 |
| 5.63% 9/15/34 | 250000 | 249105 |
| 5.75% 6/1/28 | 75000 | 76852 |
| 6.25% 9/15/54 | 180000 | 175707 |
| Healthcare Realty <br> Holdings LP<br>|  |  |
| 2.00% 3/15/31 | 110000 | 94181 |
| 3.10% 2/15/30 | 50000 | 46373 |
| 3.50% 8/1/26 | 95000 | 93810 |
| 3.75% 7/1/27 | 50000 | 49302 |
| Healthpeak OP LLC |  |  |
| 2.13% 12/1/28 | 160000 | 148568 |
| 3.00% 1/15/30 | 150000 | 140639 |
| Highwoods Realty LP |  |  |
| 2.60% 2/1/31 | 65000 | 56156 |
| 3.88% 3/1/27 | 60000 | 58896 |
| 4.20% 4/15/29 | 100000 | 97249 |
| Host Hotels & Resorts LP |  |  |
| 3.50% 9/15/30 | 70000 | 64997 |
| 5.50% 4/15/35 | 250000 | 247447 |
| Invitation Homes Operating <br> Partnership LP<br>|  |  |
| 2.30% 11/15/28 | 100000 | 93627 |
| 5.50% 8/15/33 | 250000 | 253879 |
| Kilroy Realty LP |  |  |
| 2.50% 11/15/32 | 50000 | 40188 |
| 3.05% 2/15/30 | 100000 | 90488 |
| 4.25% 8/15/29 | 150000 | 144880 |
| Kimco Realty OP LLC |  |  |
| 2.25% 12/1/31 | 70000 | 60620 |
| 2.80% 10/1/26 | 100000 | 97989 |
| 3.80% 4/1/27 | 100000 | 99127 |
| 4.13% 12/1/46 | 100000 | 78954 |
| 4.45% 9/1/47 | 100000 | 83210 |
| Kite Realty Group LP |  |  |
| 4.00% 10/1/26 | 50000 | 49559 |
| 4.95% 12/15/31 | 175000 | 175611 |
| Mid-America Apartments LP |  |  |
| 1.70% 2/15/31 | 50000 | 42906 |
| 3.95% 3/15/29 | 100000 | 98748 |
| 4.95% 3/1/35 | 250000 | 248224 |
| National Health Investors, <br> Inc. 3.00% 2/1/31<br>| 25000 | 22176 |
| NNN REIT, Inc. |  |  |
| 2.50% 4/15/30 | 150000 | 136586 |
| 3.00% 4/15/52 | 50000 | 30738 |
| 3.10% 4/15/50 | 150000 | 95085 |
| 3.50% 4/15/51 | 90000 | 61720 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| NNN REIT, Inc. (continued) |  |  |
| 3.60% 12/15/26 | 100000 | $98789 |
| Omega Healthcare Investors, <br> Inc.<br>|  |  |
| 3.25% 4/15/33 | 150000 | 129488 |
| 3.38% 2/1/31 | 50000 | 45754 |
| 3.63% 10/1/29 | 100000 | 95192 |
| Piedmont Operating <br> Partnership LP<br>|  |  |
| 2.75% 4/1/32 | 35000 | 29147 |
| 3.15% 8/15/30 | 200000 | 179433 |
| Prologis LP |  |  |
| 1.25% 10/15/30 | 115000 | 98342 |
| 1.63% 3/15/31 | 200000 | 170746 |
| 1.75% 7/1/30 | 100000 | 87921 |
| 2.13% 4/15/27 | 50000 | 48323 |
| 2.13% 10/15/50 | 85000 | 45194 |
| 2.25% 4/15/30 | 95000 | 86372 |
| 3.00% 4/15/50 | 50000 | 32401 |
| 3.88% 9/15/28 | 65000 | 64423 |
| 4.38% 2/1/29 | 125000 | 125857 |
| 4.38% 9/15/48 | 50000 | 41518 |
| 4.75% 6/15/33 | 200000 | 199334 |
| 5.13% 1/15/34 | 140000 | 141702 |
| Public Storage Operating Co. |  |  |
| 1.50% 11/9/26 | 50000 | 48274 |
| 1.95% 11/9/28 | 85000 | 79142 |
| 2.25% 11/9/31 | 65000 | 56743 |
| 3.09% 9/15/27 | 60000 | 58713 |
| 3.39% 5/1/29 | 65000 | 62938 |
| 5.10% 8/1/33 | 50000 | 51302 |
| 5.35% 8/1/53 | 200000 | 191944 |
| Realty Income Corp. |  |  |
| 1.80% 3/15/33 | 125000 | 100849 |
| 2.10% 3/15/28 | 100000 | 94686 |
| 2.20% 6/15/28 | 65000 | 61366 |
| 2.70% 2/15/32 | 125000 | 110182 |
| 2.85% 12/15/32 | 95000 | 83143 |
| 3.10% 12/15/29 | 100000 | 94836 |
| 3.40% 1/15/30 | 100000 | 95716 |
| 3.95% 8/15/27 | 80000 | 79541 |
| 4.00% 7/15/29 | 45000 | 44427 |
| 4.65% 3/15/47 | 100000 | 86865 |
| 4.70% 12/15/28 | 175000 | 177471 |
| Regency Centers LP |  |  |
| 4.13% 3/15/28 | 100000 | 99733 |
| 5.10% 1/15/35 | 160000 | 160357 |
| Sabra Health Care LP 3.90% <br> 10/15/29<br>| 100000 | 95143 |
| Safehold GL Holdings LLC <br> 5.65% 1/15/35<br>| 250000 | 249768 |
| Simon Property Group LP |  |  |
| 1.38% 1/15/27 | 50000 | 47875 |
| 1.75% 2/1/28 | 250000 | 235548 |
| 2.20% 2/1/31 | 250000 | 221498 |

---

LVIP SSGA Bond Index Fund-49

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Simon Property <br> Group LP (continued)<br>|  |  |
| 2.25% 1/15/32 | 50000 | $43150 |
| 2.45% 9/13/29 | 150000 | 139384 |
| 3.25% 9/13/49 | 100000 | 66922 |
| 3.38% 6/15/27 | 200000 | 196928 |
| 5.50% 3/8/33 | 250000 | 260948 |
| Store Capital LLC |  |  |
| 2.70% 12/1/31 | 100000 | 84813 |
| 2.75% 11/18/30 | 50000 | 44063 |
| 4.50% 3/15/28 | 50000 | 49496 |
| Sun Communities <br> Operating LP<br>|  |  |
| 2.30% 11/1/28 | 65000 | 60760 |
| 2.70% 7/15/31 | 40000 | 35449 |
| Tanger Properties LP |  |  |
| 3.13% 9/1/26 | 50000 | 49094 |
| 3.88% 7/15/27 | 100000 | 98703 |
| UDR, Inc. |  |  |
| 1.90% 3/15/33 | 50000 | 39929 |
| 2.10% 8/1/32 | 25000 | 20706 |
| 2.95% 9/1/26 | 50000 | 49146 |
| 3.50% 1/15/28 | 100000 | 98078 |
| 5.13% 9/1/34 | 145000 | 143591 |
| Ventas Realty LP |  |  |
| 3.00% 1/15/30 | 100000 | 93845 |
| 4.88% 4/15/49 | 50000 | 42812 |
| 5.00% 1/15/35 | 190000 | 186749 |
| 5.63% 7/1/34 | 145000 | 149699 |
| VICI Properties LP 5.13% <br> 11/15/31<br>| 435000 | 435540 |
| Welltower OP LLC |  |  |
| 2.70% 2/15/27 | 50000 | 48866 |
| 2.75% 1/15/31 | 105000 | 95989 |
| 2.80% 6/1/31 | 200000 | 181671 |
| 3.10% 1/15/30 | 55000 | 52085 |
| 4.25% 4/15/28 | 50000 | 50078 |
| 4.95% 9/1/48 | 50000 | 45919 |
| Weyerhaeuser Co. |  |  |
| 3.38% 3/9/33 | 60000 | 53736 |
| 4.00% 3/9/52 | 45000 | 33790 |
| 7.38% 3/15/32 | 250000 | 282235 |
| WP Carey, Inc. |  |  |
| 2.25% 4/1/33 | 50000 | 40766 |
| 2.40% 2/1/31 | 50000 | 43964 |
| 4.25% 10/1/26 | 100000 | 99788 |
|  |  | **21573418** |
| **Retail–0.62%** | **Retail–0.62%** | **Retail–0.62%** |
| AutoNation, Inc. |  |  |
| 3.80% 11/15/27 | 100000 | 98398 |
| 3.85% 3/1/32 | 100000 | 92122 |
| AutoZone, Inc. |  |  |
| 1.65% 1/15/31 | 85000 | 72781 |
| 3.75% 6/1/27 | 150000 | 148512 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| AutoZone, Inc. (continued) |  |  |
| 3.75% 4/18/29 | 100000 | $97595 |
| 5.20% 8/1/33 | 250000 | 253324 |
| 5.40% 7/15/34 | 180000 | 184306 |
| 6.25% 11/1/28 | 125000 | 132385 |
| Best Buy Co., Inc. 1.95% <br> 10/1/30<br>| 250000 | 219153 |
| Costco Wholesale Corp. 3.00% <br> 5/18/27<br>| 250000 | 246313 |
| Darden Restaurants, Inc. |  |  |
| 4.55% 2/15/48 | 35000 | 28534 |
| 6.30% 10/10/33 | 145000 | 155386 |
| Dollar General Corp. |  |  |
| 3.88% 4/15/27 | 100000 | 99091 |
| 4.13% 5/1/28 | 70000 | 69447 |
| 4.63% 11/1/27 | 100000 | 100613 |
| 5.00% 11/1/32 | 60000 | 60198 |
| 5.20% 7/5/28 | 140000 | 142763 |
| 5.50% 11/1/52 | 100000 | 92502 |
| Dollar Tree, Inc. |  |  |
| 2.65% 12/1/31 | 200000 | 176536 |
| 3.38% 12/1/51 | 100000 | 63399 |
| 4.20% 5/15/28 | 165000 | 163442 |
| Genuine Parts Co. |  |  |
| 1.88% 11/1/30 | 55000 | 47414 |
| 2.75% 2/1/32 | 65000 | 56610 |
| 6.50% 11/1/28 | 250000 | 265551 |
| Home Depot, Inc. |  |  |
| 0.90% 3/15/28 | 80000 | 73780 |
| 1.50% 9/15/28 | 150000 | 138628 |
| 1.88% 9/15/31 | 65000 | 55955 |
| 2.13% 9/15/26 | 155000 | 151419 |
| 2.38% 3/15/51 | 250000 | 141373 |
| 2.70% 4/15/30 | 200000 | 186763 |
| 2.75% 9/15/51 | 150000 | 91894 |
| 2.80% 9/14/27 | 200000 | 194889 |
| 2.88% 4/15/27 | 50000 | 49022 |
| 3.13% 12/15/49 | 250000 | 168709 |
| 3.25% 4/15/32 | 65000 | 60087 |
| 3.50% 9/15/56 | 135000 | 93889 |
| 3.63% 4/15/52 | 95000 | 69148 |
| 3.90% 12/6/28 | 60000 | 59812 |
| 3.90% 6/15/47 | 150000 | 118172 |
| 4.20% 4/1/43 | 150000 | 127950 |
| 4.25% 4/1/46 | 100000 | 83800 |
| 4.50% 9/15/32 | 145000 | 145692 |
| 4.50% 12/6/48 | 200000 | 171544 |
| 4.75% 6/25/29 | 115000 | 117384 |
| 4.88% 6/25/27 | 85000 | 86339 |
| 4.88% 2/15/44 | 96000 | 88647 |
| 4.90% 4/15/29 | 145000 | 148765 |
| 4.95% 6/25/34 | 95000 | 96145 |
| 5.30% 6/25/54 | 50000 | 48002 |
| 5.40% 9/15/40 | 100000 | 101084 |
| 5.88% 12/16/36 | 350000 | 375338 |

---

LVIP SSGA Bond Index Fund-50

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Home Depot, <br> Inc. (continued)<br>|  |  |
| 5.95% 4/1/41 | 100000 | $105382 |
| Lowe's Cos., Inc. |  |  |
| 1.30% 4/15/28 | 65000 | 60137 |
| 1.70% 9/15/28 | 50000 | 46248 |
| 1.70% 10/15/30 | 65000 | 56582 |
| 2.63% 4/1/31 | 250000 | 225514 |
| 2.80% 9/15/41 | 100000 | 69862 |
| 3.00% 10/15/50 | 850000 | 531044 |
| 3.10% 5/3/27 | 250000 | 245178 |
| 3.50% 4/1/51 | 125000 | 85617 |
| 3.65% 4/5/29 | 170000 | 166037 |
| 3.70% 4/15/46 | 200000 | 148782 |
| 4.05% 5/3/47 | 147000 | 114545 |
| 5.00% 4/15/33 | 165000 | 166739 |
| 5.63% 4/15/53 | 200000 | 192347 |
| McDonald's Corp. |  |  |
| 2.13% 3/1/30 | 65000 | 58985 |
| 3.50% 3/1/27 | 150000 | 148266 |
| 3.63% 5/1/43 | 100000 | 77146 |
| 3.63% 9/1/49 | 50000 | 36267 |
| 3.80% 4/1/28 | 200000 | 198358 |
| 4.45% 3/1/47 | 225000 | 190164 |
| 4.45% 9/1/48 | 40000 | 33295 |
| 4.60% 5/15/30 | 250000 | 252691 |
| 4.60% 9/9/32 | 105000 | 105181 |
| 4.60% 5/26/45 | 94000 | 81624 |
| 4.95% 3/3/35 | 250000 | 249853 |
| 5.45% 8/14/53 | 200000 | 192156 |
| 6.30% 3/1/38 | 50000 | 54572 |
| O'Reilly Automotive, Inc. |  |  |
| 1.75% 3/15/31 | 225000 | 193623 |
| 3.60% 9/1/27 | 100000 | 98657 |
| 3.90% 6/1/29 | 100000 | 98245 |
| 4.35% 6/1/28 | 100000 | 100291 |
| Ross Stores, Inc. 1.88% <br> 4/15/31<br>| 100000 | 85663 |
| Starbucks Corp. |  |  |
| 2.55% 11/15/30 | 200000 | 181267 |
| 3.50% 11/15/50 | 200000 | 139240 |
| 4.00% 11/15/28 | 150000 | 148869 |
| 4.45% 8/15/49 | 200000 | 163556 |
| 4.50% 11/15/48 | 80000 | 66371 |
| 4.80% 2/15/33 | 180000 | 179946 |
| 5.00% 2/15/34 | 250000 | 251618 |
| Target Corp. |  |  |
| 2.35% 2/15/30 | 60000 | 55355 |
| 2.95% 1/15/52 | 310000 | 196227 |
| 3.38% 4/15/29 | 200000 | 194499 |
| 4.40% 1/15/33 | 65000 | 63897 |
| 4.50% 9/15/32 | 250000 | 248619 |
| 4.50% 9/15/34 | 145000 | 140534 |
| 5.00% 4/15/35 | 175000 | 174727 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| TJX Cos., Inc. |  |  |
| 1.15% 5/15/28 | 50000 | $46189 |
| 1.60% 5/15/31 | 50000 | 43171 |
| 2.25% 9/15/26 | 250000 | 244856 |
| Tractor Supply Co. 5.25% <br> 5/15/33<br>| 60000 | 61247 |
| Walmart, Inc. |  |  |
| 1.05% 9/17/26 | 135000 | 130470 |
| 1.80% 9/22/31 | 55000 | 47914 |
| 2.38% 9/24/29 | 6000 | 5626 |
| 2.50% 9/22/41 | 110000 | 77683 |
| 2.65% 9/22/51 | 80000 | 49990 |
| 3.05% 7/8/26 | 85000 | 84162 |
| 3.25% 7/8/29 | 780000 | 760019 |
| 3.90% 4/15/28 | 155000 | 155173 |
| 3.95% 9/9/27 | 295000 | 295257 |
| 4.10% 4/15/33 | 165000 | 161168 |
| 4.15% 9/9/32 | 315000 | 311161 |
| 4.50% 9/9/52 | 250000 | 218529 |
| 4.50% 4/15/53 | 155000 | 135758 |
|  |  | **15812754** |
| **Semiconductors–0.61%** | **Semiconductors–0.61%** | **Semiconductors–0.61%** |
| Advanced Micro Devices, Inc. <br> 4.32% 3/24/28<br>| 185000 | 186359 |
| Analog Devices, Inc. |  |  |
| 1.70% 10/1/28 | 45000 | 41718 |
| 2.10% 10/1/31 | 60000 | 52426 |
| 2.80% 10/1/41 | 50000 | 36383 |
| 2.95% 10/1/51 | 55000 | 35702 |
| 3.50% 12/5/26 | 150000 | 148689 |
| 5.05% 4/1/34 | 65000 | 66628 |
| 5.30% 4/1/54 | 100000 | 96380 |
| Applied Materials, Inc. |  |  |
| 1.75% 6/1/30 | 30000 | 26662 |
| 3.30% 4/1/27 | 80000 | 78954 |
| 4.35% 4/1/47 | 70000 | 60081 |
| 4.80% 6/15/29 | 65000 | 66470 |
| 5.10% 10/1/35 | 70000 | 72101 |
| Broadcom Corp./Broadcom <br> Cayman Finance Ltd. 3.88% <br> 1/15/27<br>| 250000 | 248269 |
| Broadcom, Inc. |  |  |
| 1.95% 2/15/28 | 165000 | 155618 |
| 2.45% 2/15/31 | 400000 | 357678 |
| 2.60% 2/15/33 | 400000 | 342134 |
| 3.42% 4/15/33 | 345000 | 312890 |
| 3.50% 2/15/41 | 135000 | 106994 |
| 3.75% 2/15/51 | 80000 | 59840 |
| 4.11% 9/15/28 | 633000 | 630434 |
| 4.15% 11/15/30 | 200000 | 196798 |
| 4.15% 4/15/32 | 100000 | 96334 |
| 4.30% 11/15/32 | 115000 | 111549 |
| 4.80% 4/15/28 | 250000 | 253616 |
| 4.80% 10/15/34 | 700000 | 691543 |

---

LVIP SSGA Bond Index Fund-51

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Broadcom, Inc. (continued) |  |  |
| 5.05% 7/12/27 | 125000 | $126768 |
| 5.05% 7/12/29 | 110000 | 112642 |
| 5.05% 4/15/30 | 165000 | 169024 |
| 5.15% 11/15/31 | 125000 | 128597 |
| 5.20% 4/15/32 | 145000 | 149106 |
| Intel Corp. |  |  |
| 3.25% 11/15/49 | 165000 | 104503 |
| 3.73% 12/8/47 | 200000 | 141096 |
| 3.75% 8/5/27 | 500000 | 493433 |
| 3.90% 3/25/30 | 500000 | 484731 |
| 4.00% 12/15/32 | 250000 | 234342 |
| 4.10% 5/19/46 | 150000 | 112483 |
| 4.75% 3/25/50 | 200000 | 163164 |
| 4.88% 2/10/28 | 190000 | 192399 |
| 4.95% 3/25/60 | 300000 | 244101 |
| 5.05% 8/5/62 | 500000 | 407002 |
| 5.20% 2/10/33 | 165000 | 166395 |
| 5.63% 2/10/43 | 100000 | 95137 |
| 5.70% 2/10/53 | 70000 | 65145 |
| 5.90% 2/10/63 | 400000 | 375617 |
| KLA Corp. |  |  |
| 3.30% 3/1/50 | 75000 | 51961 |
| 4.70% 2/1/34 | 250000 | 248940 |
| 4.95% 7/15/52 | 165000 | 150373 |
| Lam Research Corp. |  |  |
| 1.90% 6/15/30 | 50000 | 44619 |
| 2.88% 6/15/50 | 35000 | 22612 |
| 3.13% 6/15/60 | 240000 | 149495 |
| 4.00% 3/15/29 | 85000 | 84354 |
| 4.88% 3/15/49 | 50000 | 45541 |
| Marvell Technology, Inc. |  |  |
| 2.45% 4/15/28 | 65000 | 61764 |
| 2.95% 4/15/31 | 60000 | 54642 |
| 4.88% 6/22/28 | 100000 | 101151 |
| 5.75% 2/15/29 | 250000 | 260285 |
| Microchip Technology, Inc. |  |  |
| 4.90% 3/15/28 | 250000 | 252747 |
| 5.05% 2/15/30 | 250000 | 253606 |
| Micron Technology, Inc. |  |  |
| 2.70% 4/15/32 | 90000 | 78290 |
| 3.37% 11/1/41 | 65000 | 47706 |
| 3.48% 11/1/51 | 95000 | 64875 |
| 5.30% 1/15/31 | 70000 | 71684 |
| 5.33% 2/6/29 | 100000 | 102365 |
| 5.38% 4/15/28 | 250000 | 257034 |
| 5.80% 1/15/35 | 250000 | 258536 |
| 6.75% 11/1/29 | 100000 | 108091 |
| NVIDIA Corp. |  |  |
| 3.20% 9/16/26 | 200000 | 198166 |
| 3.50% 4/1/50 | 600000 | 448216 |
| NXP BV/NXP Funding LLC <br> 5.55% 12/1/28<br>| 65000 | 67131 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| NXP BV/NXP <br> Funding LLC/NXP USA, Inc.<br>|  |  |
| 2.65% 2/15/32 | 200000 | $174054 |
| 3.13% 2/15/42 | 155000 | 109387 |
| 3.15% 5/1/27 | 65000 | 63597 |
| 3.25% 11/30/51 | 110000 | 70740 |
| 3.40% 5/1/30 | 85000 | 80453 |
| 4.40% 6/1/27 | 40000 | 40068 |
| 5.00% 1/15/33 | 50000 | 49859 |
| QUALCOMM, Inc. |  |  |
| 2.15% 5/20/30 | 200000 | 181966 |
| 3.25% 5/20/27 | 200000 | 197474 |
| 3.25% 5/20/50 | 90000 | 61694 |
| 4.25% 5/20/32 | 20000 | 19778 |
| 4.50% 5/20/52 | 45000 | 38103 |
| 4.65% 5/20/35 | 200000 | 197966 |
| 4.80% 5/20/45 | 200000 | 182267 |
| 5.40% 5/20/33 | 200000 | 210859 |
| Texas Instruments, Inc. |  |  |
| 2.25% 9/4/29 | 65000 | 60339 |
| 3.88% 3/15/39 | 55000 | 48602 |
| 4.15% 5/15/48 | 300000 | 247199 |
| 4.60% 2/15/28 | 210000 | 213389 |
| 4.60% 2/8/29 | 115000 | 116935 |
| 4.85% 2/8/34 | 105000 | 106619 |
| 4.90% 3/14/33 | 75000 | 76828 |
| 5.05% 5/18/63 | 250000 | 229243 |
| 5.15% 2/8/54 | 125000 | 117796 |
| TSMC Arizona Corp. |  |  |
| 3.88% 4/22/27 | 200000 | 198939 |
| 4.25% 4/22/32 | 200000 | 197077 |
| 4.50% 4/22/52 | 200000 | 181732 |
| Xilinx, Inc. 2.38% 6/1/30 | 100000 | 91671 |
|  |  | **15546753** |
| **Shipbuilding–0.00%** | **Shipbuilding–0.00%** | **Shipbuilding–0.00%** |
| Huntington Ingalls <br> Industries, Inc. 5.35% <br> 1/15/30<br>| 125000 | 128478 |
|  |  | **128478** |
| **Software–0.60%** | **Software–0.60%** | **Software–0.60%** |
| Adobe, Inc. |  |  |
| 2.15% 2/1/27 | 65000 | 63195 |
| 4.75% 1/17/28 | 250000 | 254429 |
| 4.85% 4/4/27 | 45000 | 45649 |
| 4.95% 1/17/30 | 250000 | 258206 |
| Autodesk, Inc. |  |  |
| 2.85% 1/15/30 | 55000 | 51485 |
| 3.50% 6/15/27 | 100000 | 98763 |
| Broadridge Financial <br> Solutions, Inc. 2.90% <br> 12/1/29<br>| 150000 | 140550 |
| Electronic Arts, Inc. |  |  |
| 1.85% 2/15/31 | 120000 | 104251 |

---

LVIP SSGA Bond Index Fund-52

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Electronic Arts, <br> Inc. (continued)<br>|  |  |
| 2.95% 2/15/51 | 85000 | $53079 |
| Fidelity National Information <br> Services, Inc.<br>|  |  |
| 1.65% 3/1/28 | 55000 | 51329 |
| 3.10% 3/1/41 | 25000 | 18368 |
| 5.10% 7/15/32 | 500000 | 509172 |
| Fiserv, Inc. |  |  |
| 2.25% 6/1/27 | 500000 | 481433 |
| 2.65% 6/1/30 | 200000 | 183299 |
| 3.20% 7/1/26 | 65000 | 64256 |
| 3.50% 7/1/29 | 180000 | 173394 |
| 4.40% 7/1/49 | 140000 | 114616 |
| 4.75% 3/15/30 | 250000 | 251695 |
| 5.45% 3/2/28 | 180000 | 184968 |
| 5.63% 8/21/33 | 250000 | 259948 |
| Intuit, Inc. 5.20% 9/15/33 | 250000 | 259014 |
| Microsoft Corp. |  |  |
| 2.40% 8/8/26 | 250000 | 245741 |
| 2.53% 6/1/50 | 574000 | 354714 |
| 2.68% 6/1/60 | 382000 | 225878 |
| 2.92% 3/17/52 | 1280000 | 848824 |
| 3.04% 3/17/62 | 166000 | 106552 |
| 3.30% 2/6/27 | 500000 | 494888 |
| 3.40% 9/15/26 | 100000 | 99370 |
| 3.40% 6/15/27 | 45000 | 44742 |
| 3.45% 8/8/36 | 596000 | 535268 |
| 4.50% 6/15/47 | 60000 | 54413 |
| Oracle Corp. |  |  |
| 2.30% 3/25/28 | 250000 | 237279 |
| 2.88% 3/25/31 | 240000 | 218885 |
| 2.95% 4/1/30 | 500000 | 466924 |
| 3.25% 11/15/27 | 200000 | 195499 |
| 3.60% 4/1/40 | 246000 | 196893 |
| 3.60% 4/1/50 | 300000 | 209803 |
| 3.65% 3/25/41 | 400000 | 315341 |
| 3.80% 11/15/37 | 90000 | 77043 |
| 3.85% 7/15/36 | 150000 | 132073 |
| 3.85% 4/1/60 | 700000 | 482386 |
| 3.90% 5/15/35 | 355000 | 320290 |
| 3.95% 3/25/51 | 405000 | 298928 |
| 4.00% 7/15/46 | 150000 | 115688 |
| 4.00% 11/15/47 | 140000 | 107155 |
| 4.10% 3/25/61 | 240000 | 173506 |
| 4.30% 7/8/34 | 200000 | 189953 |
| 4.50% 5/6/28 | 90000 | 90548 |
| 4.50% 7/8/44 | 500000 | 422367 |
| 4.70% 9/27/34 | 700000 | 679641 |
| 4.90% 2/6/33 | 85000 | 85227 |
| 5.38% 7/15/40 | 400000 | 390673 |
| 5.55% 2/6/53 | 115000 | 108143 |
| 6.13% 7/8/39 | 150000 | 157540 |
| 6.25% 11/9/32 | 250000 | 270539 |
| 6.50% 4/15/38 | 200000 | 217612 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Oracle Corp. (continued) |  |  |
| 6.90% 11/9/52 | 70000 | $77864 |
| Roper Technologies, Inc. |  |  |
| 2.00% 6/30/30 | 115000 | 102192 |
| 3.80% 12/15/26 | 55000 | 54538 |
| 4.20% 9/15/28 | 95000 | 94666 |
| Salesforce, Inc. |  |  |
| 1.50% 7/15/28 | 135000 | 125464 |
| 1.95% 7/15/31 | 200000 | 175376 |
| 2.70% 7/15/41 | 120000 | 86321 |
| 2.90% 7/15/51 | 200000 | 127999 |
| 3.05% 7/15/61 | 100000 | 61204 |
| 3.70% 4/11/28 | 100000 | 99309 |
| ServiceNow, Inc. 1.40% 9/1/30 | 125000 | 108335 |
| Synopsys, Inc. 4.65% 4/1/28 | 1000000 | 1010179 |
| Take-Two Interactive <br> Software, Inc. 5.40% 6/12/29<br>| 95000 | 97824 |
| VMware LLC |  |  |
| 1.40% 8/15/26 | 80000 | 77374 |
| 1.80% 8/15/28 | 110000 | 101769 |
| 2.20% 8/15/31 | 135000 | 117172 |
| 3.90% 8/21/27 | 85000 | 84263 |
|  |  | **15393274** |
| **Telecommunications–1.00%** | **Telecommunications–1.00%** | **Telecommunications–1.00%** |
| America Movil SAB de CV |  |  |
| 2.88% 5/7/30 | 200000 | 184879 |
| 4.38% 7/16/42 | 200000 | 168379 |
| 6.13% 11/15/37 | 150000 | 159028 |
| 6.13% 3/30/40 | 250000 | 260811 |
| 6.38% 3/1/35 | 25000 | 27294 |
| AT&T, Inc. |  |  |
| 1.65% 2/1/28 | 45000 | 42216 |
| 2.25% 2/1/32 | 210000 | 180736 |
| 2.30% 6/1/27 | 200000 | 192834 |
| 2.55% 12/1/33 | 400000 | 334762 |
| 2.75% 6/1/31 | 350000 | 317347 |
| 3.10% 2/1/43 | 250000 | 180178 |
| 3.50% 6/1/41 | 900000 | 706019 |
| 3.50% 9/15/53 | 460000 | 311354 |
| 3.55% 9/15/55 | 700000 | 472324 |
| 3.65% 6/1/51 | 400000 | 284177 |
| 3.65% 9/15/59 | 555000 | 372352 |
| 3.80% 2/15/27 | 105000 | 104201 |
| 3.80% 12/1/57 | 812000 | 568157 |
| 3.85% 6/1/60 | 185000 | 129355 |
| 4.30% 2/15/30 | 286000 | 285070 |
| 4.35% 3/1/29 | 370000 | 370776 |
| 4.50% 5/15/35 | 220000 | 209636 |
| 4.85% 3/1/39 | 120000 | 113586 |
| 5.25% 3/1/37 | 150000 | 149702 |
| 5.35% 9/1/40 | 338000 | 330463 |
| 5.40% 2/15/34 | 265000 | 272559 |

---

LVIP SSGA Bond Index Fund-53

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Bell Telephone Co. of Canada <br> or Bell Canada<br>|  |  |
| 3.65% 3/17/51 | 250000 | $175210 |
| 4.30% 7/29/49 | 55000 | 42766 |
| 4.46% 4/1/48 | 100000 | 80381 |
| 5.20% 2/15/34 | 250000 | 250309 |
| British Telecommunications <br> PLC 9.63% 12/15/30<br>| 350000 | 430509 |
| Cisco Systems, Inc. |  |  |
| 5.30% 2/26/54 | 1000000 | 969770 |
| 5.50% 1/15/40 | 200000 | 206586 |
| 5.90% 2/15/39 | 300000 | 322623 |
| Corning, Inc. |  |  |
| 3.90% 11/15/49 | 100000 | 75676 |
| 4.75% 3/15/42 | 250000 | 223953 |
| 5.45% 11/15/79 | 40000 | 36723 |
| 5.75% 8/15/40 | 25000 | 25353 |
| Deutsche Telekom <br> International Finance BV <br> 8.75% 6/15/30<br>| 460000 | 543069 |
| Juniper Networks, Inc. |  |  |
| 2.00% 12/10/30 | 160000 | 139099 |
| 5.95% 3/15/41 | 100000 | 98968 |
| Motorola Solutions, Inc. |  |  |
| 2.30% 11/15/30 | 85000 | 75454 |
| 2.75% 5/24/31 | 100000 | 89655 |
| 4.60% 2/23/28 | 100000 | 100730 |
| 4.60% 5/23/29 | 100000 | 100497 |
| Orange SA |  |  |
| 5.38% 1/13/42 | 100000 | 97474 |
| 9.00% 3/1/31 | 400000 | 486025 |
| Rogers Communications, Inc. |  |  |
| 2.90% 11/15/26 | 200000 | 195683 |
| 3.70% 11/15/49 | 100000 | 73246 |
| 4.30% 2/15/48 | 40000 | 32075 |
| 4.35% 5/1/49 | 155000 | 124705 |
| 4.50% 3/15/43 | 100000 | 84331 |
| 5.00% 2/15/29 | 560000 | 567933 |
| 5.00% 3/15/44 | 100000 | 89057 |
| 7.50% 8/15/38 | 25000 | 28884 |
| Telefonica Emisiones SA |  |  |
| 4.90% 3/6/48 | 200000 | 168090 |
| 5.52% 3/1/49 | 200000 | 182718 |
| 7.05% 6/20/36 | 175000 | 194298 |
| Telefonica Europe BV 8.25% <br> 9/15/30<br>| 200000 | 231138 |
| TELUS Corp. |  |  |
| 2.80% 2/16/27 | 100000 | 97516 |
| 3.70% 9/15/27 | 100000 | 98567 |
| 4.60% 11/16/48 | 100000 | 83837 |
| T-Mobile USA, Inc. |  |  |
| 2.05% 2/15/28 | 255000 | 241022 |
| 2.25% 11/15/31 | 150000 | 130062 |
| 2.40% 3/15/29 | 55000 | 51212 |
| 2.55% 2/15/31 | 230000 | 205902 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| T-Mobile USA, <br> Inc. (continued)<br>|  |  |
| 2.70% 3/15/32 | 110000 | $96944 |
| 3.00% 2/15/41 | 155000 | 113422 |
| 3.30% 2/15/51 | 275000 | 182527 |
| 3.40% 10/15/52 | 300000 | 200394 |
| 3.60% 11/15/60 | 265000 | 176700 |
| 3.75% 4/15/27 | 400000 | 395823 |
| 3.88% 4/15/30 | 1000000 | 971218 |
| 4.50% 4/15/50 | 800000 | 661482 |
| 4.95% 3/15/28 | 75000 | 76266 |
| 5.05% 7/15/33 | 550000 | 553727 |
| 5.13% 5/15/32 | 175000 | 178464 |
| 5.15% 4/15/34 | 85000 | 86084 |
| 5.20% 1/15/33 | 130000 | 132425 |
| 5.30% 5/15/35 | 250000 | 253134 |
| 5.65% 1/15/53 | 65000 | 62887 |
| 5.75% 1/15/34 | 105000 | 109967 |
| 5.80% 9/15/62 | 95000 | 93057 |
| 5.88% 11/15/55 | 115000 | 114952 |
| Verizon Communications, Inc. |  |  |
| 1.50% 9/18/30 | 300000 | 259117 |
| 1.68% 10/30/30 | 206000 | 178237 |
| 1.75% 1/20/31 | 250000 | 215419 |
| 2.10% 3/22/28 | 240000 | 227397 |
| 2.55% 3/21/31 | 415000 | 372209 |
| 2.65% 11/20/40 | 250000 | 176368 |
| 2.85% 9/3/41 | 95000 | 67297 |
| 2.88% 11/20/50 | 250000 | 155728 |
| 2.99% 10/30/56 | 431000 | 259399 |
| 3.00% 11/20/60 | 720000 | 424386 |
| 3.40% 3/22/41 | 195000 | 150410 |
| 3.55% 3/22/51 | 145000 | 103672 |
| 3.70% 3/22/61 | 120000 | 82819 |
| 3.88% 2/8/29 | 250000 | 246878 |
| 3.88% 3/1/52 | 250000 | 185962 |
| 4.00% 3/22/50 | 500000 | 380772 |
| 4.13% 3/16/27 | 200000 | 199832 |
| 4.13% 8/15/46 | 35000 | 28163 |
| 4.33% 9/21/28 | 700000 | 702895 |
| 4.40% 11/1/34 | 600000 | 569444 |
| 4.50% 8/10/33 | 370000 | 359656 |
| 5.05% 5/9/33 | 165000 | 167311 |
| 5.25% 4/2/35 | 150000 | 151250 |
| Vodafone Group PLC |  |  |
| 4.25% 9/17/50 | 85000 | 66251 |
| 4.38% 2/19/43 | 150000 | 128579 |
| 4.88% 6/19/49 | 200000 | 172067 |
| 5.75% 6/28/54 | 250000 | 239521 |
| 5.88% 6/28/64 | 250000 | 240353 |
| 6.15% 2/27/37 | 400000 | 429338 |
| 7.88% 2/15/30 | 10000 | 11425 |
|  |  | **25590929** |

---

LVIP SSGA Bond Index Fund-54

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Toys Games Hobbies–0.01%** | **Toys Games Hobbies–0.01%** | **Toys Games Hobbies–0.01%** |
| Hasbro, Inc. |  |  |
| 3.50% 9/15/27 | 60000 | $58645 |
| 3.90% 11/19/29 | 200000 | 192854 |
| 5.10% 5/15/44 | 65000 | 56510 |
| 6.35% 3/15/40 | 65000 | 66299 |
|  |  | **374308** |
| **Transportation–0.41%** | **Transportation–0.41%** | **Transportation–0.41%** |
| Burlington Northern Santa <br> Fe LLC<br>|  |  |
| 3.25% 6/15/27 | 100000 | 98615 |
| 3.30% 9/15/51 | 200000 | 138667 |
| 3.90% 8/1/46 | 105000 | 83859 |
| 4.13% 6/15/47 | 100000 | 82121 |
| 4.15% 12/15/48 | 40000 | 33054 |
| 4.40% 3/15/42 | 100000 | 88434 |
| 4.45% 3/15/43 | 100000 | 88143 |
| 4.70% 9/1/45 | 100000 | 90157 |
| 4.95% 9/15/41 | 100000 | 94094 |
| 5.05% 3/1/41 | 100000 | 95853 |
| 5.15% 9/1/43 | 150000 | 144102 |
| 5.20% 4/15/54 | 145000 | 137238 |
| 5.50% 3/15/55 | 180000 | 178230 |
| 6.15% 5/1/37 | 100000 | 109193 |
| Canadian National Railway <br> Co.<br>|  |  |
| 2.45% 5/1/50 | 65000 | 38225 |
| 3.20% 8/2/46 | 100000 | 71122 |
| 3.65% 2/3/48 | 100000 | 76322 |
| 6.20% 6/1/36 | 100000 | 109252 |
| 6.25% 8/1/34 | 100000 | 109716 |
| Canadian Pacific Railway Co. |  |  |
| 1.75% 12/2/26 | 60000 | 57902 |
| 2.05% 3/5/30 | 35000 | 31514 |
| 2.45% 12/2/31 | 65000 | 57059 |
| 2.88% 11/15/29 | 65000 | 61063 |
| 3.00% 12/2/41 | 60000 | 43629 |
| 3.10% 12/2/51 | 75000 | 49282 |
| 4.20% 11/15/69 | 70000 | 52691 |
| 4.30% 5/15/43 | 100000 | 85712 |
| 4.70% 5/1/48 | 100000 | 88202 |
| 4.95% 8/15/45 | 100000 | 90885 |
| 5.20% 3/30/35 | 250000 | 253483 |
| 6.13% 9/15/15 | 65000 | 66212 |
| 7.13% 10/15/31 | 150000 | 168667 |
| CH Robinson Worldwide, Inc. <br> 4.20% 4/15/28<br>| 100000 | 99453 |
| CSX Corp. |  |  |
| 2.40% 2/15/30 | 50000 | 46110 |
| 3.35% 9/15/49 | 65000 | 45411 |
| 3.80% 3/1/28 | 100000 | 99085 |
| 3.80% 11/1/46 | 150000 | 116387 |
| 3.95% 5/1/50 | 90000 | 69739 |
| 4.10% 3/15/44 | 100000 | 83177 |
| 4.25% 3/15/29 | 150000 | 150011 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| CSX Corp. (continued) |  |  |
| 4.25% 11/1/66 | 100000 | $77032 |
| 4.30% 3/1/48 | 100000 | 82987 |
| 4.65% 3/1/68 | 100000 | 82119 |
| 5.05% 6/15/35 | 250000 | 251438 |
| 5.20% 11/15/33 | 250000 | 258404 |
| ♦Federal Express Corp. <br> Pass-Through Trusts 1.88% <br> 8/20/35<br>| 531561 | 458954 |
| FedEx Corp. |  |  |
| 4.40% 1/15/47 | 100000 | 78617 |
| 4.55% 4/1/46 | 150000 | 120886 |
| 4.75% 11/15/45 | 350000 | 291668 |
| JB Hunt Transport Services, <br> Inc. 4.90% 3/15/30<br>| 125000 | 126847 |
| Kirby Corp. 4.20% 3/1/28 | 100000 | 99097 |
| Norfolk Southern Corp. |  |  |
| 2.90% 8/25/51 | 250000 | 156385 |
| 3.05% 5/15/50 | 100000 | 65592 |
| 3.15% 6/1/27 | 50000 | 49095 |
| 3.16% 5/15/55 | 41000 | 26281 |
| 3.80% 8/1/28 | 60000 | 59339 |
| 3.94% 11/1/47 | 80000 | 62694 |
| 4.05% 8/15/52 | 132000 | 101998 |
| 4.15% 2/28/48 | 125000 | 100796 |
| 4.45% 6/15/45 | 100000 | 85365 |
| 4.65% 1/15/46 | 100000 | 87587 |
| 4.84% 10/1/41 | 111000 | 101560 |
| 5.05% 8/1/30 | 180000 | 185929 |
| 5.35% 8/1/54 | 125000 | 119379 |
| Ryder System, Inc. |  |  |
| 1.75% 9/1/26 | 65000 | 63066 |
| 2.85% 3/1/27 | 70000 | 68182 |
| 2.90% 12/1/26 | 90000 | 87997 |
| 4.30% 6/15/27 | 50000 | 50034 |
| 4.95% 9/1/29 | 100000 | 101713 |
| 5.25% 6/1/28 | 180000 | 184677 |
| Union Pacific Corp. |  |  |
| 2.15% 2/5/27 | 50000 | 48542 |
| 2.38% 5/20/31 | 45000 | 40458 |
| 2.40% 2/5/30 | 85000 | 78371 |
| 2.80% 2/14/32 | 140000 | 126199 |
| 2.89% 4/6/36 | 115000 | 95078 |
| 2.95% 3/10/52 | 70000 | 44659 |
| 2.97% 9/16/62 | 75000 | 43592 |
| 3.25% 2/5/50 | 150000 | 103567 |
| 3.35% 8/15/46 | 150000 | 108323 |
| 3.38% 2/1/35 | 200000 | 178182 |
| 3.38% 2/14/42 | 80000 | 62112 |
| 3.50% 2/14/53 | 155000 | 109737 |
| 3.55% 8/15/39 | 70000 | 58540 |
| 3.60% 9/15/37 | 40000 | 34744 |
| 3.75% 2/5/70 | 40000 | 27086 |
| 3.80% 4/6/71 | 80000 | 54795 |
| 3.84% 3/20/60 | 240000 | 172717 |

---

LVIP SSGA Bond Index Fund-55

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Union Pacific <br> Corp. (continued)<br>|  |  |
| 3.85% 2/14/72 | 125000 | $85805 |
| 3.88% 2/1/55 | 94000 | 70809 |
| 3.95% 8/15/59 | 70000 | 51668 |
| 4.00% 4/15/47 | 100000 | 79616 |
| 4.10% 9/15/67 | 65000 | 48059 |
| 4.50% 1/20/33 | 250000 | 248478 |
| United Parcel Service, Inc. |  |  |
| 2.40% 11/15/26 | 150000 | 146578 |
| 2.50% 9/1/29 | 45000 | 42007 |
| 3.40% 3/15/29 | 65000 | 63395 |
| 3.40% 11/15/46 | 150000 | 108199 |
| 3.40% 9/1/49 | 65000 | 45415 |
| 3.63% 10/1/42 | 75000 | 58545 |
| 4.25% 3/15/49 | 100000 | 81526 |
| 4.88% 3/3/33 | 145000 | 147492 |
| 4.88% 11/15/40 | 55000 | 52022 |
| 5.15% 5/22/34 | 210000 | 215231 |
| 5.30% 4/1/50 | 150000 | 142196 |
|  |  | **10441532** |
| **Trucking & Leasing–0.03%** | **Trucking & Leasing–0.03%** | **Trucking & Leasing–0.03%** |
| GATX Corp. |  |  |
| 1.90% 6/1/31 | 250000 | 212111 |
| 3.25% 9/15/26 | 50000 | 49257 |
| 3.85% 3/30/27 | 50000 | 49488 |
| 4.00% 6/30/30 | 65000 | 63240 |
| 4.55% 11/7/28 | 100000 | 100127 |
| 4.70% 4/1/29 | 50000 | 50391 |
| 5.20% 3/15/44 | 50000 | 45673 |
| 6.05% 3/15/34 | 100000 | 105680 |
|  |  | **675967** |
| **Water–0.06%** | **Water–0.06%** | **Water–0.06%** |
| American Water Capital Corp. |  |  |
| 2.30% 6/1/31 | 150000 | 131803 |
| 2.95% 9/1/27 | 180000 | 175447 |
| 3.25% 6/1/51 | 150000 | 101315 |
| 3.75% 9/1/28 | 150000 | 147918 |
| 3.75% 9/1/47 | 250000 | 190041 |
| 4.00% 12/1/46 | 50000 | 39576 |
| 4.20% 9/1/48 | 100000 | 80204 |
| 4.30% 12/1/42 | 100000 | 85157 |
| 5.25% 3/1/35 | 115000 | 116533 |
| Essential Utilities, Inc. 5.38% <br> 1/15/34<br>| 350000 | 354586 |
|  |  | **1422580** |
| **Total Corporate Bonds** <br>**(Cost $661,223,317)** | **Total Corporate Bonds** <br>**(Cost $661,223,317)** | **615832726** |
| **MUNICIPAL BONDS–0.45%** | **MUNICIPAL BONDS–0.45%** | **MUNICIPAL BONDS–0.45%** |
| American Municipal Power, Inc. |  |  |
| Series B 6.45% 2/15/44 | 50000 | 52942 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| American Municipal Power, <br> Inc. (continued) |  |  |
| Series B 7.83% 2/15/41 | 55000 | $65307 |
| Bay Area Toll Authority |  |  |
| Series F-2 6.26% 4/1/49 | 200000 | 210313 |
| Series S1 7.04% 4/1/50 | 100000 | 113342 |
| Board of Regents of the University <br> of Texas System |  |  |
| Series A 3.35% 8/15/47 | 100000 | 73131 |
| Series B 2.44% 8/15/49 | 50000 | 29897 |
| Series C 4.79% 8/15/46 | 90000 | 83414 |
| California State University <br> Series B 3.90% 11/1/47<br>| 50000 | 40927 |
| Central Puget Sound Regional <br> Transit Authority Series <br> 2009-S 5.49% 11/1/39<br>| 50000 | 50945 |
| Chicago O'Hare International <br> Airport |  |  |
| Series C 4.47% 1/1/49 | 100000 | 86871 |
| Series C 4.57% 1/1/54 | 100000 | 86803 |
| Chicago Transit Authority Sales & <br> Transfer Tax Receipts Revenue |  |  |
| Series A 6.90% 12/1/40 | 89162 | 98759 |
| Series B 6.90% 12/1/40 | 37542 | 41583 |
| City of Atlanta Water & <br> Wastewater Revenue 2.26% <br> 11/1/35<br>| 50000 | 41037 |
| City of Houston 3.96% 3/1/47 | 100000 | 83232 |
| City of New York |  |  |
| Series A2 5.21% 10/1/31 | 100000 | 101162 |
| Series C1 5.52% 10/1/37 | 85000 | 86342 |
| Series F1 6.27% 12/1/37 | 100000 | 107162 |
| City of Riverside Series A <br> 3.86% 6/1/45<br>| 20000 | 17056 |
| City of San Antonio Electric & <br> Gas Systems Revenue |  |  |
| 4.43% 2/1/42 | 250000 | 234979 |
| Series C 5.99% 2/1/39 | 50000 | 52168 |
| Commonwealth of Massachusetts |  |  |
| 4.91% 5/1/29 | 100000 | 100932 |
| Series E 5.46% 12/1/39 | 100000 | 101498 |
| County of Clark Department <br> of Aviation Series C 6.82% <br> 7/1/45<br>| 75000 | 83554 |
| Dallas Area Rapid Transit <br> Series B 6.00% 12/1/44<br>| 200000 | 204396 |
| Dallas Fort Worth International <br> Airport |  |  |
| Series A 4.51% 11/1/51 | 60000 | 51741 |
| Series C 2.92% 11/1/50 | 40000 | 27667 |
| Series C 3.09% 11/1/40 | 60000 | 47849 |
| Dallas Independent School <br> District Series C 6.45% <br> 2/15/35<br>| 100000 | 100736 |

---

LVIP SSGA Bond Index Fund-56

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| East Bay Municipal Utility <br> District Water System <br> Revenue Surbordinate <br> Series 5.87% 6/1/40<br>| 100000 | $105179 |
| Empire State Development <br> Corp. 5.77% 3/15/39<br>| 40000 | 41274 |
| Grand Parkway <br> Transportation Corp. Series <br> B 3.24% 10/1/52<br>| 125000 | 85265 |
| Health & Educational <br> Facilities Authority of the <br> State of Missouri Series A <br> 3.65% 8/15/57<br>| 150000 | 109746 |
| JobsOhio Beverage System <br> Series A 2.83% 1/1/38<br>| 30000 | 24690 |
| Kansas Development Finance <br> Authority Series H 4.93% <br> 4/15/45<br>| 100000 | 94010 |
| Los Angeles Community <br> College District 6.75% <br> 8/1/49<br>| 100000 | 111769 |
| Los Angeles County Public <br> Works Financing Authority <br> 7.62% 8/1/40<br>| 100000 | 117599 |
| Massachusetts School Building <br> Authority |  |  |
| Series B 3.40% 10/15/40 | 45000 | 37988 |
| Series C 2.95% 5/15/43 | 250000 | 188367 |
| Metropolitan Government <br> Nashville & Davidson County <br> Health & Educational <br> Facilities Board Series B <br> 4.05% 7/1/26<br>| 10000 | 9956 |
| Metropolitan Government of <br> Nashville & Davidson County <br> Convention Center Auth <br> Series B 6.73% 7/1/43<br>| 50000 | 53536 |
| Metropolitan Transportation <br> Authority 6.67% 11/15/39<br>| 130000 | 140586 |
| Metropolitan Water <br> Reclamation District of <br> Greater Chicago 5.72% <br> 12/1/38<br>| 150000 | 155048 |
| Municipal Electric Authority of <br> Georgia |  |  |
| 6.66% 4/1/57 | 114000 | 121656 |
| Series A 6.64% 4/1/57 | 137000 | 147923 |
| Series A 7.06% 4/1/57 | 93000 | 103143 |
| New Jersey Economic <br> Development Authority <br> Series A 7.43% 2/15/29<br>| 225000 | 237630 |
| New Jersey Transportation <br> Trust Fund Authority Series <br> B 6.56% 12/15/40<br>| 100000 | 108935 |
| New Jersey Turnpike Authority |  |  |
| Series A 7.10% 1/1/41 | 350000 | 400893 |
| Series F 7.41% 1/1/40 | 90000 | 107554 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| New York City Municipal Water <br> Finance Authority |  |  |
| 5.95% 6/15/42 | 100000 | $102331 |
| Series AA-2 5.75% 6/15/41 | 100000 | 101079 |
| Series EE 6.01% 6/15/42 | 35000 | 36031 |
| Series GG 5.72% 6/15/42 | 65000 | 64942 |
| New York State Dormitory <br> Authority Series D 5.60% <br> 3/15/40<br>| 100000 | 101721 |
| Ohio State University Series C <br> 4.91% 6/1/40<br>| 100000 | 97331 |
| Oregon School Boards <br> Association Series B 5.55% <br> 6/30/28<br>| 151833 | 151823 |
| Pennsylvania Turnpike <br> Commission Series B 5.51% <br> 12/1/45<br>| 150000 | 148759 |
| Permanent University Fund - <br> University of Texas System <br> Series A 3.38% 7/1/47<br>| 40000 | 30203 |
| Port Authority of New York & New <br> Jersey |  |  |
| Series 165th 5.65% 11/1/40 | 250000 | 260380 |
| Series 174th 4.46% 10/1/62 | 250000 | 209789 |
| Series 181 4.96% 8/1/46 | 155000 | 145658 |
| Series 192 4.81% 10/15/65 | 250000 | 224208 |
| Regents of the University of <br> California Medical Center <br> Pooled Revenue |  |  |
| Series H 6.55% 5/15/48 | 100000 | 106525 |
| Series Q 4.13% 5/15/32 | 125000 | 122586 |
| Rutgers The State University <br> of New Jersey Series H <br> 5.67% 5/1/40<br>| 155000 | 155520 |
| Sales Tax Securitization Corp. <br> Series B 3.82% 1/1/48<br>| 100000 | 79258 |
| Salt River Project <br> Agricultural Improvement & <br> Power District 4.84% 1/1/41<br>| 60000 | 56150 |
| San Diego County Regional <br> Transportation Commission <br> 5.91% 4/1/48<br>| 100000 | 100790 |
| San Diego County Water <br> Authority Series B 6.14% <br> 5/1/49<br>| 100000 | 102547 |
| State Board of Administration <br> Finance Corp. |  |  |
| Series A 1.71% 7/1/27 | 100000 | 95235 |
| Series A 2.15% 7/1/30 | 100000 | 89475 |
| State of California |  |  |
| 3.50% 4/1/28 | 100000 | 98866 |
| 4.60% 4/1/38 | 60000 | 60976 |
| 7.50% 4/1/34 | 325000 | 376895 |
| 7.55% 4/1/39 | 600000 | 719089 |
| 7.60% 11/1/40 | 80000 | 96466 |
| 7.63% 3/1/40 | 85000 | 101743 |

---

LVIP SSGA Bond Index Fund-57

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| State of California <br> (UNREFUNDED-TXBL-REF) <br> 4.50% 4/1/33<br>| 75000 | $74440 |
| State of Connecticut |  |  |
| Series A 5.85% 3/15/32 | 100000 | 107273 |
| Series D 5.09% 10/1/30 | 200000 | 201021 |
| State of Illinois 5.10% 6/1/33 | 698039 | 700123 |
| State of Mississippi Series F <br> 5.25% 11/1/34<br>| 100000 | 101006 |
| State of Texas 5.52% 4/1/39 | 100000 | 102929 |
| State Public School Building <br> Authority Series A 5.00% <br> 9/15/27<br>| 100000 | 101042 |
| Texas Department of <br> Transportation State <br> Highway Fund Series B <br> 5.18% 4/1/30<br>| 200000 | 203799 |
| University of California |  |  |
| Series AD 4.86% 5/15/12 | 250000 | 207328 |
| Series AQ 4.77% 5/15/15 | 250000 | 203774 |
| Series BG 1.61% 5/15/30 | 60000 | 53578 |
| University of Michigan |  |  |
| Series B 2.44% 4/1/40 | 50000 | 37106 |
| Series B 2.56% 4/1/50 | 50000 | 30874 |
| Series B 3.50% 4/1/52 | 200000 | 147249 |
| Series C 3.60% 4/1/47 | 60000 | 49560 |
| University of Virginia |  |  |
| 2.26% 9/1/50 | 60000 | 34160 |
| Series C 4.18% 9/1/17 | 50000 | 37285 |
| **Total Municipal Bonds** <br>**(Cost $11,865,820)** | **Total Municipal Bonds** <br>**(Cost $11,865,820)** | **11407415** |
| **NON-AGENCY ASSET-BACKED SECURITIES–0.38%** | **NON-AGENCY ASSET-BACKED SECURITIES–0.38%** | **NON-AGENCY ASSET-BACKED SECURITIES–0.38%** |
| American Express Credit <br> Account Master Trust Series <br> 2024-3 Class A 4.65% <br> 7/15/29<br>| 250000 | 252937 |
| BA Credit Card Trust Series <br> 2024-A1 Class A 4.93% <br> 5/15/29<br>| 1000000 | 1014813 |
| BMW Vehicle Owner Trust <br> Series 2025-A Class A3 4.56% <br> 9/25/29<br>| 200000 | 201713 |
| Capital One Multi-Asset <br> Execution Trust Series <br> 2021-A2 Class A2 1.39% <br> 7/15/30<br>| 600000 | 554552 |
| CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
| Series 2024-2 Class A3 5.50% <br> 1/16/29<br>| 500000 | 507102 |
| Series 2024-4 Class A3 4.60% <br> 10/15/29<br>| 146000 | 147071 |
| Carvana Auto Receivables <br> Trust Series 2025-P1 <br> Class A3 4.55% 5/10/30<br>| 200000 | 201002 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Citibank Credit Card <br> Issuance Trust Series <br> 2007-A3 Class A3 6.15% <br> 6/15/39<br>| 750000 | $827206 |
| CNH Equipment Trust Series <br> 2023-A Class A3 4.81% <br> 8/15/28<br>| 261186 | 262030 |
| Discover Card Execution <br> Note Trust Series 2021-A2 <br> Class A2 1.03% 9/15/28<br>| 600000 | 577286 |
| Ford Credit Auto Lease Trust <br> Series 2025-A Class A3 4.72% <br> 6/15/28<br>| 63000 | 63498 |
| GM Financial Automobile <br> Leasing Trust Series 2025-1 <br> Class A3 4.66% 2/21/28<br>| 240000 | 241600 |
| GM Financial Consumer <br> Automobile Receivables <br> Trust Series 2025-1 Class A3 <br> 4.62% 12/17/29<br>| 133000 | 134191 |
| Honda Auto Receivables <br> Owner Trust Series 2024-3 <br> Class A3 4.57% 3/21/29<br>| 213000 | 214159 |
| Hyundai Auto Receivables <br> Trust Series 2024-B Class A3 <br> 4.84% 3/15/29<br>| 314000 | 317200 |
| John Deere Owner Trust <br> Series 2024-B Class A3 5.20% <br> 3/15/29<br>| 250000 | 253949 |
| Mercedes-Benz Auto Lease <br> Trust Series 2024-A Class A3 <br> 5.32% 1/18/28<br>| 100000 | 101221 |
| Mercedes-Benz Auto <br> Receivables Trust Series <br> 2025-1 Class A3 4.78% <br> 12/17/29<br>| 150000 | 151981 |
| Nissan Auto Lease Trust <br> Series 2025-A Class A3 4.75% <br> 3/15/28<br>| 151000 | 152699 |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| Series 2023-6 Class B 5.98% <br> 4/16/29<br>| 400000 | 406844 |
| Series 2025-1 Class A3 4.74% <br> 1/16/29<br>| 125000 | 125481 |
| Synchrony Card Funding LLC <br> Series 2024-A2 Class A 4.93% <br> 7/15/30<br>| 487000 | 494160 |
| Toyota Auto Receivables <br> Owner Trust Series 2024-C <br> Class A3 4.88% 3/15/29<br>| 600000 | 605691 |
| Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
| Series 2023-4 Class A1A <br> 5.16% 6/20/29<br>| 410000 | 413478 |
| Series 2024-3 Class A1A <br> 5.34% 4/22/30<br>| 300000 | 306324 |

---

LVIP SSGA Bond Index Fund-58

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Volkswagen Auto Lease Trust <br> Series 2024-A Class A3 5.21% <br> 6/21/27<br>| 104000 | $104926 |
| Volkswagen Auto Loan <br> Enhanced Trust Series <br> 2023-2 Class A3 5.48% <br> 12/20/28<br>| 350000 | 355321 |
| World Omni Auto Receivables <br> Trust Series 2025-A Class A3 <br> 4.73% 3/15/30<br>| 255000 | 258190 |
| World Omni Automobile <br> Lease Securitization Trust <br> Series 2024-A Class A3 5.26% <br> 10/15/27<br>| 350000 | 353717 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $9,624,553)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $9,624,553)** | **9600342** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.70%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.70%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.70%** |
| Bank | Bank | Bank |
| Series 2017-BNK7 Class A4 <br> 3.18% 9/15/60<br>| 500000 | 487577 |
| •Series 2018-BN13 Class A5 <br> 4.22% 8/15/61<br>| 145000 | 143229 |
| Series 2019-BN17 Class A4 <br> 3.71% 4/15/52<br>| 265000 | 256718 |
| Series 2019-BN24 Class A3 <br> 2.96% 11/15/62<br>| 500000 | 464334 |
| Series 2020-BN25 Class A5 <br> 2.65% 1/15/63<br>| 600000 | 544446 |
| Series 2020-BN28 Class A4 <br> 1.84% 3/15/63<br>| 187500 | 162864 |
| Series 2021-BN31 Class A4 <br> 2.04% 2/15/54<br>| 313043 | 272045 |
| •Series 2022-BNK44 Class A5 <br> 5.94% 11/15/55<br>| 750000 | 785469 |
| Bank5 Series 2024-5YR11 <br> Class A3 5.89% 11/15/57<br>| 600000 | 627717 |
| •Bank5 Trust Series <br> 2025-5YR13 Class A3 5.75% <br> 1/15/58<br>| 115000 | 119700 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| Series 2020-C6 Class A4 <br> 2.64% 2/15/53<br>| 650000 | 594925 |
| Series 2020-C8 Class A5 <br> 2.04% 10/15/53<br>| 250000 | 216604 |
| Series 2023-C20 Class A5 <br> 5.58% 7/15/56<br>| 140000 | 145685 |
| Series 2024-5C29 Class A3 <br> 5.21% 9/15/57<br>| 165000 | 168084 |
| Series 2024-C28 Class A5 <br> 5.40% 9/15/57<br>| 428571 | 439043 |
| Series 2024-C30 Class A5 <br> 5.53% 11/15/57<br>| 300000 | 311637 |
| Series 2025-5C33 Class A4 <br> 5.84% 3/15/58<br>| 200000 | 209048 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| •Series 2018-B2 Class A5 <br> 3.88% 2/15/51<br>| 195000 | $191095 |
| Series 2018-B3 Class A5 <br> 4.03% 4/10/51<br>| 350000 | 344195 |
| Series 2018-B5 Class A4 <br> 4.21% 7/15/51<br>| 200000 | 197119 |
| Series 2019-B10 Class A4 <br> 3.72% 3/15/62<br>| 575000 | 555572 |
| Series 2020-B18 Class A5 <br> 1.93% 7/15/53<br>| 296875 | 258248 |
| Series 2020-B19 Class A5 <br> 1.85% 9/15/53<br>| 800000 | 691406 |
| Series 2021-B24 Class A5 <br> 2.58% 3/15/54<br>| 500000 | 438046 |
| •Series 2022-B35 Class A5 <br> 4.59% 5/15/55<br>| 350000 | 338008 |
| Series 2024-V9 Class A3 <br> 5.60% 8/15/57<br>| 500000 | 516381 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| •Series 2024-5C8 Class A3 <br> 5.63% 12/15/57<br>| 175000 | 181005 |
| Series 2025-C11 Class A5 <br> 5.69% 2/15/58<br>| 800000 | 837960 |
| CD Mortgage Trust Series <br> 2017-CD3 Class A4 3.63% <br> 2/10/50<br>| 400000 | 384931 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| •Series 2018-B2 Class AS <br> 4.18% 3/10/51<br>| 200000 | 195369 |
| Series 2020-GC46 Class A5 <br> 2.72% 2/15/53<br>| 500000 | 458098 |
| CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
| •Series 2017-CX10 Class A5 <br> 3.46% 11/15/50<br>| 500000 | 483812 |
| Series 2020-C19 Class A3 <br> 2.56% 3/15/53<br>| 150000 | 134704 |
| GS Mortgage Securities Trust <br> Series 2020-GC45 Class A5 <br> 2.91% 2/13/53<br>| 275000 | 253836 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust <br> Series 2016-JP2 Class B <br> 3.46% 8/15/49<br>| 1163000 | 1066681 |
| JPM-DB Commercial <br> Mortgage Securities Trust <br> Series 2020-COR7 Class A5 <br> 2.18% 5/13/53<br>| 400000 | 332579 |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| Series 2017-HR2 Class A4 <br> 3.59% 12/15/50<br>| 500000 | 487176 |
| Series 2020-L4 Class A3 <br> 2.70% 2/15/53<br>| 400000 | 366964 |
| UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
| Series 2017-C4 Class A4 <br> 3.56% 10/15/50<br>| 580000 | 565224 |

---

LVIP SSGA Bond Index Fund-59

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| UBS Commercial Mortgage Trust (continued) | UBS Commercial Mortgage Trust (continued) | UBS Commercial Mortgage Trust (continued) |
| Series 2017-C7 Class A4 <br> 3.68% 12/15/50<br>| 350000 | $342947 |
| Series 2018-C14 Class A3 <br> 4.18% 12/15/51<br>| 258385 | 255371 |
| Series 2018-C8 Class A4 <br> 3.98% 2/15/51<br>| 200000 | 196635 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2017-C41 Class A4 <br> 3.47% 11/15/50<br>| 350000 | 341023 |
| Series 2018-C46 Class A4 <br> 4.15% 8/15/51<br>| 1150000 | 1131995 |
| Series 2019-C50 Class A5 <br> 3.73% 5/15/52<br>| 310000 | 297156 |
| Series 2020-C56 Class A5 <br> 2.45% 6/15/53<br>| 220600 | 199887 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $19,450,430)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $19,450,430)** | **17992548** |
| **ΔREGIONAL BONDS–0.24%** | **ΔREGIONAL BONDS–0.24%** | **ΔREGIONAL BONDS–0.24%** |
| **Canada—0.24%** | **Canada—0.24%** | **Canada—0.24%** |
| Province of Alberta Canada | Province of Alberta Canada | Province of Alberta Canada |
| 1.30% 7/22/30 | 150000 | 131463 |
| 3.30% 3/15/28 | 400000 | 393919 |
| 4.50% 1/24/34 | 215000 | 214276 |
| Province of British Columbia Canada | Province of British Columbia Canada | Province of British Columbia Canada |
| 1.30% 1/29/31 | 250000 | 215054 |
| 4.20% 7/6/33 | 320000 | 313981 |
| 4.70% 1/24/28 | 385000 | 392728 |
| 4.75% 6/12/34 | 250000 | 253617 |
| 4.90% 4/24/29 | 500000 | 516896 |
| 7.25% 9/1/36 | 100000 | 120703 |
| Province of Manitoba Canada | Province of Manitoba Canada | Province of Manitoba Canada |
| 4.30% 7/27/33 | 250000 | 246426 |
| 4.90% 5/31/34 | 150000 | 153621 |
| Province of New Brunswick <br> Canada 3.63% 2/24/28<br>| 150000 | 148584 |
| Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada |
| 1.60% 2/25/31 | 250000 | 218642 |
| 2.00% 10/2/29 | 250000 | 230860 |
| 3.10% 5/19/27 | 200000 | 197061 |
| 4.85% 6/11/35 | 450000 | 458601 |
| 5.05% 4/24/34 | 400000 | 414805 |
| Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada |
| 1.35% 5/28/30 | 200000 | 176487 |
| 2.75% 4/12/27 | 300000 | 293983 |
| 4.25% 9/5/34 | 550000 | 537461 |
| 4.50% 4/3/29 | 200000 | 204039 |
| 7.50% 9/15/29 | 175000 | 198539 |
|  |  | **6031746** |
| **Total Regional Bonds** <br>**(Cost $6,117,405)** | **Total Regional Bonds** <br>**(Cost $6,117,405)** | **6031746** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS–1.30%** | **ΔSOVEREIGN BONDS–1.30%** | **ΔSOVEREIGN BONDS–1.30%** |
| **Canada—0.07%** | **Canada—0.07%** | **Canada—0.07%** |
| Canada Government International Bonds | Canada Government International Bonds | Canada Government International Bonds |
| 3.75% 4/26/28 | 530000 | $530166 |
| 4.00% 3/18/30 | 355000 | 357720 |
| 4.63% 4/30/29 | 235000 | 241981 |
| Export Development Canada | Export Development Canada | Export Development Canada |
| 3.75% 9/7/27 | 250000 | 249863 |
| 4.13% 2/13/29 | 310000 | 313367 |
| 4.75% 6/5/34 | 145000 | 150206 |
|  |  | **1843303** |
| **Chile—0.08%** | **Chile—0.08%** | **Chile—0.08%** |
| Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| 2.55% 1/27/32 | 200000 | 175740 |
| 2.55% 7/27/33 | 250000 | 210188 |
| 3.10% 5/7/41 | 200000 | 148472 |
| 3.10% 1/22/61 | 200000 | 120956 |
| 3.24% 2/6/28 | 350000 | 340406 |
| 3.50% 1/31/34 | 500000 | 447855 |
| 3.50% 1/25/50 | 200000 | 142010 |
| 4.34% 3/7/42 | 200000 | 172922 |
| 5.33% 1/5/54 | 300000 | 281055 |
|  |  | **2039604** |
| **Indonesia—0.13%** | **Indonesia—0.13%** | **Indonesia—0.13%** |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 2.15% 7/28/31 | 400000 | 348536 |
| 2.85% 2/14/30 | 250000 | 234155 |
| 3.20% 9/23/61 | 200000 | 125900 |
| 3.50% 2/14/50 | 250000 | 178845 |
| 4.10% 4/24/28 | 300000 | 299747 |
| 4.20% 10/15/50 | 400000 | 322192 |
| 4.55% 1/11/28 | 200000 | 201564 |
| 4.65% 9/20/32 | 100000 | 99238 |
| 4.70% 2/10/34 | 200000 | 196286 |
| 4.75% 2/11/29 | 200000 | 203500 |
| 4.75% 9/10/34 | 250000 | 245657 |
| 4.85% 1/11/33 | 200000 | 200648 |
| 5.15% 9/10/54 | 250000 | 234575 |
| 5.25% 1/15/30 | 200000 | 207324 |
| 5.35% 2/11/49 | 200000 | 193537 |
| 5.45% 9/20/52 | 12500 | 12068 |
|  |  | **3303772** |
| **Israel—0.06%** | **Israel—0.06%** | **Israel—0.06%** |
| Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
| 3.25% 1/17/28 | 200000 | 193103 |
| 4.50% 1/30/43 | 200000 | 165379 |
| 5.75% 3/12/54 | 1037000 | 959768 |
| State of Israel | State of Israel | State of Israel |
| 2.50% 1/15/30 | 200000 | 180548 |
| 3.38% 1/15/50 | 200000 | 129793 |
|  |  | **1628591** |

---

LVIP SSGA Bond Index Fund-60

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Italy—0.02%** | **Italy—0.02%** | **Italy—0.02%** |
| Republic of Italy Government <br> International Bonds 5.38% <br> 6/15/33<br>| 400000 | $418094 |
|  |  | **418094** |
| **Japan—0.11%** | **Japan—0.11%** | **Japan—0.11%** |
| Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation |
| 1.25% 1/21/31 | 200000 | 171957 |
| 1.88% 4/15/31 | 200000 | 177119 |
| 2.00% 10/17/29 | 200000 | 184395 |
| 2.13% 2/16/29 | 200000 | 187652 |
| 2.25% 11/4/26 | 200000 | 195262 |
| 2.75% 11/16/27 | 200000 | 194634 |
| 2.88% 6/1/27 | 350000 | 342967 |
| 2.88% 7/21/27 | 200000 | 195862 |
| 3.25% 7/20/28 | 300000 | 294352 |
| 4.63% 7/22/27 | 200000 | 202693 |
| 4.63% 4/17/34 | 200000 | 203227 |
| Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency |
| 2.13% 10/20/26 | 200000 | 194872 |
| 3.38% 6/12/28 | 200000 | 196645 |
| 4.75% 5/21/29 | 200000 | 204920 |
|  |  | **2946557** |
| **Mexico—0.25%** | **Mexico—0.25%** | **Mexico—0.25%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 3.25% 4/16/30 | 205000 | 188477 |
| 3.50% 2/12/34 | 200000 | 167600 |
| 3.75% 1/11/28 | 200000 | 195670 |
| 3.77% 5/24/61 | 200000 | 117750 |
| 4.15% 3/28/27 | 370000 | 367414 |
| 4.28% 8/14/41 | 200000 | 153260 |
| 4.35% 1/15/47 | 200000 | 143850 |
| 4.40% 2/12/52 | 200000 | 139970 |
| 4.50% 1/31/50 | 400000 | 290420 |
| 4.60% 2/10/48 | 200000 | 148330 |
| 4.75% 4/27/32 | 600000 | 569946 |
| 4.75% 3/8/44 | 1000000 | 786150 |
| 6.00% 5/7/36 | 200000 | 197380 |
| 6.05% 1/11/40 | 475000 | 452912 |
| 6.34% 5/4/53 | 500000 | 457800 |
| 6.40% 5/7/54 | 1500000 | 1378500 |
| 6.75% 9/27/34 | 500000 | 530000 |
|  |  | **6285429** |
| **Panama—0.09%** | **Panama—0.09%** | **Panama—0.09%** |
| Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| 2.25% 9/29/32 | 700000 | 533729 |
| 3.16% 1/23/30 | 445000 | 400890 |
| 3.87% 7/23/60 | 310000 | 176321 |
| 3.88% 3/17/28 | 300000 | 289695 |
| 4.30% 4/29/53 | 300000 | 193448 |
| 4.50% 4/16/50 | 200000 | 134867 |
| 6.40% 2/14/35 | 200000 | 194207 |
| 6.70% 1/26/36 | 200000 | 198627 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Panama (continued)** | **Panama (continued)** | **Panama (continued)** |
| Panama Government International Bonds (continued) | Panama Government International Bonds (continued) | Panama Government International Bonds (continued) |
| 8.88% 9/30/27 | 100000 | $108070 |
| 9.38% 4/1/29 | 100000 | 112770 |
|  |  | **2342624** |
| **Peru—0.07%** | **Peru—0.07%** | **Peru—0.07%** |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 2.78% 1/23/31 | 140000 | 125286 |
| 3.00% 1/15/34 | 233000 | 196093 |
| 3.23% 7/28/21 | 500000 | 268650 |
| 3.30% 3/11/41 | 125000 | 92594 |
| 3.55% 3/10/51 | 395000 | 270760 |
| 3.60% 1/15/72 | 400000 | 245180 |
| 5.38% 2/8/35 | 100000 | 99817 |
| 5.63% 11/18/50 | 100000 | 94900 |
| 5.88% 8/8/54 | 50000 | 48169 |
| 8.75% 11/21/33 | 200000 | 244324 |
|  |  | **1685773** |
| **Philippines—0.14%** | **Philippines—0.14%** | **Philippines—0.14%** |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 2.46% 5/5/30 | 250000 | 228322 |
| 3.00% 2/1/28 | 200000 | 193140 |
| 3.20% 7/6/46 | 200000 | 140836 |
| 3.56% 9/29/32 | 200000 | 185471 |
| 3.70% 2/2/42 | 200000 | 160121 |
| 3.75% 1/14/29 | 400000 | 392512 |
| 3.95% 1/20/40 | 500000 | 430639 |
| 4.38% 3/5/30 | 250000 | 250171 |
| 4.75% 3/5/35 | 250000 | 244951 |
| 5.00% 7/17/33 | 200000 | 201845 |
| 5.00% 1/13/37 | 500000 | 496568 |
| 5.18% 9/5/49 | 250000 | 231049 |
| 5.60% 5/14/49 | 250000 | 244696 |
| 5.61% 4/13/33 | 200000 | 209468 |
|  |  | **3609789** |
| **Poland—0.06%** | **Poland—0.06%** | **Poland—0.06%** |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| 5.13% 9/18/34 | 1004000 | 1007757 |
| 5.50% 4/4/53 | 400000 | 372709 |
| 5.75% 11/16/32 | 165000 | 174097 |
|  |  | **1554563** |
| **Republic of Korea—0.13%** | **Republic of Korea—0.13%** | **Republic of Korea—0.13%** |
| Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea |
| 1.63% 1/18/27 | 200000 | 192580 |
| 2.13% 1/18/32 | 200000 | 172499 |
| 4.50% 1/11/29 | 200000 | 201979 |
| 5.00% 1/11/28 | 300000 | 306252 |
| 5.13% 9/18/28 | 200000 | 205823 |
| 5.13% 1/11/33 | 200000 | 206463 |
| Korea Development Bank | Korea Development Bank | Korea Development Bank |
| 0.80% 7/19/26 | 250000 | 241214 |
| 1.63% 1/19/31 | 250000 | 218422 |

---

LVIP SSGA Bond Index Fund-61

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
| Korea Development Bank (continued) | Korea Development Bank (continued) | Korea Development Bank (continued) |
| 2.25% 2/24/27 | 200000 | $193957 |
| 4.38% 2/15/33 | 300000 | 295321 |
| 4.50% 2/15/29 | 200000 | 202101 |
| 5.38% 10/23/28 | 200000 | 207618 |
| Korea International Bonds | Korea International Bonds | Korea International Bonds |
| 2.75% 1/19/27 | 500000 | 490550 |
| 4.50% 7/3/29 | 250000 | 254185 |
|  |  | **3388964** |
| **Sweden—0.04%** | **Sweden—0.04%** | **Sweden—0.04%** |
| Svensk Exportkredit AB | Svensk Exportkredit AB | Svensk Exportkredit AB |
| 3.75% 9/13/27 | 265000 | 264627 |
| 4.13% 6/14/28 | 250000 | 251923 |
| 4.25% 2/1/29 | 200000 | 202049 |
| 4.88% 9/14/26 | 200000 | 202000 |
|  |  | **920599** |
| **Uruguay—0.05%** | **Uruguay—0.05%** | **Uruguay—0.05%** |
| Oriental Republic of Uruguay <br> 5.25% 9/10/60<br>| 165000 | 149295 |
| Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
| 4.38% 10/27/27 | 300000 | 300576 |
| 5.10% 6/18/50 | 600000 | 553332 |
| 7.63% 3/21/36 | 250000 | 297948 |
|  |  | **1301151** |
| **Total Sovereign Bonds** <br>**(Cost $36,445,748)** | **Total Sovereign Bonds** <br>**(Cost $36,445,748)** | **33268813** |
| **SUPRANATIONAL BANKS–1.30%** | **SUPRANATIONAL BANKS–1.30%** | **SUPRANATIONAL BANKS–1.30%** |
| African Development Bank | African Development Bank | African Development Bank |
| 0.88% 7/22/26 | 250000 | 241991 |
| 3.50% 9/18/29 | 600000 | 592430 |
| 4.13% 2/25/27 | 250000 | 251006 |
| 4.38% 11/3/27 | 205000 | 207730 |
| 4.38% 3/14/28 | 200000 | 203135 |
| Asian Development Bank | Asian Development Bank | Asian Development Bank |
| 0.75% 10/8/30 | 250000 | 212914 |
| 1.75% 8/14/26 | 100000 | 97606 |
| 1.88% 3/15/29 | 500000 | 467123 |
| 1.88% 1/24/30 | 200000 | 183686 |
| 2.38% 8/10/27 | 250000 | 243039 |
| 3.13% 4/27/32 | 600000 | 566947 |
| 3.63% 8/28/29 | 650000 | 645628 |
| 3.75% 4/25/28 | 175000 | 175015 |
| 4.00% 1/12/33 | 170000 | 169023 |
| 4.13% 1/12/27 | 285000 | 286079 |
| 4.13% 5/30/30 | 1000000 | 1012397 |
| 4.13% 1/12/34 | 400000 | 397125 |
| 4.38% 1/14/28 | 360000 | 365355 |
| 4.38% 3/22/35 | 395000 | 398326 |
| 4.50% 8/25/28 | 268000 | 273824 |
| Asian Infrastructure Investment Bank | Asian Infrastructure Investment Bank | Asian Infrastructure Investment Bank |
| 3.75% 9/14/27 | 400000 | 399970 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** |
| Asian Infrastructure Investment Bank (continued) | Asian Infrastructure Investment Bank (continued) | Asian Infrastructure Investment Bank (continued) |
| 4.00% 1/18/28 | 750000 | $754708 |
| 4.13% 1/18/29 | 205000 | 207220 |
| 4.50% 1/16/30 | 180000 | 184884 |
| Corp. Andina de Fomento | Corp. Andina de Fomento | Corp. Andina de Fomento |
| 4.13% 1/7/28 | 105000 | 105059 |
| 5.00% 1/22/30 | 200000 | 206134 |
| 6.00% 4/26/27 | 220000 | 226937 |
| Council of Europe Development Bank | Council of Europe Development Bank | Council of Europe Development Bank |
| 4.50% 1/15/30 | 280000 | 287480 |
| 4.63% 6/11/27 | 130000 | 131891 |
| European Investment Bank | European Investment Bank | European Investment Bank |
| 0.75% 10/26/26 | 222000 | 213094 |
| 1.25% 2/14/31 | 1175000 | 1019408 |
| 1.38% 3/15/27 | 550000 | 528017 |
| 1.63% 10/9/29 | 550000 | 503420 |
| 1.75% 3/15/29 | 187000 | 174065 |
| 3.25% 11/15/27 | 700000 | 692399 |
| 3.63% 7/15/30 | 160000 | 158327 |
| 3.75% 2/14/33 | 815000 | 798482 |
| 3.88% 3/15/28 | 200000 | 200753 |
| 3.88% 6/15/28 | 260000 | 261135 |
| 4.00% 2/15/29 | 340000 | 342644 |
| 4.13% 2/13/34 | 536000 | 532633 |
| 4.25% 8/16/32 | 300000 | 304024 |
| 4.38% 3/19/27 | 700000 | 706394 |
| 4.38% 10/10/31 | 175000 | 178783 |
| 4.50% 10/16/28 | 250000 | 255816 |
| 4.50% 3/14/30 | 440000 | 452762 |
| 4.75% 6/15/29 | 417000 | 431739 |
| Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
| 0.63% 9/16/27 | 500000 | 467022 |
| 1.13% 7/20/28 | 200000 | 184872 |
| 1.13% 1/13/31 | 250000 | 215518 |
| 2.00% 7/23/26 | 100000 | 97934 |
| 3.20% 8/7/42 | 100000 | 79942 |
| 3.50% 4/12/33 | 250000 | 239286 |
| 3.63% 9/17/31 | 200000 | 195812 |
| 3.88% 10/28/41 | 100000 | 88273 |
| 4.00% 1/12/28 | 200000 | 201162 |
| 4.13% 2/15/29 | 1280000 | 1294029 |
| 4.38% 2/1/27 | 500000 | 503805 |
| 4.38% 7/17/34 | 250000 | 252126 |
| 4.38% 1/24/44 | 56000 | 51927 |
| 4.50% 2/15/30 | 350000 | 359755 |
| 4.50% 9/13/33 | 200000 | 203929 |
| Inter-American Investment Corp. | Inter-American Investment Corp. | Inter-American Investment Corp. |
| 3.63% 2/17/27 | 50000 | 49736 |
| 4.13% 2/15/28 | 200000 | 201346 |
| 4.25% 4/1/30 | 300000 | 303705 |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| 0.75% 11/24/27 | 325000 | 302783 |
| 0.88% 5/14/30 | 500000 | 434605 |
| 1.13% 9/13/28 | 1000000 | 920717 |
| 1.25% 2/10/31 | 1000000 | 866101 |

---

LVIP SSGA Bond Index Fund-62

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** |
| International Bank for Reconstruction & Development (continued) | International Bank for Reconstruction & Development (continued) | International Bank for Reconstruction & Development (continued) |
| 1.63% 11/3/31 | 381000 | $330271 |
| 1.75% 10/23/29 | 250000 | 229609 |
| 2.50% 11/22/27 | 350000 | 340022 |
| 3.13% 6/15/27 | 1000000 | 986999 |
| 3.50% 7/12/28 | 200000 | 198511 |
| 3.63% 5/5/28 | 600000 | 598178 |
| 3.88% 2/14/30 | 205000 | 205323 |
| 3.88% 8/28/34 | 185000 | 179720 |
| 4.00% 8/27/26 | 163000 | 163074 |
| 4.00% 7/25/30 | 450000 | 452820 |
| 4.00% 1/10/31 | 1000000 | 1003919 |
| 4.13% 3/20/30 | 385000 | 389717 |
| 4.50% 4/10/31 | 318000 | 327190 |
| 4.63% 8/1/28 | 280000 | 286930 |
| 4.63% 1/15/32 | 1360000 | 1406438 |
| 4.75% 2/15/35 | 50000 | 51676 |
| International Finance Corp. | International Finance Corp. | International Finance Corp. |
| 0.75% 8/27/30 | 500000 | 427516 |
| 4.25% 7/2/29 | 280000 | 284629 |
| 4.50% 1/21/28 | 140000 | 142561 |
| 4.50% 7/13/28 | 155000 | 158283 |
| Nordic Investment Bank | Nordic Investment Bank | Nordic Investment Bank |
| 3.38% 9/8/27 | 250000 | 247948 |
| 4.38% 3/14/28 | 200000 | 203094 |
| **Total Supranational Banks** <br>**(Cost $33,997,686)** | **Total Supranational Banks** <br>**(Cost $33,997,686)** | **33377370** |
| **U.S. TREASURY OBLIGATIONS–44.90%** | **U.S. TREASURY OBLIGATIONS–44.90%** | **U.S. TREASURY OBLIGATIONS–44.90%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1.13% 5/15/40 | 3000000 | 1865156 |
| 1.13% 8/15/40 | 4500000 | 2768379 |
| 1.38% 8/15/50 | 5000000 | 2465234 |
| 1.63% 11/15/50 | 8750000 | 4609814 |
| 1.88% 2/15/41 | 3000000 | 2063438 |
| 1.88% 2/15/51 | 5000000 | 2808594 |
| 1.88% 11/15/51 | 7500000 | 4172461 |
| 2.00% 2/15/50 | 1500000 | 880781 |
| 2.00% 8/15/51 | 7000000 | 4035664 |
| 2.25% 2/15/52 | 7000000 | 4275742 |
| 2.38% 11/15/49 | 2500000 | 1607910 |
| 2.38% 5/15/51 | 3500000 | 2219355 |
| 2.50% 2/15/45 | 10400000 | 7321438 |
| 2.50% 2/15/46 | 6350000 | 4400352 |
| 2.50% 5/15/46 | 7200000 | 4972781 |
| 2.75% 8/15/42 | 2600000 | 1989508 |
| 2.75% 11/15/42 | 3500000 | 2666152 |
| 2.75% 8/15/47 | 4200000 | 2993484 |
| 2.75% 11/15/47 | 6500000 | 4622109 |
| 2.88% 5/15/43 | 6000000 | 4624453 |
| 2.88% 5/15/49 | 3000000 | 2153555 |
| 2.88% 5/15/52 | 2000000 | 1407500 |
| 3.00% 5/15/42 | 2850000 | 2275770 |
| 3.00% 11/15/45 | 8100000 | 6170871 |
| 3.00% 2/15/47 | 7700000 | 5780715 |
| 3.00% 2/15/48 | 5000000 | 3715039 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 8/15/48 | 11000000 | $8135273 |
| 3.00% 2/15/49 | 9500000 | 6999570 |
| 3.00% 8/15/52 | 2500000 | 1804590 |
| 3.13% 8/15/44 | 19500000 | 15375293 |
| 3.13% 5/15/48 | 4000000 | 3034844 |
| 3.25% 5/15/42 | 5000000 | 4135742 |
| 3.38% 11/15/48 | 2000000 | 1582109 |
| 3.63% 2/15/53 | 5000000 | 4081641 |
| 3.63% 5/15/53 | 6500000 | 5301563 |
| 3.88% 8/15/40 | 3750000 | 3449854 |
| 3.88% 5/15/43 | 7000000 | 6252422 |
| 4.00% 11/15/52 | 5500000 | 4810137 |
| 4.13% 8/15/53 | 7500000 | 6699316 |
| 4.25% 2/15/54 | 10600000 | 9669188 |
| 4.25% 8/15/54 | 7565500 | 6908838 |
| 4.38% 5/15/41 | 2750000 | 2665029 |
| 4.38% 8/15/43 | 1500000 | 1429746 |
| 4.50% 11/15/54 | 4200000 | 4002469 |
| 4.63% 5/15/44 | 4000000 | 3922656 |
| 4.63% 11/15/44 | 3000000 | 2936719 |
| 4.63% 5/15/54 | 4000000 | 3885000 |
| 4.63% 2/15/55 | 1600000 | 1557500 |
| 4.75% 11/15/43 | 2500000 | 2497363 |
| 4.75% 11/15/53 | 4700000 | 4657406 |
| 4.75% 5/15/55 | 6700000 | 6662313 |
| 5.25% 11/15/28 | 500000 | 523867 |
| 5.38% 2/15/31 | 500000 | 537813 |
| 5.50% 8/15/28 | 500000 | 527109 |
| 6.13% 11/15/27 | 800000 | 843781 |
| 6.13% 8/15/29 | 300000 | 326988 |
| 6.63% 2/15/27 | 750000 | 785742 |
| 6.75% 8/15/26 | 500000 | 515820 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 0.38% 7/31/27 | 45000000 | 41997656 |
| 0.50% 5/31/27 | 5000000 | 4703320 |
| 0.50% 6/30/27 | 12000000 | 11260781 |
| 0.50% 8/31/27 | 15500000 | 14470098 |
| 0.63% 12/31/27 | 10000000 | 9271094 |
| 0.63% 5/15/30 | 3750000 | 3226465 |
| 0.63% 8/15/30 | 5000000 | 4264258 |
| 0.75% 1/31/28 | 35000000 | 32472070 |
| 0.88% 9/30/26 | 10000000 | 9632813 |
| 0.88% 11/15/30 | 11000000 | 9435508 |
| 1.13% 2/29/28 | 12000000 | 11221406 |
| 1.25% 6/30/28 | 5000000 | 4654883 |
| 1.25% 8/15/31 | 12000000 | 10265625 |
| 1.38% 10/31/28 | 8000000 | 7417812 |
| 1.38% 12/31/28 | 10000000 | 9238281 |
| 1.38% 11/15/31 | 10500000 | 8983652 |
| 1.50% 1/31/27 | 8000000 | 7716562 |
| 1.50% 2/15/30 | 6000000 | 5429531 |
| 1.63% 11/30/26 | 6000000 | 5817188 |
| 1.63% 8/15/29 | 8000000 | 7366875 |
| 1.63% 5/15/31 | 16000000 | 14111250 |

---

LVIP SSGA Bond Index Fund-63

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) |
| 1.88% 7/31/26 | 8000000 | $7822500 |
| 1.88% 2/15/32 | 10000000 | 8784375 |
| 2.00% 11/15/26 | 3000000 | 2925117 |
| 2.25% 2/15/27 | 16000000 | 15610000 |
| 2.25% 8/15/27 | 9000000 | 8730000 |
| 2.25% 11/15/27 | 11500000 | 11120410 |
| 2.38% 5/15/27 | 9500000 | 9265098 |
| 2.38% 5/15/29 | 11000000 | 10463750 |
| 2.63% 2/15/29 | 9000000 | 8667070 |
| 2.63% 7/31/29 | 5000000 | 4789258 |
| 2.75% 2/15/28 | 12000000 | 11714531 |
| 2.75% 8/15/32 | 12000000 | 11070000 |
| 2.88% 5/15/28 | 4000000 | 3910781 |
| 2.88% 8/15/28 | 13000000 | 12680078 |
| 2.88% 5/15/32 | 12000000 | 11196563 |
| 3.38% 5/15/33 | 10000000 | 9532422 |
| 3.50% 1/31/28 | 6000000 | 5969531 |
| 3.50% 1/31/30 | 10000000 | 9883594 |
| 3.50% 2/15/33 | 10000000 | 9639844 |
| 3.63% 3/31/28 | 8000000 | 7986250 |
| 3.63% 5/31/28 | 8000000 | 7983125 |
| 3.63% 9/30/31 | 18000000 | 17699062 |
| 3.75% 8/31/26 | 12000000 | 11971406 |
| 3.75% 6/30/27 | 22000000 | 22013750 |
| 3.75% 5/15/28 | 10000000 | 10014844 |
| 3.75% 6/30/30 | 7500000 | 7480957 |
| 3.75% 12/31/30 | 5000000 | 4975195 |
| 3.88% 3/31/27 | 20000000 | 20031250 |
| 3.88% 12/31/27 | 3500000 | 3514766 |
| 3.88% 9/30/29 | 9000000 | 9041484 |
| 3.88% 6/30/30 | 8400000 | 8432156 |
| 3.88% 8/15/33 | 10500000 | 10340039 |
| 3.88% 8/15/34 | 13000000 | 12692773 |
| 4.00% 6/30/28 | 10000000 | 10085938 |
| 4.00% 7/31/30 | 9000000 | 9078398 |
| 4.00% 1/31/31 | 7400000 | 7452320 |
| 4.00% 6/30/32 | 4000000 | 4003125 |
| 4.00% 2/15/34 | 25200000 | 24937172 |
| 4.13% 10/31/26 | 25000000 | 25069336 |
| 4.13% 2/15/27 | 18000000 | 18086484 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 4.13% 11/15/27 | 6000000 | $6055547 |
| 4.13% 7/31/28 | 6000000 | 6072422 |
| 4.13% 10/31/29 | 11000000 | 11157266 |
| 4.13% 11/30/29 | 10000000 | 10146875 |
| 4.13% 8/31/30 | 3500000 | 3550586 |
| 4.13% 3/31/31 | 20000000 | 20251562 |
| 4.13% 7/31/31 | 7000000 | 7080391 |
| 4.13% 11/15/32 | 13000000 | 13089883 |
| 4.25% 11/30/26 | 25000000 | 25128906 |
| 4.25% 6/30/29 | 17200000 | 17519813 |
| 4.25% 2/28/31 | 6134500 | 6252877 |
| 4.25% 11/15/34 | 7500000 | 7524609 |
| 4.25% 5/15/35 | 14000000 | 14021875 |
| 4.38% 8/15/26 | 8000000 | 8034688 |
| 4.38% 11/30/28 | 9000000 | 9187383 |
| 4.38% 11/30/30 | 5000000 | 5129297 |
| 4.38% 1/31/32 | 5000000 | 5118555 |
| 4.50% 7/15/26 | 4976300 | 5002494 |
| 4.50% 4/15/27 | 20000000 | 20249219 |
| 4.50% 5/31/29 | 1000000 | 1027266 |
| 4.50% 12/31/31 | 15000000 | 15466406 |
| 4.50% 11/15/33 | 9000000 | 9244688 |
| 4.63% 9/30/30 | 9000000 | 9338555 |
| 4.63% 4/30/31 | 10000000 | 10382813 |
| 4.63% 2/15/35 | 17000000 | 17539219 |
| 4.88% 10/31/30 | 10000000 | 10497266 |
| **Total U.S. Treasury Obligations** <br>**(Cost $1,228,677,114)** | **Total U.S. Treasury Obligations** <br>**(Cost $1,228,677,114)** | **1149076297** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–1.90%** | **MONEY MARKET FUND–1.90%** | **MONEY MARKET FUND–1.90%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 48670324 | 48670324 |
| **Total Money Market Fund** <br>**(Cost $48,670,324)** | **Total Money Market Fund** <br>**(Cost $48,670,324)** | **48670324** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.97% (Cost $2,786,724,675)** | **2583805330** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.97%)** | **(24732141)**<br>|
| **NET ASSETS APPLICABLE TO 252,137,524 SHARES OUTSTANDING–100.00%** | **$2559073189** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA BOND INDEX FUND STANDARD CLASS** <br>**($1,714,703,304 / 168,897,161 Shares)** | **$10.152** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA BOND INDEX FUND SERVICE CLASS** <br>**($844,369,885 / 83,240,363 Shares)** | **$10.144** |

---

LVIP SSGA Bond Index Fund-64

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$2812766409** |
| Distributable earnings/(accumulated loss) | **(253693220)**<br>|
| **TOTAL NET ASSETS** | **$2559073189** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at 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. |
| ^Zero coupon security. |
| ΔSecurities have been classified by country of origin. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $55,960,933 payable for securities purchased, $922,977 payable for fund shares redeemed, $229,488 other accrued expenses <br> payable, $807,530 due to manager and affiliates, $290,940 due to custodian, $28,221 payable for audit fee and $55,259 payable for fund <br> accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| BMO–Bank of Montreal  |
| GM–Insured by Assured Guaranty Municipal Corporation |
| GS–Goldman Sachs |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| JPM-DB–JPMorgan Deutsche Bank |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |
| TBA–To be announced |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Bond Index Fund-65

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Bond Index Fund** | **LVIP SSGA Bond Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $47793735 |
| Foreign taxes withheld | (7)<br>|
|  | 47793728 |
| **EXPENSES:** |  |
| Management fees | 5097595 |
| Distribution fees-Service Class | 1057010 |
| Shareholder servicing fees | 369576 |
| Accounting and administration expenses | 216771 |
| Pricing fees | 178169 |
| Index fees | 162035 |
| Professional fees | 63243 |
| Trustees' fees and expenses | 38051 |
| Custodian fees | 26301 |
| Reports and statements to shareholders | 19983 |
| Consulting fees | 12348 |
| Other | 28095 |
|  | 7269177 |
| Less:  |  |
| Management fees waived | (1537229)<br>|
| Total operating expenses | 5731948 |
| **NET INVESTMENT INCOME**  | 42061780 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss on investments | (13675989)<br>|
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 68289875 |
| **NET REALIZED AND UNREALIZED GAIN** | 54613886 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $96675666 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Bond Index Fund** | **LVIP SSGA Bond Index Fund** | **LVIP SSGA Bond Index Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $42061780 | $78638758 |
| Net realized loss | (13675989)<br>| (13405790)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 68289875 | (39874063)<br>|
| Net increase in net assets <br> resulting from operations<br>| 96675666 | 25358905 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (59232426)<br>|
| Service Class |  | (27284141)<br>|
| Return of capital: |  |  |
| Standard Class |  | (55576)<br>|
| Service Class |  | (27814)<br>|
|  |  | (86599957)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 123429428 | 326335258 |
| Service Class | 41979764 | 135922391 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 59288002 |
| Service Class |  | 27311955 |
|  | 165409192 | 548857606 |
| Cost of shares redeemed: |  |  |
| Standard Class | (217018344)<br>| (262498055)<br>|
| Service Class | (93099219)<br>| (109348441)<br>|
|  | (310117563)<br>| (371846496)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (144708371)<br>| 177011110 |
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (48032705)<br>| 115770058 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2607105894 | 2491335836 |
| End of period | $2559073189 | $2607105894 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Bond Index Fund-66

------

**LVIP SSGA Bond Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index 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; $9.773 | &nbsp;&nbsp; $10.006 | &nbsp;&nbsp; $9.772 | &nbsp;&nbsp; $11.546 | &nbsp;&nbsp; $12.057 | &nbsp;&nbsp; $11.460 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.167 | 0.319 | 0.276 | 0.223 | 0.189 | 0.237 |
| Net realized and unrealized gain (loss) | 0.212 | &nbsp;&nbsp; (0.207)<br>| 0.238 | &nbsp;&nbsp; (1.770)<br>| &nbsp;&nbsp; (0.427)<br>| 0.620 |
| Total from investment operations | 0.379 | 0.112 | 0.514 | &nbsp;&nbsp; (1.547)<br>| &nbsp;&nbsp; (0.238)<br>| 0.857 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.345)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.227)<br>| &nbsp;&nbsp; (0.228)<br>| &nbsp;&nbsp; (0.260)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.045)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.345)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.227)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.260)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.152 | &nbsp;&nbsp; $9.773 | &nbsp;&nbsp; $10.006 | &nbsp;&nbsp; $9.772 | &nbsp;&nbsp; $11.546 | &nbsp;&nbsp; $12.057 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.87% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; (13.44%)<br>| &nbsp;&nbsp; (1.98%)<br>| &nbsp;&nbsp; 7.49% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1714703 | &nbsp;&nbsp; $1743047 | &nbsp;&nbsp; $1661113 | &nbsp;&nbsp; $1574338 | &nbsp;&nbsp; $2033169 | &nbsp;&nbsp; $2172627 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.35% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.47% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.38% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.97% |
| Ratio of net investment income to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.26% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.85% |
| Portfolio turnover | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 95% | &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 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 SSGA Bond Index Fund-67

------

**LVIP SSGA Bond Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index 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; $9.777 | &nbsp;&nbsp; $10.011 | &nbsp;&nbsp; $9.777 | &nbsp;&nbsp; $11.550 | &nbsp;&nbsp; $12.061 | &nbsp;&nbsp; $11.464 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.154 | 0.294 | 0.251 | 0.197 | 0.159 | 0.207 |
| Net realized and unrealized gain (loss) | 0.213 | &nbsp;&nbsp; (0.208)<br>| 0.238 | &nbsp;&nbsp; (1.770)<br>| &nbsp;&nbsp; (0.427)<br>| 0.621 |
| Total from investment operations | 0.367 | 0.086 | 0.489 | &nbsp;&nbsp; (1.573)<br>| &nbsp;&nbsp; (0.268)<br>| 0.828 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.198)<br>| &nbsp;&nbsp; (0.231)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.045)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.243)<br>| &nbsp;&nbsp; (0.231)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.144 | &nbsp;&nbsp; $9.777 | &nbsp;&nbsp; $10.011 | &nbsp;&nbsp; $9.777 | &nbsp;&nbsp; $11.550 | &nbsp;&nbsp; $12.061 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 5.03% | &nbsp;&nbsp; (13.66%)<br>| &nbsp;&nbsp; (2.22%)<br>| &nbsp;&nbsp; 7.23% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $844370 | &nbsp;&nbsp; $864059 | &nbsp;&nbsp; $830223 | &nbsp;&nbsp; $812378 | &nbsp;&nbsp; $1033836 | &nbsp;&nbsp; $1032877 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.13% | &nbsp;&nbsp; 2.93% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.72% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.60% |
| Portfolio turnover | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 95% | &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 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 SSGA Bond Index Fund-68

------

**LVIP SSGA Bond Index 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 SSGA Bond Index Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to match as closely as practicable, before fees and expenses, the performance of the Bloomberg U.S. Aggregate Bond Index.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

LVIP SSGA Bond Index Fund-69

------

**LVIP SSGA Bond Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.40% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.08% of the first $500 million of the Fund's average daily net assets; 0.122% of the next $1.5 billion; 0.152% of the next $500 million; 0.157% of the next $2.5 billion; and 0.162% of the Fund's average daily net assets in excess of $5 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

SSGA Funds Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $109099 |
| Legal | &nbsp;&nbsp; 16627 |

---

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 $7,324 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 SSGA Bond Index Fund-70

------

**LVIP SSGA Bond Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $576570 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 171136 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 183 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 59641 |

---

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; $61971434 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 447997253 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 93837467 |
| Sales of U.S. government securities | &nbsp;&nbsp; 516941739 |

---

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; $2786724675 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $16522259 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (219441604)<br>|
| Net unrealized depreciation of investments | &nbsp;&nbsp; $(202919345)<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 SSGA Bond Index Fund-71

------

**LVIP SSGA Bond Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 Commercial Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19450008 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19450008 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 624249589 | &nbsp;&nbsp; — | &nbsp;&nbsp; 624249589 |
| Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 14848152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14848152 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 615832726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 615832726 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 11407415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11407415 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9600342 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9600342 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17992548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17992548 |
| Regional Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 6031746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6031746 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 33268813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33268813 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 33377370 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33377370 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1149076297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1149076297 |
| Money Market Fund | &nbsp;&nbsp; 48670324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48670324 |
| **Total Investments** | &nbsp;&nbsp; $48670324 | &nbsp;&nbsp; $2535135006 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2583805330 |

---

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; 12389861 | &nbsp;&nbsp; 32538142 |
| Service Class | &nbsp;&nbsp; 4220309 | &nbsp;&nbsp; 13575242 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 5939928 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2734383 |
|  | &nbsp;&nbsp; 16610170 | &nbsp;&nbsp; 54787695 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (21845822)<br>| &nbsp;&nbsp; (26130676)<br>|
| Service Class | &nbsp;&nbsp; (9358695)<br>| &nbsp;&nbsp; (10862121)<br>|
|  | &nbsp;&nbsp; (31204517)<br>| &nbsp;&nbsp; (36992797)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (14594347)<br>| &nbsp;&nbsp; 17794898 |

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of 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.

LVIP SSGA Bond Index Fund-72

------

**LVIP SSGA Bond Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Risk Factors (continued)**

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**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 SSGA Bond Index Fund-73

------

![](imgbe6613b91.jpg)

![](imgc5e576892.jpg)

LVIP SSGA Emerging Markets Equity Index Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA Emerging Markets Equity Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_7095a831-ebc9-496f-bc23-b84af5597f58_SOI-continued-330_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_7095a831-ebc9-496f-bc23-b84af5597f58_FS-continued-330_1)**  | &nbsp;&nbsp; **22** |
| **[Statements of Changes in Net Assets](#xx_7095a831-ebc9-496f-bc23-b84af5597f58_FS-continued-330_1)**  | &nbsp;&nbsp; **22** |
| **[Financial Highlights](#xx_7095a831-ebc9-496f-bc23-b84af5597f58_FIHI-continued-330_1)**  | &nbsp;&nbsp; **23** |
| **[Notes to Financial Statements](#xx_7095a831-ebc9-496f-bc23-b84af5597f58_NTF-continued-330_1)**  | &nbsp;&nbsp; **25** |

---

------

**LVIP SSGA Emerging Markets Equity Index 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–94.36%** | **ΔCOMMON STOCK–94.36%** | **ΔCOMMON STOCK–94.36%** |
| **Australia–0.02%** | **Australia–0.02%** | **Australia–0.02%** |
| †MMG Ltd. | 121600 | $59572 |
|  |  | **59572** |
| **Brazil–3.23%** | **Brazil–3.23%** | **Brazil–3.23%** |
| Ambev SA | 133500 | 326557 |
| B3 SA - Brasil Bolsa Balcao | 148200 | 396611 |
| Banco Bradesco SA | 43684 | 116344 |
| Banco BTG Pactual SA | 33372 | 259514 |
| Banco do Brasil SA | 48600 | 198314 |
| BB Seguridade <br> Participacoes SA<br>| 19100 | 126101 |
| BRF SA | 14400 | 53485 |
| Caixa Seguridade <br> Participacoes SA<br>| 15700 | 42421 |
| Centrais Eletricas <br> Brasileiras SA<br>| 34385 | 254987 |
| Cia de Saneamento Basico <br> do Estado de Sao Paulo <br> SABESP<br>| 13600 | 299405 |
| CPFL Energia SA | 6700 | 50190 |
| Embraer SA | 20000 | 284110 |
| Energisa SA | 8266 | 73804 |
| †Eneva SA | 21700 | 54958 |
| Engie Brasil Energia SA | 5325 | 44595 |
| Equatorial Energia SA | 34078 | 227747 |
| †JBS NV | 10900 | 156907 |
| Klabin SA | 22470 | 76677 |
| Localiza Rent a Car SA | 26093 | 195898 |
| Motiva Infraestrutura de <br> Mobilidade SA<br>| 28700 | 73162 |
| †Natura & Co. Holding SA | 26796 | 54498 |
| †NU Holdings Ltd. Class A | 89600 | 1229312 |
| Petroleo Brasileiro SA - <br> Petrobras<br>| 104100 | 651451 |
| †PRIO SA | 22600 | 176038 |
| Raia Drogasil SA | 36656 | 102214 |
| Rede D'Or Sao Luiz SA | 22900 | 149165 |
| Rumo SA | 34818 | 118878 |
| Suzano SA | 19730 | 186148 |
| Telefonica Brasil SA | 24000 | 136894 |
| TIM SA | 25200 | 101531 |
| TOTVS SA | 15514 | 120814 |
| Ultrapar Participacoes SA | 19500 | 63025 |
| Vale SA | 101692 | 986392 |
| Vibra Energia SA | 28300 | 113240 |
| WEG SA | 47700 | 375237 |
| XP, Inc. Class A | 10400 | 210080 |
|  |  | **8086704** |
| **Chile–0.39%** | **Chile–0.39%** | **Chile–0.39%** |
| Banco de Chile | 1299175 | 196489 |
| Banco de Credito e <br> Inversiones SA<br>| 2535 | 107046 |
| Banco Santander Chile | 1929862 | 121203 |
| Cencosud SA | 34013 | 115735 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Chile (continued)** | **Chile (continued)** | **Chile (continued)** |
| Empresas CMPC SA | 29372 | $44895 |
| Empresas COPEC SA | 11014 | 75001 |
| Enel Americas SA | 570942 | 55616 |
| Enel Chile SA | 785642 | 58171 |
| Falabella SA | 17079 | 90746 |
| Latam Airlines Group SA | 5947565 | 120404 |
|  |  | **985306** |
| **China–23.72%** | **China–23.72%** | **China–23.72%** |
| 360 Security Technology, <br> Inc. Class A<br>| 4500 | 6410 |
| 37 Interactive <br> Entertainment Network <br> Technology Group Co. <br> Ltd. Class A<br>| 2800 | 6760 |
| AAC Technologies <br> Holdings, Inc.<br>| 22500 | 117064 |
| †Advanced <br> Micro-Fabrication <br> Equipment, Inc. China <br> Class A<br>| 208 | 5297 |
| AECC Aviation Power Co. <br> Ltd. Class A<br>| 401 | 2158 |
| Agricultural Bank of China <br> Ltd. Class A<br>| 43200 | 35457 |
| Agricultural Bank of China <br> Ltd. Class H<br>| 767000 | 548111 |
| Aier Eye Hospital Group <br> Co. Ltd. Class A<br>| 4058 | 7072 |
| †Air China Ltd. Class A | 1200 | 1322 |
| †Akeso, Inc. | 18000 | 211826 |
| Alibaba Group Holding <br> Ltd.<br>| 482000 | 6823163 |
| Aluminum Corp. of China <br> Ltd. Class A<br>| 7900 | 7778 |
| Aluminum Corp. of China <br> Ltd. Class H<br>| 102000 | 68962 |
| †Amlogic Shanghai Co. Ltd. <br> Class A<br>| 71 | 704 |
| Anhui Conch Cement Co. <br> Ltd. Class A<br>| 800 | 2398 |
| Anhui Conch Cement Co. <br> Ltd. Class H<br>| 35500 | 90437 |
| Anhui Gujing Distillery Co. <br> Ltd. Class A<br>| 200 | 3719 |
| Anhui Gujing Distillery Co. <br> Ltd. Class B<br>| 3300 | 44164 |
| Anhui Jianghuai <br> Automobile Group Corp. <br> Ltd. Class A<br>| 1800 | 10064 |
| Anhui Yingjia Distillery Co. <br> Ltd. Class A<br>| 900 | 4955 |
| Anker Innovations <br> Technology Co. Ltd. <br> Class A<br>| 390 | 6189 |
| ANTA Sports Products Ltd. | 34600 | 418652 |

---

LVIP SSGA Emerging Markets Equity Index Fund-1

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Autohome, Inc. ADR | 2000 | $51580 |
| Avary Holding Shenzhen <br> Co. Ltd. Class A<br>| 900 | 4028 |
| AviChina Industry & <br> Technology Co. Ltd. <br> Class H<br>| 62000 | 35079 |
| †BAIC BluePark New Energy <br> Technology Co. Ltd. <br> Class A<br>| 4400 | 4525 |
| †Baidu, Inc. Class A | 62600 | 670880 |
| Bank of Beijing Co. Ltd. <br> Class A<br>| 13700 | 13061 |
| Bank of Changsha Co. Ltd. <br> Class A<br>| 4200 | 5828 |
| Bank of Chengdu Co. Ltd. <br> Class A<br>| 900 | 2525 |
| Bank of China Ltd. Class A | 20500 | 16082 |
| Bank of China Ltd. Class H | 1973000 | 1148605 |
| Bank of Communications <br> Co. Ltd. Class A<br>| 24420 | 27271 |
| Bank of Hangzhou Co. Ltd. <br> Class A<br>| 4400 | 10330 |
| Bank of Jiangsu Co. Ltd. <br> Class A<br>| 10500 | 17500 |
| Bank of Nanjing Co. Ltd. <br> Class A<br>| 3600 | 5839 |
| Bank of Ningbo Co. Ltd. <br> Class A<br>| 3170 | 12108 |
| Bank of Shanghai Co. Ltd. <br> Class A<br>| 6540 | 9685 |
| Bank of Suzhou Co. Ltd. <br> Class A<br>| 5000 | 6128 |
| Baoshan Iron & Steel Co. <br> Ltd. Class A<br>| 11000 | 10117 |
| Beijing Enterprises Water <br> Group Ltd.<br>| 100000 | 30200 |
| †Beijing Kingsoft Office <br> Software, Inc. Class A<br>| 143 | 5592 |
| Beijing New Building <br> Materials PLC Class A<br>| 2500 | 9243 |
| Beijing Oriental Yuhong <br> Waterproof Technology <br> Co. Ltd. Class A<br>| 1500 | 2247 |
| Beijing Roborock <br> Technology Co. Ltd. <br> Class A<br>| 215 | 4701 |
| †Beijing Wantai Biological <br> Pharmacy Enterprise Co. <br> Ltd. Class A<br>| 108 | 920 |
| Beijing Yanjing Brewery Co. <br> Ltd. Class A<br>| 3000 | 5416 |
| †Beijing-Shanghai High <br> Speed Railway Co. Ltd. <br> Class A<br>| 30400 | 24410 |
| Bethel Automotive Safety <br> Systems Co. Ltd. Class A<br>| 840 | 6176 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Bilibili, Inc. Class Z | 6600 | $141664 |
| BOC International China <br> Co. Ltd. Class A<br>| 200 | 299 |
| BOE Technology Group Co. <br> Ltd. Class A<br>| 20300 | 11309 |
| BYD Co. Ltd. Class A | 1000 | 46353 |
| BYD Co. Ltd. Class H | 103500 | 1611497 |
| BYD Electronic <br> International Co. Ltd.<br>| 22500 | 91580 |
| †Cambricon Technologies <br> Corp. Ltd. Class A<br>| 259 | 21759 |
| CGN Power Co. Ltd. <br> Class A<br>| 1300 | 661 |
| CGN Power Co. Ltd. <br> Class H<br>| 304000 | 103639 |
| †Changchun High-Tech <br> Industry Group Co. Ltd. <br> Class A<br>| 200 | 2770 |
| Changjiang Securities Co. <br> Ltd. Class A<br>| 6900 | 6677 |
| Changzhou Xingyu <br> Automotive Lighting <br> Systems Co. Ltd. Class A<br>| 400 | 6978 |
| Chaozhou Three-Circle <br> Group Co. Ltd. Class A<br>| 600 | 2800 |
| China CITIC Bank Corp. <br> Ltd. Class H<br>| 230000 | 219277 |
| China Coal Energy Co. Ltd. <br> Class H<br>| 56000 | 64831 |
| China Communications <br> Services Corp. Ltd. <br> Class H<br>| 62000 | 33657 |
| China Construction Bank <br> Corp. Class A<br>| 6900 | 9093 |
| China Construction Bank <br> Corp. Class H<br>| 2689000 | 2721124 |
| China CSSC Holdings Ltd. <br> Class A<br>| 2800 | 12718 |
| †China Eastern Airlines <br> Corp. Ltd. Class A<br>| 500 | 281 |
| China Energy Engineering <br> Corp. Ltd. Class A<br>| 23600 | 7347 |
| China Everbright Bank Co. <br> Ltd. Class A<br>| 23400 | 13558 |
| China Everbright Bank Co. <br> Ltd. Class H<br>| 79000 | 39450 |
| China Feihe Ltd. | 108000 | 78780 |
| China Galaxy Securities Co. <br> Ltd. Class A<br>| 1400 | 3353 |
| China Galaxy Securities Co. <br> Ltd. Class H<br>| 107000 | 120892 |
| China Great Wall Securities <br> Co. Ltd. Class A<br>| 5800 | 6787 |
| †China Greatwall <br> Technology Group Co. <br> Ltd. Class A<br>| 4000 | 8262 |

---

LVIP SSGA Emerging Markets Equity Index Fund-2

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Hongqiao Group <br> Ltd.<br>| 79500 | $183057 |
| China International Capital <br> Corp. Ltd. Class A<br>| 400 | 1975 |
| China International Capital <br> Corp. Ltd. Class H<br>| 44800 | 101574 |
| China Life Insurance Co. <br> Ltd. Class A<br>| 800 | 4600 |
| China Life Insurance Co. <br> Ltd. Class H<br>| 212000 | 511549 |
| †China Literature Ltd. | 12400 | 47346 |
| China Longyuan Power <br> Group Corp. Ltd. Class H<br>| 91000 | 82114 |
| China Mengniu Dairy Co. <br> Ltd.<br>| 89000 | 183448 |
| China Merchants Bank Co. <br> Ltd. Class A<br>| 12400 | 79557 |
| China Merchants Bank Co. <br> Ltd. Class H<br>| 107500 | 754108 |
| China Merchants Energy <br> Shipping Co. Ltd. Class A<br>| 900 | 787 |
| China Merchants <br> Securities Co. Ltd. <br> Class A<br>| 2400 | 5893 |
| China Merchants Shekou <br> Industrial Zone Holdings <br> Co. Ltd. Class A<br>| 5200 | 6367 |
| China Minsheng Banking <br> Corp. Ltd. Class A<br>| 14400 | 9548 |
| China National Nuclear <br> Power Co. Ltd. Class A<br>| 14000 | 18220 |
| †China National Software & <br> Service Co. Ltd. Class A<br>| 1080 | 7052 |
| China Northern Rare Earth <br> Group High-Tech Co. Ltd. <br> Class A<br>| 2900 | 10083 |
| China Oilfield Services Ltd. <br> Class H<br>| 54000 | 44363 |
| China Overseas Land & <br> Investment Ltd.<br>| 106500 | 185650 |
| China Pacific Insurance <br> Group Co. Ltd. Class A<br>| 3600 | 18858 |
| China Pacific Insurance <br> Group Co. Ltd. Class H<br>| 75000 | 258027 |
| China Petroleum & <br> Chemical Corp. Class A<br>| 18700 | 14724 |
| China Petroleum & <br> Chemical Corp. Class H<br>| 680000 | 356740 |
| China Power International <br> Development Ltd.<br>| 135000 | 51454 |
| China Railway Group Ltd. <br> Class A<br>| 7600 | 5953 |
| China Railway Signal & <br> Communication Corp. <br> Ltd. Class A<br>| 10010 | 7185 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Rare Earth <br> Resources & Technology <br> Co. Ltd. Class A<br>| 2200 | $11096 |
| China Resources Beer <br> Holdings Co. Ltd.<br>| 46000 | 147144 |
| China Resources Land Ltd. | 91000 | 309835 |
| China Resources <br> Microelectronics Ltd. <br> Class A<br>| 1156 | 7611 |
| China Resources Mixc <br> Lifestyle Services Ltd.<br>| 19000 | 92310 |
| China Resources <br> Pharmaceutical Group <br> Ltd.<br>| 52000 | 33947 |
| China Resources Power <br> Holdings Co. Ltd.<br>| 60000 | 144973 |
| China Resources Sanjiu <br> Medical & <br> Pharmaceutical Co. Ltd. <br> Class A<br>| 364 | 1590 |
| †China Ruyi Holdings Ltd. | 240000 | 77351 |
| China Shenhua Energy Co. <br> Ltd. Class A<br>| 3900 | 22074 |
| China Shenhua Energy Co. <br> Ltd. Class H<br>| 95500 | 371104 |
| †China Southern Airlines <br> Co. Ltd. Class A<br>| 7800 | 6425 |
| †China State Construction <br> Engineering Corp. Ltd. <br> Class A<br>| 21500 | 17321 |
| China Taiping Insurance <br> Holdings Co. Ltd.<br>| 34600 | 67714 |
| China Three Gorges <br> Renewables Group Co. <br> Ltd. Class A<br>| 4500 | 2676 |
| China Tourism Group Duty <br> Free Corp. Ltd. Class A<br>| 500 | 4258 |
| China Tower Corp. Ltd. <br> Class H<br>| 125900 | 180501 |
| China United Network <br> Communications Ltd. <br> Class A<br>| 19200 | 14318 |
| †China Vanke Co. Ltd. <br> Class A<br>| 7300 | 6543 |
| †China Vanke Co. Ltd. <br> Class H<br>| 62000 | 38678 |
| China Yangtze Power Co. <br> Ltd. Class A<br>| 12484 | 52515 |
| China Zheshang Bank Co. <br> Ltd. Class A<br>| 680 | 322 |
| †Chongqing Changan <br> Automobile Co. Ltd. <br> Class A<br>| 3400 | 6057 |
| Chongqing Rural <br> Commercial Bank Co. <br> Ltd. Class A<br>| 1500 | 1495 |

---

LVIP SSGA Emerging Markets Equity Index Fund-3

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Chongqing Rural <br> Commercial Bank Co. <br> Ltd. Class H<br>| 64000 | $54096 |
| Chongqing Zhifei Biological <br> Products Co. Ltd. Class A<br>| 500 | 1368 |
| CITIC Ltd. | 116000 | 159716 |
| CITIC Securities Co. Ltd. <br> Class A<br>| 6485 | 25008 |
| CITIC Securities Co. Ltd. <br> Class H<br>| 43775 | 132778 |
| CMOC Group Ltd. Class A | 4800 | 5647 |
| CMOC Group Ltd. Class H | 114000 | 116345 |
| CNGR Advanced Material <br> Co. Ltd. Class A<br>| 1260 | 5785 |
| CNPC Capital Co. Ltd. <br> Class A<br>| 11600 | 11832 |
| †Contemporary Amperex <br> Technology Co. Ltd.<br>| 2400 | 100648 |
| Contemporary Amperex <br> Technology Co. Ltd. <br> Class A<br>| 2540 | 89541 |
| COSCO SHIPPING Holdings <br> Co. Ltd. Class A<br>| 6190 | 13002 |
| COSCO SHIPPING Holdings <br> Co. Ltd. Class H<br>| 81150 | 141275 |
| CRRC Corp. Ltd. Class A | 17800 | 17500 |
| CRRC Corp. Ltd. Class H | 118000 | 71308 |
| CSC Financial Co. Ltd. <br> Class A<br>| 3500 | 11752 |
| CSPC Pharmaceutical <br> Group Ltd.<br>| 226240 | 222543 |
| Daqin Railway Co. Ltd. <br> Class A<br>| 9400 | 8663 |
| Dong-E-E-Jiao Co. Ltd. <br> Class A<br>| 900 | 6570 |
| Dongfang Electric Corp. <br> Ltd. Class A<br>| 3900 | 9116 |
| Dongxing Securities Co. <br> Ltd. Class A<br>| 3973 | 6184 |
| East Money Information <br> Co. Ltd. Class A<br>| 8044 | 25992 |
| Eastroc Beverage Group <br> Co. Ltd. Class A<br>| 260 | 11397 |
| ENN Energy Holdings Ltd. | 22500 | 180630 |
| Eoptolink Technology, Inc. <br> Ltd. Class A<br>| 420 | 7490 |
| Eve Energy Co. Ltd. <br> Class A<br>| 1655 | 10588 |
| Everbright Securities Co. <br> Ltd. Class A<br>| 1400 | 3515 |
| Far East Horizon Ltd. | 55000 | 47784 |
| Flat Glass Group Co. Ltd. <br> Class A<br>| 1400 | 2975 |
| Focus Media Information <br> Technology Co. Ltd. <br> Class A<br>| 5900 | 6014 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Foshan Haitian Flavouring <br> & Food Co. Ltd. Class A<br>| 2692 | $14629 |
| Fosun International Ltd. | 64000 | 38132 |
| Founder Securities Co. Ltd. <br> Class A<br>| 5000 | 5523 |
| Foxconn Industrial <br> Internet Co. Ltd. Class A<br>| 5552 | 16648 |
| Fuyao Glass Industry Group <br> Co. Ltd. Class A<br>| 900 | 7159 |
| Fuyao Glass Industry Group <br> Co. Ltd. Class H<br>| 16400 | 117184 |
| Ganfeng Lithium Group Co. <br> Ltd. Class A<br>| 300 | 1414 |
| †GCL Technology Holdings <br> Ltd.<br>| 690000 | 88131 |
| GD Power Development Co. <br> Ltd. Class A<br>| 5000 | 3379 |
| GEM Co. Ltd. Class A | 6500 | 5763 |
| †Genscript Biotech Corp. | 34000 | 64333 |
| GF Securities Co. Ltd. <br> Class A<br>| 5500 | 12908 |
| Giant Biogene Holding Co. <br> Ltd.<br>| 9200 | 67890 |
| †GigaDevice Semiconductor, <br> Inc. Class A<br>| 352 | 6221 |
| GoerTek, Inc. Class A | 2200 | 7168 |
| Goldwind Science & <br> Technology Co. Ltd. <br> Class A<br>| 4200 | 6010 |
| Goneo Group Co. Ltd. <br> Class A<br>| 812 | 5469 |
| †Great Wall Motor Co. Ltd. <br> Class A<br>| 500 | 1500 |
| †Great Wall Motor Co. Ltd. <br> Class H<br>| 65000 | 100364 |
| Gree Electric Appliances, <br> Inc. of Zhuhai Class A<br>| 2300 | 14425 |
| GRG Banking Equipment <br> Co. Ltd. Class A<br>| 3000 | 5636 |
| Guangdong Haid Group Co. <br> Ltd. Class A<br>| 700 | 5724 |
| Guangzhou Automobile <br> Group Co. Ltd. Class A<br>| 5000 | 5226 |
| Guangzhou Baiyunshan <br> Pharmaceutical Holdings <br> Co. Ltd. Class A<br>| 2000 | 7359 |
| Guangzhou Haige <br> Communications Group, <br> Inc. Co. Class A<br>| 100 | 195 |
| Guangzhou Tinci Materials <br> Technology Co. Ltd. <br> Class A<br>| 2760 | 6981 |
| Guosen Securities Co. Ltd. <br> Class A<br>| 7500 | 12062 |
| Guotai Haitong Securities <br> Co. Ltd. Class A<br>| 8180 | 21893 |

---

LVIP SSGA Emerging Markets Equity Index Fund-4

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Guotai Haitong Securities <br> Co. Ltd. Class H<br>| 45112 | $72558 |
| Guoyuan Securities Co. Ltd. <br> Class A<br>| 5440 | 5993 |
| H World Group Ltd. ADR | 5500 | 186560 |
| Haidilao International <br> Holding Ltd.<br>| 47000 | 89609 |
| Haier Smart Home Co. Ltd. <br> Class A<br>| 3100 | 10727 |
| Haier Smart Home Co. Ltd. <br> Class H<br>| 69400 | 199428 |
| †Hainan Airlines Holding <br> Co. Ltd. Class A<br>| 41100 | 7689 |
| †Hainan Airport <br> Infrastructure Co. Ltd. <br> Class A<br>| 5400 | 2670 |
| Haitian International <br> Holdings Ltd.<br>| 18000 | 46876 |
| Hangzhou First Applied <br> Material Co. Ltd. Class A<br>| 2835 | 5133 |
| Hangzhou Silan <br> Microelectronics Co. Ltd. <br> Class A<br>| 100 | 347 |
| Hangzhou Tigermed <br> Consulting Co. Ltd. <br> Class A<br>| 800 | 5956 |
| Hansoh Pharmaceutical <br> Group Co. Ltd.<br>| 32000 | 121610 |
| Henan Shenhuo Coal <br> Industry & Electricity <br> Power Co. Ltd. Class A<br>| 2800 | 6507 |
| Henan Shuanghui <br> Investment & <br> Development Co. Ltd. <br> Class A<br>| 3100 | 10563 |
| Hengan International <br> Group Co. Ltd.<br>| 18500 | 53247 |
| Hengli Petrochemical Co. <br> Ltd. Class A<br>| 5500 | 10947 |
| Hengtong Optic-electric Co. <br> Ltd. Class A<br>| 100 | 214 |
| Hisense Home Appliances <br> Group Co. Ltd. Class H<br>| 9000 | 24586 |
| Hithink RoyalFlush <br> Information Network Co. <br> Ltd. Class A<br>| 200 | 7626 |
| †Hua Hong Semiconductor <br> Ltd.<br>| 18000 | 79976 |
| Huadong Medicine Co. Ltd. <br> Class A<br>| 300 | 1690 |
| Huafon Chemical Co. Ltd. <br> Class A<br>| 6700 | 6183 |
| Huaibei Mining Holdings <br> Co. Ltd. Class A<br>| 2800 | 4432 |
| Hualan Biological <br> Engineering, Inc. Class A<br>| 2120 | 4638 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Huaneng Power <br> International, Inc. <br> Class A<br>| 100 | $100 |
| Huaneng Power <br> International, Inc. <br> Class H<br>| 128000 | 82557 |
| Huatai Securities Co. Ltd. <br> Class A<br>| 2900 | 7214 |
| Huatai Securities Co. Ltd. <br> Class H<br>| 36600 | 74433 |
| Huaxia Bank Co. Ltd. <br> Class A<br>| 10200 | 11262 |
| Huayu Automotive Systems <br> Co. Ltd. Class A<br>| 600 | 1477 |
| Huizhou Desay Sv <br> Automotive Co. Ltd. <br> Class A<br>| 200 | 2851 |
| Humanwell Healthcare <br> Group Co. Ltd. Class A<br>| 2000 | 5856 |
| Hunan Valin Steel Co. Ltd. <br> Class A<br>| 9400 | 5775 |
| Hwatsing Technology Co. <br> Ltd. Class A<br>| 295 | 6953 |
| Hygon Information <br> Technology Co. Ltd. <br> Class A<br>| 1183 | 23359 |
| IEIT Systems Co. Ltd. <br> Class A<br>| 760 | 5410 |
| Iflytek Co. Ltd. Class A | 2200 | 14708 |
| Imeik Technology <br> Development Co. Ltd. <br> Class A<br>| 160 | 3905 |
| Industrial & Commercial <br> Bank of China Ltd. <br> Class A<br>| 31600 | 33481 |
| Industrial & Commercial <br> Bank of China Ltd. <br> Class H<br>| 1831000 | 1453916 |
| Industrial Bank Co. Ltd. <br> Class A<br>| 10896 | 35503 |
| Industrial Securities Co. <br> Ltd. Class A<br>| 142 | 123 |
| Inner Mongolia BaoTou <br> Steel Union Co. Ltd. <br> Class A<br>| 37400 | 9347 |
| Inner Mongolia Dian Tou <br> Energy Corp. Ltd. Class A<br>| 100 | 276 |
| Inner Mongolia Junzheng <br> Energy & Chemical <br> Industry Group Co. Ltd. <br> Class A<br>| 10700 | 8245 |
| Inner Mongolia Yili <br> Industrial Group Co. Ltd. <br> Class A<br>| 3300 | 12848 |
| Inner Mongolia Yitai Coal <br> Co. Ltd. Class B<br>| 26200 | 51922 |

---

LVIP SSGA Emerging Markets Equity Index Fund-5

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| †Innovent Biologics, Inc. | 35000 | $350864 |
| Isoftstone Information <br> Technology Group Co. <br> Ltd. Class A<br>| 400 | 3052 |
| †J&T Global Express Ltd. | 62200 | 53867 |
| †JA Solar Technology Co. <br> Ltd. Class A<br>| 4692 | 6539 |
| JCET Group Co. Ltd. <br> Class A<br>| 1900 | 8938 |
| †JD Health International, <br> Inc.<br>| 31950 | 175975 |
| †JD Logistics, Inc. | 56300 | 94650 |
| JD.com, Inc. Class A | 68121 | 1112572 |
| †Jiangsu Eastern Shenghong <br> Co. Ltd. Class A<br>| 1100 | 1279 |
| Jiangsu Expressway Co. <br> Ltd. Class H<br>| 32000 | 45208 |
| Jiangsu Hengli Hydraulic <br> Co. Ltd. Class A<br>| 832 | 8368 |
| Jiangsu Hengrui <br> Pharmaceuticals Co. Ltd. <br> Class A<br>| 2822 | 20443 |
| Jiangsu King's Luck <br> Brewery JSC Ltd. Class A<br>| 200 | 1087 |
| Jiangsu Phoenix Publishing <br> & Media Corp. Ltd. <br> Class A<br>| 3300 | 5146 |
| Jiangsu Yanghe Distillery <br> Co. Ltd. Class A<br>| 1500 | 13518 |
| Jiangsu Yoke Technology <br> Co. Ltd. Class A<br>| 1000 | 7636 |
| Jiangsu Yuyue Medical <br> Equipment & Supply Co. <br> Ltd. Class A<br>| 900 | 4472 |
| Jiangxi Copper Co. Ltd. <br> Class H<br>| 32000 | 62292 |
| Jinduicheng Molybdenum <br> Co. Ltd. Class A<br>| 2500 | 3819 |
| Juneyao Airlines Co. Ltd. <br> Class A<br>| 1900 | 3574 |
| †Kanzhun Ltd. ADR | 8200 | 146288 |
| KE Holdings, Inc. Class A | 59100 | 352704 |
| †Kingdee International <br> Software Group Co. Ltd.<br>| 85000 | 168001 |
| Kingsoft Corp. Ltd. | 26600 | 139026 |
| †Kuaishou Technology | 76000 | 616937 |
| Kuang-Chi Technologies <br> Co. Ltd. Class A<br>| 2200 | 12273 |
| Kunlun Energy Co. Ltd. | 112000 | 108863 |
| †Kunlun Tech Co. Ltd. <br> Class A<br>| 1600 | 7516 |
| Kweichow Moutai Co. Ltd. <br> Class A<br>| 600 | 118109 |
| LB Group Co. Ltd. Class A | 3100 | 7022 |
| Lenovo Group Ltd. | 228000 | 275468 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Lens Technology Co. Ltd. <br> Class A<br>| 4200 | $13089 |
| †Li Auto, Inc. Class A | 35000 | 477715 |
| Li Ning Co. Ltd. | 66500 | 144116 |
| Liaoning Port Co. Ltd. <br> Class A<br>| 33300 | 6977 |
| Lingyi iTech Guangdong <br> Co. Class A<br>| 1600 | 1920 |
| Longfor Group Holdings <br> Ltd.<br>| 57256 | 67847 |
| LONGi Green Energy <br> Technology Co. Ltd. <br> Class A<br>| 2072 | 4345 |
| Luxshare Precision <br> Industry Co. Ltd. Class A<br>| 5087 | 24648 |
| Luzhou Laojiao Co. Ltd. <br> Class A<br>| 800 | 12670 |
| Maxscend Microelectronics <br> Co. Ltd. Class A<br>| 752 | 7499 |
| Meihua Holdings Group Co. <br> Ltd. Class A<br>| 4200 | 6268 |
| †Meituan Class B | 139240 | 2239820 |
| Metallurgical Corp. of <br> China Ltd. Class A<br>| 1800 | 749 |
| Midea Group Co. Ltd. <br> Class A<br>| 2200 | 22176 |
| Midea Group Co. Ltd. <br> Class H<br>| 10100 | 96025 |
| MINISO Group Holding Ltd. <br> ADR<br>| 2865 | 52200 |
| Montage Technology Co. <br> Ltd. Class A<br>| 634 | 7261 |
| Muyuan Foods Co. Ltd. <br> Class A<br>| 3050 | 17892 |
| NARI Technology Co. Ltd. <br> Class A<br>| 5183 | 16219 |
| NAURA Technology Group <br> Co. Ltd. Class A<br>| 300 | 18529 |
| NetEase, Inc. | 49000 | 1320519 |
| New China Life Insurance <br> Co. Ltd. Class A<br>| 600 | 4904 |
| New China Life Insurance <br> Co. Ltd. Class H<br>| 27400 | 150036 |
| †New Hope Liuhe Co. Ltd. <br> Class A<br>| 5500 | 7203 |
| New Oriental Education & <br> Technology Group, Inc.<br>| 34500 | 186309 |
| †Ninestar Corp. Class A | 1900 | 6087 |
| Ningbo Deye Technology <br> Co. Ltd. Class A<br>| 151 | 1110 |
| Ningbo Orient Wires & <br> Cables Co. Ltd. Class A<br>| 100 | 723 |
| Ningbo Tuopu Group Co. <br> Ltd. Class A<br>| 1165 | 7671 |
| Ningxia Baofeng Energy <br> Group Co. Ltd. Class A<br>| 4800 | 10811 |

---

LVIP SSGA Emerging Markets Equity Index Fund-6

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| †NIO, Inc. Class A | 43380 | $148459 |
| Nongfu Spring Co. Ltd. <br> Class H<br>| 57200 | 293424 |
| OmniVision Integrated <br> Circuits Group, Inc. <br> Class A<br>| 465 | 8294 |
| Oppein Home Group, Inc. <br> Class A<br>| 600 | 4729 |
| Orient Securities Co. Ltd. <br> Class A<br>| 5416 | 7321 |
| People's Insurance Co. <br> Group of China Ltd. <br> Class A<br>| 6600 | 8031 |
| People's Insurance Co. <br> Group of China Ltd. <br> Class H<br>| 248000 | 189298 |
| PetroChina Co. Ltd. <br> Class A<br>| 11500 | 13724 |
| PetroChina Co. Ltd. <br> Class H<br>| 598000 | 515342 |
| †Pharmaron Beijing Co. Ltd. <br> Class A<br>| 1600 | 5484 |
| PICC Property & Casualty <br> Co. Ltd. Class H<br>| 196000 | 380862 |
| Ping An Bank Co. Ltd. <br> Class A<br>| 10892 | 18352 |
| Ping An Insurance Group <br> Co. of China Ltd. Class A<br>| 5100 | 39521 |
| Ping An Insurance Group <br> Co. of China Ltd. Class H<br>| 188500 | 1203255 |
| Piotech, Inc. Class A | 191 | 4100 |
| Poly Developments & <br> Holdings Group Co. Ltd. <br> Class A<br>| 9800 | 11079 |
| Pop Mart International <br> Group Ltd.<br>| 15200 | 517851 |
| Postal Savings Bank of <br> China Co. Ltd. Class A<br>| 12400 | 9470 |
| Power Construction Corp. <br> of China Ltd. Class A<br>| 13500 | 9180 |
| Qifu Technology, Inc. ADR | 3000 | 130080 |
| †Qinghai Salt Lake Industry <br> Co. Ltd. Class A<br>| 4500 | 10722 |
| Rockchip Electronics Co. <br> Ltd. Class A<br>| 300 | 6371 |
| Rongsheng Petrochemical <br> Co. Ltd. Class A<br>| 9550 | 11036 |
| SAIC Motor Corp. Ltd. <br> Class A<br>| 4000 | 8958 |
| Sailun Group Co. Ltd. <br> Class A<br>| 4100 | 7511 |
| †Sanan Optoelectronics Co. <br> Ltd. Class A<br>| 100 | 173 |
| Sany Heavy Industry Co. <br> Ltd. Class A<br>| 3600 | 9023 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Satellite Chemical Co. Ltd. <br> Class A<br>| 978 | $2368 |
| SDIC Capital Co. Ltd. <br> Class A<br>| 200 | 210 |
| SDIC Power Holdings Co. <br> Ltd. Class A<br>| 6200 | 12742 |
| Seres Group Co. Ltd. <br> Class A<br>| 1000 | 18745 |
| SF Holding Co. Ltd. <br> Class A<br>| 2900 | 19748 |
| SG Micro Corp. Class A | 483 | 4914 |
| Shaanxi Coal Industry Co. <br> Ltd. Class A<br>| 5000 | 13431 |
| Shandong Gold Mining Co. <br> Ltd. Class A<br>| 1580 | 7096 |
| Shandong Gold Mining Co. <br> Ltd. Class H<br>| 22500 | 78944 |
| Shandong Nanshan <br> Aluminum Co. Ltd. <br> Class A<br>| 11200 | 5988 |
| Shandong Sun Paper <br> Industry JSC Ltd. Class A<br>| 3700 | 6952 |
| Shandong Weigao Group <br> Medical Polymer Co. Ltd. <br> Class H<br>| 71200 | 55486 |
| Shanghai Baosight <br> Software Co. Ltd. Class A<br>| 113 | 373 |
| Shanghai Baosight <br> Software Co. Ltd. Class B<br>| 19470 | 26390 |
| Shanghai BOCHU <br> Electronic Technology <br> Corp. Ltd. Class A<br>| 401 | 7370 |
| †Shanghai Electric Group <br> Co. Ltd. Class A<br>| 11200 | 11565 |
| Shanghai Fosun <br> Pharmaceutical Group <br> Co. Ltd. Class A<br>| 2500 | 8754 |
| Shanghai M&G Stationery, <br> Inc. Class A<br>| 1200 | 4858 |
| Shanghai Pharmaceuticals <br> Holding Co. Ltd. Class A<br>| 600 | 1497 |
| Shanghai Pudong <br> Development Bank Co. <br> Ltd. Class A<br>| 13400 | 25970 |
| Shanghai Putailai New <br> Energy Technology Co. <br> Ltd. Class A<br>| 192 | 504 |
| Shanghai RAAS Blood <br> Products Co. Ltd. Class A<br>| 100 | 96 |
| Shanghai Rural <br> Commercial Bank Co. <br> Ltd. Class A<br>| 7000 | 9476 |
| Shanghai United Imaging <br> Healthcare Co. Ltd. <br> Class A<br>| 364 | 6490 |

---

LVIP SSGA Emerging Markets Equity Index Fund-7

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Shanghai Zhangjiang <br> High-Tech Park <br> Development Co. Ltd. <br> Class A<br>| 2000 | $7175 |
| Shanjin International Gold <br> Co. Ltd. Class A<br>| 380 | 1006 |
| Shanxi Coking Coal Energy <br> Group Co. Ltd. Class A<br>| 8970 | 8010 |
| Shanxi Xinghuacun Fen <br> Wine Factory Co. Ltd. <br> Class A<br>| 680 | 16752 |
| Shengyi Technology Co. <br> Ltd. Class A<br>| 1000 | 4213 |
| Shennan Circuits Co. Ltd. <br> Class A<br>| 286 | 4312 |
| Shenwan Hongyuan Group <br> Co. Ltd. Class A<br>| 18500 | 12967 |
| Shenzhen Inovance <br> Technology Co. Ltd. <br> Class A<br>| 650 | 5860 |
| Shenzhen Mindray <br> Bio-Medical Electronics <br> Co. Ltd. Class A<br>| 500 | 15693 |
| Shenzhen New Industries <br> Biomedical Engineering <br> Co. Ltd. Class A<br>| 1000 | 7917 |
| Shenzhen Salubris <br> Pharmaceuticals Co. Ltd. <br> Class A<br>| 1400 | 9251 |
| Shenzhen Transsion <br> Holdings Co. Ltd. Class A<br>| 899 | 10015 |
| Shenzhou International <br> Group Holdings Ltd.<br>| 23400 | 167266 |
| Sichuan Chuantou Energy <br> Co. Ltd. Class A<br>| 1700 | 3805 |
| Sichuan Kelun <br> Pharmaceutical Co. Ltd. <br> Class A<br>| 1900 | 9528 |
| Sichuan Road & Bridge <br> Group Co. Ltd. Class A<br>| 140 | 193 |
| †Sieyuan Electric Co. Ltd. <br> Class A<br>| 200 | 2035 |
| Silergy Corp. | 9000 | 109631 |
| Sinotruk Hong Kong Ltd. | 20000 | 58422 |
| Smoore International <br> Holdings Ltd.<br>| 51000 | 118691 |
| SooChow Securities Co. <br> Ltd. Class A<br>| 4780 | 5839 |
| Southwest Securities Co. <br> Ltd. Class A<br>| 8100 | 4920 |
| Spring Airlines Co. Ltd. <br> Class A<br>| 1100 | 8547 |
| Sungrow Power Supply Co. <br> Ltd. Class A<br>| 1080 | 10220 |
| Sunny Optical Technology <br> Group Co. Ltd.<br>| 20200 | 179406 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Sunwoda Electronic Co. <br> Ltd. Class A<br>| 200 | $561 |
| SUPCON Technology Co. <br> Ltd. Class A<br>| 1090 | 6837 |
| Suzhou Dongshan <br> Precision Manufacturing <br> Co. Ltd. Class A<br>| 1300 | 6851 |
| Suzhou TFC Optical <br> Communication Co. Ltd. <br> Class A<br>| 196 | 2198 |
| †TAL Education Group ADR | 11200 | 114464 |
| TBEA Co. Ltd. Class A | 760 | 1266 |
| †TCL Technology Group <br> Corp. Class A<br>| 9580 | 5790 |
| TCL Zhonghuan Renewable <br> Energy Technology Co. <br> Ltd. Class A<br>| 7525 | 8069 |
| Tencent Holdings Ltd. | 180500 | 11630627 |
| Tencent Music <br> Entertainment Group <br> ADR<br>| 21300 | 415137 |
| †Tianqi Lithium Corp. <br> Class A<br>| 100 | 447 |
| Tianshui Huatian <br> Technology Co. Ltd. <br> Class A<br>| 1900 | 2678 |
| Tingyi Cayman Islands <br> Holding Corp.<br>| 54000 | 79273 |
| Tongcheng Travel Holdings <br> Ltd.<br>| 34800 | 87033 |
| TongFu Microelectronics <br> Co. Ltd. Class A<br>| 1032 | 3691 |
| Tongling Nonferrous Metals <br> Group Co. Ltd. Class A<br>| 16600 | 7749 |
| †Tongwei Co. Ltd. Class A | 3600 | 8420 |
| TravelSky Technology Ltd. <br> Class H<br>| 24000 | 32169 |
| †Trina Solar Co. Ltd. <br> Class A<br>| 3105 | 6300 |
| Trip.com Group Ltd. | 17300 | 1013166 |
| Tsingtao Brewery Co. Ltd. <br> Class H<br>| 18000 | 117757 |
| Unigroup Guoxin <br> Microelectronics Co. Ltd. <br> Class A<br>| 919 | 8455 |
| Unisplendour Corp. Ltd. <br> Class A<br>| 1180 | 3954 |
| Vipshop Holdings Ltd. ADR | 9300 | 139965 |
| Wanhua Chemical Group <br> Co. Ltd. Class A<br>| 1720 | 13031 |
| Want Want China Holdings <br> Ltd.<br>| 129000 | 90223 |
| Weichai Power Co. Ltd. <br> Class A<br>| 3700 | 7948 |
| Weichai Power Co. Ltd. <br> Class H<br>| 56000 | 114017 |

---

LVIP SSGA Emerging Markets Equity Index Fund-8

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Wens Foodstuff Group Co. <br> Ltd. Class A<br>| 1120 | $2671 |
| Western Securities Co. Ltd. <br> Class A<br>| 6100 | 6714 |
| Western Superconducting <br> Technologies Co. Ltd. <br> Class A<br>| 795 | 5760 |
| Wingtech Technology Co. <br> Ltd. Class A<br>| 1700 | 7972 |
| †Wuhan Guide Infrared Co. <br> Ltd. Class A<br>| 221 | 316 |
| Wuliangye Yibin Co. Ltd. <br> Class A<br>| 1200 | 19922 |
| WUS Printed Circuit <br> Kunshan Co. Ltd. Class A<br>| 910 | 5420 |
| WuXi AppTec Co. Ltd. <br> Class A<br>| 1032 | 10024 |
| WuXi AppTec Co. Ltd. <br> Class H<br>| 9056 | 91107 |
| †Wuxi Biologics Cayman, <br> Inc.<br>| 99000 | 325304 |
| XCMG Construction <br> Machinery Co. Ltd. <br> Class A<br>| 11000 | 11933 |
| Xiamen C & D, Inc. Class A | 3200 | 4632 |
| Xiamen Tungsten Co. Ltd. <br> Class A<br>| 1800 | 5258 |
| †Xiaomi Corp. Class B | 479600 | 3691834 |
| †Xinjiang Daqo New Energy <br> Co. Ltd. Class A<br>| 2066 | 6154 |
| Xinyi Solar Holdings Ltd. | 136546 | 43467 |
| †XPeng, Inc. Class A | 35200 | 315097 |
| Yadea Group Holdings Ltd. | 32449 | 52067 |
| Yankuang Energy Group <br> Co. Ltd. Class A<br>| 2265 | 3848 |
| Yankuang Energy Group <br> Co. Ltd. Class H<br>| 94800 | 94362 |
| Yifeng Pharmacy Chain Co. <br> Ltd. Class A<br>| 1623 | 5547 |
| Yihai Kerry Arawana <br> Holdings Co. Ltd. Class A<br>| 992 | 4090 |
| †Yonyou Network <br> Technology Co. Ltd. <br> Class A<br>| 3640 | 6794 |
| Youngor Fashion Co. Ltd. <br> Class A<br>| 4200 | 4281 |
| Yum China Holdings, Inc. | 10600 | 473926 |
| Yunnan Aluminium Co. Ltd. <br> Class A<br>| 300 | 670 |
| Yunnan Baiyao Group Co. <br> Ltd. Class A<br>| 1680 | 13084 |
| †Yunnan Energy New <br> Material Co. Ltd. Class A<br>| 1900 | 7773 |
| Yunnan Yuntianhua Co. <br> Ltd. Class A<br>| 2100 | 6441 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Zangge Mining Co. Ltd. <br> Class A<br>| 100 | $596 |
| Zhangzhou Pientzehuang <br> Pharmaceutical Co. Ltd. <br> Class A<br>| 200 | 5584 |
| Zhaojin Mining Industry <br> Co. Ltd. Class H<br>| 45500 | 119600 |
| Zhejiang China <br> Commodities City Group <br> Co. Ltd. Class A<br>| 2600 | 7511 |
| Zhejiang Dahua Technology <br> Co. Ltd. Class A<br>| 4500 | 9977 |
| Zhejiang Expressway Co. <br> Ltd. Class H<br>| 42600 | 39233 |
| Zhejiang Jingsheng <br> Mechanical & Electrical <br> Co. Ltd. Class A<br>| 1400 | 5308 |
| Zhejiang Juhua Co. Ltd. <br> Class A<br>| 900 | 3607 |
| †Zhejiang Leapmotor <br> Technology Co. Ltd.<br>| 13700 | 95710 |
| Zhejiang NHU Co. Ltd. <br> Class A<br>| 964 | 2862 |
| Zhejiang Sanhua <br> Intelligent Controls Co. <br> Ltd. Class A<br>| 600 | 2212 |
| Zhejiang Supor Co. Ltd. <br> Class A<br>| 700 | 5119 |
| Zhejiang Weiming <br> Environment Protection <br> Co. Ltd. Class A<br>| 2200 | 5860 |
| Zhejiang Zheneng Electric <br> Power Co. Ltd. Class A<br>| 10400 | 7695 |
| Zheshang Securities Co. <br> Ltd. Class A<br>| 3900 | 5942 |
| Zhongji Innolight Co. Ltd. <br> Class A<br>| 940 | 19253 |
| Zhongjin Gold Corp. Ltd. <br> Class A<br>| 4100 | 8439 |
| Zhongsheng Group <br> Holdings Ltd.<br>| 23500 | 36348 |
| Zhongtai Securities Co. <br> Ltd. Class A<br>| 100 | 90 |
| Zhuzhou CRRC Times <br> Electric Co. Ltd. Class A<br>| 1228 | 7314 |
| Zhuzhou CRRC Times <br> Electric Co. Ltd. Class H<br>| 13000 | 52421 |
| Zijin Mining Group Co. Ltd. <br> Class A<br>| 9000 | 24624 |
| Zijin Mining Group Co. Ltd. <br> Class H<br>| 164000 | 421777 |
| ZTE Corp. Class A | 3400 | 15450 |
| ZTE Corp. Class H | 19800 | 61567 |
| ZTO Express Cayman, Inc. | 12050 | 213347 |
|  |  | **59376023** |

---

LVIP SSGA Emerging Markets Equity Index Fund-9

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Colombia–0.12%** | **Colombia–0.12%** | **Colombia–0.12%** |
| Grupo Cibest SA | 20152 | $236883 |
| Interconexion Electrica SA <br> ESP<br>| 11941 | 57816 |
|  |  | **294699** |
| **Czech Republic–0.17%** | **Czech Republic–0.17%** | **Czech Republic–0.17%** |
| CEZ AS | 4605 | 270504 |
| Komercni Banka AS | 2125 | 102835 |
| Moneta Money Bank AS | 6969 | 48067 |
|  |  | **421406** |
| **Egypt–0.06%** | **Egypt–0.06%** | **Egypt–0.06%** |
| Commercial International <br> Bank - Egypt (CIB)<br>| 64921 | 110335 |
| Eastern Co. SAE | 31282 | 18920 |
| Talaat Moustafa Group | 24118 | 27012 |
|  |  | **156267** |
| **Greece–0.61%** | **Greece–0.61%** | **Greece–0.61%** |
| Alpha Bank SA | 59598 | 209908 |
| Eurobank Ergasias Services <br> & Holdings SA Class A<br>| 72730 | 250502 |
| Hellenic <br> Telecommunications <br> Organization SA<br>| 4420 | 84034 |
| Jumbo SA | 3279 | 113171 |
| Metlen Energy & Metals <br> SA<br>| 2762 | 149729 |
| National Bank of Greece <br> SA<br>| 24563 | 313197 |
| OPAP SA | 5295 | 120067 |
| Piraeus Financial Holdings <br> SA<br>| 30077 | 208367 |
| Public Power Corp. SA | 5248 | 85766 |
|  |  | **1534741** |
| **Hong Kong–0.82%** | **Hong Kong–0.82%** | **Hong Kong–0.82%** |
| †Alibaba Health Information <br> Technology Ltd.<br>| 160000 | 97107 |
| Bank of Communications <br> Co. Ltd. Class H<br>| 231000 | 215257 |
| Beijing Enterprises <br> Holdings Ltd.<br>| 14000 | 57725 |
| BOC Aviation Ltd. | 5700 | 47261 |
| Bosideng International <br> Holdings Ltd.<br>| 120000 | 71120 |
| C&D International <br> Investment Group Ltd.<br>| 19326 | 39272 |
| China Gas Holdings Ltd. | 81398 | 76131 |
| China Merchants Port <br> Holdings Co. Ltd.<br>| 37740 | 68750 |
| China Minsheng Banking <br> Corp. Ltd. Class H<br>| 195000 | 110616 |
| China National Building <br> Material Co. Ltd. Class H<br>| 83696 | 40060 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| China Railway Group Ltd. <br> Class H<br>| 123000 | $59050 |
| China Resources Gas Group <br> Ltd.<br>| 25400 | 65023 |
| China State Construction <br> International Holdings <br> Ltd.<br>| 52000 | 78484 |
| Chow Tai Fook Jewellery <br> Group Ltd.<br>| 56000 | 96022 |
| Geely Automobile Holdings <br> Ltd.<br>| 172000 | 351087 |
| Guangdong Investment <br> Ltd.<br>| 88000 | 73738 |
| Orient Overseas <br> International Ltd.<br>| 3000 | 51057 |
| Postal Savings Bank of <br> China Co. Ltd. Class H<br>| 248000 | 173407 |
| Sino Biopharmaceutical <br> Ltd.<br>| 295000 | 198459 |
| Sinopharm Group Co. Ltd. <br> Class H<br>| 38400 | 90142 |
|  |  | **2059768** |
| **Hungary–0.29%** | **Hungary–0.29%** | **Hungary–0.29%** |
| MOL Hungarian Oil & Gas <br> PLC<br>| 11454 | 99785 |
| OTP Bank Nyrt | 6345 | 507156 |
| Richter Gedeon Nyrt | 4046 | 119261 |
|  |  | **726202** |
| **India–17.80%** | **India–17.80%** | **India–17.80%** |
| ABB India Ltd. | 1523 | 108031 |
| Adani Enterprises Ltd. | 4704 | 143744 |
| Adani Ports & Special <br> Economic Zone Ltd.<br>| 15321 | 259138 |
| †Adani Power Ltd. | 16493 | 112502 |
| Alkem Laboratories Ltd. | 1104 | 63590 |
| Ambuja Cements Ltd. | 16052 | 108117 |
| APL Apollo Tubes Ltd. | 5191 | 105276 |
| Apollo Hospitals Enterprise <br> Ltd.<br>| 2850 | 240760 |
| Ashok Leyland Ltd. | 42175 | 123455 |
| Asian Paints Ltd. | 10861 | 296605 |
| Astral Ltd. | 3401 | 59767 |
| AU Small Finance Bank <br> Ltd.<br>| 10305 | 98260 |
| †Aurobindo Pharma Ltd. | 7320 | 96915 |
| †Avenue Supermarts Ltd. | 4610 | 235146 |
| Axis Bank Ltd. | 64117 | 896743 |
| Bajaj Auto Ltd. | 1906 | 186170 |
| Bajaj Finance Ltd. | 77780 | 849463 |
| Bajaj Finserv Ltd. | 10849 | 260091 |
| Bajaj Holdings & <br> Investment Ltd.<br>| 762 | 127860 |
| Balkrishna Industries Ltd. | 2292 | 65377 |

---

LVIP SSGA Emerging Markets Equity Index Fund-10

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Bank of Baroda | 27652 | $80237 |
| Bharat Electronics Ltd. | 101439 | 498871 |
| Bharat Forge Ltd. | 7375 | 112585 |
| Bharat Heavy Electricals <br> Ltd.<br>| 27301 | 84813 |
| Bharat Petroleum Corp. <br> Ltd.<br>| 42340 | 163955 |
| Bharti Airtel Ltd. | 72048 | 1689098 |
| Bosch Ltd. | 193 | 73585 |
| Britannia Industries Ltd. | 3067 | 209252 |
| BSE Ltd. | 5490 | 177610 |
| Canara Bank | 48656 | 64806 |
| CG Power & Industrial <br> Solutions Ltd.<br>| 16855 | 134114 |
| Cholamandalam <br> Investment & Finance Co. <br> Ltd.<br>| 11873 | 225572 |
| Cipla Ltd. | 15906 | 279427 |
| Coal India Ltd. | 52643 | 240728 |
| Colgate-Palmolive India <br> Ltd.<br>| 3888 | 109156 |
| Container Corp. of India <br> Ltd.<br>| 7036 | 62339 |
| Coromandel International <br> Ltd.<br>| 3316 | 96924 |
| Cummins India Ltd. | 3828 | 151821 |
| Dabur India Ltd. | 14539 | 82271 |
| Divi's Laboratories Ltd. | 3370 | 267742 |
| Dixon Technologies India <br> Ltd.<br>| 1012 | 176899 |
| DLF Ltd. | 20181 | 197288 |
| Dr. Reddy's Laboratories <br> Ltd.<br>| 16478 | 246863 |
| Eicher Motors Ltd. | 3897 | 257101 |
| †Eternal Ltd. | 135756 | 418101 |
| †FSN E-Commerce Ventures <br> Ltd.<br>| 32178 | 78227 |
| GAIL India Ltd. | 63897 | 142250 |
| †GMR Airports Ltd. | 78318 | 77858 |
| Godrej Consumer Products <br> Ltd.<br>| 11407 | 156761 |
| †Godrej Properties Ltd. | 4261 | 116511 |
| Grasim Industries Ltd. | 7451 | 247192 |
| Havells India Ltd. | 6907 | 124914 |
| HCL Technologies Ltd. | 26357 | 531409 |
| HDFC Asset Management <br> Co. Ltd.<br>| 2705 | 163830 |
| HDFC Bank Ltd. | 158767 | 3706488 |
| HDFC Life Insurance Co. <br> Ltd.<br>| 27410 | 260131 |
| Hero MotoCorp Ltd. | 3290 | 162549 |
| Hindalco Industries Ltd. | 38259 | 309532 |
| Hindustan Aeronautics <br> Ltd.<br>| 5635 | 320085 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Hindustan Petroleum Corp. <br> Ltd.<br>| 26084 | $133296 |
| Hindustan Unilever Ltd. | 22909 | 613151 |
| †Hyundai Motor India Ltd. | 4615 | 119449 |
| ICICI Bank Ltd. | 147708 | 2496227 |
| ICICI Lombard General <br> Insurance Co. Ltd.<br>| 6626 | 157642 |
| ICICI Prudential Life <br> Insurance Co. Ltd.<br>| 9545 | 73174 |
| †IDFC First Bank Ltd. | 92307 | 78407 |
| Indian Hotels Co. Ltd. | 24257 | 215115 |
| Indian Oil Corp. Ltd. | 76393 | 130968 |
| Indian Railway Catering & <br> Tourism Corp. Ltd.<br>| 6849 | 62448 |
| †Indus Towers Ltd. | 37112 | 182025 |
| †IndusInd Bank Ltd. | 15764 | 160320 |
| Info Edge India Ltd. | 10058 | 174623 |
| Infosys Ltd. | 92921 | 1736013 |
| †InterGlobe Aviation Ltd. | 5363 | 374037 |
| ITC Ltd. | 85253 | 414027 |
| Jindal Stainless Ltd. | 9074 | 74656 |
| Jindal Steel & Power Ltd. | 11653 | 128068 |
| †Jio Financial Services Ltd. | 81073 | 309254 |
| JSW Energy Ltd. | 11601 | 70670 |
| JSW Steel Ltd. | 17392 | 207157 |
| Jubilant Foodworks Ltd. | 10302 | 84318 |
| Kalyan Jewellers India <br> Ltd.<br>| 11103 | 71985 |
| Kotak Mahindra Bank Ltd. | 30548 | 770697 |
| Larsen & Toubro Ltd. | 18842 | 806460 |
| LTIMindtree Ltd. | 2145 | 133046 |
| Lupin Ltd. | 6394 | 144601 |
| Macrotech Developers Ltd. | 8474 | 137005 |
| Mahindra & Mahindra Ltd. | 26131 | 969910 |
| †Mankind Pharma Ltd. | 3515 | 95114 |
| Marico Ltd. | 13967 | 117660 |
| Maruti Suzuki India Ltd. | 3494 | 505413 |
| Max Healthcare Institute <br> Ltd.<br>| 22054 | 328136 |
| Mphasis Ltd. | 2936 | 97472 |
| MRF Ltd. | 66 | 109575 |
| Muthoot Finance Ltd. | 3340 | 102278 |
| Nestle India Ltd. | 9558 | 274804 |
| NHPC Ltd. | 80955 | 80960 |
| NMDC Ltd. | 91377 | 74639 |
| NTPC Ltd. | 121017 | 472563 |
| Oberoi Realty Ltd. | 3424 | 76130 |
| Oil & Natural Gas Corp. <br> Ltd.<br>| 88988 | 253450 |
| Oil India Ltd. | 14521 | 73542 |
| Oracle Financial Services <br> Software Ltd.<br>| 645 | 67607 |
| Page Industries Ltd. | 173 | 99678 |
| †PB Fintech Ltd. | 9603 | 204127 |
| Persistent Systems Ltd. | 3097 | 218291 |

---

LVIP SSGA Emerging Markets Equity Index Fund-11

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Petronet LNG Ltd. | 20174 | $71035 |
| Phoenix Mills Ltd. | 5576 | 101586 |
| PI Industries Ltd. | 2145 | 102644 |
| Pidilite Industries Ltd. | 4248 | 151391 |
| Polycab India Ltd. | 1437 | 109799 |
| Power Finance Corp. Ltd. | 42073 | 209907 |
| Power Grid Corp. of India <br> Ltd.<br>| 128930 | 450629 |
| Prestige Estates Projects <br> Ltd.<br>| 4718 | 91272 |
| Punjab National Bank | 63894 | 82345 |
| Rail Vikas Nigam Ltd. | 15399 | 71446 |
| REC Ltd. | 37310 | 175303 |
| Reliance Industries Ltd. | 170654 | 2986994 |
| Samvardhana Motherson <br> International Ltd.<br>| 91159 | 164565 |
| SBI Cards & Payment <br> Services Ltd.<br>| 7965 | 88520 |
| SBI Life Insurance Co. <br> Ltd.<br>| 12760 | 273530 |
| Shree Cement Ltd. | 269 | 97353 |
| Shriram Finance Ltd. | 39868 | 328756 |
| Siemens Ltd. | 2401 | 91047 |
| Solar Industries India Ltd. | 748 | 153514 |
| Sona Blw Precision <br> Forgings Ltd.<br>| 12089 | 67860 |
| SRF Ltd. | 3658 | 138332 |
| State Bank of India | 50495 | 483021 |
| Sun Pharmaceutical <br> Industries Ltd.<br>| 27131 | 530359 |
| Sundaram Finance Ltd. | 1870 | 112921 |
| Supreme Industries Ltd. | 1726 | 88402 |
| †Suzlon Energy Ltd. | 271859 | 214786 |
| Tata Communications Ltd. | 3025 | 59642 |
| Tata Consultancy Services <br> Ltd.<br>| 25353 | 1023766 |
| Tata Consumer Products <br> Ltd.<br>| 16785 | 215143 |
| Tata Elxsi Ltd. | 976 | 71818 |
| Tata Motors Ltd. | 57391 | 460420 |
| Tata Power Co. Ltd. | 45447 | 214947 |
| Tata Steel Ltd. | 212416 | 396174 |
| Tech Mahindra Ltd. | 15240 | 299904 |
| Thermax Ltd. | 1084 | 43230 |
| †Titan Co. Ltd. | 10067 | 433263 |
| Torrent Pharmaceuticals <br> Ltd.<br>| 3397 | 135039 |
| Torrent Power Ltd. | 4752 | 81316 |
| Trent Ltd. | 5142 | 372776 |
| Tube Investments of India <br> Ltd.<br>| 3024 | 109658 |
| TVS Motor Co. Ltd. | 6752 | 229758 |
| UltraTech Cement Ltd. | 3272 | 461516 |
| Union Bank of India Ltd. | 44932 | 80491 |
| United Spirits Ltd. | 8050 | 134065 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †UPL Ltd. | 13754 | $100871 |
| Varun Beverages Ltd. | 38232 | 204008 |
| Vedanta Ltd. | 38871 | 209303 |
| †Vodafone Idea Ltd. | 684074 | 59236 |
| Voltas Ltd. | 6823 | 104576 |
| Wipro Ltd. | 74092 | 229892 |
| †Yes Bank Ltd. | 395668 | 93859 |
| Zydus Lifesciences Ltd. | 6745 | 77908 |
|  |  | **44555989** |
| **Indonesia–1.16%** | **Indonesia–1.16%** | **Indonesia–1.16%** |
| Alamtri Resources <br> Indonesia Tbk. PT<br>| 421800 | 47619 |
| †Amman Mineral <br> Internasional PT<br>| 179800 | 93751 |
| Astra International Tbk. <br> PT<br>| 566200 | 157015 |
| Bank Central Asia Tbk. PT | 1569100 | 838758 |
| Bank Mandiri Persero Tbk. <br> PT<br>| 1055800 | 317146 |
| Bank Negara Indonesia <br> Persero Tbk. PT<br>| 431600 | 109542 |
| Bank Rakyat Indonesia <br> Persero Tbk. PT<br>| 1928959 | 444741 |
| †Barito Pacific Tbk. PT | 578398 | 59191 |
| Chandra Asri Pacific Tbk. <br> PT<br>| 220500 | 134202 |
| Charoen Pokphand <br> Indonesia Tbk. PT<br>| 215600 | 62421 |
| †GoTo Gojek Tokopedia Tbk. <br> PT<br>| 26271200 | 93855 |
| Indofood CBP Sukses <br> Makmur Tbk. PT<br>| 62400 | 40376 |
| Indofood Sukses Makmur <br> Tbk. PT<br>| 127700 | 63943 |
| Kalbe Farma Tbk. PT | 652800 | 61400 |
| Sumber Alfaria Trijaya Tbk. <br> PT<br>| 514500 | 75778 |
| Telkom Indonesia Persero <br> Tbk. PT<br>| 1400500 | 239600 |
| United Tractors Tbk. PT | 39300 | 51918 |
|  |  | **2891256** |
| **Ireland–0.81%** | **Ireland–0.81%** | **Ireland–0.81%** |
| †PDD Holdings, Inc. ADR | 19400 | 2030404 |
|  |  | **2030404** |
| **Kuwait–0.75%** | **Kuwait–0.75%** | **Kuwait–0.75%** |
| Boubyan Bank KSCP | 43045 | 101431 |
| Gulf Bank KSCP | 54086 | 63547 |
| Kuwait Finance House <br> KSCP<br>| 312698 | 820762 |
| Mabanee Co. KPSC | 18723 | 53555 |

---

LVIP SSGA Emerging Markets Equity Index Fund-12

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Kuwait (continued)** | **Kuwait (continued)** | **Kuwait (continued)** |
| Mobile <br> Telecommunications Co. <br> KSCP<br>| 53490 | $84555 |
| National Bank of Kuwait <br> SAKP<br>| 228469 | 746983 |
|  |  | **1870833** |
| **Luxembourg–0.07%** | **Luxembourg–0.07%** | **Luxembourg–0.07%** |
| Reinet Investments SCA | 3919 | 127540 |
| †Zabka Group SA | 7783 | 46779 |
|  |  | **174319** |
| **Malaysia–1.26%** | **Malaysia–1.26%** | **Malaysia–1.26%** |
| AMMB Holdings Bhd. | 69100 | 83722 |
| Axiata Group Bhd. | 72461 | 39767 |
| CelcomDigi Bhd. | 102800 | 96022 |
| CIMB Group Holdings Bhd. | 227307 | 366613 |
| Gamuda Bhd. | 132822 | 151187 |
| Genting Bhd. | 64500 | 46732 |
| Hong Leong Bank Bhd. | 18000 | 83798 |
| IHH Healthcare Bhd. | 63100 | 102207 |
| IOI Corp. Bhd. | 65200 | 57942 |
| Kuala Lumpur Kepong <br> Bhd.<br>| 14909 | 73297 |
| Malayan Banking Bhd. | 152770 | 351940 |
| Maxis Bhd. | 71800 | 61598 |
| MISC Bhd. | 38300 | 69064 |
| Mr. DIY Group M Bhd. | 88450 | 34455 |
| Nestle Malaysia Bhd. | 1900 | 34630 |
| Petronas Chemicals Group <br> Bhd.<br>| 73500 | 60976 |
| Petronas Dagangan Bhd. | 7800 | 39880 |
| Petronas Gas Bhd. | 22200 | 92902 |
| PPB Group Bhd. | 19400 | 47394 |
| Press Metal Aluminium <br> Holdings Bhd.<br>| 96600 | 118958 |
| Public Bank Bhd. | 411200 | 420936 |
| QL Resources Bhd. | 50300 | 54973 |
| RHB Bank Bhd. | 44788 | 67008 |
| SD Guthrie Bhd. | 55687 | 61404 |
| Sime Darby Bhd. | 70300 | 27552 |
| Sunway Bhd. | 73900 | 82525 |
| Telekom Malaysia Bhd. | 31159 | 48504 |
| Tenaga Nasional Bhd. | 73600 | 251523 |
| YTL Corp. Bhd. | 103100 | 56860 |
| YTL Power International <br> Bhd.<br>| 66800 | 63132 |
|  |  | **3147501** |
| **Mexico–2.04%** | **Mexico–2.04%** | **Mexico–2.04%** |
| Alfa SAB de CV Class A | 96421 | 71168 |
| America Movil SAB de CV | 507400 | 454279 |
| Arca Continental SAB de <br> CV<br>| 14500 | 153620 |
| Cemex SAB de CV | 430000 | 297674 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| 14300 | $138523 |
| Fibra Uno Administracion <br> SA de CV<br>| 82000 | 113357 |
| Fomento Economico <br> Mexicano SAB de CV<br>| 48500 | 498944 |
| Gruma SAB de CV Class B | 4510 | 77784 |
| Grupo Aeroportuario del <br> Centro Norte SAB de CV<br>| 7900 | 103905 |
| Grupo Aeroportuario del <br> Pacifico SAB de CV <br> Class B<br>| 11030 | 252501 |
| Grupo Aeroportuario del <br> Sureste SAB de CV <br> Class B<br>| 5060 | 161525 |
| Grupo Bimbo SAB de CV | 37700 | 105157 |
| Grupo Carso SAB de CV | 16117 | 114888 |
| Grupo Comercial Chedraui <br> SA de CV<br>| 7700 | 60974 |
| Grupo Financiero Banorte <br> SAB de CV Class O<br>| 71200 | 653358 |
| Grupo Financiero Inbursa <br> SAB de CV Class O<br>| 49900 | 128948 |
| Grupo Mexico SAB de CV | 86700 | 523263 |
| †Industrias Penoles SAB de <br> CV<br>| 5660 | 158249 |
| Kimberly-Clark de Mexico <br> SAB de CV Class A<br>| 41700 | 76446 |
| Prologis Property Mexico <br> SA de CV<br>| 30729 | 115861 |
| Promotora y Operadora de <br> Infraestructura SAB de <br> CV<br>| 5485 | 61864 |
| Qualitas Controladora SAB <br> de CV<br>| 5400 | 55509 |
| Southern Copper Corp. | 2524 | 255353 |
| Wal-Mart de Mexico SAB de <br> CV<br>| 145600 | 481699 |
|  |  | **5114849** |
| **Netherlands–0.05%** | **Netherlands–0.05%** | **Netherlands–0.05%** |
| NEPI Rockcastle NV | 16034 | 122222 |
|  |  | **122222** |
| **Peru–0.20%** | **Peru–0.20%** | **Peru–0.20%** |
| Cia de Minas Buenaventura <br> SAA ADR<br>| 4500 | 73890 |
| Credicorp Ltd. | 1900 | 424688 |
|  |  | **498578** |
| **Philippines–0.46%** | **Philippines–0.46%** | **Philippines–0.46%** |
| Ayala Corp. | 7440 | 75268 |
| Ayala Land, Inc. | 180600 | 86662 |
| Bank of the Philippine <br> Islands<br>| 57888 | 133596 |
| BDO Unibank, Inc. | 68342 | 185382 |

---

LVIP SSGA Emerging Markets Equity Index Fund-13

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| International Container <br> Terminal Services, Inc.<br>| 28890 | $210618 |
| Jollibee Foods Corp. | 14170 | 54352 |
| Manila Electric Co. | 8040 | 76860 |
| Metropolitan Bank & Trust <br> Co.<br>| 50304 | 64745 |
| PLDT, Inc. | 1830 | 39567 |
| SM Investments Corp. | 6210 | 96132 |
| SM Prime Holdings, Inc. | 273000 | 113649 |
|  |  | **1136831** |
| **Poland–1.10%** | **Poland–1.10%** | **Poland–1.10%** |
| †Allegro.eu SA | 17842 | 171776 |
| †Bank Millennium SA | 17065 | 67801 |
| Bank Polska Kasa Opieki <br> SA<br>| 5205 | 268080 |
| Budimex SA | 359 | 55639 |
| †CCC SA | 1517 | 86352 |
| CD Projekt SA | 1844 | 143908 |
| †Dino Polska SA | 1388 | 202832 |
| †KGHM Polska Miedz SA | 3787 | 135543 |
| LPP SA | 29 | 118193 |
| †mBank SA | 422 | 93415 |
| ORLEN SA | 16446 | 374829 |
| †PGE Polska Grupa <br> Energetyczna SA<br>| 25766 | 81566 |
| Powszechna Kasa <br> Oszczednosci Bank Polski <br> SA<br>| 24298 | 507702 |
| Powszechny Zaklad <br> Ubezpieczen SA<br>| 17037 | 297928 |
| Santander Bank Polska SA | 1142 | 156935 |
|  |  | **2762499** |
| **Qatar–0.73%** | **Qatar–0.73%** | **Qatar–0.73%** |
| Al Rayan Bank | 170961 | 109297 |
| Barwa Real Estate Co. | 58857 | 44882 |
| Commercial Bank PSQC | 93965 | 117397 |
| Dukhan Bank | 47121 | 47082 |
| Industries Qatar QSC | 43822 | 148641 |
| Mesaieed Petrochemical <br> Holding Co.<br>| 159959 | 59155 |
| Ooredoo QPSC | 21585 | 75863 |
| Qatar Electricity & Water <br> Co. QSC<br>| 13093 | 58255 |
| Qatar Fuel QSC | 16721 | 68795 |
| Qatar Gas Transport Co. <br> Ltd.<br>| 79294 | 108019 |
| Qatar International Islamic <br> Bank QSC<br>| 26811 | 80176 |
| Qatar Islamic Bank QPSC | 50583 | 307722 |
| Qatar National Bank QPSC | 126604 | 603229 |
|  |  | **1828513** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Republic of Korea–10.11%** | **Republic of Korea–10.11%** | **Republic of Korea–10.11%** |
| †Alteogen, Inc. | 1132 | $311897 |
| Amorepacific Corp. | 803 | 81211 |
| Celltrion, Inc. | 4431 | 522858 |
| CJ CheilJedang Corp. | 224 | 41213 |
| Coway Co. Ltd. | 1543 | 110260 |
| DB Insurance Co. Ltd. | 1291 | 117807 |
| Doosan Bobcat, Inc. | 1576 | 67742 |
| †Doosan Enerbility Co. Ltd. | 12740 | 645448 |
| †Ecopro BM Co. Ltd. | 1404 | 104256 |
| Ecopro Co. Ltd. | 2940 | 97975 |
| Hana Financial Group, Inc. | 8136 | 518247 |
| Hanjin Kal Corp. | 646 | 56186 |
| Hankook Tire & Technology <br> Co. Ltd.<br>| 2048 | 60168 |
| Hanmi Semiconductor Co. <br> Ltd.<br>| 1180 | 88618 |
| Hanwha Aerospace Co. <br> Ltd.<br>| 963 | 604308 |
| †Hanwha Ocean Co. Ltd. | 3017 | 176724 |
| Hanwha Systems Co. Ltd. | 2126 | 91201 |
| HD Hyundai Co. Ltd. | 1284 | 123031 |
| HD Hyundai Electric Co. <br> Ltd.<br>| 654 | 245176 |
| HD Hyundai Heavy <br> Industries Co. Ltd.<br>| 620 | 195694 |
| HD Korea Shipbuilding & <br> Offshore Engineering Co. <br> Ltd.<br>| 1207 | 325939 |
| †HLB, Inc. | 3453 | 125125 |
| HMM Co. Ltd. | 7456 | 124316 |
| HYBE Co. Ltd. | 652 | 149070 |
| Hyundai Glovis Co. Ltd. | 1054 | 104937 |
| Hyundai Mobis Co. Ltd. | 1714 | 363622 |
| Hyundai Motor Co. | 3750 | 563090 |
| Hyundai Rotem Co. Ltd. | 2149 | 311854 |
| Industrial Bank of Korea | 7658 | 103429 |
| Kakao Corp. | 8788 | 389820 |
| KakaoBank Corp. | 4456 | 98747 |
| KB Financial Group, Inc. | 10398 | 854469 |
| Kia Corp. | 6766 | 484137 |
| Korea Aerospace Industries <br> Ltd.<br>| 2062 | 136933 |
| Korea Electric Power <br> Corp.<br>| 6847 | 197859 |
| Korea Investment Holdings <br> Co. Ltd.<br>| 1155 | 119188 |
| Korea Zinc Co. Ltd. | 111 | 67151 |
| Korean Air Lines Co. Ltd. | 5075 | 85732 |
| †Krafton, Inc. | 816 | 219087 |
| KT&G Corp. | 2676 | 252578 |
| LG Chem Ltd. | 1402 | 218965 |
| LG Corp. | 2364 | 139089 |
| †LG Display Co. Ltd. | 7886 | 52304 |
| LG Electronics, Inc. | 3004 | 163824 |
| †LG Energy Solution Ltd. | 1330 | 291992 |

---

LVIP SSGA Emerging Markets Equity Index Fund-14

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
| LG H&H Co. Ltd. | 246 | $58117 |
| LG Innotek Co. Ltd. | 433 | 47145 |
| LG Uplus Corp. | 6565 | 69504 |
| LS Electric Co. Ltd. | 417 | 92176 |
| Meritz Financial Group, <br> Inc.<br>| 2338 | 194495 |
| Mirae Asset Securities Co. <br> Ltd.<br>| 6951 | 110171 |
| NAVER Corp. | 4032 | 782953 |
| NH Investment & <br> Securities Co. Ltd.<br>| 4353 | 64372 |
| Orion Corp. | 672 | 54071 |
| †POSCO Future M Co. Ltd. | 847 | 79053 |
| POSCO Holdings, Inc. | 2049 | 394731 |
| Posco International Corp. | 1573 | 57746 |
| †Samsung Biologics Co. Ltd. | 503 | 369110 |
| Samsung C&T Corp. | 2391 | 284966 |
| Samsung <br> Electro-Mechanics Co. <br> Ltd.<br>| 1561 | 155094 |
| Samsung Electronics Co. <br> Ltd.<br>| 132528 | 5860601 |
| Samsung Fire & Marine <br> Insurance Co. Ltd.<br>| 873 | 279917 |
| †Samsung Heavy Industries <br> Co. Ltd.<br>| 19807 | 244932 |
| Samsung Life Insurance <br> Co. Ltd.<br>| 2194 | 206599 |
| Samsung SDI Co. Ltd. | 1767 | 225612 |
| Samsung SDS Co. Ltd. | 1222 | 153171 |
| Samyang Foods Co. Ltd. | 117 | 120794 |
| Shinhan Financial Group <br> Co. Ltd.<br>| 12120 | 549482 |
| †SK Biopharmaceuticals Co. <br> Ltd.<br>| 836 | 56931 |
| SK Hynix, Inc. | 15250 | 3286094 |
| SK Innovation Co. Ltd. | 1984 | 179840 |
| †SK Square Co. Ltd. | 2680 | 360216 |
| SK Telecom Co. Ltd. | 1504 | 63279 |
| SK, Inc. | 1025 | 154823 |
| †SKC Co. Ltd. | 601 | 48901 |
| S-Oil Corp. | 1405 | 62298 |
| Woori Financial Group, <br> Inc.<br>| 18803 | 312868 |
| Yuhan Corp. | 1492 | 114915 |
|  |  | **25298254** |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| =†πAlrosa PJSC | 238813 | 0 |
| =†πGazprom PJSC | 958422 | 0 |
| =†πGazprom PJSC ADR | 40705 | 0 |
| =†πGMK Norilskiy Nickel PAO | 595900 | 0 |
| =†πInter RAO UES PJSC | 3556000 | 0 |
| =†πLUKOIL PJSC | 39222 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Russia (continued)** | **Russia (continued)** | **Russia (continued)** |
| =†πMoscow Exchange <br> MICEX-RTS PJSC<br>| 149010 | $0 |
| =†πNovatek PJSC GDR | 8045 | 0 |
| =†πNovolipetsk Steel PJSC | 139160 | 0 |
| =†πPhosAgro PJSC | 80 | 0 |
| =†πPhosAgro PJSC GDR | 12445 | 0 |
| =†πPolyus PJSC | 31720 | 0 |
| =†πRosneft Oil Co. PJSC | 109202 | 0 |
| =†πSberbank of Russia PJSC | 1018280 | 0 |
| =†πSeverstal PAO | 19447 | 0 |
| =†πSurgutneftegas PAO | 697800 | 0 |
| =†πTatneft PJSC | 132700 | 0 |
| =†πVK IPJSC GDR | 12642 | 0 |
| =†πVTB Bank PJSC | 58436 | 0 |
|  |  | **0** |
| **Saudi Arabia–3.44%** | **Saudi Arabia–3.44%** | **Saudi Arabia–3.44%** |
| †ACWA Power Co. | 4156 | 283274 |
| Ades Holding Co. | 8957 | 32713 |
| Al Rajhi Bank | 54696 | 1379589 |
| †Al Rajhi Co. for <br> Co-operative Insurance<br>| 1264 | 43355 |
| Alinma Bank | 34614 | 247451 |
| Almarai Co. JSC | 13859 | 187316 |
| Arab National Bank | 25071 | 145182 |
| Arabian Internet & <br> Communications Services <br> Co.<br>| 690 | 48999 |
| Bank AlBilad | 20686 | 145118 |
| †Bank Al-Jazira | 13540 | 46386 |
| Banque Saudi Fransi | 34480 | 164169 |
| Bupa Arabia for <br> Cooperative Insurance <br> Co.<br>| 2389 | 113446 |
| Co. for Cooperative <br> Insurance<br>| 2182 | 91926 |
| Dallah Healthcare Co. | 896 | 31197 |
| †Dar Al Arkan Real Estate <br> Development Co.<br>| 14982 | 76742 |
| Dr. Sulaiman Al Habib <br> Medical Services Group <br> Co.<br>| 2486 | 179728 |
| Elm Co. | 681 | 181833 |
| Etihad Etisalat Co. | 10669 | 168690 |
| †Jabal Omar Development <br> Co.<br>| 16268 | 87460 |
| Jarir Marketing Co. | 16083 | 53764 |
| Makkah Construction & <br> Development Co.<br>| 2757 | 67777 |
| Mouwasat Medical Services <br> Co.<br>| 2736 | 55050 |
| Nahdi Medical Co. | 1083 | 36875 |
| Riyad Bank | 41667 | 319193 |
| SABIC Agri-Nutrients Co. | 6606 | 188886 |

---

LVIP SSGA Emerging Markets Equity Index Fund-15

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Sahara International <br> Petrochemical Co.<br>| 10184 | $53834 |
| SAL Saudi Logistics <br> Services<br>| 1013 | 50711 |
| †Saudi Arabian Mining Co. | 36802 | 525554 |
| Saudi Arabian Oil Co. | 168719 | 1093960 |
| Saudi Aramco Base Oil Co. | 1550 | 42244 |
| Saudi Awwal Bank | 28530 | 256279 |
| Saudi Basic Industries <br> Corp.<br>| 25392 | 369997 |
| Saudi Electricity Co. | 23907 | 93650 |
| Saudi Industrial <br> Investment Group<br>| 9434 | 42208 |
| Saudi Investment Bank | 16767 | 64911 |
| †Saudi Kayan Petrochemical <br> Co.<br>| 19279 | 26575 |
| Saudi National Bank | 81733 | 786972 |
| †Saudi Research & Media <br> Group<br>| 1079 | 55614 |
| Saudi Tadawul Group <br> Holding Co.<br>| 1280 | 60226 |
| Saudi Telecom Co. | 56585 | 641870 |
| Yanbu National <br> Petrochemical Co.<br>| 8398 | 67662 |
|  |  | **8608386** |
| **South Africa–2.83%** | **South Africa–2.83%** | **South Africa–2.83%** |
| Absa Group Ltd. | 24070 | 239579 |
| Aspen Pharmacare <br> Holdings Ltd.<br>| 10528 | 71058 |
| Bid Corp. Ltd. | 9523 | 251435 |
| Bidvest Group Ltd. | 9331 | 123080 |
| Capitec Bank Holdings <br> Ltd.<br>| 2469 | 493666 |
| Clicks Group Ltd. | 6364 | 133364 |
| Discovery Ltd. | 15376 | 186917 |
| FirstRand Ltd. | 140458 | 600435 |
| Gold Fields Ltd. | 24909 | 589837 |
| Harmony Gold Mining Co. <br> Ltd.<br>| 16203 | 225448 |
| †Impala Platinum Holdings <br> Ltd.<br>| 25515 | 229259 |
| Kumba Iron Ore Ltd. | 1554 | 25020 |
| MTN Group Ltd. | 47991 | 382019 |
| Naspers Ltd. Class N | 4626 | 1443374 |
| Nedbank Group Ltd. | 13160 | 180670 |
| Old Mutual Ltd. | 118303 | 80656 |
| OUTsurance Group Ltd. | 23272 | 102967 |
| Pepkor Holdings Ltd. | 68826 | 105956 |
| Remgro Ltd. | 14302 | 127995 |
| Sanlam Ltd. | 50938 | 255125 |
| †Sasol Ltd. | 15396 | 68555 |
| Shoprite Holdings Ltd. | 14203 | 222186 |
| Standard Bank Group Ltd. | 36828 | 472858 |
| Valterra Platinum Ltd. | 5952 | 265025 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Vodacom Group Ltd. | 16942 | $130818 |
| Woolworths Holdings Ltd. | 26040 | 76133 |
|  |  | **7083435** |
| **Taiwan–18.62%** | **Taiwan–18.62%** | **Taiwan–18.62%** |
| Accton Technology Corp. | 14000 | 349913 |
| Acer, Inc. | 82000 | 84973 |
| Advantech Co. Ltd. | 12951 | 150246 |
| Airtac International Group | 3696 | 110041 |
| Alchip Technologies Ltd. | 2000 | 212064 |
| ASE Technology Holding <br> Co. Ltd.<br>| 94000 | 471577 |
| Asia Cement Corp. | 64000 | 93428 |
| Asia Vital Components Co. <br> Ltd.<br>| 9000 | 229882 |
| Asustek Computer, Inc. | 20000 | 442147 |
| AUO Corp. | 165000 | 69740 |
| Catcher Technology Co. <br> Ltd.<br>| 17000 | 123442 |
| Cathay Financial Holding <br> Co. Ltd.<br>| 265154 | 570755 |
| Chailease Holding Co. Ltd. | 42494 | 184051 |
| Chang Hwa Commercial <br> Bank Ltd.<br>| 173641 | 111154 |
| Cheng Shin Rubber <br> Industry Co. Ltd.<br>| 48000 | 62089 |
| China Airlines Ltd. | 76000 | 56157 |
| China Steel Corp. | 336000 | 216104 |
| Chunghwa Telecom Co. <br> Ltd.<br>| 105000 | 485681 |
| Compal Electronics, Inc. | 119000 | 118363 |
| CTBC Financial Holding <br> Co. Ltd.<br>| 472000 | 706410 |
| Delta Electronics, Inc. | 55000 | 778302 |
| E Ink Holdings, Inc. | 24000 | 181652 |
| E.Sun Financial Holding <br> Co. Ltd.<br>| 408084 | 458716 |
| †Eclat Textile Co. Ltd. | 5000 | 70250 |
| Elite Material Co. Ltd. | 8000 | 241909 |
| eMemory Technology, Inc. | 2000 | 161913 |
| Eva Airways Corp. | 77000 | 105100 |
| Evergreen Marine Corp. <br> Taiwan Ltd.<br>| 30986 | 211004 |
| Far Eastern New Century <br> Corp.<br>| 81000 | 91233 |
| Far EasTone <br> Telecommunications Co. <br> Ltd.<br>| 49000 | 150208 |
| Feng TAY Enterprise Co. <br> Ltd.<br>| 14193 | 59591 |
| First Financial Holding Co. <br> Ltd.<br>| 317379 | 315596 |
| Formosa Chemicals & <br> Fibre Corp.<br>| 97000 | 76101 |
| Formosa Plastics Corp. | 121000 | 144387 |

---

LVIP SSGA Emerging Markets Equity Index Fund-16

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Fortune Electric Co. Ltd. | 4400 | $84787 |
| Fubon Financial Holding <br> Co. Ltd.<br>| 231696 | 693849 |
| Gigabyte Technology Co. <br> Ltd.<br>| 15000 | 145758 |
| Global Unichip Corp. | 2000 | 89458 |
| Globalwafers Co. Ltd. | 8000 | 82567 |
| Hon Hai Precision Industry <br> Co. Ltd.<br>| 350000 | 1931068 |
| †Hotai Motor Co. Ltd. | 8320 | 160329 |
| Hua Nan Financial <br> Holdings Co. Ltd.<br>| 254388 | 236686 |
| Innolux Corp. | 215930 | 86490 |
| International Games <br> System Co. Ltd.<br>| 7000 | 205490 |
| Inventec Corp. | 77000 | 111592 |
| Jentech Precision <br> Industrial Co. Ltd.<br>| 2500 | 129372 |
| KGI Financial Holding Co. <br> Ltd.<br>| 452048 | 231873 |
| Largan Precision Co. Ltd. | 3000 | 245011 |
| Lite-On Technology Corp. | 60000 | 227450 |
| Lotes Co. Ltd. | 2000 | 92607 |
| MediaTek, Inc. | 43000 | 1842492 |
| Mega Financial Holding Co. <br> Ltd.<br>| 335887 | 471709 |
| Micro-Star International <br> Co. Ltd.<br>| 21000 | 103247 |
| Nan Ya Plastics Corp. | 143000 | 133604 |
| Nien Made Enterprise Co. <br> Ltd.<br>| 5000 | 69705 |
| Novatek Microelectronics <br> Corp.<br>| 16000 | 298414 |
| Pegatron Corp. | 56000 | 147524 |
| †PharmaEssentia Corp. | 7000 | 131306 |
| †Pou Chen Corp. | 63000 | 66803 |
| President Chain Store <br> Corp.<br>| 16000 | 140320 |
| Quanta Computer, Inc. | 76000 | 714884 |
| Realtek Semiconductor <br> Corp.<br>| 14000 | 271894 |
| Ruentex Development Co. <br> Ltd.<br>| 45295 | 46179 |
| Shanghai Commercial & <br> Savings Bank Ltd.<br>| 110190 | 174927 |
| †Shin Kong Financial <br> Holding Co. Ltd.<br>| 430546 | 166552 |
| SinoPac Financial Holdings <br> Co. Ltd.<br>| 305986 | 253430 |
| Synnex Technology <br> International Corp.<br>| 33000 | 72728 |
| Taishin Financial Holding <br> Co. Ltd.<br>| 331362 | 178739 |
| Taiwan Business Bank | 193562 | 101714 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Taiwan Cooperative <br> Financial Holding Co. <br> Ltd.<br>| 301830 | $255571 |
| Taiwan High Speed Rail <br> Corp.<br>| 55000 | 53177 |
| Taiwan Mobile Co. Ltd. | 48000 | 188883 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 691000 | 25269419 |
| TCC Group Holdings Co. <br> Ltd.<br>| 192050 | 167637 |
| Unimicron Technology <br> Corp.<br>| 36000 | 140504 |
| Uni-President Enterprises <br> Corp.<br>| 133000 | 368663 |
| United Microelectronics <br> Corp.<br>| 315000 | 475113 |
| Vanguard International <br> Semiconductor Corp.<br>| 29111 | 100247 |
| Voltronic Power Technology <br> Corp.<br>| 2000 | 86271 |
| Wan Hai Lines Ltd. | 18190 | 55318 |
| Wistron Corp. | 78000 | 328166 |
| Wiwynn Corp. | 3000 | 260505 |
| WPG Holdings Ltd. | 45000 | 108162 |
| Yageo Corp. | 11898 | 197434 |
| Yang Ming Marine <br> Transport Corp.<br>| 49000 | 119116 |
| Yuanta Financial Holding <br> Co. Ltd.<br>| 294048 | 344131 |
| Zhen Ding Technology <br> Holding Ltd.<br>| 17000 | 58503 |
|  |  | **46611557** |
| **Thailand–0.97%** | **Thailand–0.97%** | **Thailand–0.97%** |
| Advanced Info Service PCL <br> NVDR<br>| 29263 | 250817 |
| Airports of Thailand PCL <br> NVDR<br>| 120623 | 112422 |
| Bangkok Dusit Medical <br> Services PCL NVDR<br>| 314090 | 201000 |
| Bumrungrad Hospital PCL <br> NVDR<br>| 17360 | 74567 |
| Central Pattana PCL <br> NVDR<br>| 56236 | 79983 |
| Charoen Pokphand Foods <br> PCL NVDR<br>| 99477 | 70447 |
| CP ALL PCL NVDR | 151643 | 205395 |
| CP Axtra PCL NVDR | 59593 | 32870 |
| Delta Electronics Thailand <br> PCL<br>| 87749 | 259127 |
| †Gulf Development PCL | 51332 | 61187 |
| †Gulf Development PCL <br> NVDR<br>| 75571 | 90080 |
| Home Product Center PCL <br> NVDR<br>| 173962 | 34843 |
| Kasikornbank PCL NVDR | 16506 | 77968 |

---

LVIP SSGA Emerging Markets Equity Index Fund-17

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| Krung Thai Bank PCL <br> NVDR<br>| 95845 | $62871 |
| Minor International PCL <br> NVDR<br>| 95783 | 68516 |
| PTT Exploration & <br> Production PCL NVDR<br>| 37802 | 127406 |
| PTT Oil & Retail Business <br> PCL<br>| 77446 | 26980 |
| PTT PCL NVDR | 282325 | 260706 |
| SCB X PCL NVDR | 23370 | 84512 |
| Siam Cement PCL NVDR | 22116 | 114547 |
| TMBThanachart Bank PCL | 619155 | 35806 |
| †True Corp. PCL NVDR | 291185 | 99588 |
|  |  | **2431638** |
| **Turkey–0.52%** | **Turkey–0.52%** | **Turkey–0.52%** |
| Akbank TAS | 91057 | 156047 |
| Aselsan Elektronik Sanayi <br> Ve Ticaret AS<br>| 38964 | 147552 |
| BIM Birlesik Magazalar AS | 12745 | 158361 |
| Coca-Cola Icecek AS | 26318 | 32543 |
| Eregli Demir ve Celik <br> Fabrikalari TAS<br>| 94057 | 63041 |
| Ford Otomotiv Sanayi AS | 18102 | 40613 |
| Haci Omer Sabanci Holding <br> AS<br>| 31211 | 70301 |
| KOC Holding AS | 21484 | 83144 |
| †Pegasus Hava Tasimaciligi <br> AS<br>| 6598 | 42602 |
| †Sasa Polyester Sanayi AS | 332751 | 25585 |
| Turk Hava Yollari AO | 15213 | 108381 |
| Turkcell Iletisim Hizmetleri <br> AS<br>| 33636 | 81361 |
| Turkiye Is Bankasi AS <br> Class C<br>| 238566 | 80065 |
| Turkiye Petrol Rafinerileri <br> AS<br>| 27420 | 96423 |
| Turkiye Sise ve Cam <br> Fabrikalari AS<br>| 35707 | 32328 |
| †Yapi ve Kredi Bankasi AS | 102559 | 81687 |
|  |  | **1300034** |
| **United Arab Emirates–1.55%** | **United Arab Emirates–1.55%** | **United Arab Emirates–1.55%** |
| Abu Dhabi Commercial <br> Bank PJSC<br>| 83210 | 305424 |
| Abu Dhabi Islamic Bank <br> PJSC<br>| 41333 | 241995 |
| Abu Dhabi National Oil Co. <br> for Distribution PJSC<br>| 84645 | 84585 |
| ADNOC Drilling Co. PJSC | 91406 | 141865 |
| Adnoc Gas PLC | 172751 | 160859 |
| Aldar Properties PJSC | 109055 | 265003 |
| Americana Restaurants <br> International PLC - <br> Foreign Co.<br>| 88874 | 54448 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Dubai Electricity & Water <br> Authority PJSC<br>| 168809 | $129634 |
| Dubai Islamic Bank PJSC | 81689 | 201703 |
| Emaar Development PJSC | 28439 | 104701 |
| Emaar Properties PJSC | 184816 | 685601 |
| Emirates NBD Bank PJSC | 53768 | 333799 |
| Emirates <br> Telecommunications <br> Group Co. PJSC<br>| 98515 | 472108 |
| First Abu Dhabi Bank <br> PJSC<br>| 121289 | 548145 |
| †Multiply Group PJSC | 91694 | 60251 |
| Salik Co. PJSC | 52753 | 86888 |
|  |  | **3877009** |
| **United Kingdom–0.26%** | **United Kingdom–0.26%** | **United Kingdom–0.26%** |
| Anglogold Ashanti PLC | 14037 | 641231 |
|  |  | **641231** |
| **United States–0.20%** | **United States–0.20%** | **United States–0.20%** |
| †BeOne Medicines Ltd. | 23500 | 444550 |
| †Legend Biotech Corp. ADR | 1800 | 63882 |
|  |  | **508432** |
| **Total Common Stock** <br>**(Cost $153,567,645)** | **Total Common Stock** <br>**(Cost $153,567,645)** | **236194458** |
| **ΔPREFERRED STOCKS–1.61%** | **ΔPREFERRED STOCKS–1.61%** | **ΔPREFERRED STOCKS–1.61%** |
| **Brazil–1.14%** | **Brazil–1.14%** | **Brazil–1.14%** |
| Banco Bradesco SA 5.63% | 147871 | 457513 |
| Centrais Eletricas <br> Brasileiras SA 4.36%<br>| 6200 | 50895 |
| Cia Energetica de Minas <br> Gerais 17.72%<br>| 46116 | 92094 |
| Cia Paranaense de Energia - <br> Copel 6.56%<br>| 30500 | 69947 |
| Gerdau SA 4.00% | 36850 | 108520 |
| Itau Unibanco Holding SA <br> 6.77%<br>| 149320 | 1013313 |
| Itausa SA 8.01% | 157355 | 317137 |
| Petroleo Brasileiro SA - <br> Petrobras 10.92%<br>| 130300 | 752335 |
|  |  | **2861754** |
| **Chile–0.06%** | **Chile–0.06%** | **Chile–0.06%** |
| †Sociedad Quimica y Minera <br> de Chile SA 0.59%<br>| 3998 | 142475 |
|  |  | **142475** |
| **Republic of Korea–0.41%** | **Republic of Korea–0.41%** | **Republic of Korea–0.41%** |
| Hyundai Motor Co. 7.93% | 1043 | 122483 |
| Hyundai Motor Co. 8.12% | 591 | 67489 |
| Samsung Electronics Co. <br> Ltd. 2.93%<br>| 22957 | 842176 |
|  |  | **1032148** |

---

LVIP SSGA Emerging Markets Equity Index Fund-18

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| =†πSurgutneftegas PAO  | 640200 | $0 |
|  |  | **0** |
| **Total Preferred Stocks** <br>**(Cost $3,416,986)** | **Total Preferred Stocks** <br>**(Cost $3,416,986)** | **4036377** |
| **ΔRIGHTS–0.01%** | **ΔRIGHTS–0.01%** | **ΔRIGHTS–0.01%** |
| **Republic of Korea–0.01%** | **Republic of Korea–0.01%** | **Republic of Korea–0.01%** |
| =†Hanwha Aerospace Co. Ltd. <br> expiration date 7/2/25<br>| 65 | 7899 |
| =†POSCO Future M Co. Ltd. <br> expiration date 7/22/25<br>| 100 | 2223 |
| **Total Rights**<br> **(Cost $0)** | **Total Rights**<br> **(Cost $0)** | **10122** |
| **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** |
| **Malaysia–0.00%** | **Malaysia–0.00%** | **Malaysia–0.00%** |
| =†YTL Corp. Bhd. exp 6/02/28 <br> exercise price MYR 1.5000<br>| 20620 | 4016 |
| =†YTL Power International <br> Bhd. exp 6/02/28 exercise <br> price MYR 2.4500<br>| 13360 | 4854 |
|  |  | **8870** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔWARRANTS (continued)** | **ΔWARRANTS (continued)** | **ΔWARRANTS (continued)** |
| **Thailand–0.00%** | **Thailand–0.00%** | **Thailand–0.00%** |
| †Srisawad Corp. PCL exp <br> 8/29/25 exercise price THB <br> 100.0000<br>| 3180 | $22 |
|  |  | **22** |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **8892** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–3.75%** | **MONEY MARKET FUND–3.75%** | **MONEY MARKET FUND–3.75%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 9403970 | 9403970 |
| **Total Money Market Fund** <br>**(Cost $9,403,970)** | **Total Money Market Fund** <br>**(Cost $9,403,970)** | **9403970** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.73% (Cost $166,388,601)** | **249653819** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.27%** | **663713** |
| **NET ASSETS APPLICABLE TO 20,827,136 SHARES OUTSTANDING–100.00%** | **$250317532** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS EQUITY INDEX FUND STANDARD CLASS** <br>**($230,926,364 / 19,207,556 Shares)** | **$12.023** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS EQUITY INDEX FUND SERVICE CLASS** <br>**($19,391,168 / 1,619,580 Shares)** | **$11.973** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$215998878** |
| Distributable earnings/(accumulated loss) | **34318654** |
| **TOTAL NET ASSETS** | **$250317532** |

---

&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;

LVIP SSGA Emerging Markets Equity Index Fund-19

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Alrosa PJSC | 10/31/2018 | &nbsp;&nbsp; $326421 | &nbsp;&nbsp; $0 |
| Gazprom PJSC | 10/31/2018 | &nbsp;&nbsp; 2374958 | &nbsp;&nbsp; 0 |
| Gazprom PJSC ADR | 10/31/2018 | &nbsp;&nbsp; 182671 | &nbsp;&nbsp; 0 |
| GMK Norilskiy Nickel PAO | 10/31/2018 | &nbsp;&nbsp; 1093007 | &nbsp;&nbsp; 0 |
| Inter RAO UES PJSC | 10/31/2018 | &nbsp;&nbsp; 220154 | &nbsp;&nbsp; 0 |
| LUKOIL PJSC | 10/31/2018 | &nbsp;&nbsp; 3036022 | &nbsp;&nbsp; 0 |
| Moscow Exchange MICEX-RTS PJSC | 10/31/2018 | &nbsp;&nbsp; 222248 | &nbsp;&nbsp; 0 |
| Novatek PJSC GDR | 2/17/2021 | &nbsp;&nbsp; 1327703 | &nbsp;&nbsp; 0 |
| Novolipetsk Steel PJSC | 10/31/2018 | &nbsp;&nbsp; 331713 | &nbsp;&nbsp; 0 |
| PhosAgro PJSC | 4/26/2022 | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; 0 |
| PhosAgro PJSC GDR | 4/26/2022 | &nbsp;&nbsp; 157510 | &nbsp;&nbsp; 0 |
| Polyus PJSC | 10/31/2018 | &nbsp;&nbsp; 243731 | &nbsp;&nbsp; 0 |
| Rosneft Oil Co. PJSC | 10/31/2018 | &nbsp;&nbsp; 765027 | &nbsp;&nbsp; 0 |
| Sberbank of Russia PJSC | 10/31/2018 | &nbsp;&nbsp; 3026893 | &nbsp;&nbsp; 0 |
| Severstal PAO | 10/31/2018 | &nbsp;&nbsp; 284734 | &nbsp;&nbsp; 0 |
| Surgutneftegas PAO | 10/31/2018 | &nbsp;&nbsp; 311071 | &nbsp;&nbsp; 0 |
| Surgutneftegas PAO  | 10/31/2018 | &nbsp;&nbsp; 371776 | &nbsp;&nbsp; 0 |
| Tatneft PJSC | 10/31/2018 | &nbsp;&nbsp; 1490294 | &nbsp;&nbsp; 0 |
| VK IPJSC GDR | 2/17/2021 | &nbsp;&nbsp; 330604 | &nbsp;&nbsp; 0 |
| VTB Bank PJSC | 10/31/2018 | &nbsp;&nbsp; 165967 | &nbsp;&nbsp; 0 |
| **Total** |  | &nbsp;&nbsp; $16263517 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $260,220 cash collateral held at broker for futures contracts, $29,116 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $16,676 variation margin due from broker on futures contracts, $373,246 variation margin due from brokers on <br> centrally cleared swap contracts, $635,894 payable for fund shares redeemed, $310,000 cash collateral due to brokers for certain open <br> bilateral derivatives, $128,308 other accrued expenses payable, $77,709 due to manager and affiliates, $2,727,484 foreign capital gain taxes <br> payable, $18,653 payable for audit fee and $13,430 payable 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>|
| **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** |
| 114 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; $7030950 | &nbsp;&nbsp; $6883956 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $146994 | &nbsp;&nbsp; $— |

---

LVIP SSGA Emerging Markets Equity Index Fund-20

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

**Swap Contract**<sup>1</sup>

**Total Return Swap (TRS) Contract** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Swap Obligation**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Floating**<br> **Interest**<br> **Rate Paid**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** <br>|  |  |  |  |  |  |
| UBS- Receive amounts based on <br> MSCI China A Inclusion Net <br> Return Index and pay variable <br> quarterly payments based on <br> SOFR12M<sup>4</sup> <br>| 5906552 | 1.59% | 10/21/25 | $355906 | $355906 | $— |

---

&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. |
| <sup>4</sup> The MSCI China A Index captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen <br> exchanges. The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore <br> RMB exchange rate (CNH). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CMPC–Coût Moyen Pondéré du Capital |
| COPEC–Compañia de Petroleos de Chile |
| GDR–Global Depository Receipt |
| ICE–Intercontinental Exchange |
| LNG–Liquefied Natural Gas |
| MSCI–Morgan Stanley Capital International |
| MYR–Malaysian Ringgit |
| NVDR–Non-Voting Depository Receipt |
| PJSC–Public Joint Stock Company |
| QSC–Qatari Shareholding Company |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| THB–Thailand Baht |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Emerging Markets Equity Index Fund-21

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Emerging Markets Equity Index Fund** | **LVIP SSGA Emerging Markets Equity Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $4106436 |
| Foreign taxes withheld | (437085)<br>|
|  | 3669351 |
| **EXPENSES:** |  |
| Management fees | 421361 |
| Custodian fees | 129824 |
| Index fees | 84497 |
| Professional fees | 60139 |
| Shareholder servicing fees | 35940 |
| Accounting and administration expenses | 31913 |
| Pricing fees | 24357 |
| Distribution fees-Service Class | 21862 |
| Consulting fees | 13590 |
| Trustees' fees and expenses | 4001 |
| Reports and statements to shareholders | 3103 |
| Other | 5766 |
|  | 836353 |
| Less:  |  |
| Expenses reimbursed | (194842)<br>|
| Total operating expenses | 641511 |
| **NET INVESTMENT INCOME**  | 3027840 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments<sup>\*</sup> | 14281917 |
| Foreign currencies | 77273 |
| Futures contracts | (38942)<br>|
| Swap contracts | (372349)<br>|
| Net realized gain | 13947899 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments<sup>\*\*</sup> | 17882248 |
| Foreign currencies | 82627 |
| Futures contracts | 294609 |
| Swap contracts | 527207 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 18786691 |
| **NET REALIZED AND UNREALIZED GAIN** | 32734590 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $35762430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes $476,091 foreign capital gains taxes paid.

\*\* Includes $(5680) change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Emerging Markets Equity Index Fund** | **LVIP SSGA Emerging Markets Equity Index Fund** | **LVIP SSGA Emerging Markets Equity Index Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $3027840 | $6520784 |
| Net realized gain | 13947899 | 12185791 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 18786691 | 2690984 |
| Net increase in net assets resulting <br> from operations<br>| 35762430 | 21397559 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (7096949)<br>|
| Service Class |  | (416977)<br>|
|  |  | (7513926)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 6878383 | 12974648 |
| Service Class | 2198423 | 4497411 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 7096949 |
| Service Class |  | 416977 |
|  | 9076806 | 24985985 |
| Cost of shares redeemed: |  |  |
| Standard Class | (63710156)<br>| (107420092)<br>|
| Service Class | (2065072)<br>| (4359524)<br>|
|  | (65775228)<br>| (111779616)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (56698422)<br>| (86793631)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (20935992)<br>| (72909998)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 271253524 | 344163522 |
| End of period | $250317532 | $271253524 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Emerging Markets Equity Index Fund-22

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index 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; $10.413 | &nbsp;&nbsp; $10.015 | &nbsp;&nbsp; $9.522 | &nbsp;&nbsp; $12.488 | &nbsp;&nbsp; $13.244 | &nbsp;&nbsp; $11.537 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.133 | 0.224 | 0.238 | 0.256 | 0.238 | 0.189 |
| Net realized and unrealized gain (loss) | 1.477 | 0.465 | 0.588 | &nbsp;&nbsp; (2.906)<br>| &nbsp;&nbsp; (0.674)<br>| 1.776 |
| Total from investment operations | 1.610 | 0.689 | 0.826 | &nbsp;&nbsp; (2.650)<br>| &nbsp;&nbsp; (0.436)<br>| 1.965 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.316)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.214)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.044)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.316)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.258)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.023 | &nbsp;&nbsp; $10.413 | &nbsp;&nbsp; $10.015 | &nbsp;&nbsp; $9.522 | &nbsp;&nbsp; $12.488 | &nbsp;&nbsp; $13.244 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.46% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 8.83% | &nbsp;&nbsp; (21.19%)<br>| &nbsp;&nbsp; (3.30%)<br>| &nbsp;&nbsp; 17.20% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $230926 | &nbsp;&nbsp; $254576 | &nbsp;&nbsp; $328587 | &nbsp;&nbsp; $315286 | &nbsp;&nbsp; $815846 | &nbsp;&nbsp; $792366 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.57% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.74% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.67% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 36% |

---

&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 SSGA Emerging Markets Equity Index Fund-23

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index 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; $10.383 | &nbsp;&nbsp; $9.988 | &nbsp;&nbsp; $9.497 | &nbsp;&nbsp; $12.456 | &nbsp;&nbsp; $13.215 | &nbsp;&nbsp; $11.521 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.119 | 0.197 | 0.212 | 0.222 | 0.202 | 0.164 |
| Net realized and unrealized gain (loss) | 1.471 | 0.463 | 0.587 | &nbsp;&nbsp; (2.890)<br>| &nbsp;&nbsp; (0.668)<br>| 1.767 |
| Total from investment operations | 1.590 | 0.660 | 0.799 | &nbsp;&nbsp; (2.668)<br>| &nbsp;&nbsp; (0.466)<br>| 1.931 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.293)<br>| &nbsp;&nbsp; (0.193)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.044)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.293)<br>| &nbsp;&nbsp; (0.237)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.973 | &nbsp;&nbsp; $10.383 | &nbsp;&nbsp; $9.988 | &nbsp;&nbsp; $9.497 | &nbsp;&nbsp; $12.456 | &nbsp;&nbsp; $13.215 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.31% | &nbsp;&nbsp; 6.54% | &nbsp;&nbsp; 8.56% | &nbsp;&nbsp; (21.39%)<br>| &nbsp;&nbsp; (3.54%)<br>| &nbsp;&nbsp; 16.91% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $19391 | &nbsp;&nbsp; $16677 | &nbsp;&nbsp; $15577 | &nbsp;&nbsp; $14300 | &nbsp;&nbsp; $16247 | &nbsp;&nbsp; $8831 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.82% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.49% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.42% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 36% |

---

&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 SSGA Emerging Markets Equity Index Fund-24

------

**LVIP SSGA Emerging Markets Equity Index 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 SSGA Emerging Markets Equity Index Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to provide investment results that, before fees and expenses, correspond generally to the total return of an index that tracks performance of emerging market equity securities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices. Total return swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 SSGA Emerging Markets Equity Index Fund-25

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP SSGA Emerging Markets Equity Index Fund is $3,015,778 and $2,991,703 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.34% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.50% of the Fund's average daily net assets for the Standard Class and 0.75% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP SSGA Emerging Markets Equity Index Fund-26

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $559308 | &nbsp;&nbsp; $292174 | &nbsp;&nbsp; $464599 | &nbsp;&nbsp; $1316081 |

---

SSGA Funds Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $10748 |
| Legal | &nbsp;&nbsp; 1638 |

---

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 $415 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; $29116 |
| Management fees payable to LFI | &nbsp;&nbsp; 68024 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 3883 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 5802 |

---

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; $4009887 |
| Sales | &nbsp;&nbsp; 61114043 |

---

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; $166388601 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $107623399 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (23855281)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $83768118 |

---

LVIP SSGA Emerging Markets Equity Index Fund-27

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59572 |
| Brazil | &nbsp;&nbsp; 8086704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8086704 |
| Chile | &nbsp;&nbsp; 985306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 985306 |
| China | &nbsp;&nbsp; 1984909 | &nbsp;&nbsp; 57391114 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59376023 |
| Colombia | &nbsp;&nbsp; 57816 | &nbsp;&nbsp; 236883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 294699 |
| Czech Republic | &nbsp;&nbsp; 270504 | &nbsp;&nbsp; 150902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 421406 |
| Egypt | &nbsp;&nbsp; 18920 | &nbsp;&nbsp; 137347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156267 |
| Greece | &nbsp;&nbsp; 527180 | &nbsp;&nbsp; 1007561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1534741 |
| Hong Kong | &nbsp;&nbsp; 68750 | &nbsp;&nbsp; 1991018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2059768 |
| Hungary | &nbsp;&nbsp; 119261 | &nbsp;&nbsp; 606941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 726202 |
| India | &nbsp;&nbsp; 536105 | &nbsp;&nbsp; 44019884 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44555989 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 2891256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2891256 |
| Ireland | &nbsp;&nbsp; 2030404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2030404 |
| Kuwait | &nbsp;&nbsp; 1870833 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1870833 |
| Luxembourg | &nbsp;&nbsp; 127540 | &nbsp;&nbsp; 46779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174319 |
| Malaysia | &nbsp;&nbsp; 268406 | &nbsp;&nbsp; 2879095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3147501 |
| Mexico | &nbsp;&nbsp; 5114849 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5114849 |
| Netherlands | &nbsp;&nbsp; 122222 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122222 |
| Peru | &nbsp;&nbsp; 498578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 498578 |
| Philippines | &nbsp;&nbsp; 420237 | &nbsp;&nbsp; 716594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1136831 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 2762499 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2762499 |

---

LVIP SSGA Emerging Markets Equity Index Fund-28

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Qatar | &nbsp;&nbsp; $738514 | &nbsp;&nbsp; $1089999 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1828513 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 25298254 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25298254 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Saudi Arabia | &nbsp;&nbsp; 689008 | &nbsp;&nbsp; 7919378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8608386 |
| South Africa | &nbsp;&nbsp; 1652512 | &nbsp;&nbsp; 5430923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7083435 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 46611557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46611557 |
| Thailand | &nbsp;&nbsp; 446200 | &nbsp;&nbsp; 1985438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2431638 |
| Turkey | &nbsp;&nbsp; 158361 | &nbsp;&nbsp; 1141673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1300034 |
| United Arab Emirates | &nbsp;&nbsp; 1086805 | &nbsp;&nbsp; 2790204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3877009 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 641231 | &nbsp;&nbsp; — | &nbsp;&nbsp; 641231 |
| United States | &nbsp;&nbsp; 63882 | &nbsp;&nbsp; 444550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 508432 |
| Preferred Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; 2861754 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2861754 |
| Chile | &nbsp;&nbsp; 142475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 142475 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 1032148 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1032148 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10122 | &nbsp;&nbsp; 10122 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 8870 | &nbsp;&nbsp; 8892 |
| Money Market Fund | &nbsp;&nbsp; 9403970 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9403970 |
| **Total Investments** | &nbsp;&nbsp; $40352005 | &nbsp;&nbsp; $209282822 | &nbsp;&nbsp; $18992 | &nbsp;&nbsp; $249653819 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $146994 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $146994 |
| Swap Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $355906 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $355906 |

---

&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>|
| Rights | $10122 | Enterprise Value | Deal Terms - Intrinsic Value | # |
| Warrants | $8870 | Enterprise Value | Deal Terms - Intrinsic Value | # |
| Total | $18992 |  |  |  |

| 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. |

---

LVIP SSGA Emerging Markets Equity Index Fund-29

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 | $10386 | $— | $— | $— | $— | $(10386)<br>| $— | $— | $— | $— | $— |
| Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |
| Rights |  |  |  |  |  |  |  |  | 10122 | 10122 | 10122 |
| Warrants |  |  |  |  |  |  |  |  | 8870 | 8870 | 8870 |
| Total | $10386 | $— | $— | $— | $— | (10386)$| $— | $— | $18992 | $18992 | $18992 |

---

**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; 616763 | &nbsp;&nbsp; 1230224 |
| Service Class | &nbsp;&nbsp; 201819 | &nbsp;&nbsp; 423241 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 660094 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 38902 |
|  | &nbsp;&nbsp; 818582 | &nbsp;&nbsp; 2352461 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (5856788)<br>| &nbsp;&nbsp; (10252852)<br>|
| Service Class | &nbsp;&nbsp; (188482)<br>| &nbsp;&nbsp; (415422)<br>|
|  | &nbsp;&nbsp; (6045270)<br>| &nbsp;&nbsp; (10668274)<br>|
| Net decrease | &nbsp;&nbsp; (5226688)<br>| &nbsp;&nbsp; (8315813)<br>|

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of 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. The Fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity and minimizing costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily

LVIP SSGA Emerging Markets Equity Index Fund-30

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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 facilitate investments in portfolio securities; to reduce transaction costs and as a cash management tool.

Swap Contracts–The Fund enters into total return swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may also use total return swaps as a substitute for futures or options contracts if such contracts are not directly available to the Fund on favorable terms and to gain exposure to markets the Fund invests in.

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.

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> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $146994 | Receivables and other assets net of <br> liabilities<br>| $— |
| Swap contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 355906 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $502900 |  | $— |

---

LVIP SSGA Emerging Markets Equity Index Fund-31

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $(38942)<br>| &nbsp;&nbsp; $294609 |
| 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; (320513)<br>| &nbsp;&nbsp; 544546 |
| 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; (51836)<br>| &nbsp;&nbsp; (17339)<br>|
| Total |  | &nbsp;&nbsp; $(411291)<br>| &nbsp;&nbsp; $821816 |

---

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) | $4023186 | $— |
| Total return swap contracts (average notional value) | 6061021 | 5983914 |

---

At June 30, 2025, the Fund received cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| UBS AG | &nbsp;&nbsp; $310000 |
| Total | &nbsp;&nbsp; $310000 |

---

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** |
| UBS AG | &nbsp;&nbsp; $355906 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $355906 |
| Total | &nbsp;&nbsp; $355906 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $355906 |

---

&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>|
| UBS AG | &nbsp;&nbsp; $355906 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(310000)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45906 |
| Total | &nbsp;&nbsp; $355906 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(310000)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP SSGA Emerging Markets Equity Index Fund-32

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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.

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.

The Fund currently invests a significant portion of its assets in companies located in China, and therefore the Fund has more exposure to the risks specific to China. China is a developing market and may be subject to considerable degrees of economic, political and social instability. In the past couple of decades, the Chinese government has reformed economic and market practices and expanded the sphere of private ownership in China. Nevertheless, in general the Chinese markets continue to experience, among other things, inefficiency, volatility and pricing anomalies that result from government influence, unavailability of consistently reliable economic data, a lack of publicly available information, and/or political and social instability. Internal social unrest or confrontations with neighboring countries could also disrupt economic developments in China. Reduction in spending on Chinese products and services, institutions of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may adversely impact the Chinese economy. In addition, from time to time, China has experienced outbreaks of infectious illnesses, diseases or public health emergencies, and could again in the future. Any of these events could reduce consumer demand and/or economic output, result in closure of markets, impose restrictions on travel or quarantines, and could generally significantly impact the Chinese economy, which would adversely affect the Fund's investments in securities of issuers located in China.

In February 2022, Russia launched a large-scale invasion of Ukraine, significantly amplifying already existing geo-political tensions. The United States and many other countries have instituted various sanctions against Russian individuals and entities (including corporate and banking). The extent and duration of the military action, sanctions and other punitive actions taken, and resulting future market disruptions – both in Europe and globally – cannot easily be predicted but could be significant and have a severe adverse effect on Russia and Europe in general. In addition, there are significant risks due to the relatively recent formation of the Russian securities markets as well as the underdeveloped state of Russia's banking system, settlement, clearing and registration of securities transactions.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual

LVIP SSGA Emerging Markets Equity Index Fund-33

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**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 SSGA Emerging Markets Equity Index Fund-34

------

![](img4d75bd4f1.jpg)

![](img65a69e792.jpg)

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_28969d53-a17c-4bd7-ac01-5624ee514cdd_SOI-continued-277_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_28969d53-a17c-4bd7-ac01-5624ee514cdd_FS-continued-277_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_28969d53-a17c-4bd7-ac01-5624ee514cdd_FS-continued-277_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_28969d53-a17c-4bd7-ac01-5624ee514cdd_FS-continued-277_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_28969d53-a17c-4bd7-ac01-5624ee514cdd_FIHI-continued-277_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_28969d53-a17c-4bd7-ac01-5624ee514cdd_NTF-continued-277_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP SSGA Global Tactical Allocation 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 INVESTMENTS–50.75%** | **AFFILIATED INVESTMENTS–50.75%** | **AFFILIATED INVESTMENTS–50.75%** |
| **INVESTMENT COMPANIES–50.75%** | **INVESTMENT COMPANIES–50.75%** | **INVESTMENT COMPANIES–50.75%** |
| **Equity Funds–19.50%** | **Equity Funds–19.50%** | **Equity Funds–19.50%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 4469173 | $70309020 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 905001 | 11558676 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 729718 | 23476496 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 360257 | 11584430 |
|  |  | **116928622** |
| **Fixed Income Fund–18.31%** | **Fixed Income Fund–18.31%** | **Fixed Income Fund–18.31%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 10819025 | 109823920 |
|  |  | **109823920** |
| **International Equity Funds–12.94%** | **International Equity Funds–12.94%** | **International Equity Funds–12.94%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 1251210 | 11253389 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 5264891 | 51938150 |
| LVIP SSGA International <br> Index Fund<br>| 1145316 | 14402346 |
|  |  | **77593885** |
| **Total Affiliated Investments** <br>**(Cost $237,356,199)**<br>|  | **304346427** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–49.13%** | **UNAFFILIATED INVESTMENTS–49.13%** | **UNAFFILIATED INVESTMENTS–49.13%** |
| **INVESTMENT COMPANIES–49.13%** | **INVESTMENT COMPANIES–49.13%** | **INVESTMENT COMPANIES–49.13%** |
| **Equity Funds–19.25%** | **Equity Funds–19.25%** | **Equity Funds–19.25%** |
| Communication Services <br> Select Sector SPDR<sup>®</sup> Fund<br>| 109368 | 11869709 |
| Consumer Staples Select <br> Sector SPDR<sup>®</sup> Fund<br>| 138848 | 11242523 |
| Health Care Select Sector <br> SPDR<sup>®</sup> Fund<br>| 84387 | 11374524 |
| SPDR<sup>®</sup> Portfolio S&P 600 <br> Small Cap ETF<br>| 607924 | 25897562 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| SPDR<sup>®</sup> S&P 500 ETF Trust | 59154 | $36548299 |
| SPDR Dow Jones REIT ETF | 91678 | 8841426 |
| †SPDR<sup>®</sup> Gold Shares | 31652 | 9648479 |
|  |  | **115422522** |
| **Fixed Income Funds–19.53%** | **Fixed Income Funds–19.53%** | **Fixed Income Funds–19.53%** |
| Invesco Optimum Yield <br> Diversified Commodity <br> Strategy No K-1 ETF<br>| 139727 | 1822040 |
| SPDR<sup>®</sup> Portfolio Aggregate <br> Bond ETF<br>| 451671 | 11562778 |
| SPDR<sup>®</sup> Portfolio Long Term <br> Corporate Bond ETF<br>| 908039 | 20494440 |
| SPDR<sup>®</sup> Portfolio Long Term <br> Treasury ETF<br>| 220389 | 5857940 |
| SPDR<sup>®</sup> Portfolio TIPS ETF | 1747033 | 45527680 |
| SPDR<sup>®</sup> Bloomberg Barclays <br> High Yield Bond ETF<br>| 118594 | 11535638 |
| SPDR<sup>®</sup> FTSE International <br> Government <br> Inflation-Protected Bond <br> ETF<br>| 292914 | 11681410 |
| SPDR<sup>®</sup> Portfolio <br> Intermediate Term <br> Corporate Bond ETF<br>| 257645 | 8651719 |
|  |  | **117133645** |
| **International Equity Fund–4.27%** | **International Equity Fund–4.27%** | **International Equity Fund–4.27%** |
| SPDR<sup>®</sup> Portfolio Emerging <br> Markets ETF<br>| 599068 | 25604167 |
|  |  | **25604167** |
| **Money Market Fund–6.08%** | **Money Market Fund–6.08%** | **Money Market Fund–6.08%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 36444580 | 36444580 |
|  |  | **36444580** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $276,343,716)**<br>|  | **294604914** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.88% (Cost $513,699,915)** | **598951341** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.12%** | **730423** |
| **NET ASSETS APPLICABLE TO 48,032,205 SHARES OUTSTANDING–100.00%** | **$599681764** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> †Non-income producing.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-1

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at 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 British Pound Currency Futures | &nbsp;&nbsp; $600469 | &nbsp;&nbsp; $591956 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $8513 | &nbsp;&nbsp; $— |
| 7 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1035650 | &nbsp;&nbsp; 1010372 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 25278 | &nbsp;&nbsp; — |
| 8 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 699450 | &nbsp;&nbsp; 697741 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 1709 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 35500 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 17 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 1862945 | &nbsp;&nbsp; 1833812 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 29133 | &nbsp;&nbsp; — |
| 22 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 6879125 | &nbsp;&nbsp; 6690354 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 188771 | &nbsp;&nbsp; — |
| 5 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1562751 | &nbsp;&nbsp; 1539401 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 23350 | &nbsp;&nbsp; — |
| 16 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 1003991 | &nbsp;&nbsp; 1008631 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4640)<br>|
| 5 | FTSE 100 Index Futures | &nbsp;&nbsp; 603245 | &nbsp;&nbsp; 608315 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5070)<br>|
| 11 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 678425 | &nbsp;&nbsp; 668386 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 10039 | &nbsp;&nbsp; — |
| 3 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 843929 | &nbsp;&nbsp; 800398 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 43531 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 294824 | &nbsp;&nbsp; (9710)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $330324 | &nbsp;&nbsp; $(9710)<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 |
| ETF–Exchange-Traded Fund |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OSE–Osaka Securities Exchange |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |
| SPDR–Standard & Poor's Depositary Receipt |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Global Tactical Allocation Managed Volatility Fund** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $304346427 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 294604914 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 1057451 |
| Dividends and interest receivable  | &nbsp;&nbsp; 234808 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 49341 |
| Receivable for fund shares sold | &nbsp;&nbsp; 8847 |
| Prepaid expenses | &nbsp;&nbsp; 2158 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 600303946 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 308951 |
| Due to manager and affiliates | &nbsp;&nbsp; 272552 |
| Payable for fund accounting fee | &nbsp;&nbsp; 14625 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Other accrued expenses payable | &nbsp;&nbsp; 12021 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 622182 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $599681764 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $276343716 |
| Affiliated investments, at cost | &nbsp;&nbsp; 237356199 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $48356991 |
| Shares Outstanding | &nbsp;&nbsp; 3869747 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.496 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $551324773 |
| Shares Outstanding | &nbsp;&nbsp; 44162458 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.484 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $527638522 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 72043242 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $599681764 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Global Tactical Allocation Managed** <br> **Volatility Fund** | **LVIP SSGA Global Tactical Allocation Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $3192169 |
| Dividends from affiliated investments | 732287 |
|  | 3924456 |
| **EXPENSES:** |  |
| Management fees | 1190709 |
| Distribution fees-Service Class | 685670 |
| Shareholder servicing fees | 86326 |
| Accounting and administration expenses | 50024 |
| Professional fees | 24372 |
| Trustees' fees and expenses | 9058 |
| Reports and statements to shareholders | 8016 |
| Consulting fees | 3946 |
| Custodian fees | 3827 |
| Pricing fees | 369 |
| Other | 8849 |
|  | 2071166 |
| Less:  |  |
| Management fees waived | (297677)<br>|
| Total operating expenses | 1773489 |
| **NET INVESTMENT INCOME**  | 2150967 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 13526356 |
| Sale of unaffiliated investments | 19092180 |
| Foreign currencies | (5268)<br>|
| Futures contracts | (11300151)<br>|
| Net realized gain | 21313117 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 17145961 |
| Unaffiliated investments | (8969513)<br>|
| Foreign currencies | (1751)<br>|
| Futures contracts | 834476 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 9009173 |
| **NET REALIZED AND UNREALIZED GAIN** | 30322290 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $32473257 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Global Tactical Allocation Managed** <br> **Volatility Fund** | **LVIP SSGA Global Tactical Allocation Managed** <br> **Volatility Fund** | **LVIP SSGA Global Tactical Allocation Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $2150967 | $14575949 |
| Net realized gain | 21313117 | 38852072 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 9009173 | 7325820 |
| Net increase in net assets resulting <br> from operations<br>| 32473257 | 60753841 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (1688624)<br>|
| Service Class |  | (18635550)<br>|
|  |  | (20324174)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 2792582 | 6528667 |
| Service Class | 4489493 | 8808871 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 1688624 |
| Service Class |  | 18635550 |
|  | 7282075 | 35661712 |
| Cost of shares redeemed: |  |  |
| Standard Class | (4484836)<br>| (12054209)<br>|
| Service Class | (50089781)<br>| (107301443)<br>|
|  | (54574617)<br>| (119355652)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (47292542)<br>| (83693940)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (14819285)<br>| (43264273)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 614501049 | 657765322 |
| End of period | $599681764 | $614501049 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-4

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation 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; $11.820 | &nbsp;&nbsp; $11.141 | &nbsp;&nbsp; $10.055 | &nbsp;&nbsp; $12.490 | &nbsp;&nbsp; $12.446 | &nbsp;&nbsp; $12.268 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.057 | 0.294 | 0.257 | 0.338 | 0.375 | 0.198 |
| Net realized and unrealized gain (loss) | 0.619 | 0.816 | 1.102 | &nbsp;&nbsp; (2.137)<br>| 1.185 | 0.615 |
| Total from investment operations | 0.676 | 1.110 | 1.359 | &nbsp;&nbsp; (1.799)<br>| 1.560 | 0.813 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.379)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.427)<br>| &nbsp;&nbsp; (0.678)<br>| &nbsp;&nbsp; (0.220)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.838)<br>| &nbsp;&nbsp; (0.415)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.431)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.636)<br>| &nbsp;&nbsp; (1.516)<br>| &nbsp;&nbsp; (0.635)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.496 | &nbsp;&nbsp; $11.820 | &nbsp;&nbsp; $11.141 | &nbsp;&nbsp; $10.055 | &nbsp;&nbsp; $12.490 | &nbsp;&nbsp; $12.446 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 5.72% | &nbsp;&nbsp; 9.97% | &nbsp;&nbsp; 13.51% | &nbsp;&nbsp; (14.33%)<br>| &nbsp;&nbsp; 12.58% | &nbsp;&nbsp; 7.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $48357 | &nbsp;&nbsp; $47406 | &nbsp;&nbsp; $48276 | &nbsp;&nbsp; $43718 | &nbsp;&nbsp; $55090 | &nbsp;&nbsp; $48644 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.95% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 3.05% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 1.71% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.85% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 2.95% | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 1.61% |
| Portfolio turnover | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 112% | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 81% |

---

&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 SSGA Global Tactical Allocation Managed Volatility Fund-5

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation 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; $11.823 | &nbsp;&nbsp; $11.142 | &nbsp;&nbsp; $10.056 | &nbsp;&nbsp; $12.489 | &nbsp;&nbsp; $12.446 | &nbsp;&nbsp; $12.270 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.042 | 0.264 | 0.230 | 0.310 | 0.341 | 0.169 |
| Net realized and unrealized gain (loss) | 0.619 | 0.816 | 1.101 | &nbsp;&nbsp; (2.136)<br>| 1.184 | 0.612 |
| Total from investment operations | 0.661 | 1.080 | 1.331 | &nbsp;&nbsp; (1.826)<br>| 1.525 | 0.781 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.347)<br>| &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.398)<br>| &nbsp;&nbsp; (0.644)<br>| &nbsp;&nbsp; (0.190)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.838)<br>| &nbsp;&nbsp; (0.415)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.399)<br>| &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.607)<br>| &nbsp;&nbsp; (1.482)<br>| &nbsp;&nbsp; (0.605)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.484 | &nbsp;&nbsp; $11.823 | &nbsp;&nbsp; $11.142 | &nbsp;&nbsp; $10.056 | &nbsp;&nbsp; $12.489 | &nbsp;&nbsp; $12.446 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 5.59% | &nbsp;&nbsp; 9.70% | &nbsp;&nbsp; 13.22% | &nbsp;&nbsp; (14.54%)<br>| &nbsp;&nbsp; 12.29% | &nbsp;&nbsp; 6.75% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $551325 | &nbsp;&nbsp; $567095 | &nbsp;&nbsp; $609490 | &nbsp;&nbsp; $610555 | &nbsp;&nbsp; $795264 | &nbsp;&nbsp; $794835 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.70% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 2.80% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.46% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.60% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 1.36% |
| Portfolio turnover | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 112% | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 81% |

---

&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 SSGA Global Tactical Allocation Managed Volatility Fund-6

------

**LVIP SSGA Global Tactical Allocation 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 SSGA Global Tactical Allocation Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange-traded funds ("ETFs"), that are advised by Lincoln Financial Investments Corporation ("LFI") or other unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek long-term growth of capital. Current income is not a consideration.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds 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 SSGA Global Tactical Allocation Managed Volatility Fund-7

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

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 0.40% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

SSGA Funds Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $25544 |
| Legal | &nbsp;&nbsp; 3893 |

---

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 $3,810 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 SSGA Global Tactical Allocation Managed Volatility Fund-8

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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 liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $146161 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 111997 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 265 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14129 |

---

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 COMPANIES-50.75%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-19.50%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Large Cap Equity Fund<br>| $72427153 | $4549999 | $11161607 | $1577658 | $2915817 | $70309020 | 4469173 | $— | $— |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> SMID Cap Equity Fund<br>| 11578748 | 1490000 | 1500000 | 67462 | (77534)<br>| 11558676 | 905001 |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | 42243282 | 1420001 | 22370000 | 5155938 | (2972725)<br>| 23476496 | 729718 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 11581391 | 1600001 | 1470000 | 22775 | (149737)<br>| 11584430 | 360257 |  |  |
| **Fixed Income Funds-18.31%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 94427495 | 16623725 | 5095196 | (583845)<br>| 4451741 | 109823920 | 10819025 |  |  |
| ×SPDR<sup>®</sup> Portfolio TIPS ETF | 46855720 | 2701609 | 5458137 | (352001)<br>| 1780488 |  |  | 732287 |  |
| **International Equity Funds-12.94%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Emerging Markets Equity Fund<br>| 23836999 |  | 14674540 | 1210809 | 880121 | 11253389 | 1251210 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> International Equity Fund<br>| 53512995 | 2450000 | 15278399 | 1847295 | 9406259 | 51938150 | 5264891 |  |  |
| ✧✧LVIP SSGA International Index Fund | 29710550 | 1570000 | 22370000 | 4580265 | 911531 | 14402346 | 1145316 |  |  |
| Total | $386174333 | $32405335 | $99377879 | $13526356 | $17145961 | $304346427 |  | $732287 | $— |

---

&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 affiliate of the Fund at June 30, 2025. |

---

**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; $342670712 |
| Sales | &nbsp;&nbsp; 390418438 |

---

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-9

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At 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; $513699915 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $90262036 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (4689996)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $85572040 |

---

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)

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 Companies | &nbsp;&nbsp; $304346427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $304346427 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 294604914 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 294604914 |
| **Total Investments** | &nbsp;&nbsp; $598951341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $598951341 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $330324 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $330324 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(9710)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9710)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-10

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. 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; 233931 | &nbsp;&nbsp; 558724 |
| Service Class | &nbsp;&nbsp; 376821 | &nbsp;&nbsp; 752692 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 143104 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1578749 |
|  | &nbsp;&nbsp; 610752 | &nbsp;&nbsp; 3033269 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (374807)<br>| &nbsp;&nbsp; (1024364)<br>|
| Service Class | &nbsp;&nbsp; (4178146)<br>| &nbsp;&nbsp; (9067748)<br>|
|  | &nbsp;&nbsp; (4552953)<br>| &nbsp;&nbsp; (10092112)<br>|
| Net decrease | &nbsp;&nbsp; (3942201)<br>| &nbsp;&nbsp; (7058843)<br>|

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of 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; as a cash management tool and to hedge currency risks associated with the Fund's investments.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-11

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 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>| $294824 | Variation margin due from broker on <br> futures contracts<br>| $(9710)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 35500 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $330324 |  | $(9710)<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; $(10831071)<br>| &nbsp;&nbsp; $749121 |
| 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; (469080)<br>| &nbsp;&nbsp; 85355 |
| Total |  | &nbsp;&nbsp; $(11300151)<br>| &nbsp;&nbsp; $834476 |

---

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) | $12032670 | $8844424 |

---

**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.

**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 SSGA Global Tactical Allocation Managed Volatility Fund-12

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-13

------

![](imge9f2ee041.jpg)

LVIP SSGA International Index Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA International Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_cb9c0e46-07ef-493a-85da-587232a3ad3e_SOI-continued-265_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_cb9c0e46-07ef-493a-85da-587232a3ad3e_FS-continued-265_1)**  | &nbsp;&nbsp; **11** |
| **[Statements of Changes in Net Assets](#xx_cb9c0e46-07ef-493a-85da-587232a3ad3e_FS-continued-265_1)**  | &nbsp;&nbsp; **11** |
| **[Financial Highlights](#xx_cb9c0e46-07ef-493a-85da-587232a3ad3e_FIHI-continued-265_1)**  | &nbsp;&nbsp; **12** |
| **[Notes to Financial Statements](#xx_cb9c0e46-07ef-493a-85da-587232a3ad3e_NTF-continued-265_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP SSGA International Index 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–98.18%** | **ΔCOMMON STOCK–98.18%** | **ΔCOMMON STOCK–98.18%** |
| **Australia–6.65%** | **Australia–6.65%** | **Australia–6.65%** |
| ANZ Group Holdings Ltd. | 390972 | $7497586 |
| APA Group | 152822 | 821688 |
| Aristocrat Leisure Ltd. | 73148 | 3134009 |
| ASX Ltd. | 23144 | 1062667 |
| BHP Group Ltd. | 656546 | 15794918 |
| BlueScope Steel Ltd. | 53459 | 814637 |
| Brambles Ltd. | 181033 | 2795837 |
| CAR Group Ltd. | 46746 | 1151226 |
| Cochlear Ltd. | 8771 | 1734694 |
| Coles Group Ltd. | 167713 | 2299701 |
| Commonwealth Bank of <br> Australia<br>| 217014 | 26412400 |
| Computershare Ltd. | 70157 | 1840504 |
| CSL Ltd. | 62412 | 9858635 |
| Evolution Mining Ltd. | 264067 | 1374810 |
| Fortescue Ltd. | 217502 | 2186380 |
| Goodman Group | 265600 | 5987850 |
| Insurance Australia Group <br> Ltd.<br>| 291622 | 1733699 |
| †James Hardie Industries <br> PLC CDI<br>| 51957 | 1395218 |
| Lottery Corp. Ltd. | 273677 | 960066 |
| Macquarie Group Ltd. | 46425 | 6982581 |
| Medibank Pvt Ltd. | 328616 | 1091301 |
| National Australia Bank <br> Ltd.<br>| 394823 | 10232942 |
| Northern Star Resources <br> Ltd.<br>| 179107 | 2212354 |
| Origin Energy Ltd. | 221976 | 1577790 |
| Pro Medicus Ltd. | 6938 | 1298340 |
| Qantas Airways Ltd. | 81915 | 578695 |
| QBE Insurance Group Ltd. | 200510 | 3087678 |
| REA Group Ltd. | 6755 | 1069714 |
| Reece Ltd. | 31830 | 300766 |
| Rio Tinto Ltd. | 46872 | 3318079 |
| Santos Ltd. | 421918 | 2127253 |
| Scentre Group | 637309 | 1496857 |
| SGH Ltd. | 23773 | 846654 |
| Sigma Healthcare Ltd. | 608939 | 1198572 |
| Sonic Healthcare Ltd. | 53733 | 948451 |
| South32 Ltd. | 575988 | 1100054 |
| Stockland | 296477 | 1047785 |
| Suncorp Group Ltd. | 140533 | 2002826 |
| Telstra Group Ltd. | 493852 | 1574708 |
| Transurban Group | 394368 | 3628563 |
| Vicinity Ltd. | 520528 | 849743 |
| Washington H Soul <br> Pattinson & Co. Ltd.<br>| 31462 | 869784 |
| Wesfarmers Ltd. | 148953 | 8312672 |
| Westpac Banking Corp. | 441151 | 9831723 |
| WiseTech Global Ltd. | 25767 | 1847902 |
| Woodside Energy Group <br> Ltd.<br>| 241444 | 3729564 |
| Woolworths Group Ltd. | 162397 | 3326510 |
|  |  | **165346386** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Austria–0.21%** | **Austria–0.21%** | **Austria–0.21%** |
| Erste Group Bank AG | 39912 | $3397521 |
| OMV AG | 21394 | 1163431 |
| Verbund AG | 8463 | 650182 |
|  |  | **5211134** |
| **Belgium–0.85%** | **Belgium–0.85%** | **Belgium–0.85%** |
| Ageas SA | 20728 | 1402200 |
| Anheuser-Busch InBev SA | 130355 | 8968475 |
| D'ieteren Group | 3136 | 675335 |
| Elia Group SA | 6473 | 747595 |
| Groupe Bruxelles Lambert <br> NV<br>| 10477 | 894326 |
| KBC Group NV | 31196 | 3219726 |
| Lotus Bakeries NV | 58 | 558884 |
| Sofina SA | 1899 | 628092 |
| Syensqo SA | 10974 | 850094 |
| UCB SA | 16349 | 3216793 |
|  |  | **21161520** |
| **Chile–0.05%** | **Chile–0.05%** | **Chile–0.05%** |
| Antofagasta PLC | 47794 | 1188295 |
|  |  | **1188295** |
| **China–0.06%** | **China–0.06%** | **China–0.06%** |
| Futu Holdings Ltd. ADR | 6800 | 840412 |
| Yangzijiang Shipbuilding <br> Holdings Ltd.<br>| 361800 | 631377 |
|  |  | **1471789** |
| **Denmark–2.21%** | **Denmark–2.21%** | **Denmark–2.21%** |
| AP Moller - Maersk AS <br> Class A<br>| 396 | 730604 |
| AP Moller - Maersk AS <br> Class B<br>| 566 | 1052589 |
| Carlsberg AS Class B | 12139 | 1719893 |
| Coloplast AS Class B | 17887 | 1702895 |
| Danske Bank AS | 89469 | 3654254 |
| †Demant AS | 14412 | 602156 |
| DSV AS | 26931 | 6459514 |
| †Genmab AS | 8528 | 1770996 |
| Novo Nordisk AS Class B | 425612 | 29492361 |
| Novonesis Novozymes B <br> Class B<br>| 48472 | 3480138 |
| †Orsted AS | 20945 | 902282 |
| Pandora AS | 10437 | 1838950 |
| Rockwool AS Class B | 10898 | 510814 |
| Tryg AS | 44560 | 1151929 |
|  |  | **55069375** |
| **Faeroe Islands–0.08%** | **Faeroe Islands–0.08%** | **Faeroe Islands–0.08%** |
| Vestas Wind Systems AS | 129204 | 1940767 |
|  |  | **1940767** |
| **Finland–1.08%** | **Finland–1.08%** | **Finland–1.08%** |
| Elisa OYJ | 19955 | 1109128 |

---

LVIP SSGA International Index Fund-1

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Fortum OYJ | 65803 | $1233924 |
| Kesko OYJ Class B | 33764 | 832761 |
| Kone OYJ Class B | 43863 | 2889728 |
| Metso OYJ | 88178 | 1142772 |
| Neste OYJ | 59768 | 809985 |
| Nokia OYJ | 691897 | 3589996 |
| Nordea Bank Abp | 415970 | 6179660 |
| Orion OYJ Class B | 15299 | 1150997 |
| Sampo OYJ Class A | 314941 | 3389555 |
| Stora Enso OYJ Class R | 85154 | 925759 |
| UPM-Kymmene OYJ | 68173 | 1861670 |
| Wartsila OYJ Abp | 70882 | 1675251 |
|  |  | **26791186** |
| **France–10.65%** | **France–10.65%** | **France–10.65%** |
| Accor SA | 24200 | 1268285 |
| Aeroports de Paris SA | 4365 | 547250 |
| Air Liquide SA | 75070 | 15479514 |
| Airbus SE | 77077 | 16124560 |
| †Alstom SA | 42561 | 993414 |
| Amundi SA | 7069 | 572984 |
| Arkema SA | 6396 | 472303 |
| AXA SA | 229362 | 11262829 |
| BioMerieux | 5068 | 700989 |
| BNP Paribas SA | 131787 | 11821518 |
| Bollore SE | 80826 | 508023 |
| Bouygues SA | 24069 | 1088514 |
| Bureau Veritas SA | 39775 | 1357612 |
| Capgemini SE | 21467 | 3675933 |
| Carrefour SA | 73313 | 1034170 |
| Cie de Saint-Gobain SA | 59569 | 6997882 |
| Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 89504 | 3329031 |
| Covivio SA | 5908 | 374592 |
| Credit Agricole SA | 138293 | 2616267 |
| Danone SA | 85799 | 7020360 |
| Dassault Aviation SA | 2386 | 843623 |
| Dassault Systemes SE | 90145 | 3267003 |
| Edenred SE | 30984 | 962379 |
| Eiffage SA | 8605 | 1209117 |
| Engie SA | 234061 | 5501088 |
| EssilorLuxottica SA | 39157 | 10752227 |
| Eurazeo SE | 4274 | 305560 |
| FDJ UNITED | 12148 | 476692 |
| Gecina SA | 6125 | 674267 |
| Getlink SE | 35734 | 689810 |
| Hermes International SCA | 4100 | 11114548 |
| Ipsen SA | 4269 | 508514 |
| Kering SA | 9906 | 2158078 |
| Klepierre SA | 26339 | 1041425 |
| Legrand SA | 35268 | 4726919 |
| L'Oreal SA | 31176 | 13354356 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 35742 | 18706652 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Orange SA | 244174 | $3718327 |
| Pernod Ricard SA | 26288 | 2622264 |
| Publicis Groupe SA | 30430 | 3436910 |
| Renault SA | 24966 | 1152057 |
| Rexel SA | 26542 | 818626 |
| Safran SA | 46696 | 15228701 |
| Sanofi SA | 144007 | 13941859 |
| Sartorius Stedim Biotech | 3741 | 895081 |
| Schneider Electric SE | 71038 | 19072633 |
| Societe Generale SA | 92273 | 5278403 |
| Sodexo SA | 10485 | 645315 |
| Teleperformance SE | 6379 | 619575 |
| Thales SA | 12166 | 3592311 |
| TotalEnergies SE | 265208 | 16210222 |
| †Unibail-Rodamco<br> - Westfield<br>| 9056 | 870532 |
| †Unibail-Rodamco-Westfield <br> CDI<br>| 147580 | 695475 |
| Veolia Environnement SA | 83024 | 2964113 |
| Vinci SA | 63968 | 9433385 |
|  |  | **264734077** |
| **Germany–9.89%** | **Germany–9.89%** | **Germany–9.89%** |
| adidas AG | 22613 | 5278552 |
| Allianz SE | 50183 | 20365938 |
| BASF SE | 114595 | 5667812 |
| Bayer AG | 125111 | 3769257 |
| Bayerische Motoren Werke <br> AG<br>| 37880 | 3373568 |
| Beiersdorf AG | 13354 | 1678571 |
| Brenntag SE | 15432 | 1022369 |
| Commerzbank AG | 117173 | 3692476 |
| Continental AG | 13816 | 1205830 |
| †Covestro AG | 22818 | 1623460 |
| CTS Eventim AG & Co. <br> KGaA<br>| 7577 | 942205 |
| Daimler Truck Holding AG | 62857 | 2982185 |
| †Delivery Hero SE | 25006 | 678718 |
| Deutsche Bank AG | 238208 | 7061779 |
| Deutsche Boerse AG | 24283 | 7933003 |
| Deutsche Lufthansa AG | 80787 | 685852 |
| Deutsche Post AG | 123293 | 5710915 |
| Deutsche Telekom AG | 453225 | 16589666 |
| E.ON SE | 296822 | 5469133 |
| Evonik Industries AG | 32539 | 672210 |
| Fresenius Medical Care <br> AG<br>| 25847 | 1485043 |
| Fresenius SE & Co. KGaA | 55692 | 2802577 |
| GEA Group AG | 17678 | 1239230 |
| Hannover Rueck SE | 7947 | 2504207 |
| Heidelberg Materials AG | 17648 | 4156046 |
| Henkel AG & Co. KGaA | 12686 | 920056 |
| Infineon Technologies AG | 168236 | 7178973 |
| Knorr-Bremse AG | 9088 | 881508 |
| LEG Immobilien SE | 8942 | 795941 |

---

LVIP SSGA International Index Fund-2

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Mercedes-Benz Group AG | 92675 | $5399263 |
| Merck KGaA | 17049 | 2210546 |
| MTU Aero Engines AG | 7124 | 3164863 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen<br>| 17316 | 11243878 |
| Nemetschek SE | 7140 | 1035249 |
| Rational AG | 579 | 486533 |
| Rheinmetall AG | 5810 | 12303826 |
| RWE AG | 84183 | 3517857 |
| SAP SE | 136042 | 41598868 |
| Scout24 SE | 9307 | 1284820 |
| Siemens AG | 98857 | 25392245 |
| †Siemens Energy AG | 87698 | 10250225 |
| Siemens Healthineers AG | 44627 | 2477439 |
| Symrise AG | 17038 | 1786680 |
| Talanx AG | 7852 | 1017947 |
| Vonovia SE | 101074 | 3583415 |
| †Zalando SE | 27840 | 918646 |
|  |  | **246039380** |
| **Hong Kong–2.14%** | **Hong Kong–2.14%** | **Hong Kong–2.14%** |
| AIA Group Ltd. | 1421200 | 12873854 |
| BOC Hong Kong Holdings <br> Ltd.<br>| 510500 | 2222330 |
| CK Asset Holdings Ltd. | 274300 | 1212083 |
| CK Hutchison Holdings <br> Ltd.<br>| 361160 | 2223908 |
| CK Infrastructure Holdings <br> Ltd.<br>| 76500 | 506602 |
| CLP Holdings Ltd. | 209500 | 1769386 |
| Galaxy Entertainment <br> Group Ltd.<br>| 305000 | 1359567 |
| Hang Seng Bank Ltd. | 102600 | 1539633 |
| Henderson Land <br> Development Co. Ltd.<br>| 170149 | 597563 |
| HKT Trust & HKT Ltd. | 581592 | 869521 |
| Hong Kong & China Gas Co. <br> Ltd.<br>| 1462358 | 1229536 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 158108 | 8504081 |
| Hongkong Land Holdings <br> Ltd.<br>| 134800 | 777796 |
| Jardine Matheson Holdings <br> Ltd.<br>| 22400 | 1076604 |
| Link REIT | 367366 | 1967793 |
| MTR Corp. Ltd. | 186157 | 669401 |
| Power Assets Holdings Ltd. | 182000 | 1170180 |
| Prudential PLC | 344101 | 4306851 |
| †Sands China Ltd. | 360668 | 753771 |
| Sino Land Co. Ltd. | 549657 | 585458 |
| SITC International <br> Holdings Co. Ltd.<br>| 149000 | 477373 |
| Sun Hung Kai Properties <br> Ltd.<br>| 185005 | 2131821 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Swire Pacific Ltd. Class A | 45500 | $390031 |
| Techtronic Industries Co. <br> Ltd.<br>| 192000 | 2118522 |
| WH Group Ltd. | 1050840 | 1012791 |
| Wharf Holdings Ltd. | 112000 | 340996 |
| Wharf Real Estate <br> Investment Co. Ltd.<br>| 228000 | 647199 |
|  |  | **53334651** |
| **Ireland–0.85%** | **Ireland–0.85%** | **Ireland–0.85%** |
| AerCap Holdings NV | 23100 | 2702700 |
| AIB Group PLC | 291297 | 2404030 |
| Bank of Ireland Group PLC | 127409 | 1815594 |
| DCC PLC | 14132 | 917175 |
| Experian PLC | 120481 | 6212753 |
| Kerry Group PLC Class A | 20217 | 2233704 |
| Kingspan Group PLC | 20993 | 1788800 |
| Ryanair Holdings PLC | 112122 | 3180420 |
|  |  | **21255176** |
| **Isle of Man–0.04%** | **Isle of Man–0.04%** | **Isle of Man–0.04%** |
| Entain PLC | 70318 | 870932 |
|  |  | **870932** |
| **Israel–0.91%** | **Israel–0.91%** | **Israel–0.91%** |
| Azrieli Group Ltd. | 4610 | 424530 |
| Bank Hapoalim BM | 173582 | 3334174 |
| Bank Leumi Le-Israel BM | 194377 | 3616489 |
| †Check Point Software <br> Technologies Ltd.<br>| 11464 | 2536410 |
| †CyberArk Software Ltd. | 6500 | 2644720 |
| Elbit Systems Ltd. | 3376 | 1503783 |
| ICL Group Ltd. | 95041 | 652482 |
| Isracard Ltd. | 0 | 3 |
| Israel Discount Bank Ltd. <br> Class A<br>| 158477 | 1580764 |
| Mizrahi Tefahot Bank Ltd. | 19639 | 1281087 |
| †Nice Ltd. | 8854 | 1500868 |
| †Teva Pharmaceutical <br> Industries Ltd.<br>| 139930 | 2354206 |
| †Teva Pharmaceutical <br> Industries Ltd. ADR<br>| 3169 | 53112 |
| †Wix.com Ltd. | 7500 | 1188450 |
|  |  | **22671078** |
| **Italy–2.99%** | **Italy–2.99%** | **Italy–2.99%** |
| Banca Mediolanum SpA | 29489 | 508190 |
| Banco BPM SpA | 149863 | 1749280 |
| BPER Banca SpA | 139392 | 1265161 |
| Davide Campari-Milano NV | 79179 | 533062 |
| DiaSorin SpA | 2359 | 252484 |
| Enel SpA | 1069281 | 10148234 |
| Eni SpA | 284561 | 4596833 |
| Ferrari NV | 16555 | 8110476 |

---

LVIP SSGA International Index Fund-3

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| FinecoBank Banca Fineco <br> SpA<br>| 81994 | $1818918 |
| Generali | 113834 | 4049247 |
| Infrastrutture Wireless <br> Italiane SpA<br>| 39572 | 483885 |
| Intesa Sanpaolo SpA | 1991906 | 11474199 |
| Leonardo SpA | 53810 | 3036332 |
| Mediobanca Banca di <br> Credito Finanziario SpA<br>| 67052 | 1560365 |
| Moncler SpA | 31180 | 1778554 |
| Nexi SpA | 83807 | 500521 |
| Poste Italiane SpA | 58233 | 1251186 |
| Prysmian SpA | 38335 | 2714087 |
| Recordati Industria <br> Chimica e Farmaceutica <br> SpA<br>| 15988 | 1004926 |
| Snam SpA | 277650 | 1680807 |
| †Telecom Italia SpA | 1413179 | 698273 |
| Terna - Rete Elettrica <br> Nazionale<br>| 194560 | 2000265 |
| UniCredit SpA | 183852 | 12333410 |
| Unipol Assicurazioni SpA | 43742 | 866300 |
|  |  | **74414995** |
| **Japan–21.24%** | **Japan–21.24%** | **Japan–21.24%** |
| Advantest Corp. | 100900 | 7479817 |
| Aeon Co. Ltd. | 82800 | 2538049 |
| AGC, Inc. | 22200 | 651252 |
| Aisin Corp. | 60700 | 776499 |
| Ajinomoto Co., Inc. | 118700 | 3219518 |
| ANA Holdings, Inc. | 24500 | 479711 |
| Asahi Group Holdings Ltd. | 190800 | 2550450 |
| Asahi Kasei Corp. | 164900 | 1173884 |
| Asics Corp. | 82200 | 2096130 |
| Astellas Pharma, Inc. | 233900 | 2290103 |
| Bandai Namco Holdings, <br> Inc.<br>| 77300 | 2770371 |
| Bridgestone Corp. | 74600 | 3050556 |
| Canon, Inc. | 118200 | 3428239 |
| Capcom Co. Ltd. | 44800 | 1529986 |
| Central Japan Railway Co. | 101100 | 2260049 |
| Chiba Bank Ltd. | 80000 | 739338 |
| Chubu Electric Power Co., <br> Inc.<br>| 76800 | 950356 |
| Chugai Pharmaceutical Co. <br> Ltd.<br>| 88500 | 4621277 |
| Concordia Financial Group <br> Ltd.<br>| 130000 | 843670 |
| Dai Nippon Printing Co. <br> Ltd.<br>| 45700 | 693719 |
| Daifuku Co. Ltd. | 38800 | 998166 |
| Dai-ichi Life Holdings, Inc. | 446100 | 3391522 |
| Daiichi Sankyo Co. Ltd. | 226500 | 5247571 |
| Daikin Industries Ltd. | 33800 | 3967568 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Daito Trust Construction <br> Co. Ltd.<br>| 8300 | $904023 |
| Daiwa House Industry Co. <br> Ltd.<br>| 74000 | 2542846 |
| Daiwa Securities Group, <br> Inc.<br>| 175300 | 1244984 |
| Denso Corp. | 241700 | 3261810 |
| Dentsu Group, Inc. | 22300 | 494122 |
| Disco Corp. | 11900 | 3525296 |
| East Japan Railway Co. | 114700 | 2467304 |
| Eisai Co. Ltd. | 36100 | 1036807 |
| ENEOS Holdings, Inc. | 358660 | 1777817 |
| FANUC Corp. | 119800 | 3252243 |
| Fast Retailing Co. Ltd. | 24800 | 8503024 |
| Fuji Electric Co. Ltd. | 19300 | 888801 |
| FUJIFILM Holdings Corp. | 141200 | 3057767 |
| Fujikura Ltd. | 31000 | 1630768 |
| Fujitsu Ltd. | 232400 | 5637878 |
| Hankyu Hanshin Holdings, <br> Inc.<br>| 27500 | 747551 |
| Hikari Tsushin, Inc. | 2500 | 738166 |
| Hitachi Ltd. | 594700 | 17284557 |
| Honda Motor Co. Ltd. | 557000 | 5371065 |
| Hoshizaki Corp. | 12500 | 430726 |
| Hoya Corp. | 45600 | 5415551 |
| Hulic Co. Ltd. | 64000 | 645554 |
| Idemitsu Kosan Co. Ltd. | 106815 | 647767 |
| IHI Corp. | 19400 | 2098375 |
| Inpex Corp. | 114200 | 1603044 |
| Isuzu Motors Ltd. | 70200 | 889289 |
| ITOCHU Corp. | 156100 | 8174175 |
| Japan Airlines Co. Ltd. | 14200 | 289622 |
| Japan Exchange Group, <br> Inc.<br>| 121700 | 1232824 |
| Japan Post Bank Co. Ltd. | 237700 | 2562531 |
| Japan Post Holdings Co. <br> Ltd.<br>| 235200 | 2178473 |
| Japan Post Insurance Co. <br> Ltd.<br>| 22400 | 507142 |
| Japan Tobacco, Inc. | 154600 | 4554426 |
| JFE Holdings, Inc. | 75300 | 875939 |
| Kajima Corp. | 55600 | 1450143 |
| Kansai Electric Power Co., <br> Inc.<br>| 130100 | 1542963 |
| Kao Corp. | 59100 | 2648010 |
| Kawasaki Kisen Kaisha <br> Ltd.<br>| 44300 | 627379 |
| KDDI Corp. | 402600 | 6912875 |
| Keyence Corp. | 25376 | 10146036 |
| Kikkoman Corp. | 88500 | 820912 |
| Kirin Holdings Co. Ltd. | 98500 | 1380342 |
| Kobe Bussan Co. Ltd. | 17200 | 534156 |
| Komatsu Ltd. | 115600 | 3814053 |
| Konami Group Corp. | 12500 | 1976271 |
| Kubota Corp. | 131900 | 1487423 |

---

LVIP SSGA International Index Fund-4

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kyocera Corp. | 160900 | $1932466 |
| Kyowa Kirin Co. Ltd. | 30200 | 516942 |
| Lasertec Corp. | 9600 | 1286982 |
| LY Corp. | 393600 | 1449473 |
| M3, Inc. | 59600 | 818707 |
| Makita Corp. | 33700 | 1037891 |
| Marubeni Corp. | 180900 | 3646624 |
| MatsukiyoCocokara & Co. | 39600 | 814592 |
| MEIJI Holdings Co. Ltd. | 33736 | 746031 |
| Minebea Mitsumi, Inc. | 49200 | 719487 |
| Mitsubishi Chemical Group <br> Corp.<br>| 188400 | 990234 |
| Mitsubishi Corp. | 449200 | 8975860 |
| Mitsubishi Electric Corp. | 245300 | 5276149 |
| Mitsubishi Estate Co. Ltd. | 133400 | 2500865 |
| Mitsubishi HC Capital, Inc. | 116000 | 854076 |
| Mitsubishi Heavy <br> Industries Ltd.<br>| 413100 | 10337571 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>| 1489900 | 20312683 |
| Mitsui & Co. Ltd. | 320100 | 6523627 |
| Mitsui Fudosan Co. Ltd. | 346300 | 3352558 |
| Mitsui OSK Lines Ltd. | 44900 | 1499648 |
| Mizuho Financial Group, <br> Inc.<br>| 308282 | 8557885 |
| MonotaRO Co. Ltd. | 35600 | 700816 |
| MS&AD Insurance Group <br> Holdings, Inc.<br>| 168762 | 3772776 |
| Murata Manufacturing Co. <br> Ltd.<br>| 218300 | 3226623 |
| NEC Corp. | 156300 | 4560059 |
| Nexon Co. Ltd. | 38000 | 765381 |
| NIDEC Corp. | 104800 | 2036587 |
| Nintendo Co. Ltd. | 144000 | 13828289 |
| Nippon Building Fund, Inc. | 933 | 861513 |
| Nippon Paint Holdings Co. <br> Ltd.<br>| 111500 | 896712 |
| Nippon Sanso Holdings <br> Corp.<br>| 21900 | 828729 |
| Nippon Steel Corp. | 122422 | 2315236 |
| Nippon Telegraph & <br> Telephone Corp.<br>| 3841900 | 4107414 |
| Nippon Yusen KK | 57700 | 2075754 |
| †Nissan Motor Co. Ltd. | 275500 | 666594 |
| Nissin Foods Holdings Co. <br> Ltd.<br>| 28200 | 585859 |
| Nitori Holdings Co. Ltd. | 10700 | 1029878 |
| Nitto Denko Corp. | 86600 | 1672373 |
| Nomura Holdings, Inc. | 397700 | 2620724 |
| Nomura Research Institute <br> Ltd.<br>| 46707 | 1868159 |
| Obayashi Corp. | 79000 | 1196994 |
| Obic Co. Ltd. | 39900 | 1551514 |
| Olympus Corp. | 146100 | 1735423 |
| Omron Corp. | 24700 | 665824 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Ono Pharmaceutical Co. <br> Ltd.<br>| 50900 | $551642 |
| Oracle Corp. Japan | 4200 | 500600 |
| Oriental Land Co. Ltd. | 137700 | 3171475 |
| ORIX Corp. | 149400 | 3371459 |
| Osaka Gas Co. Ltd. | 44000 | 1128596 |
| Otsuka Corp. | 32600 | 664107 |
| Otsuka Holdings Co. Ltd. | 57500 | 2850809 |
| Pan Pacific International <br> Holdings Corp.<br>| 47200 | 1623446 |
| Panasonic Holdings Corp. | 295400 | 3160579 |
| †Rakuten Group, Inc. | 178900 | 985771 |
| Recruit Holdings Co. Ltd. | 183500 | 10791011 |
| Renesas Electronics Corp. | 224700 | 2779859 |
| Resona Holdings, Inc. | 269300 | 2487205 |
| Ricoh Co. Ltd. | 77800 | 734230 |
| Sanrio Co. Ltd. | 23600 | 1141192 |
| SBI Holdings, Inc. | 32670 | 1138390 |
| SCREEN Holdings Co. Ltd. | 9300 | 756196 |
| SCSK Corp. | 21000 | 632681 |
| Secom Co. Ltd. | 52600 | 1889650 |
| Sekisui Chemical Co. Ltd. | 43500 | 787814 |
| Sekisui House Ltd. | 80800 | 1778354 |
| Seven & i Holdings Co. Ltd. | 291400 | 4690175 |
| SG Holdings Co. Ltd. | 46200 | 514575 |
| Shimadzu Corp. | 31600 | 781246 |
| Shimano, Inc. | 9800 | 1420808 |
| Shin-Etsu Chemical Co. <br> Ltd.<br>| 231300 | 7637978 |
| Shionogi & Co. Ltd. | 96100 | 1730019 |
| Shiseido Co. Ltd. | 56400 | 1007341 |
| SMC Corp. | 7600 | 2723552 |
| SoftBank Corp. | 3744100 | 5799426 |
| SoftBank Group Corp. | 123000 | 8942838 |
| Sompo Holdings, Inc. | 113125 | 3408998 |
| Sony Group Corp. | 799400 | 20784644 |
| Subaru Corp. | 76000 | 1317565 |
| Sumitomo Corp. | 142700 | 3682618 |
| Sumitomo Electric <br> Industries Ltd.<br>| 95400 | 2045700 |
| Sumitomo Metal Mining <br> Co. Ltd.<br>| 28700 | 707311 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 478000 | 12036496 |
| Sumitomo Mitsui Trust <br> Group, Inc.<br>| 83492 | 2220672 |
| Sumitomo Realty & <br> Development Co. Ltd.<br>| 40500 | 1564083 |
| Suntory Beverage & Food <br> Ltd.<br>| 15100 | 482889 |
| Suzuki Motor Corp. | 209700 | 2528191 |
| Sysmex Corp. | 67200 | 1169764 |
| T&D Holdings, Inc. | 65700 | 1442122 |
| Taisei Corp. | 20500 | 1193931 |

---

LVIP SSGA International Index Fund-5

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Takeda Pharmaceutical Co. <br> Ltd.<br>| 204575 | $6315840 |
| TDK Corp. | 251100 | 2930977 |
| Terumo Corp. | 168700 | 3095960 |
| TIS, Inc. | 25700 | 861198 |
| Toho Co. Ltd. | 13400 | 790544 |
| Tokio Marine Holdings, <br> Inc.<br>| 237600 | 10069733 |
| Tokyo Electron Ltd. | 57700 | 11050089 |
| Tokyo Gas Co. Ltd. | 40600 | 1350440 |
| Tokyo Metro Co. Ltd. | 40400 | 470121 |
| Tokyu Corp. | 57800 | 687596 |
| TOPPAN Holdings, Inc. | 33900 | 920962 |
| Toray Industries, Inc. | 172600 | 1181490 |
| Toyota Industries Corp. | 21000 | 2370117 |
| Toyota Motor Corp. | 1227900 | 21148103 |
| Toyota Tsusho Corp. | 82000 | 1857402 |
| Trend Micro, Inc. | 17600 | 1217319 |
| Unicharm Corp. | 142300 | 1027517 |
| West Japan Railway Co. | 55900 | 1277933 |
| Yakult Honsha Co. Ltd. | 30200 | 568757 |
| Yamaha Motor Co. Ltd. | 116800 | 874023 |
| Yokogawa Electric Corp. | 26100 | 697231 |
| Zensho Holdings Co. Ltd. | 13300 | 805000 |
| ZOZO, Inc. | 54300 | 586695 |
|  |  | **528193268** |
| **Jordan–0.02%** | **Jordan–0.02%** | **Jordan–0.02%** |
| Hikma Pharmaceuticals <br> PLC<br>| 22317 | 609009 |
|  |  | **609009** |
| **Luxembourg–0.18%** | **Luxembourg–0.18%** | **Luxembourg–0.18%** |
| ArcelorMittal SA | 59779 | 1898240 |
| CVC Capital Partners PLC | 22347 | 459487 |
| Eurofins Scientific SE | 14016 | 998855 |
| Tenaris SA | 61518 | 1153136 |
|  |  | **4509718** |
| **Netherlands–4.79%** | **Netherlands–4.79%** | **Netherlands–4.79%** |
| ABN AMRO Bank NV | 56037 | 1530144 |
| †Adyen NV | 3226 | 5924668 |
| Aegon Ltd. | 164756 | 1193939 |
| Akzo Nobel NV | 21553 | 1512237 |
| †Argenx SE | 7870 | 4356696 |
| ASM International NV | 5942 | 3811661 |
| ASML Holding NV | 51137 | 40977968 |
| ASR Nederland NV | 17764 | 1180340 |
| BE Semiconductor <br> Industries NV<br>| 9909 | 1481925 |
| Euronext NV | 10500 | 1799091 |
| EXOR NV | 10990 | 1109413 |
| Ferrovial SE | 67348 | 3592526 |
| Heineken Holding NV | 15605 | 1164440 |
| Heineken NV | 36392 | 3174941 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| IMCD NV | 6957 | $935684 |
| ING Groep NV | 405045 | 8877651 |
| JDE Peet's NV | 18125 | 517733 |
| Koninklijke Ahold Delhaize <br> NV<br>| 116550 | 4867878 |
| Koninklijke KPN NV | 486501 | 2373245 |
| Koninklijke Philips NV | 104101 | 2499710 |
| NN Group NV | 34482 | 2294402 |
| Prosus NV | 168577 | 9458263 |
| †Qiagen NV | 29430 | 1417927 |
| Randstad NV | 11867 | 548504 |
| Stellantis NV | 275249 | 2756931 |
| Universal Music Group NV | 140165 | 4547030 |
| Wolters Kluwer NV | 30470 | 5095747 |
|  |  | **119000694** |
| **New Zealand–0.29%** | **New Zealand–0.29%** | **New Zealand–0.29%** |
| Auckland International <br> Airport Ltd.<br>| 239027 | 1128438 |
| Contact Energy Ltd. | 110918 | 608700 |
| Fisher & Paykel Healthcare <br> Corp. Ltd.<br>| 83069 | 1824587 |
| Infratil Ltd. | 128618 | 829936 |
| Meridian Energy Ltd. | 157584 | 566726 |
| Xero Ltd. (XRO) | 18615 | 2202699 |
|  |  | **7161086** |
| **Norway–0.64%** | **Norway–0.64%** | **Norway–0.64%** |
| Aker BP ASA | 40234 | 1028155 |
| DNB Bank ASA | 115845 | 3203644 |
| Equinor ASA | 107981 | 2726958 |
| Gjensidige Forsikring ASA | 23519 | 596205 |
| Kongsberg Gruppen ASA | 55940 | 2169192 |
| Mowi ASA | 60866 | 1175530 |
| Norsk Hydro ASA | 194005 | 1110950 |
| Orkla ASA | 100554 | 1095182 |
| Salmar ASA | 10141 | 439469 |
| Telenor ASA | 87331 | 1359935 |
| Yara International ASA | 25524 | 941904 |
|  |  | **15847124** |
| **Poland–0.02%** | **Poland–0.02%** | **Poland–0.02%** |
| †InPost SA | 23327 | 388201 |
|  |  | **388201** |
| **Portugal–0.17%** | **Portugal–0.17%** | **Portugal–0.17%** |
| EDP Renovaveis SA | 45124 | 504925 |
| EDP SA | 434335 | 1886872 |
| Galp Energia SGPS SA | 49966 | 914670 |
| Jeronimo Martins SGPS SA | 34664 | 877619 |
|  |  | **4184086** |
| **Singapore–1.37%** | **Singapore–1.37%** | **Singapore–1.37%** |
| CapitaLand Ascendas <br> REIT<br>| 515065 | 1086866 |

---

LVIP SSGA International Index Fund-6

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| CapitaLand Integrated <br> Commercial Trust<br>| 762408 | $1301868 |
| CapitaLand Investment <br> Ltd.<br>| 287328 | 598981 |
| DBS Group Holdings Ltd. | 280952 | 9918181 |
| Genting Singapore Ltd. | 779000 | 438139 |
| †Grab Holdings Ltd. Class A | 320400 | 1611612 |
| Keppel Ltd. | 190715 | 1113694 |
| Oversea-Chinese Banking <br> Corp. Ltd.<br>| 442940 | 5679960 |
| Sembcorp Industries Ltd. | 127800 | 688470 |
| Singapore Airlines Ltd. | 203050 | 1113679 |
| Singapore Exchange Ltd. | 109100 | 1277476 |
| Singapore Technologies <br> Engineering Ltd.<br>| 194800 | 1194452 |
| Singapore <br> Telecommunications Ltd.<br>| 960900 | 2896908 |
| United Overseas Bank Ltd. | 164885 | 4666856 |
| Wilmar International Ltd. | 231500 | 522560 |
|  |  | **34109702** |
| **Spain–3.17%** | **Spain–3.17%** | **Spain–3.17%** |
| Acciona SA | 2808 | 506463 |
| ACS Actividades de <br> Construccion y Servicios <br> SA<br>| 22486 | 1562948 |
| Aena SME SA | 101440 | 2707817 |
| Amadeus IT Group SA | 58773 | 4965324 |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 758679 | 11682348 |
| Banco de Sabadell SA | 697039 | 2219059 |
| Banco Santander SA | 1998091 | 16545947 |
| Bankinter SA | 88905 | 1160608 |
| CaixaBank SA | 516885 | 4478712 |
| †Cellnex Telecom SA | 68237 | 2657030 |
| Endesa SA | 41080 | 1301213 |
| †Grifols SA | 36493 | 445287 |
| Iberdrola SA | 767760 | 14770193 |
| Industria de Diseno Textil <br> SA<br>| 143182 | 7469341 |
| Redeia Corp. SA | 59962 | 1283051 |
| Repsol SA | 154700 | 2262704 |
| Telefonica SA | 511458 | 2691846 |
|  |  | **78709891** |
| **Sweden–3.67%** | **Sweden–3.67%** | **Sweden–3.67%** |
| AddTech AB Class B | 36862 | 1256683 |
| Alfa Laval AB | 38854 | 1636476 |
| Assa Abloy AB Class B | 131091 | 4098381 |
| Atlas Copco AB Class A | 351598 | 5683934 |
| Atlas Copco AB Class B | 201919 | 2873828 |
| Beijer Ref AB | 48567 | 766436 |
| †Boliden AB | 35316 | 1103606 |
| Epiroc AB Class A | 84201 | 1832201 |
| Epiroc AB Class B | 56651 | 1086144 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| EQT AB | 46994 | $1576460 |
| Essity AB Class B | 78392 | 2170585 |
| Evolution AB | 20074 | 1594338 |
| †Fastighets AB Balder <br> Class B<br>| 93999 | 700694 |
| H & M Hennes & Mauritz <br> AB Class B<br>| 80338 | 1131490 |
| Hexagon AB Class B | 278550 | 2807671 |
| Holmen AB Class B | 10810 | 428207 |
| Industrivarden AB Class A | 15792 | 574093 |
| Industrivarden AB Class C | 22370 | 810056 |
| Indutrade AB | 37202 | 1015805 |
| Investment AB Latour <br> Class B<br>| 20999 | 553853 |
| Investor AB Class B | 226961 | 6725622 |
| L E Lundbergforetagen AB <br> Class B<br>| 10779 | 538062 |
| Lifco AB Class B | 33061 | 1339857 |
| Nibe Industrier AB Class B | 220153 | 939978 |
| Saab AB Class B | 40840 | 2283497 |
| Sagax AB Class B | 28074 | 643294 |
| Sandvik AB | 138082 | 3170686 |
| Securitas AB Class B | 62133 | 930276 |
| Skandinaviska Enskilda <br> Banken AB Class A<br>| 205883 | 3588649 |
| Skanska AB Class B | 49422 | 1151265 |
| SKF AB Class B | 43476 | 998657 |
| †Spotify Technology SA | 20300 | 15577002 |
| Svenska Cellulosa AB SCA <br> Class B<br>| 78876 | 1025606 |
| Svenska Handelsbanken <br> AB Class A<br>| 201875 | 2702557 |
| Swedbank AB Class A | 109715 | 2905947 |
| †Swedish Orphan Biovitrum <br> AB<br>| 28289 | 860980 |
| Tele2 AB Class B | 67380 | 983574 |
| Telefonaktiebolaget LM <br> Ericsson Class B<br>| 360377 | 3079537 |
| Telia Co. AB | 334606 | 1203518 |
| Trelleborg AB Class B | 26691 | 994269 |
| Volvo AB Class A | 29089 | 819938 |
| Volvo AB Class B | 178850 | 5032411 |
|  |  | **91196123** |
| **Switzerland–9.73%** | **Switzerland–9.73%** | **Switzerland–9.73%** |
| ABB Ltd. | 204850 | 12276419 |
| Alcon AG | 65459 | 5805095 |
| Avolta AG | 9924 | 540571 |
| Baloise Holding AG | 4965 | 1171005 |
| Banque Cantonale <br> Vaudoise<br>| 3061 | 353034 |
| Barry Callebaut AG | 373 | 407715 |
| BKW AG | 2293 | 502739 |
| Chocoladefabriken Lindt & <br> Spruengli AG<br>| 135 | 4373443 |

---

LVIP SSGA International Index Fund-7

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Cie Financiere Richemont <br> SA Class A<br>| 69681 | $13185928 |
| Coca-Cola HBC AG | 27385 | 1430663 |
| DSM-Firmenich AG | 23966 | 2549628 |
| EMS-Chemie Holding AG | 926 | 700059 |
| Galderma Group AG | 14118 | 2052132 |
| Geberit AG | 4241 | 3339977 |
| Givaudan SA | 1208 | 5858227 |
| †Glencore PLC | 1314171 | 5120852 |
| Helvetia Holding AG | 4428 | 1039589 |
| Holcim AG | 68432 | 5081701 |
| Julius Baer Group Ltd. | 27404 | 1858946 |
| Kuehne & Nagel <br> International AG<br>| 5884 | 1274137 |
| Logitech International SA | 19817 | 1797094 |
| Lonza Group AG | 9465 | 6769022 |
| Nestle SA | 341209 | 33925163 |
| Novartis AG | 247450 | 30034762 |
| Partners Group Holding <br> AG<br>| 2890 | 3781063 |
| Roche Holding AG | 95352 | 31207165 |
| Sandoz Group AG | 53803 | 2948586 |
| Schindler Holding AG | 8106 | 2991962 |
| SGS SA | 20711 | 2102904 |
| SIG Group AG | 42675 | 789361 |
| Sika AG | 19548 | 5318694 |
| Sonova Holding AG | 6637 | 1979322 |
| STMicroelectronics NV | 88927 | 2726679 |
| Straumann Holding AG | 14728 | 1927744 |
| Swatch Group AG | 3210 | 524067 |
| Swiss Life Holding AG | 3734 | 3780165 |
| Swiss Prime Site AG | 9873 | 1482176 |
| Swiss Re AG | 39559 | 6843194 |
| Swisscom AG | 3319 | 2356784 |
| Temenos AG | 6114 | 439200 |
| UBS Group AG | 426486 | 14479941 |
| VAT Group AG | 3459 | 1465689 |
| Zurich Insurance Group <br> AG<br>| 18973 | 13275841 |
|  |  | **241868438** |
| **Thailand–0.32%** | **Thailand–0.32%** | **Thailand–0.32%** |
| †Sea Ltd. ADR | 50400 | 8060976 |
|  |  | **8060976** |
| **United Kingdom–13.71%** | **United Kingdom–13.71%** | **United Kingdom–13.71%** |
| 3i Group PLC | 127654 | 7224219 |
| Admiral Group PLC | 35512 | 1594722 |
| Anglo American PLC | 147590 | 4350640 |
| Ashtead Group PLC | 55143 | 3536100 |
| Associated British Foods <br> PLC<br>| 39405 | 1113362 |
| AstraZeneca PLC | 201829 | 28088367 |
| Auto Trader Group PLC | 110935 | 1256537 |
| Aviva PLC | 347316 | 2952785 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| BAE Systems PLC | 392310 | $10181566 |
| Barclays PLC | 1845340 | 8526884 |
| Barratt Redrow PLC | 164978 | 1033090 |
| BP PLC | 2072395 | 10325276 |
| British American Tobacco <br> PLC<br>| 256633 | 12201953 |
| BT Group PLC | 745491 | 1985034 |
| Bunzl PLC | 42291 | 1347664 |
| Centrica PLC | 687409 | 1525204 |
| Coca-Cola Europacific <br> Partners PLC<br>| 29260 | 2696177 |
| Compass Group PLC | 222839 | 7547996 |
| Croda International PLC | 15101 | 606275 |
| Diageo PLC | 289031 | 7288232 |
| GSK PLC | 532761 | 10157864 |
| Haleon PLC | 1160388 | 5963960 |
| Halma PLC | 48540 | 2133531 |
| HSBC Holdings PLC <br> (London Shares)<br>| 2299654 | 27817029 |
| Imperial Brands PLC | 103163 | 4075983 |
| Informa PLC | 169477 | 1876313 |
| InterContinental Hotels <br> Group PLC<br>| 19554 | 2235709 |
| International Consolidated <br> Airlines Group SA<br>| 163906 | 772198 |
| Intertek Group PLC | 20639 | 1344394 |
| J Sainsbury PLC | 209264 | 832841 |
| JD Sports Fashion PLC | 339910 | 414511 |
| Kingfisher PLC | 222192 | 887344 |
| Land Securities Group <br> PLC<br>| 100363 | 871734 |
| Legal & General Group <br> PLC<br>| 765060 | 2676895 |
| Lloyds Banking Group PLC | 7815481 | 8218100 |
| London Stock Exchange <br> Group PLC<br>| 62030 | 9071709 |
| M&G PLC | 290077 | 1025340 |
| Marks & Spencer Group <br> PLC<br>| 249120 | 1212472 |
| Melrose Industries PLC | 165784 | 1207435 |
| Mondi PLC | 62604 | 1022981 |
| National Grid PLC | 642921 | 9437218 |
| NatWest Group PLC | 1065306 | 7481593 |
| Next PLC | 15362 | 2623735 |
| Pearson PLC | 82873 | 1220801 |
| Phoenix Group Holdings <br> PLC<br>| 80694 | 730049 |
| Reckitt Benckiser Group <br> PLC<br>| 88228 | 6010704 |
| RELX PLC | 239395 | 12974650 |
| Rentokil Initial PLC | 311516 | 1502992 |
| Rio Tinto PLC | 148247 | 8628578 |
| Rolls-Royce Holdings PLC | 1098919 | 14563583 |
| Sage Group PLC | 129513 | 2224100 |
| Schroders PLC | 75098 | 373471 |

---

LVIP SSGA International Index Fund-8

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Segro PLC | 158750 | $1486081 |
| Severn Trent PLC | 37424 | 1406100 |
| Shell PLC | 778919 | 27176108 |
| Smith & Nephew PLC | 102730 | 1573230 |
| Smiths Group PLC | 45532 | 1404404 |
| Spirax Group PLC | 9806 | 801858 |
| SSE PLC | 144270 | 3632735 |
| Standard Chartered PLC | 257353 | 4258814 |
| Tesco PLC | 887526 | 4893393 |
| Unilever PLC | 327140 | 19964110 |
| United Utilities Group PLC | 83526 | 1311588 |
| Vodafone Group PLC | 2630454 | 2815773 |
| Whitbread PLC | 24838 | 963864 |
| †Wise PLC Class A | 88658 | 1266513 |
| WPP PLC | 148207 | 1043523 |
|  |  | **340969994** |
| **United States–0.20%** | **United States–0.20%** | **United States–0.20%** |
| †Amrize Ltd. | 68432 | 3413622 |
| †Monday.com Ltd. | 5300 | 1666744 |
|  |  | **5080366** |
| **Total Common Stock** <br>**(Cost $1,129,387,407)** | **Total Common Stock** <br>**(Cost $1,129,387,407)** | **2441389417** |
| **CONVERTIBLE PREFERRED STOCK–0.03%** | **CONVERTIBLE PREFERRED STOCK–0.03%** | **CONVERTIBLE PREFERRED STOCK–0.03%** |
| **Germany–0.03%** | **Germany–0.03%** | **Germany–0.03%** |
| †Dr. Ing hc F Porsche AG | 13905 | 687239 |
| **Total Convertible Preferred Stock** <br>**(Cost $1,171,761)** | **Total Convertible Preferred Stock** <br>**(Cost $1,171,761)** | **687239** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **PREFERRED STOCKS–0.27%** | **PREFERRED STOCKS–0.27%** | **PREFERRED STOCKS–0.27%** |
| **Germany–0.27%** | **Germany–0.27%** | **Germany–0.27%** |
| Bayerische Motoren Werke <br> AG 6.17%<br>| 6484 | $538469 |
| Henkel AG & Co. KGaA <br> 3.06%<br>| 21604 | 1697720 |
| Porsche Automobil Holding <br> SE 5.68%<br>| 18229 | 723666 |
| Sartorius AG 0.34% | 3115 | 793384 |
| Volkswagen AG 7.09% | 27507 | 2907862 |
| **Total Preferred Stocks** <br>**(Cost $6,458,769)** | **Total Preferred Stocks** <br>**(Cost $6,458,769)** | **6661101** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.75%** | **MONEY MARKET FUND–0.75%** | **MONEY MARKET FUND–0.75%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 18753917 | 18753917 |
| **Total Money Market Fund** <br>**(Cost $18,753,917)** | **Total Money Market Fund** <br>**(Cost $18,753,917)** | **18753917** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.23% (Cost $1,155,771,854)** | **2467491674** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.77%** | **19080551** |
| **NET ASSETS APPLICABLE TO 197,763,911 SHARES OUTSTANDING–100.00%** | **$2486572225** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND STANDARD CLASS** <br>**($2,170,529,237 / 172,602,008 Shares)** | **$12.575** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND SERVICE CLASS** <br>**($316,042,988 / 25,161,903 Shares)** | **$12.560** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1398226797** |
| Distributable earnings/(accumulated loss) | **1088345428** |
| **TOTAL NET ASSETS** | **$2486572225** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ΔSecurities have been classified by country of origin. <br> †Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,240,899 cash collateral held at broker for futures contracts, $32,722 variation margin due from broker on futures contracts, <br> $5,513,461 payable for fund shares redeemed, $217,445 other accrued expenses payable, $677,038 due to manager and affiliates, $16,187 <br> payable for audit fee and $55,353 payable for fund accounting fee as of June 30, 2025.<br>

LVIP SSGA International Index Fund-9

------

**LVIP SSGA International Index Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at 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:** |
| 259 | ICE U.S. mini MSCI EAFE Index Futures | &nbsp;&nbsp; $34728015 | &nbsp;&nbsp; $34249913 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $478102 | &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 |
| CDI–Chess Depository Interest |
| EAFE–Europe Australasia Far East |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Index Fund-10

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA International Index Fund** | **LVIP SSGA International Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $53238344 |
| Foreign taxes withheld | (5400629)<br>|
|  | 47837715 |
| **EXPENSES:** |  |
| Management fees | 4793773 |
| Index fees | 416311 |
| Distribution fees-Service Class | 372343 |
| Shareholder servicing fees | 347548 |
| Accounting and administration expenses | 199870 |
| Professional fees | 123916 |
| Custodian fees | 87251 |
| Trustees' fees and expenses | 34781 |
| Pricing fees | 17510 |
| Reports and statements to shareholders | 16360 |
| Consulting fees | 10414 |
| Other | 26603 |
|  | 6446680 |
| Less:  |  |
| Management fees waived | (1499715)<br>|
| Total operating expenses | 4946965 |
| **NET INVESTMENT INCOME**  | 42890750 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 64600270 |
| Foreign currencies | 552490 |
| Futures contracts | 6822325 |
| Net realized gain | 71975085 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 328844722 |
| Foreign currencies | 1625550 |
| Futures contracts | 1862057 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 332332329 |
| **NET REALIZED AND UNREALIZED GAIN** | 404307414 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $447198164 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA International Index Fund** | **LVIP SSGA International Index Fund** | **LVIP SSGA International Index Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $42890750 | $61902921 |
| Net realized gain | 71975085 | 14856484 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 332332329 | 3944915 |
| Net increase in net assets <br> resulting from operations<br>| 447198164 | 80704320 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (68299705)<br>|
| Service Class |  | (8627336)<br>|
|  |  | (76927041)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 75582376 | 168152387 |
| Service Class | 23768212 | 46149422 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 68299705 |
| Service Class |  | 8627336 |
|  | 99350588 | 291228850 |
| Cost of shares redeemed: |  |  |
| Standard Class | (344200677)<br>| (314210900)<br>|
| Service Class | (42797224)<br>| (48302181)<br>|
|  | (386997901)<br>| (362513081)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (287647313)<br>| (71284231)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 159550851 | (67506952)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 2327021374 | 2394528326 |
| End of period | $2486572225 | $2327021374 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Index Fund-11

------

**LVIP SSGA International Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index 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; $10.450 | &nbsp;&nbsp; $10.462 | &nbsp;&nbsp; $9.178 | &nbsp;&nbsp; $11.218 | &nbsp;&nbsp; $10.374 | &nbsp;&nbsp; $9.843 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.205 | 0.285 | 0.265 | 0.274 | 0.277 | 0.195 |
| Net realized and unrealized gain (loss) | 1.920 | 0.066 | 1.339 | &nbsp;&nbsp; (1.888)<br>| 0.861 | 0.568 |
| Total from investment operations | 2.125 | 0.351 | 1.604 | &nbsp;&nbsp; (1.614)<br>| 1.138 | 0.763 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.363)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.426)<br>| &nbsp;&nbsp; (0.294)<br>| &nbsp;&nbsp; (0.232)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.363)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.426)<br>| &nbsp;&nbsp; (0.294)<br>| &nbsp;&nbsp; (0.232)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.575 | &nbsp;&nbsp; $10.450 | &nbsp;&nbsp; $10.462 | &nbsp;&nbsp; $9.178 | &nbsp;&nbsp; $11.218 | &nbsp;&nbsp; $10.374 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 20.33% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 17.57% | &nbsp;&nbsp; (14.32%)<br>| &nbsp;&nbsp; 11.06% | &nbsp;&nbsp; 7.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2170529 | &nbsp;&nbsp; $2047205 | &nbsp;&nbsp; $2120494 | &nbsp;&nbsp; $2016487 | &nbsp;&nbsp; $2734309 | &nbsp;&nbsp; $2671741 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.38% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.61% | &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 2.17% |
| Ratio of net investment income to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 2.05% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &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 SSGA International Index Fund-12

------

**LVIP SSGA International Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index 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; $10.451 | &nbsp;&nbsp; $10.463 | &nbsp;&nbsp; $9.180 | &nbsp;&nbsp; $11.220 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $9.846 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.191 | 0.257 | 0.240 | 0.250 | 0.249 | 0.173 |
| Net realized and unrealized gain (loss) | 1.918 | 0.067 | 1.338 | &nbsp;&nbsp; (1.889)<br>| 0.861 | 0.565 |
| Total from investment operations | 2.109 | 0.324 | 1.578 | &nbsp;&nbsp; (1.639)<br>| 1.110 | 0.738 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.336)<br>| &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.401)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.209)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.336)<br>| &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.401)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.209)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.560 | &nbsp;&nbsp; $10.451 | &nbsp;&nbsp; $10.463 | &nbsp;&nbsp; $9.180 | &nbsp;&nbsp; $11.220 | &nbsp;&nbsp; $10.375 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 20.18% | &nbsp;&nbsp; 2.97% | &nbsp;&nbsp; 17.27% | &nbsp;&nbsp; (14.53%)<br>| &nbsp;&nbsp; 10.78% | &nbsp;&nbsp; 7.58% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $316043 | &nbsp;&nbsp; $279816 | &nbsp;&nbsp; $274034 | &nbsp;&nbsp; $255670 | &nbsp;&nbsp; $323905 | &nbsp;&nbsp; $310753 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.36% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 1.92% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.80% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &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 SSGA International Index Fund-13

------

**LVIP SSGA International Index 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 SSGA International Index Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to approximate as closely as practicable, before fees and expenses, the performance of a broad market index of non-U.S. foreign securities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 SSGA International Index Fund-14

------

**LVIP SSGA International Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

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 SSGA International Index Fund is $5,867,159 and $5,839,923 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 0.40% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.097% on the first $1 billion of the Fund's average daily net assets and 0.145% of the Fund's average daily net assets in excess of $1 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

SSGA Funds Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $101090 |
| Legal | &nbsp;&nbsp; 15406 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP SSGA International Index Fund-15

------

**LVIP SSGA International Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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 $4,138 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; $554273 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 64096 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 121 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 58548 |

---

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; $38714975 |
| Sales | &nbsp;&nbsp; 245020229 |

---

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; $1155771854 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $1343259100 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (31061178)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $1312197922 |

---

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 SSGA International Index Fund-16

------

**LVIP SSGA International Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $165346386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165346386 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 5211134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5211134 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 21161520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21161520 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 1188295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1188295 |
| China | &nbsp;&nbsp; 840412 | &nbsp;&nbsp; 631377 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1471789 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 55069375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55069375 |
| Faeroe Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 1940767 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1940767 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 26791186 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26791186 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 264734077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264734077 |
| Germany | &nbsp;&nbsp; 1623460 | &nbsp;&nbsp; 244415920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 246039380 |
| Hong Kong | &nbsp;&nbsp; 1596165 | &nbsp;&nbsp; 51738486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53334651 |
| Ireland | &nbsp;&nbsp; 2702700 | &nbsp;&nbsp; 18552476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21255176 |
| Isle of Man | &nbsp;&nbsp; — | &nbsp;&nbsp; 870932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 870932 |
| Israel | &nbsp;&nbsp; 6422692 | &nbsp;&nbsp; 16248386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22671078 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 74414995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74414995 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 528193268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 528193268 |
| Jordan | &nbsp;&nbsp; — | &nbsp;&nbsp; 609009 | &nbsp;&nbsp; — | &nbsp;&nbsp; 609009 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 4509718 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4509718 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 119000694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119000694 |
| New Zealand | &nbsp;&nbsp; 1695164 | &nbsp;&nbsp; 5465922 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7161086 |
| Norway | &nbsp;&nbsp; 2608661 | &nbsp;&nbsp; 13238463 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15847124 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 388201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 388201 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 4184086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4184086 |
| Singapore | &nbsp;&nbsp; 1611612 | &nbsp;&nbsp; 32498090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34109702 |
| Spain | &nbsp;&nbsp; 1301213 | &nbsp;&nbsp; 77408678 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78709891 |
| Sweden | &nbsp;&nbsp; 15577002 | &nbsp;&nbsp; 75619121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91196123 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 241868438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 241868438 |
| Thailand | &nbsp;&nbsp; 8060976 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8060976 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 340969994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 340969994 |
| United States | &nbsp;&nbsp; 5080366 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5080366 |
| Convertible Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 687239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 687239 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 6661101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6661101 |
| Money Market Fund | &nbsp;&nbsp; 18753917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18753917 |
| **Total Investments** | &nbsp;&nbsp; $67874340 | &nbsp;&nbsp; $2399617334 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2467491674 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $478102 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $478102 |

---

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 SSGA International Index Fund-17

------

**LVIP SSGA International Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 6596031 | &nbsp;&nbsp; 15421997 |
| Service Class | &nbsp;&nbsp; 2093546 | &nbsp;&nbsp; 4196979 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 6252754 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 789565 |
|  | &nbsp;&nbsp; 8689577 | &nbsp;&nbsp; 26661295 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (29898297)<br>| &nbsp;&nbsp; (28455595)<br>|
| Service Class | &nbsp;&nbsp; (3706953)<br>| &nbsp;&nbsp; (4401455)<br>|
|  | &nbsp;&nbsp; (33605250)<br>| &nbsp;&nbsp; (32857050)<br>|
| Net decrease | &nbsp;&nbsp; (24915673)<br>| &nbsp;&nbsp; (6195755)<br>|

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of 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. The Fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity and minimizing costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2025, the Fund used futures contracts to facilitate investments in portfolio securities; to reduce transaction costs and as a cash management tool.

Fair values of derivative instruments as of 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>| $478102 | Receivables and other assets net of <br> liabilities<br>| $— |

---

LVIP SSGA International Index Fund-18

------

**LVIP SSGA International Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $6822325 | &nbsp;&nbsp; $1862057 |

---

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) | $51177127 | $— |

---

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 no assets and liabilities subject to offsetting provisions.

**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.

LVIP SSGA International Index Fund-19

------

**LVIP SSGA International Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 SSGA International Index Fund-20

------

![](imgb143cedb1.jpg)

![](img4d46fca02.jpg)

LVIP SSGA International Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA International Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_4645fe7e-32ed-4c1c-b9f3-b0f0f90d3e49_SOI-continued-289_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_4645fe7e-32ed-4c1c-b9f3-b0f0f90d3e49_FS-continued-289_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_4645fe7e-32ed-4c1c-b9f3-b0f0f90d3e49_FS-continued-289_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_4645fe7e-32ed-4c1c-b9f3-b0f0f90d3e49_FS-continued-289_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_4645fe7e-32ed-4c1c-b9f3-b0f0f90d3e49_FIHI-continued-289_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_4645fe7e-32ed-4c1c-b9f3-b0f0f90d3e49_NTF-continued-289_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP SSGA International 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–95.31%** | **AFFILIATED INVESTMENT–95.31%** | **AFFILIATED INVESTMENT–95.31%** |
| **INVESTMENT COMPANY–95.31%** | **INVESTMENT COMPANY–95.31%** | **INVESTMENT COMPANY–95.31%** |
| **International Equity Fund–95.31%** | **International Equity Fund–95.31%** | **International Equity Fund–95.31%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 21188563 | $266446174 |
| **Total Affiliated Investment** <br>**(Cost $171,071,789)**<br>|  | **266446174** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–4.27%** | **UNAFFILIATED INVESTMENT–4.27%** | **UNAFFILIATED INVESTMENT–4.27%** |
| **INVESTMENT COMPANY–4.27%** | **INVESTMENT COMPANY–4.27%** | **INVESTMENT COMPANY–4.27%** |
| **Money Market Fund–4.27%** | **Money Market Fund–4.27%** | **Money Market Fund–4.27%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 11939604 | $11939604 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $11,939,604)**<br>|  | **11939604** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.58% (Cost $183,011,393)** | **278385778** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.42%** | **1174848** |
| **NET ASSETS APPLICABLE TO 25,858,465 SHARES OUTSTANDING–100.00%** | **$279560626** |

---

&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:** |
| 36 | CME British Pound Currency Futures | &nbsp;&nbsp; $3088125 | &nbsp;&nbsp; $3044345 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $43780 | &nbsp;&nbsp; $— |
| 35 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 5178250 | &nbsp;&nbsp; 5051861 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 126389 | &nbsp;&nbsp; — |
| 43 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 3759547 | &nbsp;&nbsp; 3750613 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 8934 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 179103 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 1 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 312687 | &nbsp;&nbsp; 304106 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 8581 | &nbsp;&nbsp; — |
| 83 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 5208203 | &nbsp;&nbsp; 5232128 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23925)<br>|
| 26 | FTSE 100 Index Futures | &nbsp;&nbsp; 3136875 | &nbsp;&nbsp; 3163236 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (26361)<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; — |
| 13 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 3657026 | &nbsp;&nbsp; 3468392 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 188634 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 199040 | &nbsp;&nbsp; (50286)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $378143 | &nbsp;&nbsp; $(50286)<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 |
| 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 SSGA International Managed Volatility Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA International Managed Volatility Fund** | **LVIP SSGA International Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $266446174 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 11939604 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 1223347 |
| Receivable for fund shares sold | &nbsp;&nbsp; 1149422 |
| Receivable for securities sold | &nbsp;&nbsp; 274307 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 55690 |
| Dividends and interest receivable  | &nbsp;&nbsp; 41053 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 15314 |
| Prepaid expenses | &nbsp;&nbsp; 632 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 281145543 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 1438166 |
| Due to manager and affiliates | &nbsp;&nbsp; 109391 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 12803 |
| Other accrued expenses payable | &nbsp;&nbsp; 10524 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1584917 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $279560626 |
| Affiliated investments, at cost | &nbsp;&nbsp; $171071789 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 11939604 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $26986153 |
| Shares Outstanding | &nbsp;&nbsp; 2495483 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.814 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $252574473 |
| Shares Outstanding | &nbsp;&nbsp; 23362982 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.811 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $193293644 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 86266982 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $279560626 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA International Managed Volatility Fund** | **LVIP SSGA International Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $283753 |
| **EXPENSES:** |  |
| Management fees | 321506 |
| Distribution fees-Service Class | 317237 |
| Shareholder servicing fees | 40538 |
| Accounting and administration expenses | 32788 |
| Professional fees | 20888 |
| Reports and statements to shareholders | 6023 |
| Trustees' fees and expenses | 4175 |
| Custodian fees | 3989 |
| Consulting fees | 3761 |
| Pricing fees | 245 |
| Other | 4294 |
|  | 755444 |
| Less:  |  |
| Management fees waived | (6989)<br>|
| Expenses reimbursed | (88744)<br>|
| Total operating expenses | 659711 |
| **NET INVESTMENT LOSS** | (375958)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 11480446 |
| Sale of unaffiliated investments | 809 |
| Foreign currencies | (37772)<br>|
| Futures contracts | (11077276)<br>|
| Net realized gain | 366207 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 37637914 |
| Foreign currencies | 5028 |
| Futures contracts | 763653 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 38406595 |
| **NET REALIZED AND UNREALIZED GAIN** | 38772802 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $38396844 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA International Managed Volatility Fund** | **LVIP SSGA International Managed Volatility Fund** | **LVIP SSGA International Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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) | $(375958)<br>| $8301837 |
| Net realized gain | 366207 | 9385139 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 38406595 | (8953963)<br>|
| Net increase in net assets resulting <br> from operations<br>| 38396844 | 8733013 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (848344)<br>|
| Service Class |  | (7285439)<br>|
|  |  | (8133783)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 6948034 | 9250283 |
| Service Class | 5212358 | 10913006 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 848344 |
| Service Class |  | 7285439 |
|  | 12160392 | 28297072 |
| Cost of shares redeemed: |  |  |
| Standard Class | (10876208)<br>| (8387211)<br>|
| Service Class | (42534821)<br>| (47650088)<br>|
|  | (53411029)<br>| (56037299)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (41250637)<br>| (27740227)<br>|
| **NET DECREASE IN NET ASSETS** | (2853793)<br>| (27140997)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 282414419 | 309555416 |
| End of period | $279560626 | $282414419 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Managed Volatility Fund-3

------

**LVIP SSGA International Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International 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; $9.431 | &nbsp;&nbsp; $9.474 | &nbsp;&nbsp; $8.301 | &nbsp;&nbsp; $10.434 | &nbsp;&nbsp; $9.634 | &nbsp;&nbsp; $9.905 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.002)<br>| 0.298 | 0.259 | 0.353 | 0.226 | 0.180 |
| Net realized and unrealized gain (loss) | 1.385 | &nbsp;&nbsp; (0.036)<br>| 1.189 | &nbsp;&nbsp; (2.114)<br>| 0.811 | &nbsp;&nbsp; (0.276)<br>|
| Total from investment operations | 1.383 | 0.262 | 1.448 | &nbsp;&nbsp; (1.761)<br>| 1.037 | &nbsp;&nbsp; (0.096)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.237)<br>| &nbsp;&nbsp; (0.175)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.237)<br>| &nbsp;&nbsp; (0.175)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.814 | &nbsp;&nbsp; $9.431 | &nbsp;&nbsp; $9.474 | &nbsp;&nbsp; $8.301 | &nbsp;&nbsp; $10.434 | &nbsp;&nbsp; $9.634 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 14.66% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 17.44% | &nbsp;&nbsp; (16.83%)<br>| &nbsp;&nbsp; 10.76% | &nbsp;&nbsp; (0.97%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $26986 | &nbsp;&nbsp; $27381 | &nbsp;&nbsp; $25817 | &nbsp;&nbsp; $22837 | &nbsp;&nbsp; $27222 | &nbsp;&nbsp; $23989 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses <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 (loss) to average net assets | &nbsp;&nbsp; (0.05% )<sup>6</sup><br>| &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 2.87% | &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 2.07% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.12% )<sup>6</sup><br>| &nbsp;&nbsp; 2.92% | &nbsp;&nbsp; 2.80% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.00% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 4% | &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> 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 SSGA International Managed Volatility Fund-4

------

**LVIP SSGA International Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International 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; $9.440 | &nbsp;&nbsp; $9.481 | &nbsp;&nbsp; $8.307 | &nbsp;&nbsp; $10.440 | &nbsp;&nbsp; $9.639 | &nbsp;&nbsp; $9.912 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.015)<br>| 0.273 | 0.237 | 0.331 | 0.200 | 0.158 |
| Net realized and unrealized gain (loss) | 1.386 | &nbsp;&nbsp; (0.035)<br>| 1.188 | &nbsp;&nbsp; (2.114)<br>| 0.812 | &nbsp;&nbsp; (0.279)<br>|
| Total from investment operations | 1.371 | 0.238 | 1.425 | &nbsp;&nbsp; (1.783)<br>| 1.012 | &nbsp;&nbsp; (0.121)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.251)<br>| &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.152)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.251)<br>| &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.152)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.811 | &nbsp;&nbsp; $9.440 | &nbsp;&nbsp; $9.481 | &nbsp;&nbsp; $8.307 | &nbsp;&nbsp; $10.440 | &nbsp;&nbsp; $9.639 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 14.52% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 17.15% | &nbsp;&nbsp; (17.04%)<br>| &nbsp;&nbsp; 10.49% | &nbsp;&nbsp; (1.22%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $252574 | &nbsp;&nbsp; $255034 | &nbsp;&nbsp; $283738 | &nbsp;&nbsp; $290058 | &nbsp;&nbsp; $365175 | &nbsp;&nbsp; $367033 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses <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 (loss) to average net assets | &nbsp;&nbsp; (0.30% )<sup>6</sup><br>| &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.82% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.37% )<sup>6</sup><br>| &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.75% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 4% | &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> 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 SSGA International Managed Volatility Fund-5

------

**LVIP SSGA International 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 SSGA International Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, primarily the LVIP SSGA International Index Fund (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA International Index Fund, which is subadvised by an unaffiliated sub-adviser, invests primarily in the securities of companies located in developed countries outside of the United States. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds 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 SSGA International Managed Volatility Fund-6

------

**LVIP SSGA International Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.23% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.245% of the Fund's average daily net assets for the Standard Class and 0.495% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $205670 | &nbsp;&nbsp; $203425 | &nbsp;&nbsp; $182973 | &nbsp;&nbsp; $592068 |

---

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; $11938 |
| Legal | &nbsp;&nbsp; 1819 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP SSGA International Managed Volatility Fund-7

------

**LVIP SSGA International Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,348 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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $15314 |
| Management fees payable to LFI | &nbsp;&nbsp; 51157 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 51455 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 185 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 6594 |

---

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-95.31%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **International Equity Fund-95.31%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | $269102864 | $1401576 | $53176626 | $11480446 | $37637914 | $266446174 | 21188563 | $— | $— |

---

&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; $1401576 |
| Sales | &nbsp;&nbsp; 53176626 |

---

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; $183011393 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $95752529 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (50287)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $95702242 |

---

LVIP SSGA International Managed Volatility Fund-8

------

**LVIP SSGA International Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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)

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; $266446174 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $266446174 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 11939604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11939604 |
| **Total Investments** | &nbsp;&nbsp; $278385778 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $278385778 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $378143 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $378143 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(50286)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50286)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

LVIP SSGA International Managed Volatility Fund-9

------

**LVIP SSGA International Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 687405 | &nbsp;&nbsp; 936032 |
| Service Class | &nbsp;&nbsp; 525565 | &nbsp;&nbsp; 1103746 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 90243 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 774128 |
|  | &nbsp;&nbsp; 1212970 | &nbsp;&nbsp; 2904149 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1095173)<br>| &nbsp;&nbsp; (848145)<br>|
| Service Class | &nbsp;&nbsp; (4178596)<br>| &nbsp;&nbsp; (4790061)<br>|
|  | &nbsp;&nbsp; (5273769)<br>| &nbsp;&nbsp; (5638206)<br>|
| Net decrease | &nbsp;&nbsp; (4060799)<br>| &nbsp;&nbsp; (2734057)<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; as a cash management tool and to hedge currency risks associated with the Fund's investments.

LVIP SSGA International Managed Volatility Fund-10

------

**LVIP SSGA International Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 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>| $199040 | Variation margin due from broker on <br> futures contracts<br>| $(50286)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 179103 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $378143 |  | $(50286)<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; $(8874446)<br>| &nbsp;&nbsp; $300915 |
| 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; (2202830)<br>| &nbsp;&nbsp; 462738 |
| Total |  | &nbsp;&nbsp; $(11077276)<br>| &nbsp;&nbsp; $763653 |

---

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) | $21333048 | $8090000 |

---

**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.

**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 SSGA International Managed Volatility Fund-11

------

**LVIP SSGA International Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 SSGA International Managed Volatility Fund-12

------

![](img2545326b1.jpg)

![](img9e461fb62.jpg)

LVIP SSGA Large Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA Large Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_3e6817ef-299b-4975-a380-f7fe411f25e6_SOI-continued-280_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_3e6817ef-299b-4975-a380-f7fe411f25e6_FS-continued-280_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_3e6817ef-299b-4975-a380-f7fe411f25e6_FS-continued-280_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_3e6817ef-299b-4975-a380-f7fe411f25e6_FS-continued-280_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_3e6817ef-299b-4975-a380-f7fe411f25e6_FIHI-continued-280_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_3e6817ef-299b-4975-a380-f7fe411f25e6_NTF-continued-280_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP SSGA Large Cap 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–96.13%** | **AFFILIATED INVESTMENT–96.13%** | **AFFILIATED INVESTMENT–96.13%** |
| **INVESTMENT COMPANY–96.13%** | **INVESTMENT COMPANY–96.13%** | **INVESTMENT COMPANY–96.13%** |
| **Equity Fund–96.13%** | **Equity Fund–96.13%** | **Equity Fund–96.13%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA S&P 500 Index <br> Fund<br>| 26365336 | $848225583 |
| **Total Affiliated Investment** <br>**(Cost $403,428,513)**<br>|  | **848225583** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–3.69%** | **UNAFFILIATED INVESTMENT–3.69%** | **UNAFFILIATED INVESTMENT–3.69%** |
| **INVESTMENT COMPANY–3.69%** | **INVESTMENT COMPANY–3.69%** | **INVESTMENT COMPANY–3.69%** |
| **Money Market Fund–3.69%** | **Money Market Fund–3.69%** | **Money Market Fund–3.69%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 32557030 | $32557030 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $32,557,030)**<br>|  | **32557030** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.82% (Cost $435,985,543)** | **880782613** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.18%** | **1630098** |
| **NET ASSETS APPLICABLE TO 49,002,167 SHARES OUTSTANDING–100.00%** | **$882412711** |

---

&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 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:** |
| 114 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $35646375 | &nbsp;&nbsp; $35628154 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $18221 | &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 Statement of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Large Cap Managed Volatility Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Large Cap Managed Volatility Fund** | **LVIP SSGA Large Cap Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $848225583 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 32557030 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 2699984 |
| Receivable for securities sold | &nbsp;&nbsp; 858336 |
| Dividends and interest receivable  | &nbsp;&nbsp; 114804 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 26274 |
| Receivable for fund shares sold | &nbsp;&nbsp; 4423 |
| Prepaid expenses | &nbsp;&nbsp; 2151 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 884488585 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 907935 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 765836 |
| Due to manager and affiliates | &nbsp;&nbsp; 356842 |
| Other accrued expenses payable | &nbsp;&nbsp; 18330 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 12898 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 2075874 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $882412711 |
| Affiliated investments, at cost | &nbsp;&nbsp; $403428513 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 32557030 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $32368 |
| Shares Outstanding | &nbsp;&nbsp; 1789 |
| Net Asset Value Per Share | &nbsp;&nbsp; $18.087 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $882380343 |
| Shares Outstanding | &nbsp;&nbsp; 49000378 |
| Net Asset Value Per Share | &nbsp;&nbsp; $18.008 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $571688830 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 310723881 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $882412711 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Large Cap Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Large Cap Managed Volatility Fund** | **LVIP SSGA Large Cap Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $883551 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 1068375 |
| Management fees | 982941 |
| Shareholder servicing fees | 123936 |
| Accounting and administration expenses | 61741 |
| Professional fees | 27377 |
| Trustees' fees and expenses | 13201 |
| Reports and statements to shareholders | 9662 |
| Custodian fees | 4365 |
| Consulting fees | 3971 |
| Pricing fees | 33 |
| Other | 13071 |
|  | 2308673 |
| Less:  |  |
| Management fees waived | (21368)<br>|
| Expenses reimbursed | (171885)<br>|
| Total operating expenses | 2115420 |
| **NET INVESTMENT LOSS** | (1231869)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 14394670 |
| Futures contracts | (55044625)<br>|
| Net realized loss | (40649955)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 32066675 |
| Futures contracts | 1725027 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 33791702 |
| **NET REALIZED AND UNREALIZED LOSS** | (6858253)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(8090122)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Large Cap Managed Volatility Fund** | **LVIP SSGA Large Cap Managed Volatility Fund** | **LVIP SSGA Large Cap Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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) | $(1231869)<br>| $7355405 |
| Net realized gain (loss) | (40649955)<br>| 105854158 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 33791702 | 83930213 |
| Net increase (decrease) in net <br> assets resulting from operations<br>| (8090122)<br>| 197139776 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (1419)<br>|
| Service Class |  | (38859039)<br>|
|  |  | (38860458)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Service Class | 37552314 | 24715157 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 1419 |
| Service Class |  | 38859039 |
|  | 37552314 | 63575615 |
| Cost of shares redeemed: |  |  |
| Service Class | (56414127)<br>| (189462560)<br>|
|  | (56414127)<br>| (189462560)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (18861813)<br>| (125886945)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (26951935)<br>| 32392373 |
| **NET ASSETS:** |  |  |
| Beginning of period | 909364646 | 876972273 |
| End of period | $882412711 | $909364646 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Large Cap Managed Volatility Fund-3

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA 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; $18.268 | &nbsp;&nbsp; $15.367 | &nbsp;&nbsp; $14.628 | &nbsp;&nbsp; $18.757 | &nbsp;&nbsp; $16.325 | &nbsp;&nbsp; $14.814 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.002)<br>| 0.184 | 0.216 | 0.187 | 0.173 | 0.192 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.179)<br>| 3.537 | 3.158 | &nbsp;&nbsp; (3.343)<br>| 4.298 | 2.082 |
| Total from investment operations | &nbsp;&nbsp; (0.181)<br>| 3.721 | 3.374 | &nbsp;&nbsp; (3.156)<br>| 4.471 | 2.274 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.214)<br>| &nbsp;&nbsp; (0.202)<br>| &nbsp;&nbsp; (0.216)<br>| &nbsp;&nbsp; (0.254)<br>| &nbsp;&nbsp; (0.288)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.606)<br>| &nbsp;&nbsp; (2.433)<br>| &nbsp;&nbsp; (0.757)<br>| &nbsp;&nbsp; (1.785)<br>| &nbsp;&nbsp; (0.475)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.820)<br>| &nbsp;&nbsp; (2.635)<br>| &nbsp;&nbsp; (0.973)<br>| &nbsp;&nbsp; (2.039)<br>| &nbsp;&nbsp; (0.763)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.087 | &nbsp;&nbsp; $18.268 | &nbsp;&nbsp; $15.367 | &nbsp;&nbsp; $14.628 | &nbsp;&nbsp; $18.757 | &nbsp;&nbsp; $16.325 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (0.99%)<br>| &nbsp;&nbsp; 24.38% | &nbsp;&nbsp; 24.44% | &nbsp;&nbsp; (16.78%)<br>| &nbsp;&nbsp; 28.09% | &nbsp;&nbsp; 15.78% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $33 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $21 | &nbsp;&nbsp; $25 | &nbsp;&nbsp; $20 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.05% )<sup>6</sup><br>| &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.29% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.09% )<sup>6</sup><br>| &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.25% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 4% | &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> 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 SSGA Large Cap Managed Volatility Fund-4

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA 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; $18.210 | &nbsp;&nbsp; $15.321 | &nbsp;&nbsp; $14.596 | &nbsp;&nbsp; $18.718 | &nbsp;&nbsp; $16.299 | &nbsp;&nbsp; $14.796 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.025)<br>| 0.139 | 0.176 | 0.144 | 0.126 | 0.153 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.177)<br>| 3.524 | 3.147 | &nbsp;&nbsp; (3.333)<br>| 4.287 | 2.076 |
| Total from investment operations | &nbsp;&nbsp; (0.202)<br>| 3.663 | 3.323 | &nbsp;&nbsp; (3.189)<br>| 4.413 | 2.229 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.168)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.176)<br>| &nbsp;&nbsp; (0.209)<br>| &nbsp;&nbsp; (0.251)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.606)<br>| &nbsp;&nbsp; (2.433)<br>| &nbsp;&nbsp; (0.757)<br>| &nbsp;&nbsp; (1.785)<br>| &nbsp;&nbsp; (0.475)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.774)<br>| &nbsp;&nbsp; (2.598)<br>| &nbsp;&nbsp; (0.933)<br>| &nbsp;&nbsp; (1.994)<br>| &nbsp;&nbsp; (0.726)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.008 | &nbsp;&nbsp; $18.210 | &nbsp;&nbsp; $15.321 | &nbsp;&nbsp; $14.596 | &nbsp;&nbsp; $18.718 | &nbsp;&nbsp; $16.299 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (1.11%)<br>| &nbsp;&nbsp; 24.07% | &nbsp;&nbsp; 24.13% | &nbsp;&nbsp; (17.00%)<br>| &nbsp;&nbsp; 27.77% | &nbsp;&nbsp; 15.49% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $882380 | &nbsp;&nbsp; $909332 | &nbsp;&nbsp; $876946 | &nbsp;&nbsp; $772080 | &nbsp;&nbsp; $962155 | &nbsp;&nbsp; $836192 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.30% )<sup>6</sup><br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 1.04% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.34% )<sup>6</sup><br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 1.00% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 4% | &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> 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 SSGA Large Cap Managed Volatility Fund-5

------

**LVIP SSGA 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 SSGA Large Cap Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the LVIP SSGA S&P 500 Index Fund (collectively, "the Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA S&P 500 Index Fund, which is sub-advised by an unaffiliated sub-adviser, invests primarily in stocks that make up the S&P 500<sup>®</sup>Index. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds 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 SSGA Large Cap Managed Volatility Fund-6

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.23% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.245% of the Fund's average daily net assets for the Standard Class and 0.495% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $329314 | &nbsp;&nbsp; $339047 | &nbsp;&nbsp; $361052 | &nbsp;&nbsp; $1029413 |

---

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; $36829 |
| Legal | &nbsp;&nbsp; 5613 |

---

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 $4,318 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.

LVIP SSGA Large Cap Managed Volatility Fund-7

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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; $26274 |
| Management fees payable to LFI | &nbsp;&nbsp; 159219 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 176904 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 197 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 20522 |

---

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-96.13%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-96.13%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | $864380729 | $17461860 | $80078351 | $14394670 | $32066675 | $848225583 | 26365336 | $— | $— |

---

&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; $17461860 |
| Sales | &nbsp;&nbsp; 80078351 |

---

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; $435985543 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $444815291 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; — |
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $444815291 |

---

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)

LVIP SSGA Large Cap Managed Volatility Fund-8

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $848225583 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $848225583 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 32557030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32557030 |
| **Total Investments** | &nbsp;&nbsp; $880782613 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $880782613 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $18221 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18221 |

---

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; 2193959 | &nbsp;&nbsp; 1434858 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 79 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2178902 |
|  | &nbsp;&nbsp; 2193959 | &nbsp;&nbsp; 3613839 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (3128984)<br>| &nbsp;&nbsp; (10917439)<br>|
|  | &nbsp;&nbsp; (3128984)<br>| &nbsp;&nbsp; (10917439)<br>|
| Net decrease | &nbsp;&nbsp; (935025)<br>| &nbsp;&nbsp; (7303600)<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.

LVIP SSGA Large Cap Managed Volatility Fund-9

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the 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>| $18221 | Variation margin due to broker on futures <br> 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 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; $(55044625)<br>| &nbsp;&nbsp; $1725027 |

---

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) | $30487443 | $60084264 |

---

**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.

LVIP SSGA Large Cap Managed Volatility Fund-10

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 SSGA Large Cap Managed Volatility Fund-11

------

![](img8238c49b1.jpg)

LVIP SSGA Mid-Cap Index Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA Mid-Cap Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_1ad1eb43-cfde-4fa9-a373-81f4a83aceab_SOI-continued-251_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_1ad1eb43-cfde-4fa9-a373-81f4a83aceab_FS-continued-251_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_1ad1eb43-cfde-4fa9-a373-81f4a83aceab_FS-continued-251_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_1ad1eb43-cfde-4fa9-a373-81f4a83aceab_FIHI-continued-251_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_1ad1eb43-cfde-4fa9-a373-81f4a83aceab_NTF-continued-251_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP SSGA Mid-Cap Index 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–98.94%** | **COMMON STOCK–98.94%** | **COMMON STOCK–98.94%** |
| **Aerospace & Defense–2.14%** | **Aerospace & Defense–2.14%** | **Aerospace & Defense–2.14%** |
| †ATI, Inc. | 44272 | $3822445 |
| BWX Technologies, Inc. | 28674 | 4130776 |
| Curtiss-Wright Corp. | 11867 | 5797623 |
| Hexcel Corp. | 25051 | 1415131 |
| Woodward, Inc. | 18648 | 4570438 |
|  |  | **19736413** |
| **Air Freight & Logistics–0.19%** | **Air Freight & Logistics–0.19%** | **Air Freight & Logistics–0.19%** |
| †GXO Logistics, Inc. | 35739 | 1740489 |
|  |  | **1740489** |
| **Automobile Components–0.80%** | **Automobile Components–0.80%** | **Automobile Components–0.80%** |
| Autoliv, Inc. | 22340 | 2499846 |
| Gentex Corp. | 70366 | 1547348 |
| †Goodyear Tire & Rubber Co. | 89046 | 923407 |
| Lear Corp. | 16960 | 1610861 |
| †Visteon Corp. | 8530 | 795849 |
|  |  | **7377311** |
| **Automobiles–0.25%** | **Automobiles–0.25%** | **Automobiles–0.25%** |
| Harley-Davidson, Inc. | 35407 | 835605 |
| Thor Industries, Inc. | 16730 | 1485791 |
|  |  | **2321396** |
| **Banks–6.55%** | **Banks–6.55%** | **Banks–6.55%** |
| Associated Banc-Corp. | 50725 | 1237183 |
| Bank OZK | 32967 | 1551427 |
| Cadence Bank | 58248 | 1862771 |
| Columbia Banking System, <br> Inc.<br>| 65874 | 1540134 |
| Comerica, Inc. | 41161 | 2455254 |
| Commerce Bancshares, Inc. | 38046 | 2365320 |
| Cullen/Frost Bankers, Inc. | 20172 | 2592909 |
| East West Bancorp, Inc. | 43218 | 4364154 |
| First Financial Bankshares, <br> Inc.<br>| 40390 | 1453232 |
| First Horizon Corp. | 158935 | 3369422 |
| Flagstar Financial, Inc. | 94989 | 1006883 |
| FNB Corp. | 112870 | 1645645 |
| Glacier Bancorp, Inc. | 36935 | 1591160 |
| Hancock Whitney Corp. | 26791 | 1537803 |
| Home BancShares, Inc. | 57570 | 1638442 |
| International Bancshares <br> Corp.<br>| 16716 | 1112617 |
| Old National Bancorp | 101674 | 2169723 |
| Pinnacle Financial Partners, <br> Inc.<br>| 24113 | 2662316 |
| Prosperity Bancshares, Inc. | 29871 | 2098139 |
| SouthState Corp. | 30779 | 2832591 |
| Synovus Financial Corp. | 44010 | 2277518 |
| †Texas Capital Bancshares, <br> Inc.<br>| 14378 | 1141613 |
| UMB Financial Corp. | 22366 | 2352009 |
| United Bankshares, Inc. | 44610 | 1625142 |
| Valley National Bancorp | 148314 | 1324444 |

---

---

| | | |
|:---|:---|:---|
|  | **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. | 53255 | $2907723 |
| Western Alliance Bancorp | 34181 | 2665434 |
| Wintrust Financial Corp. | 20978 | 2600852 |
| Zions Bancorp NA | 46105 | 2394694 |
|  |  | **60376554** |
| **Beverages–0.53%** | **Beverages–0.53%** | **Beverages–0.53%** |
| †Boston Beer Co., Inc. Class A | 2689 | 513088 |
| †Celsius Holdings, Inc. | 49205 | 2282620 |
| Coca-Cola Consolidated, Inc. | 18420 | 2056593 |
|  |  | **4852301** |
| **Biotechnology–2.20%** | **Biotechnology–2.20%** | **Biotechnology–2.20%** |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 59952 | 3295561 |
| †Cytokinetics, Inc. | 37376 | 1234903 |
| †Exelixis, Inc. | 85455 | 3766429 |
| †Halozyme Therapeutics, Inc. | 39455 | 2052449 |
| †Neurocrine Biosciences, Inc. | 30955 | 3890734 |
| †Roivant Sciences Ltd. | 131548 | 1482546 |
| †Sarepta Therapeutics, Inc. | 30647 | 524064 |
| †United Therapeutics Corp. | 14150 | 4066003 |
|  |  | **20312689** |
| **Broadline Retail–0.38%** | **Broadline Retail–0.38%** | **Broadline Retail–0.38%** |
| Macy's, Inc. | 86753 | 1011540 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 19247 | 2536370 |
|  |  | **3547910** |
| **Building Products–2.23%** | **Building Products–2.23%** | **Building Products–2.23%** |
| AAON, Inc. | 21180 | 1562025 |
| Advanced Drainage Systems, <br> Inc.<br>| 22058 | 2533582 |
| Carlisle Cos., Inc. | 13492 | 5037913 |
| Fortune Brands Innovations, <br> Inc.<br>| 38417 | 1977707 |
| Owens Corning | 26705 | 3672472 |
| Simpson Manufacturing Co., <br> Inc.<br>| 13075 | 2030678 |
| †Trex Co., Inc. | 33579 | 1826026 |
| UFP Industries, Inc. | 18875 | 1875420 |
|  |  | **20515823** |
| **Capital Markets–3.78%** | **Capital Markets–3.78%** | **Capital Markets–3.78%** |
| Affiliated Managers Group, <br> Inc.<br>| 9042 | 1779194 |
| Carlyle Group, Inc. | 66641 | 3425347 |
| Evercore, Inc. Class A | 11263 | 3041235 |
| Federated Hermes, Inc. | 24047 | 1065763 |
| Hamilton Lane, Inc. Class A | 13642 | 1938801 |
| Houlihan Lokey, Inc. | 16882 | 3037916 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 136488 | 7562800 |
| Janus Henderson Group PLC | 39345 | 1528160 |

---

LVIP SSGA Mid-Cap Index Fund-1

------

**LVIP SSGA Mid-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Jefferies Financial Group, <br> Inc.<br>| 50875 | $2782354 |
| Morningstar, Inc. | 8442 | 2650197 |
| SEI Investments Co. | 29822 | 2679805 |
| Stifel Financial Corp. | 32125 | 3333933 |
|  |  | **34825505** |
| **Chemicals–1.45%** | **Chemicals–1.45%** | **Chemicals–1.45%** |
| Ashland, Inc. | 14543 | 731222 |
| Avient Corp. | 28749 | 928880 |
| †Axalta Coating Systems Ltd. | 68163 | 2023760 |
| Cabot Corp. | 16742 | 1255650 |
| NewMarket Corp. | 2381 | 1644938 |
| Olin Corp. | 35753 | 718278 |
| RPM International, Inc. | 40174 | 4412712 |
| Scotts Miracle-Gro Co. | 13569 | 895011 |
| Westlake Corp. | 10356 | 786331 |
|  |  | **13396782** |
| **Commercial Services & Supplies–1.75%** | **Commercial Services & Supplies–1.75%** | **Commercial Services & Supplies–1.75%** |
| Brink's Co. | 13637 | 1217648 |
| †Clean Harbors, Inc. | 15831 | 3659811 |
| MSA Safety, Inc. | 12365 | 2071508 |
| RB Global, Inc. | 58124 | 6172187 |
| Tetra Tech, Inc. | 83353 | 2997374 |
|  |  | **16118528** |
| **Communications Equipment–0.62%** | **Communications Equipment–0.62%** | **Communications Equipment–0.62%** |
| †Ciena Corp. | 44507 | 3619754 |
| †Lumentum Holdings, Inc. | 21723 | 2064989 |
|  |  | **5684743** |
| **Construction & Engineering–3.26%** | **Construction & Engineering–3.26%** | **Construction & Engineering–3.26%** |
| AECOM | 41462 | 4679401 |
| †API Group Corp. | 76300 | 3895115 |
| Comfort Systems USA, Inc. | 11086 | 5944424 |
| EMCOR Group, Inc. | 14074 | 7528042 |
| †Fluor Corp. | 51594 | 2645225 |
| †MasTec, Inc. | 19237 | 3278562 |
| Valmont Industries, Inc. | 6260 | 2044328 |
|  |  | **30015097** |
| **Construction Materials–0.38%** | **Construction Materials–0.38%** | **Construction Materials–0.38%** |
| Eagle Materials, Inc. | 10402 | 2102348 |
| †Knife River Corp. | 17690 | 1444212 |
|  |  | **3546560** |
| **Consumer Finance–0.78%** | **Consumer Finance–0.78%** | **Consumer Finance–0.78%** |
| Ally Financial, Inc. | 86382 | 3364579 |
| FirstCash Holdings, Inc. | 12068 | 1630869 |
| SLM Corp. | 65644 | 2152467 |
|  |  | **7147915** |
| **Consumer Staples Distribution & Retail–3.29%** | **Consumer Staples Distribution & Retail–3.29%** | **Consumer Staples Distribution & Retail–3.29%** |
| Albertsons Cos., Inc. Class A | 126227 | 2715143 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 41276 | $4450791 |
| Casey's General Stores, Inc. | 11598 | 5918112 |
| †Maplebear, Inc. | 51472 | 2328593 |
| †Performance Food Group Co. | 49013 | 4287167 |
| †Sprouts Farmers Market, Inc. | 30744 | 5061692 |
| †U.S. Foods Holding Corp. | 72587 | 5589925 |
|  |  | **30351423** |
| **Containers & Packaging–1.32%** | **Containers & Packaging–1.32%** | **Containers & Packaging–1.32%** |
| AptarGroup, Inc. | 20678 | 3234659 |
| Crown Holdings, Inc. | 36378 | 3746206 |
| Graphic Packaging Holding <br> Co.<br>| 94708 | 1995498 |
| Greif, Inc. Class A | 7977 | 518425 |
| Silgan Holdings, Inc. | 25361 | 1374059 |
| Sonoco Products Co. | 30903 | 1346135 |
|  |  | **12214982** |
| **Diversified Consumer Services–1.48%** | **Diversified Consumer Services–1.48%** | **Diversified Consumer Services–1.48%** |
| †Duolingo, Inc. | 12342 | 5060467 |
| Graham Holdings Co. Class B | 1053 | 996317 |
| †Grand Canyon Education, <br> Inc.<br>| 8881 | 1678509 |
| H&R Block, Inc. | 42024 | 2306697 |
| Service Corp. International | 44762 | 3643627 |
|  |  | **13685617** |
| **Diversified REITs–0.46%** | **Diversified REITs–0.46%** | **Diversified REITs–0.46%** |
| WP Carey, Inc. | 68584 | 4278270 |
|  |  | **4278270** |
| **Diversified Telecommunication Services–0.39%** | **Diversified Telecommunication Services–0.39%** | **Diversified Telecommunication Services–0.39%** |
| †Frontier Communications <br> Parent, Inc.<br>| 69551 | 2531656 |
| Iridium Communications, <br> Inc.<br>| 33909 | 1023035 |
|  |  | **3554691** |
| **Electric Utilities–0.97%** | **Electric Utilities–0.97%** | **Electric Utilities–0.97%** |
| ALLETE, Inc. | 18192 | 1165562 |
| IDACORP, Inc. | 16922 | 1953645 |
| OGE Energy Corp. | 63190 | 2804372 |
| Portland General Electric <br> Co.<br>| 34168 | 1388246 |
| TXNM Energy, Inc. | 28985 | 1632435 |
|  |  | **8944260** |
| **Electrical Equipment–1.58%** | **Electrical Equipment–1.58%** | **Electrical Equipment–1.58%** |
| Acuity, Inc. | 9580 | 2858097 |
| EnerSys | 12220 | 1048110 |
| †NEXTracker, Inc. Class A | 45005 | 2446922 |
| nVent Electric PLC | 51600 | 3779700 |

---

LVIP SSGA Mid-Cap Index Fund-2

------

**LVIP SSGA Mid-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Regal Rexnord Corp. | 20794 | $3014298 |
| Sensata Technologies Holding <br> PLC<br>| 46235 | 1392136 |
|  |  | **14539263** |
| **Electronic Equipment, Instruments & Components–3.23%** | **Electronic Equipment, Instruments & Components–3.23%** | **Electronic Equipment, Instruments & Components–3.23%** |
| †Arrow Electronics, Inc. | 16302 | 2077364 |
| Avnet, Inc. | 26730 | 1418828 |
| Belden, Inc. | 12483 | 1445531 |
| Cognex Corp. | 52678 | 1670946 |
| †Coherent Corp. | 48723 | 4346579 |
| Crane NXT Co. | 15465 | 833564 |
| †Fabrinet | 11246 | 3313971 |
| †Flex Ltd. | 120009 | 5990849 |
| †IPG Photonics Corp. | 8143 | 559017 |
| Littelfuse, Inc. | 7754 | 1758065 |
| †Novanta, Inc. | 11224 | 1447110 |
| TD SYNNEX Corp. | 23442 | 3181079 |
| Vontier Corp. | 46264 | 1707142 |
|  |  | **29750045** |
| **Energy Equipment & Services–0.54%** | **Energy Equipment & Services–0.54%** | **Energy Equipment & Services–0.54%** |
| ChampionX Corp. | 59619 | 1480936 |
| NOV, Inc. | 118195 | 1469164 |
| †Valaris Ltd. | 20245 | 852517 |
| Weatherford International <br> PLC<br>| 22562 | 1135094 |
|  |  | **4937711** |
| **Entertainment–0.14%** | **Entertainment–0.14%** | **Entertainment–0.14%** |
| Warner Music Group Corp. <br> Class A<br>| 45802 | 1247646 |
|  |  | **1247646** |
| **Financial Services–1.89%** | **Financial Services–1.89%** | **Financial Services–1.89%** |
| Equitable Holdings, Inc. | 95335 | 5348293 |
| Essent Group Ltd. | 32514 | 1974575 |
| †Euronet Worldwide, Inc. | 12904 | 1308208 |
| MGIC Investment Corp. | 74133 | 2063863 |
| †Shift4 Payments, Inc. Class A | 21256 | 2106682 |
| Voya Financial, Inc. | 30165 | 2141715 |
| Western Union Co. | 104484 | 879755 |
| †WEX, Inc. | 10809 | 1587734 |
|  |  | **17410825** |
| **Food Products–0.95%** | **Food Products–0.95%** | **Food Products–0.95%** |
| †Darling Ingredients, Inc. | 49598 | 1881748 |
| Flowers Foods, Inc. | 61599 | 984352 |
| Ingredion, Inc. | 20154 | 2733285 |
| Lancaster Colony Corp. | 6031 | 1041976 |
| Pilgrim's Pride Corp. | 12496 | 562070 |
| †Post Holdings, Inc. | 14096 | 1536887 |
|  |  | **8740318** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Gas Utilities–1.12%** | **Gas Utilities–1.12%** | **Gas Utilities–1.12%** |
| National Fuel Gas Co. | 28395 | $2405340 |
| New Jersey Resources Corp. | 31437 | 1409006 |
| ONE Gas, Inc. | 18703 | 1343998 |
| Southwest Gas Holdings, Inc. | 18931 | 1408277 |
| Spire, Inc. | 18431 | 1345279 |
| UGI Corp. | 67223 | 2448262 |
|  |  | **10360162** |
| **Ground Transportation–1.48%** | **Ground Transportation–1.48%** | **Ground Transportation–1.48%** |
| †Avis Budget Group, Inc. | 5270 | 890893 |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 50787 | 2246309 |
| Landstar System, Inc. | 10935 | 1520184 |
| Ryder System, Inc. | 13050 | 2074950 |
| †Saia, Inc. | 8310 | 2276857 |
| †XPO, Inc. | 36935 | 4664521 |
|  |  | **13673714** |
| **Health Care Equipment & Supplies–1.44%** | **Health Care Equipment & Supplies–1.44%** | **Health Care Equipment & Supplies–1.44%** |
| Dentsply Sirona, Inc. | 62413 | 991118 |
| †Envista Holdings Corp. | 53204 | 1039606 |
| †Globus Medical, Inc. Class A | 35340 | 2085767 |
| †Haemonetics Corp. | 15698 | 1171228 |
| †Lantheus Holdings, Inc. | 21625 | 1770223 |
| †LivaNova PLC | 16967 | 763854 |
| †Masimo Corp. | 14086 | 2369547 |
| †Penumbra, Inc. | 12192 | 3128833 |
|  |  | **13320176** |
| **Health Care Providers & Services–2.52%** | **Health Care Providers & Services–2.52%** | **Health Care Providers & Services–2.52%** |
| †Acadia Healthcare Co., Inc. | 28824 | 654017 |
| †Amedisys, Inc. | 10134 | 997084 |
| Chemed Corp. | 4582 | 2231113 |
| Encompass Health Corp. | 31481 | 3860515 |
| Ensign Group, Inc. | 17917 | 2763876 |
| †HealthEquity, Inc. | 27080 | 2836901 |
| †Hims & Hers Health, Inc. | 61442 | 3062884 |
| †Option Care Health, Inc. | 52577 | 1707701 |
| †Tenet Healthcare Corp. | 29115 | 5124240 |
|  |  | **23238331** |
| **Health Care REITs–0.70%** | **Health Care REITs–0.70%** | **Health Care REITs–0.70%** |
| Healthcare Realty Trust, Inc. | 109836 | 1741999 |
| Omega Healthcare Investors, <br> Inc.<br>| 90666 | 3322909 |
| Sabra Health Care REIT, Inc. | 74427 | 1372434 |
|  |  | **6437342** |
| **Health Care Technology–0.28%** | **Health Care Technology–0.28%** | **Health Care Technology–0.28%** |
| †Doximity, Inc. Class A | 41816 | 2564993 |
|  |  | **2564993** |
| **Hotel & Resort REITs–0.07%** | **Hotel & Resort REITs–0.07%** | **Hotel & Resort REITs–0.07%** |
| Park Hotels & Resorts, Inc. | 63996 | 654679 |
|  |  | **654679** |

---

LVIP SSGA Mid-Cap Index Fund-3

------

**LVIP SSGA Mid-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure–3.40%** | **Hotels, Restaurants & Leisure–3.40%** | **Hotels, Restaurants & Leisure–3.40%** |
| Aramark | 82438 | $3451679 |
| Boyd Gaming Corp. | 19114 | 1495288 |
| †Cava Group, Inc. | 25620 | 2157973 |
| Choice Hotels International, <br> Inc.<br>| 6881 | 873061 |
| Churchill Downs, Inc. | 22766 | 2299366 |
| †Hilton Grand Vacations, Inc. | 19188 | 796878 |
| Hyatt Hotels Corp. Class A | 13225 | 1846871 |
| †Light & Wonder, Inc. | 26394 | 2540686 |
| Marriott Vacations Worldwide <br> Corp.<br>| 9936 | 718472 |
| †Planet Fitness, Inc. Class A | 26204 | 2857546 |
| Texas Roadhouse, Inc. | 20846 | 3906749 |
| Travel & Leisure Co. | 21175 | 1092842 |
| Vail Resorts, Inc. | 11698 | 1838107 |
| Wendy's Co. | 53101 | 606413 |
| Wingstop, Inc. | 8728 | 2939067 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 24193 | 1964714 |
|  |  | **31385712** |
| **Household Durables–1.71%** | **Household Durables–1.71%** | **Household Durables–1.71%** |
| KB Home | 22385 | 1185733 |
| Somnigroup International, <br> Inc.<br>| 64641 | 4398820 |
| †Taylor Morrison Home Corp. | 32034 | 1967528 |
| Toll Brothers, Inc. | 31212 | 3562226 |
| †TopBuild Corp. | 8962 | 2901358 |
| Whirlpool Corp. | 17406 | 1765317 |
|  |  | **15780982** |
| **Independent Power and Renewable Electricity Producers–0.16%** | **Independent Power and Renewable Electricity Producers–0.16%** | **Independent Power and Renewable Electricity Producers–0.16%** |
| Ormat Technologies, Inc. | 18057 | 1512454 |
|  |  | **1512454** |
| **Industrial REITs–1.03%** | **Industrial REITs–1.03%** | **Industrial REITs–1.03%** |
| EastGroup Properties, Inc. | 16430 | 2745782 |
| First Industrial Realty Trust, <br> Inc.<br>| 41469 | 1995903 |
| Rexford Industrial Realty, <br> Inc.<br>| 74002 | 2632251 |
| STAG Industrial, Inc. | 58396 | 2118607 |
|  |  | **9492543** |
| **Insurance–4.48%** | **Insurance–4.48%** | **Insurance–4.48%** |
| American Financial Group, <br> Inc.<br>| 22467 | 2835560 |
| †Brighthouse Financial, Inc. | 18220 | 979689 |
| CNO Financial Group, Inc. | 31453 | 1213457 |
| Fidelity National Financial, <br> Inc.<br>| 81729 | 4581728 |
| First American Financial <br> Corp.<br>| 32086 | 1969760 |
| Hanover Insurance Group, <br> Inc.<br>| 11259 | 1912566 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Kemper Corp. | 18769 | $1211351 |
| Kinsale Capital Group, Inc. | 6913 | 3345201 |
| Old Republic International <br> Corp.<br>| 70991 | 2728894 |
| Primerica, Inc. | 10327 | 2826190 |
| Reinsurance Group of <br> America, Inc.<br>| 20683 | 4102680 |
| RenaissanceRe Holdings Ltd. | 15290 | 3713941 |
| RLI Corp. | 26159 | 1889203 |
| Ryan Specialty Holdings, Inc. | 33646 | 2287591 |
| Selective Insurance Group, <br> Inc.<br>| 19100 | 1655015 |
| Unum Group | 50243 | 4057625 |
|  |  | **41310451** |
| **Interactive Media & Services–0.09%** | **Interactive Media & Services–0.09%** | **Interactive Media & Services–0.09%** |
| †ZoomInfo Technologies, Inc. | 84161 | 851709 |
|  |  | **851709** |
| **IT Services–0.97%** | **IT Services–0.97%** | **IT Services–0.97%** |
| †ASGN, Inc. | 13711 | 684590 |
| †Kyndryl Holdings, Inc. | 72910 | 3059304 |
| †Okta, Inc. | 52300 | 5228431 |
|  |  | **8972325** |
| **Leisure Products–0.50%** | **Leisure Products–0.50%** | **Leisure Products–0.50%** |
| Brunswick Corp. | 20418 | 1127890 |
| †Mattel, Inc. | 100871 | 1989176 |
| Polaris, Inc. | 16281 | 661823 |
| †YETI Holdings, Inc. | 26305 | 829134 |
|  |  | **4608023** |
| **Life Sciences Tools & Services–1.67%** | **Life Sciences Tools & Services–1.67%** | **Life Sciences Tools & Services–1.67%** |
| †Avantor, Inc. | 212862 | 2865122 |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 6021 | 1452988 |
| Bruker Corp. | 34480 | 1420576 |
| †Illumina, Inc. | 49695 | 4741400 |
| †Medpace Holdings, Inc. | 7406 | 2324447 |
| †Repligen Corp. | 16381 | 2037469 |
| †Sotera Health Co. | 47292 | 525887 |
|  |  | **15367889** |
| **Machinery–5.17%** | **Machinery–5.17%** | **Machinery–5.17%** |
| AGCO Corp. | 19359 | 1997075 |
| †Chart Industries, Inc. | 14139 | 2327986 |
| CNH Industrial NV | 273590 | 3545727 |
| Crane Co. | 15301 | 2905507 |
| Donaldson Co., Inc. | 37517 | 2601804 |
| Esab Corp. | 17855 | 2152420 |
| Flowserve Corp. | 40951 | 2143785 |
| Graco, Inc. | 52361 | 4501475 |
| ITT, Inc. | 24735 | 3879190 |
| Lincoln Electric Holdings, <br> Inc.<br>| 17531 | 3634527 |

---

LVIP SSGA Mid-Cap Index Fund-4

------

**LVIP SSGA Mid-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| †Middleby Corp. | 16809 | $2420496 |
| Mueller Industries, Inc. | 34639 | 2752761 |
| Oshkosh Corp. | 20131 | 2285674 |
| †RBC Bearings, Inc. | 9871 | 3798361 |
| Terex Corp. | 20548 | 959386 |
| Timken Co. | 19838 | 1439247 |
| Toro Co. | 31343 | 2215323 |
| Watts Water Technologies, <br> Inc. Class A<br>| 8651 | 2127194 |
|  |  | **47687938** |
| **Marine Transportation–0.22%** | **Marine Transportation–0.22%** | **Marine Transportation–0.22%** |
| †Kirby Corp. | 17736 | 2011440 |
|  |  | **2011440** |
| **Media–0.61%** | **Media–0.61%** | **Media–0.61%** |
| †EchoStar Corp. Class A | 41954 | 1162126 |
| New York Times Co. Class A | 50787 | 2843056 |
| Nexstar Media Group, Inc. | 9112 | 1575920 |
|  |  | **5581102** |
| **Metals & Mining–2.00%** | **Metals & Mining–2.00%** | **Metals & Mining–2.00%** |
| Alcoa Corp. | 81028 | 2391136 |
| Carpenter Technology Corp. | 15608 | 4313739 |
| †Cleveland-Cliffs, Inc. | 151856 | 1154106 |
| Commercial Metals Co. | 35410 | 1731903 |
| Reliance, Inc. | 16511 | 5182803 |
| Royal Gold, Inc. | 20648 | 3672040 |
|  |  | **18445727** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.61%** | **Mortgage Real Estate Investment Trusts (REITs)–0.61%** | **Mortgage Real Estate Investment Trusts (REITs)–0.61%** |
| Annaly Capital Management, <br> Inc.<br>| 189820 | 3572412 |
| Starwood Property Trust, Inc. | 100885 | 2024762 |
|  |  | **5597174** |
| **Multi-Utilities–0.24%** | **Multi-Utilities–0.24%** | **Multi-Utilities–0.24%** |
| Black Hills Corp. | 22678 | 1272236 |
| Northwestern Energy Group, <br> Inc.<br>| 19163 | 983062 |
|  |  | **2255298** |
| **Office REITs–0.62%** | **Office REITs–0.62%** | **Office REITs–0.62%** |
| COPT Defense Properties | 34945 | 963783 |
| Cousins Properties, Inc. | 52589 | 1579248 |
| Kilroy Realty Corp. | 33523 | 1150174 |
| Vornado Realty Trust | 52382 | 2003088 |
|  |  | **5696293** |
| **Oil, Gas & Consumable Fuels–3.16%** | **Oil, Gas & Consumable Fuels–3.16%** | **Oil, Gas & Consumable Fuels–3.16%** |
| Antero Midstream Corp. | 104685 | 1983781 |
| †Antero Resources Corp. | 91301 | 3677604 |
| Chord Energy Corp. | 18001 | 1743397 |
| Civitas Resources, Inc. | 27945 | 769046 |
| †CNX Resources Corp. | 46509 | 1566423 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| DT Midstream, Inc. | 31761 | $3490852 |
| HF Sinclair Corp. | 49973 | 2052891 |
| Matador Resources Co. | 36559 | 1744596 |
| Murphy Oil Corp. | 42437 | 954833 |
| Ovintiv, Inc. | 81544 | 3102749 |
| PBF Energy, Inc. Class A | 30827 | 668021 |
| Permian Resources Corp. | 199684 | 2719696 |
| Range Resources Corp. | 75002 | 3050331 |
| Viper Energy, Inc. | 40932 | 1560737 |
|  |  | **29084957** |
| **Paper & Forest Products–0.18%** | **Paper & Forest Products–0.18%** | **Paper & Forest Products–0.18%** |
| Louisiana-Pacific Corp. | 19333 | 1662445 |
|  |  | **1662445** |
| **Passenger Airlines–0.46%** | **Passenger Airlines–0.46%** | **Passenger Airlines–0.46%** |
| †Alaska Air Group, Inc. | 38158 | 1888058 |
| †American Airlines Group, <br> Inc.<br>| 206870 | 2321081 |
|  |  | **4209139** |
| **Personal Care Products–0.55%** | **Personal Care Products–0.55%** | **Personal Care Products–0.55%** |
| †BellRing Brands, Inc. | 39785 | 2304745 |
| †Coty, Inc. Class A | 113438 | 527487 |
| †elf Beauty, Inc. | 17623 | 2193006 |
|  |  | **5025238** |
| **Pharmaceuticals–0.35%** | **Pharmaceuticals–0.35%** | **Pharmaceuticals–0.35%** |
| †Jazz Pharmaceuticals PLC | 19290 | 2047055 |
| Perrigo Co. PLC | 42830 | 1144417 |
|  |  | **3191472** |
| **Professional Services–2.29%** | **Professional Services–2.29%** | **Professional Services–2.29%** |
| †CACI International, Inc. <br> Class A<br>| 6906 | 3292090 |
| Concentrix Corp. | 14375 | 759791 |
| †ExlService Holdings, Inc. | 51071 | 2236399 |
| Exponent, Inc. | 15962 | 1192521 |
| †FTI Consulting, Inc. | 10538 | 1701887 |
| Genpact Ltd. | 50511 | 2222989 |
| Insperity, Inc. | 11152 | 670458 |
| KBR, Inc. | 41234 | 1976758 |
| ManpowerGroup, Inc. | 14566 | 588467 |
| Maximus, Inc. | 17586 | 1234537 |
| †Parsons Corp. | 14800 | 1062196 |
| †Paylocity Holding Corp. | 13521 | 2449870 |
| Science Applications <br> International Corp.<br>| 15174 | 1708744 |
|  |  | **21096707** |
| **Real Estate Management & Development–0.41%** | **Real Estate Management & Development–0.41%** | **Real Estate Management & Development–0.41%** |
| †Jones Lang LaSalle, Inc. | 14925 | 3817516 |
|  |  | **3817516** |

---

LVIP SSGA Mid-Cap Index Fund-5

------

**LVIP SSGA Mid-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Residential REITs–0.93%** | **Residential REITs–0.93%** | **Residential REITs–0.93%** |
| American Homes 4 Rent <br> Class A<br>| 99625 | $3593474 |
| Equity LifeStyle Properties, <br> Inc.<br>| 59900 | 3694033 |
| Independence Realty Trust, <br> Inc.<br>| 73015 | 1291635 |
|  |  | **8579142** |
| **Retail REITs–0.99%** | **Retail REITs–0.99%** | **Retail REITs–0.99%** |
| Agree Realty Corp. | 34344 | 2509172 |
| Brixmor Property Group, Inc. | 95895 | 2497106 |
| Kite Realty Group Trust | 68840 | 1559226 |
| NNN REIT, Inc. | 58805 | 2539200 |
|  |  | **9104704** |
| **Semiconductors & Semiconductor Equipment–2.57%** | **Semiconductors & Semiconductor Equipment–2.57%** | **Semiconductors & Semiconductor Equipment–2.57%** |
| †Allegro MicroSystems, Inc. | 40949 | 1400046 |
| Amkor Technology, Inc. | 35150 | 737799 |
| †Cirrus Logic, Inc. | 16606 | 1731259 |
| Entegris, Inc. | 47423 | 3824665 |
| †Lattice Semiconductor Corp. | 43112 | 2112057 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 18683 | 2677087 |
| MKS, Inc. | 21029 | 2089441 |
| †Onto Innovation, Inc. | 15333 | 1547560 |
| Power Integrations, Inc. | 17590 | 983281 |
| †Rambus, Inc. | 33702 | 2157602 |
| †Silicon Laboratories, Inc. | 10242 | 1509261 |
| †Synaptics, Inc. | 12145 | 787239 |
| Universal Display Corp. | 13892 | 2145758 |
|  |  | **23703055** |
| **Software–3.54%** | **Software–3.54%** | **Software–3.54%** |
| †Appfolio, Inc. Class A | 7262 | 1672293 |
| †Bill Holdings, Inc. | 29607 | 1369620 |
| †Blackbaud, Inc. | 11785 | 756715 |
| †Commvault Systems, Inc. | 13848 | 2414122 |
| †Docusign, Inc. | 63426 | 4940251 |
| Dolby Laboratories, Inc. <br> Class A<br>| 19125 | 1420222 |
| †Dropbox, Inc. Class A | 61232 | 1751235 |
| †Dynatrace, Inc. | 93938 | 5186317 |
| †Guidewire Software, Inc. | 26297 | 6191629 |
| †Manhattan Associates, Inc. | 18999 | 3751733 |
| Pegasystems, Inc. | 27900 | 1510227 |
| †Qualys, Inc. | 11433 | 1633433 |
|  |  | **32597797** |
| **Specialized REITs–1.55%** | **Specialized REITs–1.55%** | **Specialized REITs–1.55%** |
| CubeSmart | 71466 | 3037305 |
| EPR Properties | 23764 | 1384491 |
| Gaming & Leisure Properties, <br> Inc.<br>| 86140 | 4021015 |
| Lamar Advertising Co. <br> Class A<br>| 27578 | 3346866 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| National Storage Affiliates <br> Trust<br>| 22012 | $704164 |
| PotlatchDeltic Corp. | 22503 | 863440 |
| Rayonier, Inc. | 43609 | 967248 |
|  |  | **14324529** |
| **Specialty Retail–3.67%** | **Specialty Retail–3.67%** | **Specialty Retail–3.67%** |
| †Abercrombie & Fitch Co. <br> Class A<br>| 14840 | 1229494 |
| †AutoNation, Inc. | 7955 | 1580261 |
| Bath & Body Works, Inc. | 67176 | 2012593 |
| †Burlington Stores, Inc. | 19726 | 4589057 |
| †Chewy, Inc. Class A | 68660 | 2926289 |
| Dick's Sporting Goods, Inc. | 17693 | 3499852 |
| †Five Below, Inc. | 17289 | 2267971 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 33607 | 2552788 |
| †GameStop Corp. Class A | 127447 | 3108432 |
| Gap, Inc. | 69425 | 1514159 |
| Lithia Motors, Inc. | 8223 | 2777894 |
| Murphy USA, Inc. | 5692 | 2315506 |
| Penske Automotive Group, <br> Inc.<br>| 5842 | 1003714 |
| †RH | 4808 | 908760 |
| †Valvoline, Inc. | 39615 | 1500220 |
|  |  | **33786990** |
| **Technology Hardware, Storage & Peripherals–0.61%** | **Technology Hardware, Storage & Peripherals–0.61%** | **Technology Hardware, Storage & Peripherals–0.61%** |
| †Pure Storage, Inc. Class A | 97443 | 5610768 |
|  |  | **5610768** |
| **Textiles, Apparel & Luxury Goods–0.92%** | **Textiles, Apparel & Luxury Goods–0.92%** | **Textiles, Apparel & Luxury Goods–0.92%** |
| †Capri Holdings Ltd. | 36543 | 646811 |
| Columbia Sportswear Co. | 9908 | 605181 |
| †Crocs, Inc. | 17516 | 1774020 |
| PVH Corp. | 14984 | 1027902 |
| †Skechers USA, Inc. Class A | 40819 | 2575679 |
| †Under Armour, Inc. Class A | 98024 | 656237 |
| VF Corp. | 103671 | 1218134 |
|  |  | **8503964** |
| **Trading Companies & Distributors–1.81%** | **Trading Companies & Distributors–1.81%** | **Trading Companies & Distributors–1.81%** |
| Applied Industrial <br> Technologies, Inc.<br>| 11992 | 2787540 |
| †Core & Main, Inc. Class A | 59329 | 3580505 |
| GATX Corp. | 11205 | 1720640 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 13963 | 1187134 |
| Watsco, Inc. | 10983 | 4850313 |
| WESCO International, Inc. | 13975 | 2588170 |
|  |  | **16714302** |

---

LVIP SSGA Mid-Cap Index Fund-6

------

**LVIP SSGA Mid-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Water Utilities–0.33%** | **Water Utilities–0.33%** | **Water Utilities–0.33%** |
| Essential Utilities, Inc. | 80843 | $3002509 |
|  |  | **3002509** |
| **Total Common Stock** <br>**(Cost $605,386,123)** | **Total Common Stock** <br>**(Cost $605,386,123)** | **911992758** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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>| 9234813 | 9234813 |
| **Total Money Market Fund** <br>**(Cost $9,234,813)** | **Total Money Market Fund** <br>**(Cost $9,234,813)** | **9234813** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.94% (Cost $614,620,936)** | **921227571** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.06%** | **578398** |
| **NET ASSETS APPLICABLE TO 70,779,331 SHARES OUTSTANDING–100.00%** | **$921805969** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA MID-CAP INDEX FUND STANDARD CLASS** <br>**($676,274,936 / 51,849,781 Shares)** | **$13.043** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA MID-CAP INDEX FUND SERVICE CLASS** <br>**($245,531,033 / 18,929,550 Shares)** | **$12.971** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$549119601** |
| Distributable earnings/(accumulated loss) | **372686368** |
| **TOTAL NET ASSETS** | **$921805969** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $671,037 cash collateral held at broker for futures contracts, $995,387 payable for securities purchased, $217,659 payable for fund <br> shares redeemed, $45,030 other accrued expenses payable, $266,087 due to manager and affiliates, $2,269 variation margin due to broker <br> on futures contracts, $16,187 payable for audit fee and $24,906 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:** |
| 31 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; $9689050 | &nbsp;&nbsp; $9409205 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $279845 | &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 SSGA Mid-Cap Index Fund-7

------

**LVIP SSGA Mid-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Mid-Cap Index Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Mid-Cap Index Fund** | **LVIP SSGA Mid-Cap Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $7272782 |
| Foreign taxes withheld | (4973)<br>|
|  | 7267809 |
| **EXPENSES:** |  |
| Management fees | 1189254 |
| Distribution fees-Service Class | 284531 |
| Shareholder servicing fees | 127735 |
| Index fees | 91509 |
| Accounting and administration expenses | 82628 |
| Professional fees | 30322 |
| Trustees' fees and expenses | 13424 |
| Reports and statements to shareholders | 7361 |
| Custodian fees | 6677 |
| Consulting fees | 4436 |
| Pricing fees | 1632 |
| Other | 14027 |
|  | 1853536 |
| Less:  |  |
| Management fees waived | (22023)<br>|
| Total operating expenses | 1831513 |
| **NET INVESTMENT INCOME**  | 5436296 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 13081845 |
| Futures contracts | (1214404)<br>|
| Net realized gain | 11867441 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (19836170)<br>|
| Futures contracts | 393935 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (19442235)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (7574794)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(2138498)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Mid-Cap Index Fund** | **LVIP SSGA Mid-Cap Index Fund** | **LVIP SSGA Mid-Cap Index Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $5436296 | $10122647 |
| Net realized gain | 11867441 | 77373925 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (19442235)<br>| 31148504 |
| Net increase (decrease) in net <br> assets resulting from operations<br>| (2138498)<br>| 118645076 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (47928657)<br>|
| Service Class |  | (14542521)<br>|
|  |  | (62471178)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 66380356 | 60707706 |
| Service Class | 33704532 | 43624525 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 47928657 |
| Service Class |  | 14542521 |
|  | 100084888 | 166803409 |
| Cost of shares redeemed: |  |  |
| Standard Class | (72215607)<br>| (189312053)<br>|
| Service Class | (14820597)<br>| (29667063)<br>|
|  | (87036204)<br>| (218979116)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 13048684 | (52175707)<br>|
| **NET INCREASE IN NET ASSETS** | 10910186 | 3998191 |
| **NET ASSETS:** |  |  |
| Beginning of period | 910895783 | 906897592 |
| End of period | $921805969 | $910895783 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Mid-Cap Index Fund-9

------

**LVIP SSGA Mid-Cap Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index 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; $13.039 | &nbsp;&nbsp; $12.282 | &nbsp;&nbsp; $11.406 | &nbsp;&nbsp; $15.167 | &nbsp;&nbsp; $12.763 | &nbsp;&nbsp; $12.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.082 | 0.151 | 0.149 | 0.154 | 0.129 | 0.124 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.078)<br>| 1.519 | 1.607 | &nbsp;&nbsp; (2.279)<br>| 2.952 | 1.371 |
| Total from investment operations | 0.004 | 1.670 | 1.756 | &nbsp;&nbsp; (2.125)<br>| 3.081 | 1.495 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.164)<br>| &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; (0.173)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.178)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.749)<br>| &nbsp;&nbsp; (0.717)<br>| &nbsp;&nbsp; (1.463)<br>| &nbsp;&nbsp; (0.512)<br>| &nbsp;&nbsp; (0.554)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.913)<br>| &nbsp;&nbsp; (0.880)<br>| &nbsp;&nbsp; (1.636)<br>| &nbsp;&nbsp; (0.677)<br>| &nbsp;&nbsp; (0.732)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.043 | &nbsp;&nbsp; $13.039 | &nbsp;&nbsp; $12.282 | &nbsp;&nbsp; $11.406 | &nbsp;&nbsp; $15.167 | &nbsp;&nbsp; $12.763 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 13.55% | &nbsp;&nbsp; 16.05% | &nbsp;&nbsp; (13.40%)<br>| &nbsp;&nbsp; 24.37% | &nbsp;&nbsp; 13.19% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $676275 | &nbsp;&nbsp; $684477 | &nbsp;&nbsp; $719984 | &nbsp;&nbsp; $694216 | &nbsp;&nbsp; $916248 | &nbsp;&nbsp; $876695 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.14% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 23% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Mid-Cap Index Fund-10

------

**LVIP SSGA Mid-Cap Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index 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; $12.983 | &nbsp;&nbsp; $12.236 | &nbsp;&nbsp; $11.371 | &nbsp;&nbsp; $15.129 | &nbsp;&nbsp; $12.736 | &nbsp;&nbsp; $11.982 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.065 | 0.118 | 0.119 | 0.121 | 0.092 | 0.097 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.077)<br>| 1.511 | 1.598 | &nbsp;&nbsp; (2.273)<br>| 2.945 | 1.363 |
| Total from investment operations | &nbsp;&nbsp; (0.012)<br>| 1.629 | 1.717 | &nbsp;&nbsp; (2.152)<br>| 3.037 | 1.460 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.133)<br>| &nbsp;&nbsp; (0.135)<br>| &nbsp;&nbsp; (0.143)<br>| &nbsp;&nbsp; (0.132)<br>| &nbsp;&nbsp; (0.152)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.749)<br>| &nbsp;&nbsp; (0.717)<br>| &nbsp;&nbsp; (1.463)<br>| &nbsp;&nbsp; (0.512)<br>| &nbsp;&nbsp; (0.554)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.852)<br>| &nbsp;&nbsp; (1.606)<br>| &nbsp;&nbsp; (0.644)<br>| &nbsp;&nbsp; (0.706)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.971 | &nbsp;&nbsp; $12.983 | &nbsp;&nbsp; $12.236 | &nbsp;&nbsp; $11.371 | &nbsp;&nbsp; $15.129 | &nbsp;&nbsp; $12.736 |
| Total return<sup>3</sup> | &nbsp;&nbsp; (0.09%)<br>| &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; 15.75% | &nbsp;&nbsp; (13.61%)<br>| &nbsp;&nbsp; 24.06% | &nbsp;&nbsp; 12.90% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $245531 | &nbsp;&nbsp; $226419 | &nbsp;&nbsp; $186913 | &nbsp;&nbsp; $153978 | &nbsp;&nbsp; $184667 | &nbsp;&nbsp; $131707 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.89% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 23% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Mid-Cap Index Fund-11

------

**LVIP SSGA Mid-Cap Index Fund**

**Notes to Financial Statements**

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 SSGA Mid-Cap Index Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to approximate as closely as practicable, before fees and expenses, the performance of a broad market index that emphasizes stocks of mid-sized U.S. companies.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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.

LVIP SSGA Mid-Cap Index Fund-12

------

**LVIP SSGA Mid-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.27% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.005% on the first $1.5 billion of the Fund's average daily net assets and 0.01% of the Fund's average daily net assets in excess of $1.5 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

SSGA Funds Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $37732 |
| Legal | &nbsp;&nbsp; 5751 |

---

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 $1,943 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 SSGA Mid-Cap Index Fund-13

------

**LVIP SSGA Mid-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $195475 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 49220 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 21392 |

---

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; $75636631 |
| Sales | &nbsp;&nbsp; 63754410 |

---

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; $614620936 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $354386956 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (47500476)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $306886480 |

---

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 SSGA Mid-Cap Index Fund-14

------

**LVIP SSGA Mid-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $911992758 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $911992758 |
| Money Market Fund | &nbsp;&nbsp; 9234813 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9234813 |
| **Total Investments** | &nbsp;&nbsp; $921227571 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $921227571 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $279845 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $279845 |

---

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; 5199534 | &nbsp;&nbsp; 4609205 |
| Service Class | &nbsp;&nbsp; 2667389 | &nbsp;&nbsp; 3315885 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3593385 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1096235 |
|  | &nbsp;&nbsp; 7866923 | &nbsp;&nbsp; 12614710 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (5845685)<br>| &nbsp;&nbsp; (14329715)<br>|
| Service Class | &nbsp;&nbsp; (1178039)<br>| &nbsp;&nbsp; (2247080)<br>|
|  | &nbsp;&nbsp; (7023724)<br>| &nbsp;&nbsp; (16576795)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 843199 | &nbsp;&nbsp; (3962085)<br>|

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of 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

LVIP SSGA Mid-Cap Index Fund-15

------

**LVIP SSGA Mid-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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 facilitate investments in portfolio securities; to reduce transaction costs 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>| $279845 | 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; $(1214404)<br>| &nbsp;&nbsp; $393935 |

---

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) | $7717336 | $— |

---

**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.

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 SSGA Mid-Cap Index Fund-16

------

**LVIP SSGA Mid-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 SSGA Mid-Cap Index Fund-17

------

![](imgf16ae5061.jpg)

LVIP SSGA Nasdaq-100 Index Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA Nasdaq-100 Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_b447af73-f8e6-4005-9e30-015a615fbc33_SOI-continued-448_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_b447af73-f8e6-4005-9e30-015a615fbc33_FS-continued-448_1)**  | &nbsp;&nbsp; **4** |
| **[Statement of Changes in Net Assets](#xx_b447af73-f8e6-4005-9e30-015a615fbc33_FS-continued-448_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_b447af73-f8e6-4005-9e30-015a615fbc33_FIHI-continued-448_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_b447af73-f8e6-4005-9e30-015a615fbc33_NTF-continued-448_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP SSGA Nasdaq-100 Index 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–99.39%** | **COMMON STOCK–99.39%** | **COMMON STOCK–99.39%** |
| **Aerospace & Defense–0.37%** | **Aerospace & Defense–0.37%** | **Aerospace & Defense–0.37%** |
| †Axon Enterprise, Inc. | 612 | $506699 |
|  |  | **506699** |
| **Automobiles–2.73%** | **Automobiles–2.73%** | **Automobiles–2.73%** |
| †Tesla, Inc. | 11684 | 3711539 |
|  |  | **3711539** |
| **Beverages–1.92%** | **Beverages–1.92%** | **Beverages–1.92%** |
| Coca-Cola Europacific <br> Partners PLC<br>| 3606 | 334348 |
| Keurig Dr. Pepper, Inc. | 10745 | 355230 |
| †Monster Beverage Corp. | 7712 | 483080 |
| PepsiCo, Inc. | 10832 | 1430257 |
|  |  | **2602915** |
| **Biotechnology–2.77%** | **Biotechnology–2.77%** | **Biotechnology–2.77%** |
| Amgen, Inc. | 4248 | 1186084 |
| †Biogen, Inc. | 1153 | 144805 |
| Gilead Sciences, Inc. | 9829 | 1089741 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 832 | 436800 |
| †Vertex Pharmaceuticals, Inc. | 2029 | 903311 |
|  |  | **3760741** |
| **Broadline Retail–6.68%** | **Broadline Retail–6.68%** | **Broadline Retail–6.68%** |
| †Amazon.com, Inc. | 34078 | 7476372 |
| †MercadoLibre, Inc. | 401 | 1048066 |
| †PDD Holdings, Inc. ADR | 5244 | 548837 |
|  |  | **9073275** |
| **Chemicals–1.29%** | **Chemicals–1.29%** | **Chemicals–1.29%** |
| Linde PLC | 3719 | 1744880 |
|  |  | **1744880** |
| **Commercial Services & Supplies–0.80%** | **Commercial Services & Supplies–0.80%** | **Commercial Services & Supplies–0.80%** |
| Cintas Corp. | 3192 | 711401 |
| †Copart, Inc. | 7580 | 371951 |
|  |  | **1083352** |
| **Communications Equipment–1.60%** | **Communications Equipment–1.60%** | **Communications Equipment–1.60%** |
| Cisco Systems, Inc. | 31280 | 2170206 |
|  |  | **2170206** |
| **Consumer Staples Distribution & Retail–2.56%** | **Consumer Staples Distribution & Retail–2.56%** | **Consumer Staples Distribution & Retail–2.56%** |
| Costco Wholesale Corp. | 3504 | 3468750 |
|  |  | **3468750** |
| **Electric Utilities–1.40%** | **Electric Utilities–1.40%** | **Electric Utilities–1.40%** |
| American Electric Power Co., <br> Inc.<br>| 4225 | 438386 |
| Constellation Energy Corp. | 2477 | 799476 |
| Exelon Corp. | 7987 | 346796 |
| Xcel Energy, Inc. | 4564 | 310808 |
|  |  | **1895466** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components–0.14%** | **Electronic Equipment, Instruments & Components–0.14%** | **Electronic Equipment, Instruments & Components–0.14%** |
| CDW Corp. | 1046 | $186805 |
|  |  | **186805** |
| **Energy Equipment & Services–0.22%** | **Energy Equipment & Services–0.22%** | **Energy Equipment & Services–0.22%** |
| Baker Hughes Co. | 7835 | 300394 |
|  |  | **300394** |
| **Entertainment–3.97%** | **Entertainment–3.97%** | **Entertainment–3.97%** |
| Electronic Arts, Inc. | 1972 | 314929 |
| †Netflix, Inc. | 3361 | 4500816 |
| †Take-Two Interactive <br> Software, Inc.<br>| 1433 | 348004 |
| †Warner Bros Discovery, Inc. | 19370 | 221980 |
|  |  | **5385729** |
| **Financial Services–0.42%** | **Financial Services–0.42%** | **Financial Services–0.42%** |
| †PayPal Holdings, Inc. | 7689 | 571446 |
|  |  | **571446** |
| **Food Products–0.69%** | **Food Products–0.69%** | **Food Products–0.69%** |
| Kraft Heinz Co. | 9450 | 243999 |
| Mondelez International, Inc. <br> Class A<br>| 10234 | 690181 |
|  |  | **934180** |
| **Ground Transportation–0.56%** | **Ground Transportation–0.56%** | **Ground Transportation–0.56%** |
| CSX Corp. | 14865 | 485045 |
| Old Dominion Freight Line, <br> Inc.<br>| 1682 | 272989 |
|  |  | **758034** |
| **Health Care Equipment & Supplies–1.78%** | **Health Care Equipment & Supplies–1.78%** | **Health Care Equipment & Supplies–1.78%** |
| †Dexcom, Inc. | 3091 | 269814 |
| GE HealthCare Technologies, <br> Inc.<br>| 3617 | 267911 |
| †IDEXX Laboratories, Inc. | 636 | 341112 |
| †Intuitive Surgical, Inc. | 2832 | 1538937 |
|  |  | **2417774** |
| **Hotels, Restaurants & Leisure–3.04%** | **Hotels, Restaurants & Leisure–3.04%** | **Hotels, Restaurants & Leisure–3.04%** |
| †Airbnb, Inc. Class A | 3396 | 449427 |
| Booking Holdings, Inc. | 257 | 1487835 |
| †DoorDash, Inc. Class A | 3151 | 776753 |
| Marriott International, Inc. <br> Class A<br>| 2164 | 591226 |
| Starbucks Corp. | 8981 | 822929 |
|  |  | **4128170** |
| **Industrial Conglomerates–0.87%** | **Industrial Conglomerates–0.87%** | **Industrial Conglomerates–0.87%** |
| Honeywell International, Inc. | 5078 | 1182565 |
|  |  | **1182565** |

---

LVIP SSGA Nasdaq-100 Index Fund-1

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services–8.50%** | **Interactive Media & Services–8.50%** | **Interactive Media & Services–8.50%** |
| Alphabet, Inc. Class A | 36210 | $6401619 |
| Meta Platforms, Inc. Class A | 6970 | 5144487 |
|  |  | **11546106** |
| **IT Services–1.04%** | **IT Services–1.04%** | **IT Services–1.04%** |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 3869 | 301898 |
| †Shopify, Inc. Class A | 9625 | 1110244 |
|  |  | **1412142** |
| **Machinery–0.29%** | **Machinery–0.29%** | **Machinery–0.29%** |
| PACCAR, Inc. | 4152 | 394689 |
|  |  | **394689** |
| **Media–1.29%** | **Media–1.29%** | **Media–1.29%** |
| †Charter Communications, <br> Inc. Class A<br>| 1100 | 449691 |
| Comcast Corp. Class A | 29428 | 1050286 |
| †Trade Desk, Inc. Class A | 3579 | 257652 |
|  |  | **1757629** |
| **Oil, Gas & Consumable Fuels–0.23%** | **Oil, Gas & Consumable Fuels–0.23%** | **Oil, Gas & Consumable Fuels–0.23%** |
| Diamondback Energy, Inc. | 2312 | 317669 |
|  |  | **317669** |
| **Pharmaceuticals–0.24%** | **Pharmaceuticals–0.24%** | **Pharmaceuticals–0.24%** |
| AstraZeneca PLC ADR | 4687 | 327528 |
|  |  | **327528** |
| **Professional Services–1.28%** | **Professional Services–1.28%** | **Professional Services–1.28%** |
| Automatic Data Processing, <br> Inc.<br>| 3197 | 985955 |
| Paychex, Inc. | 2849 | 414415 |
| Verisk Analytics, Inc. | 1098 | 342027 |
|  |  | **1742397** |
| **Real Estate Management & Development–0.20%** | **Real Estate Management & Development–0.20%** | **Real Estate Management & Development–0.20%** |
| †CoStar Group, Inc. | 3340 | 268536 |
|  |  | **268536** |
| **Semiconductors & Semiconductor Equipment–23.67%** | **Semiconductors & Semiconductor Equipment–23.67%** | **Semiconductors & Semiconductor Equipment–23.67%** |
| †Advanced Micro Devices, Inc. | 12808 | 1817455 |
| Analog Devices, Inc. | 3921 | 933276 |
| Applied Materials, Inc. | 6341 | 1160847 |
| †ARM Holdings PLC ADR | 1061 | 171606 |
| ASML Holding NV | 687 | 550555 |
| Broadcom, Inc. | 24963 | 6881051 |
| †GLOBALFOUNDRIES, Inc. | 4360 | 166552 |
| Intel Corp. | 34474 | 772218 |
| KLA Corp. | 1045 | 936048 |
| Lam Research Corp. | 10084 | 981577 |
| Marvell Technology, Inc. | 6776 | 524462 |
| Microchip Technology, Inc. | 4253 | 299284 |
| Micron Technology, Inc. | 8830 | 1088297 |
| NVIDIA Corp. | 78320 | 12373777 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| NXP Semiconductors NV | 1986 | $433921 |
| †ON Semiconductor Corp. | 3321 | 174054 |
| QUALCOMM, Inc. | 8675 | 1381580 |
| Texas Instruments, Inc. | 7177 | 1490089 |
|  |  | **32136649** |
| **Software–18.90%** | **Software–18.90%** | **Software–18.90%** |
| †Adobe, Inc. | 3367 | 1302625 |
| †ANSYS, Inc. | 693 | 243395 |
| †AppLovin Corp. Class A | 2432 | 851395 |
| †Atlassian Corp. Class A | 1298 | 263611 |
| †Autodesk, Inc. | 1687 | 522245 |
| †Cadence Design Systems, <br> Inc.<br>| 2152 | 663139 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 1968 | 1002322 |
| †Datadog, Inc. Class A | 2510 | 337168 |
| †Fortinet, Inc. | 6037 | 638232 |
| Intuit, Inc. | 2204 | 1735936 |
| Microsoft Corp. | 23857 | 11866710 |
| †MicroStrategy, Inc. Class A | 1996 | 806843 |
| †Palantir Technologies, Inc. <br> Class A<br>| 17874 | 2436584 |
| †Palo Alto Networks, Inc. | 5269 | 1078248 |
| Roper Technologies, Inc. | 850 | 481814 |
| †Synopsys, Inc. | 1227 | 629058 |
| †Workday, Inc. Class A | 1708 | 409920 |
| †Zscaler, Inc. | 1232 | 386774 |
|  |  | **25656019** |
| **Specialty Retail–0.69%** | **Specialty Retail–0.69%** | **Specialty Retail–0.69%** |
| †O'Reilly Automotive, Inc. | 6750 | 608377 |
| Ross Stores, Inc. | 2582 | 329412 |
|  |  | **937789** |
| **Technology Hardware, Storage & Peripherals–7.24%** | **Technology Hardware, Storage & Peripherals–7.24%** | **Technology Hardware, Storage & Peripherals–7.24%** |
| Apple, Inc. | 47942 | 9836260 |
|  |  | **9836260** |
| **Textiles, Apparel & Luxury Goods–0.16%** | **Textiles, Apparel & Luxury Goods–0.16%** | **Textiles, Apparel & Luxury Goods–0.16%** |
| †Lululemon Athletica, Inc. | 920 | 218574 |
|  |  | **218574** |
| **Trading Companies & Distributors–0.28%** | **Trading Companies & Distributors–0.28%** | **Trading Companies & Distributors–0.28%** |
| Fastenal Co. | 8978 | 377076 |
|  |  | **377076** |
| **Wireless Telecommunication Services–1.57%** | **Wireless Telecommunication Services–1.57%** | **Wireless Telecommunication Services–1.57%** |
| T-Mobile U.S., Inc. | 8969 | 2136954 |
|  |  | **2136954** |
| **Total Common Stock** <br>**(Cost $78,457,561)** | **Total Common Stock** <br>**(Cost $78,457,561)** | **134948937** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP SSGA Nasdaq-100 Index Fund-2

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.64%** | **MONEY MARKET FUND–0.64%** | **MONEY MARKET FUND–0.64%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 868158 | $868158 |
| **Total Money Market Fund** <br>**(Cost $868,158)** | **Total Money Market Fund** <br>**(Cost $868,158)** | **868158** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.03% (Cost $79,325,719)** | **$135817095** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.03%)** | **(37036)**<br>|
| **NET ASSETS APPLICABLE TO 8,515,649 SHARES OUTSTANDING–100.00%** | **$135780059** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA NASDAQ-100 INDEX FUND STANDARD CLASS** <br>**($86,108,758 / 5,393,733 Shares)** | **$15.965** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA NASDAQ-100 INDEX FUND SERVICE CLASS** <br>**($49,671,301 / 3,121,916 Shares)** | **$15.911** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$78792277** |
| Distributable earnings/(accumulated loss) | **56987782** |
| **TOTAL NET ASSETS** | **$135780059** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $62,841 cash collateral held at broker for futures contracts, $5,411 variation margin due from broker on futures contracts, $51,285 <br> payable for fund shares redeemed, $5,208 other accrued expenses payable, $47,421 due to manager and affiliates, $14,033 payable for audit <br> fee, $9,282 payable for fund accounting fee and $11,224 Payable for licensing 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:** |
| 2 | CME E-mini NASDAQ 100 Index Futures | &nbsp;&nbsp; $915730 | &nbsp;&nbsp; $886617 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $29113 | &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 |
| CME–Chicago Mercantile Exchange |
| IT–Information Technology |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Nasdaq-100 Index Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Nasdaq-100 Index Fund** | **LVIP SSGA Nasdaq-100 Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $501237 |
| Foreign taxes withheld | (1000)<br>|
|  | 500237 |
| **EXPENSES:** |  |
| Management fees | 178521 |
| Distribution fees-Service Class | 53988 |
| Index fees | 24395 |
| Accounting and administration expenses | 20521 |
| Professional fees | 19530 |
| Shareholder servicing fees | 17852 |
| Custodian fees | 2217 |
| Consulting fees | 2027 |
| Reports and statements to shareholders | 1988 |
| Trustees' fees and expenses | 1825 |
| Pricing fees | 426 |
| Other | 3163 |
|  | 326453 |
| Plus: |  |
| Recoupment of prior expenses reduced by the <br> Advisor<br>| 3001 |
| Total operating expenses | 329454 |
| **NET INVESTMENT INCOME**  | 170783 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss from: |  |
| Investments | (1035546)<br>|
| Futures contracts | (151243)<br>|
| Net realized loss | (1186789)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 10603070 |
| Futures contracts | 80944 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 10684014 |
| **NET REALIZED AND UNREALIZED GAIN** | 9497225 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $9668008 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Nasdaq-100 Index Fund** | **LVIP SSGA Nasdaq-100 Index Fund** | **LVIP SSGA Nasdaq-100 Index Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $170783 | $413770 |
| Net realized gain (loss) | (1186789)<br>| 6032047 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 10684014 | 21182000 |
| Net increase in net assets resulting <br> from operations<br>| 9668008 | 27627817 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (877341)<br>|
| Service Class |  | (319531)<br>|
|  |  | (1196872)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 6155980 | 7241234 |
| Service Class | 8774155 | 15051710 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 877341 |
| Service Class |  | 319531 |
|  | 14930135 | 23489816 |
| Cost of shares redeemed: |  |  |
| Standard Class | (11684811)<br>| (27390916)<br>|
| Service Class | (4004209)<br>| (14047266)<br>|
|  | (15689020)<br>| (41438182)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (758885)<br>| (17948366)<br>|
| **NET INCREASE IN NET ASSETS** | 8909123 | 8482579 |
| **NET ASSETS:** |  |  |
| Beginning of period | 126870936 | 118388357 |
| End of period | $135780059 | $126870936 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Nasdaq-100 Index Fund-4

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **2/18/21**<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** | **2/18/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.767 | &nbsp;&nbsp; $11.910 | &nbsp;&nbsp; $7.742 | &nbsp;&nbsp; $11.766 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.026 | 0.055 | 0.058 | 0.040 | 0.020 |
| Net realized and unrealized gain (loss) | 1.172 | 2.953 | 4.161 | &nbsp;&nbsp; (3.881)<br>| 1.916 |
| Total from investment operations | 1.198 | 3.008 | 4.219 | &nbsp;&nbsp; (3.841)<br>| 1.936 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.071)<br>| &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.039)<br>| &nbsp;&nbsp; (0.020)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.080)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.150)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.183)<br>| &nbsp;&nbsp; (0.170)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.965 | &nbsp;&nbsp; $14.767 | &nbsp;&nbsp; $11.910 | &nbsp;&nbsp; $7.742 | &nbsp;&nbsp; $11.766 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 8.11% | &nbsp;&nbsp; 25.24% | &nbsp;&nbsp; 54.50% | &nbsp;&nbsp; (32.72%)<br>| &nbsp;&nbsp; 19.39% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $86109 | &nbsp;&nbsp; $85731 | &nbsp;&nbsp; $86071 | &nbsp;&nbsp; $74220 | &nbsp;&nbsp; $106553 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.45% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.45% <br><sup>5</sup><br>| &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/recouped<br>| &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.36% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.41% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.20% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> 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 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 six months ended June 30, 2025 and the year ended December 31, 2024, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Nasdaq-100 Index Fund-5

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Nasdaq-100 Index Fund Service Class** | **LVIP SSGA Nasdaq-100 Index Fund Service Class** | **LVIP SSGA Nasdaq-100 Index Fund Service Class** | **LVIP SSGA Nasdaq-100 Index Fund Service Class** | **LVIP SSGA Nasdaq-100 Index Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **2/18/21**<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** | **2/18/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.735 | &nbsp;&nbsp; $11.888 | &nbsp;&nbsp; $7.735 | &nbsp;&nbsp; $11.752 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | 0.009 | 0.022 | 0.034 | 0.017 | &nbsp;&nbsp; (0.004)<br>|
| Net realized and unrealized gain (loss) | 1.167 | 2.944 | 4.151 | &nbsp;&nbsp; (3.874)<br>| 1.916 |
| Total from investment operations | 1.176 | 2.966 | 4.185 | &nbsp;&nbsp; (3.857)<br>| 1.912 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.039)<br>| &nbsp;&nbsp; (0.032)<br>| &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; (0.010)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.080)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.150)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.119)<br>| &nbsp;&nbsp; (0.032)<br>| &nbsp;&nbsp; (0.160)<br>| &nbsp;&nbsp; (0.160)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.911 | &nbsp;&nbsp; $14.735 | &nbsp;&nbsp; $11.888 | &nbsp;&nbsp; $7.735 | &nbsp;&nbsp; $11.752 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 7.98% | &nbsp;&nbsp; 24.94% | &nbsp;&nbsp; 54.11% | &nbsp;&nbsp; (32.89%)<br>| &nbsp;&nbsp; 19.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $49671 | &nbsp;&nbsp; $41140 | &nbsp;&nbsp; $32318 | &nbsp;&nbsp; $6528 | &nbsp;&nbsp; $9470 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.70% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.70% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.11% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.16% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; (0.04%)<br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; (0.05%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> 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 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 six months ended June 30, 2025 and the year ended December 31, 2024, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Nasdaq-100 Index Fund-6

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Notes to Financial Statements**

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 SSGA Nasdaq-100 Index Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek an investment return that approximates as closely as practicable, before fees and expenses, the performance of U.S. common stocks, as represented by the Nasdaq-100<sup>®</sup> Index.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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. Taxable non-cash dividends are recorded as dividend income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP SSGA Nasdaq-100 Index Fund-7

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.29% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.45% of the Fund's average daily net assets for the Standard Class and 0.70% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has recouped $3,001 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; $3917 | &nbsp;&nbsp; $5723 | &nbsp;&nbsp; $9640 |

---

SSGA Funds Management, Inc. ("SSGA") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays SSGA a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $5219 |
| Legal | &nbsp;&nbsp; 795 |

---

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 $113 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; $34514 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 9804 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 3103 |

---

LVIP SSGA Nasdaq-100 Index Fund-8

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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; $9323928 |
| Sales | &nbsp;&nbsp; 9509909 |

---

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; $79325719 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $59112004 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (2591515)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $56520489 |

---

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 SSGA Nasdaq-100 Index Fund-9

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $134948937 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $134948937 |
| Money Market Fund | &nbsp;&nbsp; 868158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 868158 |
| **Total Investments** | &nbsp;&nbsp; $135817095 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135817095 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $29113 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29113 |

---

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; 412520 | &nbsp;&nbsp; 525140 |
| Service Class | &nbsp;&nbsp; 604651 | &nbsp;&nbsp; 1118865 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 58861 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 21510 |
|  | &nbsp;&nbsp; 1017171 | &nbsp;&nbsp; 1724376 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (824337)<br>| &nbsp;&nbsp; (2005294)<br>|
| Service Class | &nbsp;&nbsp; (274762)<br>| &nbsp;&nbsp; (1066848)<br>|
|  | &nbsp;&nbsp; (1099099)<br>| &nbsp;&nbsp; (3072142)<br>|
| Net decrease | &nbsp;&nbsp; (81928)<br>| &nbsp;&nbsp; (1347766)<br>|

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of 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

LVIP SSGA Nasdaq-100 Index Fund-10

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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 facilitate investments in portfolio securities; as a cash management tool and to reduce transaction costs.

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>| Liabilities net of receivables and other <br> assets<br>| $29113 | Liabilities net of receivables and other <br> assets<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; $(151243)<br>| &nbsp;&nbsp; $80944 |

---

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) | $1255227 | $— |

---

**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.

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 SSGA Nasdaq-100 Index Fund-11

------

![](imgda3cb3b51.jpg)

LVIP SSGA S&P 500 Index Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA S&P 500 Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_b442b5e1-fa7f-49d4-8ab1-8e57929ab9ef_SOI-continued-260_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_b442b5e1-fa7f-49d4-8ab1-8e57929ab9ef_FS-continued-260_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_b442b5e1-fa7f-49d4-8ab1-8e57929ab9ef_FS-continued-260_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_b442b5e1-fa7f-49d4-8ab1-8e57929ab9ef_FIHI-continued-260_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_b442b5e1-fa7f-49d4-8ab1-8e57929ab9ef_NTF-continued-260_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP SSGA S&P 500 Index 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–99.58%** | **COMMON STOCK–99.58%** | **COMMON STOCK–99.58%** |
| **Aerospace & Defense–2.19%** | **Aerospace & Defense–2.19%** | **Aerospace & Defense–2.19%** |
| †Axon Enterprise, Inc. | 16100 | $13329834 |
| †Boeing Co. | 165089 | 34591098 |
| General Dynamics Corp. | 55680 | 16239629 |
| General Electric Co. | 236547 | 60884832 |
| Howmet Aerospace, Inc. | 88660 | 16502286 |
| Huntington Ingalls <br> Industries, Inc.<br>| 8500 | 2052410 |
| L3Harris Technologies, Inc. | 41606 | 10436449 |
| Lockheed Martin Corp. | 46302 | 21444308 |
| Northrop Grumman Corp. | 30033 | 15015899 |
| RTX Corp. | 293471 | 42852636 |
| Textron, Inc. | 38822 | 3117019 |
| TransDigm Group, Inc. | 12400 | 18855936 |
|  |  | **255322336** |
| **Air Freight & Logistics–0.29%** | **Air Freight & Logistics–0.29%** | **Air Freight & Logistics–0.29%** |
| CH Robinson Worldwide, Inc. | 27227 | 2612431 |
| Expeditors International of <br> Washington, Inc.<br>| 31876 | 3641833 |
| FedEx Corp. | 48903 | 11116141 |
| United Parcel Service, Inc. <br> Class B<br>| 160524 | 16203292 |
|  |  | **33573697** |
| **Automobile Components–0.03%** | **Automobile Components–0.03%** | **Automobile Components–0.03%** |
| †Aptiv PLC | 50324 | 3433103 |
|  |  | **3433103** |
| **Automobiles–1.86%** | **Automobiles–1.86%** | **Automobiles–1.86%** |
| Ford Motor Co. | 866602 | 9402632 |
| General Motors Co. | 220006 | 10826495 |
| †Tesla, Inc. | 619600 | 196822136 |
|  |  | **217051263** |
| **Banks–3.57%** | **Banks–3.57%** | **Banks–3.57%** |
| Bank of America Corp. | 1444901 | 68372715 |
| Citigroup, Inc. | 414062 | 35244957 |
| Citizens Financial Group, <br> Inc.<br>| 95400 | 4269150 |
| Fifth Third Bancorp | 150567 | 6192821 |
| Huntington Bancshares, Inc. | 319720 | 5358507 |
| JPMorgan Chase & Co. | 613460 | 177848189 |
| KeyCorp | 219994 | 3832295 |
| M&T Bank Corp. | 36924 | 7162887 |
| PNC Financial Services <br> Group, Inc.<br>| 87746 | 16357609 |
| Regions Financial Corp. | 205314 | 4828985 |
| Truist Financial Corp. | 292942 | 12593577 |
| U.S. Bancorp | 346656 | 15686184 |
| Wells Fargo & Co. | 717282 | 57468634 |
|  |  | **415216510** |
| **Beverages–1.10%** | **Beverages–1.10%** | **Beverages–1.10%** |
| Brown-Forman Corp. Class B | 38550 | 1037380 |
| Coca-Cola Co. | 854897 | 60483963 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Constellation Brands, Inc. <br> Class A<br>| 34335 | $5585618 |
| Keurig Dr. Pepper, Inc. | 299900 | 9914694 |
| Molson Coors Beverage Co. <br> Class B<br>| 39717 | 1909991 |
| †Monster Beverage Corp. | 154402 | 9671741 |
| PepsiCo, Inc. | 303075 | 40018023 |
|  |  | **128621410** |
| **Biotechnology–1.56%** | **Biotechnology–1.56%** | **Biotechnology–1.56%** |
| AbbVie, Inc. | 389149 | 72233837 |
| Amgen, Inc. | 118657 | 33130221 |
| †Biogen, Inc. | 32549 | 4087829 |
| Gilead Sciences, Inc. | 274349 | 30417074 |
| †Incyte Corp. | 35000 | 2383500 |
| †Moderna, Inc. | 76700 | 2116153 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 23262 | 12212550 |
| †Vertex Pharmaceuticals, Inc. | 56700 | 25242840 |
|  |  | **181824004** |
| **Broadline Retail–4.00%** | **Broadline Retail–4.00%** | **Broadline Retail–4.00%** |
| †Amazon.com, Inc. | 2086560 | 457770399 |
| eBay, Inc. | 104544 | 7784346 |
|  |  | **465554745** |
| **Building Products–0.55%** | **Building Products–0.55%** | **Building Products–0.55%** |
| A.O. Smith Corp. | 26500 | 1737605 |
| Allegion PLC | 19225 | 2770707 |
| †Builders FirstSource, Inc. | 25500 | 2975595 |
| Carrier Global Corp. | 177161 | 12966414 |
| Johnson Controls <br> International PLC<br>| 144889 | 15303176 |
| Lennox International, Inc. | 7000 | 4012680 |
| Masco Corp. | 46421 | 2987655 |
| Trane Technologies PLC | 49575 | 21684601 |
|  |  | **64438433** |
| **Capital Markets–3.39%** | **Capital Markets–3.39%** | **Capital Markets–3.39%** |
| Ameriprise Financial, Inc. | 21282 | 11358842 |
| Bank of New York Mellon <br> Corp.<br>| 157203 | 14322765 |
| Blackrock, Inc. | 32191 | 33776407 |
| Blackstone, Inc. | 160900 | 24067422 |
| Cboe Global Markets, Inc. | 22900 | 5340509 |
| Charles Schwab Corp. | 375125 | 34226405 |
| CME Group, Inc. | 79353 | 21871274 |
| †Coinbase Global, Inc. Class A | 46400 | 16262736 |
| FactSet Research Systems, <br> Inc.<br>| 8300 | 3712424 |
| Franklin Resources, Inc. | 67456 | 1608826 |
| Goldman Sachs Group, Inc. | 67886 | 48046316 |
| Intercontinental Exchange, <br> Inc.<br>| 127130 | 23324541 |
| Invesco Ltd. | 98739 | 1557114 |

---

LVIP SSGA S&P 500 Index Fund-1

------

**LVIP SSGA S&P 500 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| KKR & Co., Inc. | 149200 | $19848076 |
| MarketAxess Holdings, Inc. | 8800 | 1965392 |
| Moody's Corp. | 34142 | 17125286 |
| Morgan Stanley | 272388 | 38368574 |
| MSCI, Inc. | 17000 | 9804580 |
| Nasdaq, Inc. | 91331 | 8166818 |
| Northern Trust Corp. | 42784 | 5424583 |
| Raymond James Financial, <br> Inc.<br>| 40050 | 6142468 |
| S&P Global, Inc. | 69337 | 36560707 |
| State Street Corp. | 64090 | 6815331 |
| T. Rowe Price Group, Inc. | 48035 | 4635377 |
|  |  | **394332773** |
| **Chemicals–1.20%** | **Chemicals–1.20%** | **Chemicals–1.20%** |
| Air Products & Chemicals, <br> Inc.<br>| 48999 | 13820658 |
| Albemarle Corp. | 25300 | 1585551 |
| CF Industries Holdings, Inc. | 37490 | 3449080 |
| Corteva, Inc. | 151427 | 11285854 |
| Dow, Inc. | 152227 | 4030971 |
| DuPont de Nemours, Inc. | 91849 | 6299923 |
| Eastman Chemical Co. | 26527 | 1980506 |
| Ecolab, Inc. | 55557 | 14969278 |
| International Flavors & <br> Fragrances, Inc.<br>| 55504 | 4082319 |
| Linde PLC | 104080 | 48832254 |
| LyondellBasell Industries NV <br> Class A<br>| 56280 | 3256361 |
| Mosaic Co. | 72847 | 2657459 |
| PPG Industries, Inc. | 51456 | 5853120 |
| Sherwin-Williams Co. | 51048 | 17527841 |
|  |  | **139631175** |
| **Commercial Services & Supplies–0.56%** | **Commercial Services & Supplies–0.56%** | **Commercial Services & Supplies–0.56%** |
| Cintas Corp. | 75632 | 16856104 |
| †Copart, Inc. | 194700 | 9553929 |
| Republic Services, Inc. | 44737 | 11032592 |
| Rollins, Inc. | 63625 | 3589722 |
| Veralto Corp. | 54467 | 5498444 |
| Waste Management, Inc. | 80671 | 18459138 |
|  |  | **64989929** |
| **Communications Equipment–0.91%** | **Communications Equipment–0.91%** | **Communications Equipment–0.91%** |
| †Arista Networks, Inc. | 228700 | 23398297 |
| Cisco Systems, Inc. | 877924 | 60910367 |
| †F5, Inc. | 12396 | 3648390 |
| Juniper Networks, Inc. | 73604 | 2939008 |
| Motorola Solutions, Inc. | 36902 | 15515815 |
|  |  | **106411877** |
| **Construction & Engineering–0.11%** | **Construction & Engineering–0.11%** | **Construction & Engineering–0.11%** |
| Quanta Services, Inc. | 32787 | 12396109 |
|  |  | **12396109** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction Materials–0.13%** | **Construction Materials–0.13%** | **Construction Materials–0.13%** |
| Martin Marietta Materials, <br> Inc.<br>| 13600 | $7465856 |
| Vulcan Materials Co. | 29263 | 7632376 |
|  |  | **15098232** |
| **Consumer Finance–0.64%** | **Consumer Finance–0.64%** | **Consumer Finance–0.64%** |
| American Express Co. | 122250 | 38995305 |
| Capital One Financial Corp. | 140401 | 29871717 |
| Synchrony Financial | 84968 | 5670764 |
|  |  | **74537786** |
| **Consumer Staples Distribution & Retail–1.98%** | **Consumer Staples Distribution & Retail–1.98%** | **Consumer Staples Distribution & Retail–1.98%** |
| Costco Wholesale Corp. | 97948 | 96962643 |
| Dollar General Corp. | 48829 | 5585061 |
| †Dollar Tree, Inc. | 44683 | 4425404 |
| Kroger Co. | 135446 | 9715542 |
| Sysco Corp. | 108018 | 8181283 |
| Target Corp. | 100838 | 9947669 |
| Walgreens Boots Alliance, <br> Inc.<br>| 158362 | 1817996 |
| Walmart, Inc. | 956285 | 93505547 |
|  |  | **230141145** |
| **Containers & Packaging–0.22%** | **Containers & Packaging–0.22%** | **Containers & Packaging–0.22%** |
| Amcor PLC | 504408 | 4635509 |
| Avery Dennison Corp. | 17243 | 3025629 |
| Ball Corp. | 65856 | 3693863 |
| International Paper Co. | 116601 | 5460425 |
| Packaging Corp. of America | 19600 | 3693620 |
| Smurfit WestRock PLC | 108318 | 4673922 |
|  |  | **25182968** |
| **Distributors–0.07%** | **Distributors–0.07%** | **Distributors–0.07%** |
| Genuine Parts Co. | 30341 | 3680667 |
| LKQ Corp. | 57400 | 2124374 |
| Pool Corp. | 8100 | 2360988 |
|  |  | **8166029** |
| **Diversified Telecommunication Services–0.74%** | **Diversified Telecommunication Services–0.74%** | **Diversified Telecommunication Services–0.74%** |
| AT&T, Inc. | 1582040 | 45784237 |
| Verizon Communications, <br> Inc.<br>| 929558 | 40221975 |
|  |  | **86006212** |
| **Electric Utilities–1.52%** | **Electric Utilities–1.52%** | **Electric Utilities–1.52%** |
| Alliant Energy Corp. | 57600 | 3483072 |
| American Electric Power Co., <br> Inc.<br>| 116878 | 12127261 |
| Constellation Energy Corp. | 69118 | 22308526 |
| Duke Energy Corp. | 171348 | 20219064 |
| Edison International | 85204 | 4396526 |
| Entergy Corp. | 95244 | 7916681 |
| Evergy, Inc. | 51999 | 3584291 |
| Eversource Energy | 79974 | 5087946 |
| Exelon Corp. | 221556 | 9619961 |

---

LVIP SSGA S&P 500 Index Fund-2

------

**LVIP SSGA S&P 500 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| FirstEnergy Corp. | 115906 | $4666376 |
| NextEra Energy, Inc. | 452832 | 31435597 |
| NRG Energy, Inc. | 43855 | 7042236 |
| PG&E Corp. | 483700 | 6742778 |
| Pinnacle West Capital Corp. | 24883 | 2226282 |
| PPL Corp. | 165998 | 5625672 |
| Southern Co. | 242226 | 22243614 |
| Xcel Energy, Inc. | 126577 | 8619894 |
|  |  | **177345777** |
| **Electrical Equipment–0.89%** | **Electrical Equipment–0.89%** | **Electrical Equipment–0.89%** |
| AMETEK, Inc. | 51400 | 9301344 |
| Eaton Corp. PLC | 87117 | 31099898 |
| Emerson Electric Co. | 125030 | 16670250 |
| GE Vernova, Inc. | 60661 | 32098768 |
| †Generac Holdings, Inc. | 13300 | 1904693 |
| Hubbell, Inc. | 11800 | 4819238 |
| Rockwell Automation, Inc. | 24590 | 8168060 |
|  |  | **104062251** |
| **Electronic Equipment, Instruments & Components–0.65%** | **Electronic Equipment, Instruments & Components–0.65%** | **Electronic Equipment, Instruments & Components–0.65%** |
| Amphenol Corp. Class A | 266028 | 26270265 |
| CDW Corp. | 29400 | 5250546 |
| Corning, Inc. | 168960 | 8885606 |
| Jabil, Inc. | 24600 | 5365260 |
| †Keysight Technologies, Inc. | 37900 | 6210294 |
| †Ralliant Corp. | 1 | 49 |
| TE Connectivity PLC | 65511 | 11049740 |
| †Teledyne Technologies, Inc. | 10097 | 5172794 |
| †Trimble, Inc. | 54300 | 4125714 |
| †Zebra Technologies Corp. <br> Class A<br>| 11000 | 3391960 |
|  |  | **75722228** |
| **Energy Equipment & Services–0.20%** | **Energy Equipment & Services–0.20%** | **Energy Equipment & Services–0.20%** |
| Baker Hughes Co. | 220497 | 8453855 |
| Halliburton Co. | 191637 | 3905562 |
| Schlumberger NV | 309273 | 10453427 |
|  |  | **22812844** |
| **Entertainment–1.77%** | **Entertainment–1.77%** | **Entertainment–1.77%** |
| Electronic Arts, Inc. | 51679 | 8253136 |
| †Live Nation Entertainment, <br> Inc.<br>| 32700 | 4946856 |
| †Netflix, Inc. | 94100 | 126012133 |
| †Take-Two Interactive <br> Software, Inc.<br>| 36500 | 8864025 |
| TKO Group Holdings, Inc. | 14700 | 2674665 |
| Walt Disney Co. | 399235 | 49509133 |
| †Warner Bros Discovery, Inc. | 500613 | 5737025 |
|  |  | **205996973** |
| **Financial Services–4.34%** | **Financial Services–4.34%** | **Financial Services–4.34%** |
| Apollo Global Management, <br> Inc.<br>| 98800 | 14016756 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 405469 | $196964676 |
| †Corpay, Inc. | 15700 | 5209574 |
| Fidelity National Information <br> Services, Inc.<br>| 118289 | 9629907 |
| †Fiserv, Inc. | 121824 | 21003676 |
| Global Payments, Inc. | 53745 | 4301750 |
| Jack Henry & Associates, <br> Inc.<br>| 16100 | 2900737 |
| Mastercard, Inc. Class A | 179520 | 100879469 |
| †PayPal Holdings, Inc. | 217444 | 16160438 |
| Visa, Inc. Class A | 378328 | 134325356 |
|  |  | **505392339** |
| **Food Products–0.56%** | **Food Products–0.56%** | **Food Products–0.56%** |
| Archer-Daniels-Midland Co. | 106423 | 5617006 |
| Bunge Global SA | 29500 | 2368260 |
| Campbell's Co. | 46050 | 1411433 |
| Conagra Brands, Inc. | 104552 | 2140179 |
| General Mills, Inc. | 120012 | 6217822 |
| Hershey Co. | 32030 | 5315378 |
| Hormel Foods Corp. | 64172 | 1941203 |
| J.M. Smucker Co. | 23847 | 2341775 |
| Kellanova | 58777 | 4674535 |
| Kraft Heinz Co. | 189624 | 4896092 |
| Lamb Weston Holdings, Inc. | 33600 | 1742160 |
| McCormick & Co., Inc. | 54538 | 4135071 |
| Mondelez International, Inc. <br> Class A<br>| 286008 | 19288380 |
| Tyson Foods, Inc. Class A | 63150 | 3532611 |
|  |  | **65621905** |
| **Gas Utilities–0.05%** | **Gas Utilities–0.05%** | **Gas Utilities–0.05%** |
| Atmos Energy Corp. | 34900 | 5378439 |
|  |  | **5378439** |
| **Ground Transportation–0.94%** | **Ground Transportation–0.94%** | **Ground Transportation–0.94%** |
| CSX Corp. | 425812 | 13894246 |
| JB Hunt Transport Services, <br> Inc.<br>| 17500 | 2513000 |
| Norfolk Southern Corp. | 49832 | 12755497 |
| Old Dominion Freight Line, <br> Inc.<br>| 41200 | 6686760 |
| †Uber Technologies, Inc. | 461200 | 43029960 |
| Union Pacific Corp. | 133002 | 30601100 |
|  |  | **109480563** |
| **Health Care Equipment & Supplies–2.29%** | **Health Care Equipment & Supplies–2.29%** | **Health Care Equipment & Supplies–2.29%** |
| Abbott Laboratories | 382380 | 52007504 |
| †Align Technology, Inc. | 15800 | 2991414 |
| Baxter International, Inc. | 113522 | 3437446 |
| Becton Dickinson & Co. | 63113 | 10871214 |
| †Boston Scientific Corp. | 325287 | 34939077 |
| †Cooper Cos., Inc. | 43600 | 3102576 |
| †Dexcom, Inc. | 85400 | 7454566 |

---

LVIP SSGA S&P 500 Index Fund-3

------

**LVIP SSGA S&P 500 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †Edwards Lifesciences Corp. | 131048 | $10249264 |
| GE HealthCare Technologies, <br> Inc.<br>| 99949 | 7403222 |
| †Hologic, Inc. | 50100 | 3264516 |
| †IDEXX Laboratories, Inc. | 17900 | 9600486 |
| †Insulet Corp. | 15300 | 4806954 |
| †Intuitive Surgical, Inc. | 78607 | 42715830 |
| Medtronic PLC | 282796 | 24651327 |
| ResMed, Inc. | 32100 | 8281800 |
| †Solventum Corp. | 30470 | 2310845 |
| STERIS PLC | 21700 | 5212774 |
| Stryker Corp. | 75612 | 29914376 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 43290 | 3948481 |
|  |  | **267163672** |
| **Health Care Providers & Services–1.78%** | **Health Care Providers & Services–1.78%** | **Health Care Providers & Services–1.78%** |
| Cardinal Health, Inc. | 53661 | 9015048 |
| Cencora, Inc. | 38178 | 11447673 |
| †Centene Corp. | 110574 | 6001957 |
| Cigna Group | 60302 | 19934635 |
| CVS Health Corp. | 279042 | 19248317 |
| †DaVita, Inc. | 9328 | 1328774 |
| Elevance Health, Inc. | 49588 | 19287749 |
| HCA Healthcare, Inc. | 39300 | 15055830 |
| †Henry Schein, Inc. | 27800 | 2030790 |
| Humana, Inc. | 26632 | 6510991 |
| Labcorp Holdings, Inc. | 18747 | 4921275 |
| McKesson Corp. | 27594 | 20220331 |
| †Molina Healthcare, Inc. | 12000 | 3574800 |
| Quest Diagnostics, Inc. | 23911 | 4295133 |
| UnitedHealth Group, Inc. | 200546 | 62564336 |
| Universal Health Services, <br> Inc. Class B<br>| 13300 | 2409295 |
|  |  | **207846934** |
| **Health Care REITs–0.28%** | **Health Care REITs–0.28%** | **Health Care REITs–0.28%** |
| Alexandria Real Estate <br> Equities, Inc.<br>| 33900 | 2462157 |
| Healthpeak Properties, Inc. | 160323 | 2807256 |
| Ventas, Inc. | 97095 | 6131549 |
| Welltower, Inc. | 134701 | 20707585 |
|  |  | **32108547** |
| **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** |
| Host Hotels & Resorts, Inc. | 158751 | 2438415 |
|  |  | **2438415** |
| **Hotels, Restaurants & Leisure–2.08%** | **Hotels, Restaurants & Leisure–2.08%** | **Hotels, Restaurants & Leisure–2.08%** |
| †Airbnb, Inc. Class A | 95100 | 12585534 |
| Booking Holdings, Inc. | 7175 | 41537797 |
| †Caesars Entertainment, Inc. | 43800 | 1243482 |
| †Carnival Corp. | 232791 | 6546083 |
| †Chipotle Mexican Grill, Inc. | 300600 | 16878690 |
| Darden Restaurants, Inc. | 25430 | 5542977 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Domino's Pizza, Inc. | 7600 | $3424560 |
| †DoorDash, Inc. Class A | 75000 | 18488250 |
| Expedia Group, Inc. | 27349 | 4613229 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 53100 | 14142654 |
| Las Vegas Sands Corp. | 75300 | 3276303 |
| Marriott International, Inc. <br> Class A<br>| 50427 | 13777161 |
| McDonald's Corp. | 158318 | 46255770 |
| †MGM Resorts International | 46900 | 1612891 |
| †Norwegian Cruise Line <br> Holdings Ltd.<br>| 100100 | 2030028 |
| Royal Caribbean Cruises Ltd. | 53500 | 16752990 |
| Starbucks Corp. | 249706 | 22880561 |
| Wynn Resorts Ltd. | 19750 | 1849983 |
| Yum! Brands, Inc. | 62324 | 9235170 |
|  |  | **242674113** |
| **Household Durables–0.27%** | **Household Durables–0.27%** | **Household Durables–0.27%** |
| Dr. Horton, Inc. | 61974 | 7989688 |
| Garmin Ltd. | 33924 | 7080617 |
| Lennar Corp. Class A | 50743 | 5612683 |
| †Mohawk Industries, Inc. | 12200 | 1279048 |
| †NVR, Inc. | 650 | 4800679 |
| PulteGroup, Inc. | 44741 | 4718386 |
|  |  | **31481101** |
| **Household Products–1.00%** | **Household Products–1.00%** | **Household Products–1.00%** |
| Church & Dwight Co., Inc. | 55300 | 5314883 |
| Clorox Co. | 27685 | 3324138 |
| Colgate-Palmolive Co. | 178852 | 16257647 |
| Kimberly-Clark Corp. | 72731 | 9376480 |
| Procter & Gamble Co. | 516931 | 82357447 |
|  |  | **116630595** |
| **Independent Power and Renewable Electricity Producers–0.14%** | **Independent Power and Renewable Electricity Producers–0.14%** | **Independent Power and Renewable Electricity Producers–0.14%** |
| AES Corp. | 151515 | 1593938 |
| Vistra Corp. | 74500 | 14438845 |
|  |  | **16032783** |
| **Industrial Conglomerates–0.44%** | **Industrial Conglomerates–0.44%** | **Industrial Conglomerates–0.44%** |
| 3M Co. | 120383 | 18327108 |
| Honeywell International, Inc. | 143572 | 33435047 |
|  |  | **51762155** |
| **Industrial REITs–0.18%** | **Industrial REITs–0.18%** | **Industrial REITs–0.18%** |
| Prologis, Inc. | 204622 | 21509865 |
|  |  | **21509865** |
| **Insurance–2.05%** | **Insurance–2.05%** | **Insurance–2.05%** |
| Aflac, Inc. | 110122 | 11613466 |
| Allstate Corp. | 58772 | 11831391 |
| American International <br> Group, Inc.<br>| 131144 | 11224615 |
| Aon PLC Class A | 47754 | 17036717 |

---

LVIP SSGA S&P 500 Index Fund-4

------

**LVIP SSGA S&P 500 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Arch Capital Group Ltd. | 83000 | $7557150 |
| Arthur J Gallagher & Co. | 55900 | 17894708 |
| Assurant, Inc. | 11616 | 2294044 |
| Brown & Brown, Inc. | 52200 | 5787414 |
| Chubb Ltd. | 82346 | 23857283 |
| Cincinnati Financial Corp. | 34375 | 5119125 |
| Erie Indemnity Co. Class A | 5400 | 1872666 |
| Everest Group Ltd. | 9500 | 3228575 |
| Globe Life, Inc. | 18579 | 2309184 |
| Hartford Insurance Group, <br> Inc.<br>| 62689 | 7953353 |
| Loews Corp. | 38908 | 3566307 |
| Marsh & McLennan Cos., Inc. | 108269 | 23671934 |
| MetLife, Inc. | 127915 | 10286924 |
| Principal Financial Group, <br> Inc.<br>| 46433 | 3688173 |
| Progressive Corp. | 129318 | 34509802 |
| Prudential Financial, Inc. | 78025 | 8383006 |
| Travelers Cos., Inc. | 49906 | 13351851 |
| W.R. Berkley Corp. | 65650 | 4823306 |
| Willis Towers Watson PLC | 22401 | 6865907 |
|  |  | **238726901** |
| **Interactive Media & Services–6.58%** | **Interactive Media & Services–6.58%** | **Interactive Media & Services–6.58%** |
| Alphabet, Inc. Class A | 2323060 | 410597013 |
| Match Group, Inc. | 52300 | 1615547 |
| Meta Platforms, Inc. Class A | 480000 | 354283200 |
|  |  | **766495760** |
| **IT Services–1.14%** | **IT Services–1.14%** | **IT Services–1.14%** |
| Accenture PLC Class A | 138167 | 41296735 |
| †Akamai Technologies, Inc. | 32203 | 2568511 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 109916 | 8576745 |
| †EPAM Systems, Inc. | 12100 | 2139522 |
| †Gartner, Inc. | 17100 | 6912162 |
| †GoDaddy, Inc. Class A | 31400 | 5653884 |
| International Business <br> Machines Corp.<br>| 203863 | 60094735 |
| VeriSign, Inc. | 17887 | 5165766 |
|  |  | **132408060** |
| **Leisure Products–0.02%** | **Leisure Products–0.02%** | **Leisure Products–0.02%** |
| Hasbro, Inc. | 30584 | 2257711 |
|  |  | **2257711** |
| **Life Sciences Tools & Services–0.82%** | **Life Sciences Tools & Services–0.82%** | **Life Sciences Tools & Services–0.82%** |
| Agilent Technologies, Inc. | 63037 | 7438996 |
| Bio-Techne Corp. | 34600 | 1780170 |
| †Charles River Laboratories <br> International, Inc.<br>| 11300 | 1714549 |
| Danaher Corp. | 140901 | 27833584 |
| †IQVIA Holdings, Inc. | 36400 | 5736276 |
| †Mettler-Toledo International, <br> Inc.<br>| 4700 | 5521184 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| Revvity, Inc. | 27475 | $2657382 |
| Thermo Fisher Scientific, <br> Inc.<br>| 84453 | 34242313 |
| †Waters Corp. | 13316 | 4647817 |
| West Pharmaceutical <br> Services, Inc.<br>| 15700 | 3435160 |
|  |  | **95007431** |
| **Machinery–1.54%** | **Machinery–1.54%** | **Machinery–1.54%** |
| Caterpillar, Inc. | 103581 | 40211180 |
| Cummins, Inc. | 30457 | 9974667 |
| Deere & Co. | 55900 | 28424591 |
| Dover Corp. | 29751 | 5451276 |
| Fortive Corp. | 75171 | 3918664 |
| IDEX Corp. | 16700 | 2932019 |
| Illinois Tool Works, Inc. | 58919 | 14567723 |
| Ingersoll Rand, Inc. | 89481 | 7443030 |
| Nordson Corp. | 12300 | 2636751 |
| Otis Worldwide Corp. | 86580 | 8573152 |
| PACCAR, Inc. | 116732 | 11096544 |
| Parker-Hannifin Corp. | 28382 | 19823976 |
| Pentair PLC | 37294 | 3828602 |
| Snap-on, Inc. | 11575 | 3601908 |
| Stanley Black & Decker, Inc. | 34140 | 2312985 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 37709 | 7894379 |
| Xylem, Inc. | 52773 | 6826715 |
|  |  | **179518162** |
| **Media–0.45%** | **Media–0.45%** | **Media–0.45%** |
| †Charter Communications, <br> Inc. Class A<br>| 21500 | 8789415 |
| Comcast Corp. Class A | 830244 | 29631408 |
| Fox Corp. Class A | 73185 | 3982368 |
| Interpublic Group of Cos., <br> Inc.<br>| 78080 | 1911398 |
| News Corp. Class A | 108190 | 3329239 |
| Omnicom Group, Inc. | 43697 | 3143562 |
| Paramount Global Class B | 115900 | 1495110 |
|  |  | **52282500** |
| **Metals & Mining–0.34%** | **Metals & Mining–0.34%** | **Metals & Mining–0.34%** |
| Freeport-McMoRan, Inc. | 319461 | 13848635 |
| Newmont Corp. | 250332 | 14584342 |
| Nucor Corp. | 52543 | 6806420 |
| Steel Dynamics, Inc. | 30600 | 3917106 |
|  |  | **39156503** |
| **Multi-Utilities–0.61%** | **Multi-Utilities–0.61%** | **Multi-Utilities–0.61%** |
| Ameren Corp. | 58701 | 5637644 |
| CenterPoint Energy, Inc. | 141235 | 5188974 |
| CMS Energy Corp. | 65938 | 4568185 |
| Consolidated Edison, Inc. | 77012 | 7728154 |
| Dominion Energy, Inc. | 184652 | 10436531 |
| DTE Energy Co. | 45592 | 6039116 |

---

LVIP SSGA S&P 500 Index Fund-5

------

**LVIP SSGA S&P 500 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| NiSource, Inc. | 103595 | $4179022 |
| Public Service Enterprise <br> Group, Inc.<br>| 110589 | 9309382 |
| Sempra | 140976 | 10681752 |
| WEC Energy Group, Inc. | 70158 | 7310464 |
|  |  | **71079224** |
| **Office REITs–0.02%** | **Office REITs–0.02%** | **Office REITs–0.02%** |
| BXP, Inc. | 33712 | 2274549 |
|  |  | **2274549** |
| **Oil, Gas & Consumable Fuels–2.77%** | **Oil, Gas & Consumable Fuels–2.77%** | **Oil, Gas & Consumable Fuels–2.77%** |
| APA Corp. | 76326 | 1396003 |
| Chevron Corp. | 359116 | 51421820 |
| ConocoPhillips | 282067 | 25312693 |
| Coterra Energy, Inc. | 162596 | 4126687 |
| Devon Energy Corp. | 144214 | 4587447 |
| Diamondback Energy, Inc. | 41500 | 5702100 |
| EOG Resources, Inc. | 119702 | 14317556 |
| EQT Corp. | 130500 | 7610760 |
| Expand Energy Corp. | 46500 | 5437710 |
| Exxon Mobil Corp. | 952994 | 102732753 |
| Hess Corp. | 61420 | 8509127 |
| Kinder Morgan, Inc. | 429481 | 12626741 |
| Marathon Petroleum Corp. | 68030 | 11300463 |
| Occidental Petroleum Corp. | 151438 | 6361910 |
| ONEOK, Inc. | 137177 | 11197759 |
| Phillips 66 | 90971 | 10852840 |
| Targa Resources Corp. | 48100 | 8373248 |
| Texas Pacific Land Corp. | 4200 | 4436838 |
| Valero Energy Corp. | 69545 | 9348239 |
| Williams Cos., Inc. | 268718 | 16878178 |
|  |  | **322530872** |
| **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** |
| Delta Air Lines, Inc. | 142200 | 6993396 |
| Southwest Airlines Co. | 130981 | 4249024 |
| †United Airlines Holdings, <br> Inc.<br>| 72000 | 5733360 |
|  |  | **16975780** |
| **Personal Care Products–0.11%** | **Personal Care Products–0.11%** | **Personal Care Products–0.11%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 51667 | 4174694 |
| Kenvue, Inc. | 426071 | 8917666 |
|  |  | **13092360** |
| **Pharmaceuticals–2.83%** | **Pharmaceuticals–2.83%** | **Pharmaceuticals–2.83%** |
| Bristol-Myers Squibb Co. | 448066 | 20740975 |
| Eli Lilly & Co. | 173428 | 135192329 |
| Johnson & Johnson | 530752 | 81072368 |
| Merck & Co., Inc. | 558981 | 44248936 |
| Pfizer, Inc. | 1254048 | 30398124 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Viatris, Inc. | 253051 | $2259745 |
| Zoetis, Inc. | 98921 | 15426730 |
|  |  | **329339207** |
| **Professional Services–0.63%** | **Professional Services–0.63%** | **Professional Services–0.63%** |
| Automatic Data Processing, <br> Inc.<br>| 89768 | 27684451 |
| Broadridge Financial <br> Solutions, Inc.<br>| 25500 | 6197265 |
| †Dayforce, Inc. | 34100 | 1888799 |
| Equifax, Inc. | 27418 | 7111407 |
| Jacobs Solutions, Inc. | 27834 | 3658779 |
| Leidos Holdings, Inc. | 28300 | 4464608 |
| Paychex, Inc. | 70376 | 10236893 |
| Paycom Software, Inc. | 10000 | 2314000 |
| Verisk Analytics, Inc. | 31200 | 9718800 |
|  |  | **73275002** |
| **Real Estate Management & Development–0.14%** | **Real Estate Management & Development–0.14%** | **Real Estate Management & Development–0.14%** |
| †CBRE Group, Inc. Class A | 64476 | 9034377 |
| †CoStar Group, Inc. | 92600 | 7445040 |
|  |  | **16479417** |
| **Residential REITs–0.25%** | **Residential REITs–0.25%** | **Residential REITs–0.25%** |
| AvalonBay Communities, Inc. | 31548 | 6420018 |
| Camden Property Trust | 23500 | 2648215 |
| Equity Residential | 75942 | 5125326 |
| Essex Property Trust, Inc. | 13900 | 3939260 |
| Invitation Homes, Inc. | 125600 | 4119680 |
| Mid-America Apartment <br> Communities, Inc.<br>| 26600 | 3937066 |
| UDR, Inc. | 66400 | 2711112 |
|  |  | **28900677** |
| **Retail REITs–0.25%** | **Retail REITs–0.25%** | **Retail REITs–0.25%** |
| Federal Realty Investment <br> Trust<br>| 16200 | 1538838 |
| Kimco Realty Corp. | 153145 | 3219108 |
| Realty Income Corp. | 193700 | 11159057 |
| Regency Centers Corp. | 36900 | 2628387 |
| Simon Property Group, Inc. | 68148 | 10955472 |
|  |  | **29500862** |
| **Semiconductors & Semiconductor Equipment–12.68%** | **Semiconductors & Semiconductor Equipment–12.68%** | **Semiconductors & Semiconductor Equipment–12.68%** |
| †Advanced Micro Devices, Inc. | 356883 | 50641698 |
| Analog Devices, Inc. | 109523 | 26068664 |
| Applied Materials, Inc. | 179653 | 32889075 |
| Broadcom, Inc. | 1039650 | 286579522 |
| †Enphase Energy, Inc. | 27400 | 1086410 |
| †First Solar, Inc. | 22900 | 3790866 |
| Intel Corp. | 951528 | 21314227 |
| KLA Corp. | 29221 | 26174419 |
| Lam Research Corp. | 279900 | 27245466 |
| Microchip Technology, Inc. | 118806 | 8360378 |
| Micron Technology, Inc. | 244759 | 30166547 |

---

LVIP SSGA S&P 500 Index Fund-6

------

**LVIP SSGA S&P 500 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Monolithic Power Systems, <br> Inc.<br>| 10400 | $7606352 |
| NVIDIA Corp. | 5386100 | 850949939 |
| NXP Semiconductors NV | 55800 | 12191742 |
| †ON Semiconductor Corp. | 94600 | 4957986 |
| QUALCOMM, Inc. | 243624 | 38799558 |
| Skyworks Solutions, Inc. | 37100 | 2764692 |
| Teradyne, Inc. | 35500 | 3192160 |
| Texas Instruments, Inc. | 201024 | 41736603 |
|  |  | **1476516304** |
| **Software–11.39%** | **Software–11.39%** | **Software–11.39%** |
| †Adobe, Inc. | 94200 | 36444096 |
| †ANSYS, Inc. | 19000 | 6673180 |
| †Autodesk, Inc. | 47403 | 14674547 |
| †Cadence Design Systems, <br> Inc.<br>| 60600 | 18673890 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 54500 | 27757395 |
| †Fair Isaac Corp. | 5400 | 9870984 |
| †Fortinet, Inc. | 140300 | 14832516 |
| Gen Digital, Inc. | 117925 | 3466995 |
| Intuit, Inc. | 61840 | 48707039 |
| Microsoft Corp. | 1641488 | 816492546 |
| Oracle Corp. | 357578 | 78177278 |
| †Palantir Technologies, Inc. <br> Class A<br>| 470300 | 64111296 |
| †Palo Alto Networks, Inc. | 145700 | 29816048 |
| †PTC, Inc. | 26200 | 4515308 |
| Roper Technologies, Inc. | 23664 | 13413702 |
| Salesforce, Inc. | 210936 | 57520138 |
| †ServiceNow, Inc. | 45500 | 46777640 |
| †Synopsys, Inc. | 33600 | 17226048 |
| †Tyler Technologies, Inc. | 9600 | 5691264 |
| †Workday, Inc. Class A | 47000 | 11280000 |
|  |  | **1326121910** |
| **Specialized REITs–0.88%** | **Specialized REITs–0.88%** | **Specialized REITs–0.88%** |
| American Tower Corp. | 103403 | 22854131 |
| Crown Castle, Inc. | 96465 | 9909849 |
| Digital Realty Trust, Inc. | 70300 | 12255399 |
| Equinix, Inc. | 21442 | 17056468 |
| Extra Space Storage, Inc. | 46400 | 6841216 |
| Iron Mountain, Inc. | 64800 | 6646536 |
| Public Storage | 34751 | 10196638 |
| SBA Communications Corp. | 23700 | 5565708 |
| VICI Properties, Inc. | 229900 | 7494740 |
| Weyerhaeuser Co. | 160207 | 4115718 |
|  |  | **102936403** |
| **Specialty Retail–1.71%** | **Specialty Retail–1.71%** | **Specialty Retail–1.71%** |
| †AutoZone, Inc. | 3727 | 13835481 |
| Best Buy Co., Inc. | 42877 | 2878333 |
| †CarMax, Inc. | 35509 | 2386560 |
| Home Depot, Inc. | 219185 | 80361989 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Lowe's Cos., Inc. | 124597 | $27644336 |
| †O'Reilly Automotive, Inc. | 191355 | 17246826 |
| Ross Stores, Inc. | 72426 | 9240109 |
| TJX Cos., Inc. | 247592 | 30575136 |
| Tractor Supply Co. | 119000 | 6279630 |
| †Ulta Beauty, Inc. | 10000 | 4678200 |
| Williams-Sonoma, Inc. | 27200 | 4443664 |
|  |  | **199570264** |
| **Technology Hardware, Storage & Peripherals–6.16%** | **Technology Hardware, Storage & Peripherals–6.16%** | **Technology Hardware, Storage & Peripherals–6.16%** |
| Apple, Inc. | 3298556 | 676764734 |
| Dell Technologies, Inc. <br> Class C<br>| 66300 | 8128380 |
| Hewlett Packard Enterprise <br> Co.<br>| 286676 | 5862524 |
| HP, Inc. | 211176 | 5165365 |
| NetApp, Inc. | 44943 | 4788677 |
| Seagate Technology Holdings <br> PLC<br>| 44072 | 6360912 |
| †Super Micro Computer, Inc. | 111000 | 5440110 |
| Western Digital Corp. | 75534 | 4833421 |
|  |  | **717344123** |
| **Textiles, Apparel & Luxury Goods–0.29%** | **Textiles, Apparel & Luxury Goods–0.29%** | **Textiles, Apparel & Luxury Goods–0.29%** |
| †Deckers Outdoor Corp. | 33600 | 3463152 |
| †Lululemon Athletica, Inc. | 24700 | 5868226 |
| NIKE, Inc. Class B | 259168 | 18411295 |
| Ralph Lauren Corp. | 8872 | 2433412 |
| Tapestry, Inc. | 45734 | 4015902 |
|  |  | **34191987** |
| **Tobacco–0.73%** | **Tobacco–0.73%** | **Tobacco–0.73%** |
| Altria Group, Inc. | 375201 | 21998035 |
| Philip Morris International, <br> Inc.<br>| 342716 | 62418865 |
|  |  | **84416900** |
| **Trading Companies & Distributors–0.27%** | **Trading Companies & Distributors–0.27%** | **Trading Companies & Distributors–0.27%** |
| Fastenal Co. | 254412 | 10685304 |
| United Rentals, Inc. | 14400 | 10848960 |
| WW Grainger, Inc. | 9753 | 10145461 |
|  |  | **31679725** |
| **Water Utilities–0.05%** | **Water Utilities–0.05%** | **Water Utilities–0.05%** |
| American Water Works Co., <br> Inc.<br>| 43300 | 6023463 |
|  |  | **6023463** |
| **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** |
| T-Mobile U.S., Inc. | 105515 | 25140004 |
|  |  | **25140004** |
| **Total Common Stock** <br>**(Cost $2,712,306,174)** | **Total Common Stock** <br>**(Cost $2,712,306,174)** | **11596633296** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP SSGA S&P 500 Index Fund-7

------

**LVIP SSGA S&P 500 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.44%** | **MONEY MARKET FUND–0.44%** | **MONEY MARKET FUND–0.44%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 51790444 | $51790444 |
| **Total Money Market Fund** <br>**(Cost $51,790,444)** | **Total Money Market Fund** <br>**(Cost $51,790,444)** | **51790444** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.02% (Cost $2,764,096,618)** | **$11648423740** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)** | **(2527232)**<br>|
| **NET ASSETS APPLICABLE TO 362,328,416 SHARES OUTSTANDING–100.00%** | **$11645896508** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA S&P 500 INDEX FUND STANDARD CLASS** <br>**($8,650,140,882 / 268,875,120 Shares)** | **$32.172** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA S&P 500 INDEX FUND SERVICE CLASS** <br>**($2,995,755,626 / 93,453,296 Shares)** | **$32.056** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$2136642753** |
| Distributable earnings/(accumulated loss) | **9509253755** |
| **TOTAL NET ASSETS** | **$11645896508** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,392,318 cash collateral held at broker for futures contracts, $307,149 variation margin due from broker on futures contracts, <br> $28,246,873 payable for fund shares redeemed, $266,444 other accrued expenses payable, $2,399,613 due to manager and affiliates, $32,825 <br> due to custodian, $16,187 payable for audit fee and $203,851 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:** |
| 204 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $63788250 | &nbsp;&nbsp; $62142314 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $1645936 | &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 SSGA S&P 500 Index Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA S&P 500 Index Fund** | **LVIP SSGA S&P 500 Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $74167511 |
| Foreign taxes withheld | (16975)<br>|
|  | 74150536 |
| **EXPENSES:** |  |
| Management fees | 8986155 |
| Distribution fees-Service Class | 3383885 |
| Shareholder servicing fees | 1574813 |
| Accounting and administration expenses | 883487 |
| Index fees | 541484 |
| Trustees' fees and expenses | 161950 |
| Professional fees | 137929 |
| Reports and statements to shareholders | 73458 |
| Consulting fees | 31630 |
| Custodian fees | 23204 |
| Pricing fees | 2827 |
| Other | 123189 |
|  | 15924011 |
| Less:  |  |
| Management fees waived | (9917)<br>|
| Total operating expenses | 15914094 |
| **NET INVESTMENT INCOME**  | 58236442 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 93819602 |
| Futures contracts | (1830215)<br>|
| Net realized gain | 91989387 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 509526503 |
| Futures contracts | 2661508 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 512188011 |
| **NET REALIZED AND UNREALIZED GAIN** | 604177398 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $662413840 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA S&P 500 Index Fund** | **LVIP SSGA S&P 500 Index Fund** | **LVIP SSGA S&P 500 Index Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $58236442 | $115770146 |
| Net realized gain | 91989387 | 575313202 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 512188011 | 1614388577 |
| Net increase in net assets <br> resulting from operations<br>| 662413840 | 2305471925 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (681816008)<br>|
| Service Class |  | (201612847)<br>|
|  |  | (883428855)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 399260497 | 582131959 |
| Service Class | 314355870 | 438292681 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 681816008 |
| Service Class |  | 201612847 |
|  | 713616367 | 1903853495 |
| Cost of shares redeemed: |  |  |
| Standard Class | (698448280)<br>| (1447601543)<br>|
| Service Class | (180854829)<br>| (385282002)<br>|
|  | (879303109)<br>| (1832883545)<br>|
| Increase (decrease) in net <br> assets derived from capital <br> share transactions<br>| (165686742)<br>| 70969950 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 496727098 | 1493013020 |
| **NET ASSETS:** |  |  |
| Beginning of period | 11149169410 | 9656156390 |
| End of period | $11645896508 | $11149169410 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA S&P 500 Index Fund-9

------

**LVIP SSGA S&P 500 Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index 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; $30.330 | &nbsp;&nbsp; $26.451 | &nbsp;&nbsp; $21.849 | &nbsp;&nbsp; $30.085 | &nbsp;&nbsp; $24.087 | &nbsp;&nbsp; $20.989 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.169 | 0.340 | 0.350 | 0.349 | 0.314 | 0.330 |
| Net realized and unrealized gain (loss) | 1.673 | 6.101 | 5.270 | &nbsp;&nbsp; (5.904)<br>| 6.493 | 3.424 |
| Total from investment operations | 1.842 | 6.441 | 5.620 | &nbsp;&nbsp; (5.555)<br>| 6.807 | 3.754 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.357)<br>| &nbsp;&nbsp; (0.350)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.223)<br>| &nbsp;&nbsp; (0.654)<br>| &nbsp;&nbsp; (2.328)<br>| &nbsp;&nbsp; (0.452)<br>| &nbsp;&nbsp; (0.306)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.562)<br>| &nbsp;&nbsp; (1.018)<br>| &nbsp;&nbsp; (2.681)<br>| &nbsp;&nbsp; (0.809)<br>| &nbsp;&nbsp; (0.656)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $32.172 | &nbsp;&nbsp; $30.330 | &nbsp;&nbsp; $26.451 | &nbsp;&nbsp; $21.849 | &nbsp;&nbsp; $30.085 | &nbsp;&nbsp; $24.087 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.07% | &nbsp;&nbsp; 24.73% | &nbsp;&nbsp; 26.01% | &nbsp;&nbsp; (18.31%)<br>| &nbsp;&nbsp; 28.42% | &nbsp;&nbsp; 18.03% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $8650141 | &nbsp;&nbsp; $8459305 | &nbsp;&nbsp; $7534365 | &nbsp;&nbsp; $7219554 | &nbsp;&nbsp; $9250241 | &nbsp;&nbsp; $8511057 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.58% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 7% |

---

&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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA S&P 500 Index Fund-10

------

**LVIP SSGA S&P 500 Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index 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; $30.259 | &nbsp;&nbsp; $26.405 | &nbsp;&nbsp; $21.818 | &nbsp;&nbsp; $30.051 | &nbsp;&nbsp; $24.065 | &nbsp;&nbsp; $20.977 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.131 | 0.265 | 0.289 | 0.284 | 0.246 | 0.277 |
| Net realized and unrealized gain (loss) | 1.666 | 6.082 | 5.256 | &nbsp;&nbsp; (5.895)<br>| 6.481 | 3.414 |
| Total from investment operations | 1.797 | 6.347 | 5.545 | &nbsp;&nbsp; (5.611)<br>| 6.727 | 3.691 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.270)<br>| &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.294)<br>| &nbsp;&nbsp; (0.289)<br>| &nbsp;&nbsp; (0.297)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.223)<br>| &nbsp;&nbsp; (0.654)<br>| &nbsp;&nbsp; (2.328)<br>| &nbsp;&nbsp; (0.452)<br>| &nbsp;&nbsp; (0.306)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.493)<br>| &nbsp;&nbsp; (0.958)<br>| &nbsp;&nbsp; (2.622)<br>| &nbsp;&nbsp; (0.741)<br>| &nbsp;&nbsp; (0.603)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $32.056 | &nbsp;&nbsp; $30.259 | &nbsp;&nbsp; $26.405 | &nbsp;&nbsp; $21.818 | &nbsp;&nbsp; $30.051 | &nbsp;&nbsp; $24.065 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; 24.42% | &nbsp;&nbsp; 25.70% | &nbsp;&nbsp; (18.51%)<br>| &nbsp;&nbsp; 28.10% | &nbsp;&nbsp; 17.74% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2995756 | &nbsp;&nbsp; $2689864 | &nbsp;&nbsp; $2121791 | &nbsp;&nbsp; $1730192 | &nbsp;&nbsp; $2168807 | &nbsp;&nbsp; $1770490 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.33% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 7% |

---

&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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA S&P 500 Index Fund-11

------

**LVIP SSGA S&P 500 Index Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is as 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 SSGA S&P 500 Index Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to approximate as closely as practicable, before fees and expenses, the total rate of return of common stocks publicly traded in the United States, as represented by the S&P 500<sup>®</sup> Index.

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by the investment adviser on behalf of the Fund. Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the investment adviser on behalf of the Fund. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in the Fund nor do they have any liability for any errors, omissions, or interruptions of the S&P 500<sup>®</sup> Index.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 SSGA S&P 500 Index Fund-12

------

**LVIP SSGA S&P 500 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

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 0.24% of the first $500 million of the Fund's average daily net assets; 0.20% of the next $500 million; and 0.16% of the Fund's average daily net assets in excess of $1 billion. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.002% of the first $1 Billion of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

SSGA Funds Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $461865 |
| Legal | &nbsp;&nbsp; 70393 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP SSGA S&P 500 Index Fund-13

------

**LVIP SSGA S&P 500 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $25,430 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; $1534059 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 595375 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 771 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 269408 |

---

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; $132658130 |
| Sales | &nbsp;&nbsp; 236321973 |

---

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; $2764096618 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $9009252009 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (123278952)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $8885973057 |

---

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 SSGA S&P 500 Index Fund-14

------

**LVIP SSGA S&P 500 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $11596633296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11596633296 |
| Money Market Fund | &nbsp;&nbsp; 51790444 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51790444 |
| **Total Investments** | &nbsp;&nbsp; $11648423740 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11648423740 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $1645936 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1645936 |

---

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; 13351415 | &nbsp;&nbsp; 19692480 |
| Service Class | &nbsp;&nbsp; 10565356 | &nbsp;&nbsp; 14709181 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 23120427 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 6869513 |
|  | &nbsp;&nbsp; 23916771 | &nbsp;&nbsp; 64391601 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (23383962)<br>| &nbsp;&nbsp; (48745025)<br>|
| Service Class | &nbsp;&nbsp; (6007392)<br>| &nbsp;&nbsp; (13039467)<br>|
|  | &nbsp;&nbsp; (29391354)<br>| &nbsp;&nbsp; (61784492)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (5474583)<br>| &nbsp;&nbsp; 2607109 |

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of 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 SSGA S&P 500 Index Fund-15

------

**LVIP SSGA S&P 500 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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 facilitate investments in portfolio securities; as a cash management tool and to reduce transaction costs.

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>| Liabilities net of receivables and other <br> assets<br>| $1645936 | Liabilities net of receivables and other <br> assets<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; $(1830215)<br>| &nbsp;&nbsp; $2661508 |

---

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) | $60480559 | $— |

---

**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.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

LVIP SSGA S&P 500 Index Fund-16

------

**LVIP SSGA S&P 500 Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. 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 SSGA S&P 500 Index Fund-17

------

![](img23da17e01.jpg)

LVIP SSGA Short-Term Bond Index Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA Short-Term Bond Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_1666e13a-e11a-4401-bcc0-050afdd05bbc_SOI-continued-274_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_1666e13a-e11a-4401-bcc0-050afdd05bbc_FS-continued-274_1)**  | &nbsp;&nbsp; **16** |
| **[Statements of Changes in Net Assets](#xx_1666e13a-e11a-4401-bcc0-050afdd05bbc_FS-continued-274_1)**  | &nbsp;&nbsp; **16** |
| **[Financial Highlights](#xx_1666e13a-e11a-4401-bcc0-050afdd05bbc_FIHI-continued-274_1)**  | &nbsp;&nbsp; **17** |
| **[Notes to Financial Statements](#xx_1666e13a-e11a-4401-bcc0-050afdd05bbc_NTF-continued-274_1)**  | &nbsp;&nbsp; **19** |

---

------

**LVIP SSGA Short-Term Bond Index 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>|
| **CORPORATE BONDS–98.44%** | **CORPORATE BONDS–98.44%** | **CORPORATE BONDS–98.44%** |
| **Aerospace & Defense–1.37%** | **Aerospace & Defense–1.37%** | **Aerospace & Defense–1.37%** |
| Boeing Co. |  |  |
| 2.70% 2/1/27 | 500000 | $485971 |
| 5.04% 5/1/27 | 500000 | 503725 |
| 6.26% 5/1/27 | 70000 | 72017 |
| General Dynamics Corp. <br> 2.63% 11/15/27<br>| 500000 | 484460 |
| Howmet Aerospace, Inc. <br> 5.90% 2/1/27<br>| 150000 | 153570 |
| L3Harris Technologies, Inc. |  |  |
| 3.85% 12/15/26 | 250000 | 248517 |
| 4.40% 6/15/28 | 350000 | 350913 |
| Lockheed Martin Corp. 4.45% <br> 5/15/28<br>| 150000 | 151716 |
| Northrop Grumman Corp. |  |  |
| 3.20% 2/1/27 | 150000 | 147564 |
| 3.25% 1/15/28 | 500000 | 488477 |
| RTX Corp. |  |  |
| 2.65% 11/1/26 | 250000 | 244979 |
| 3.13% 5/4/27 | 500000 | 490175 |
| 5.75% 11/8/26 | 175000 | 178231 |
|  |  | **4000315** |
| **Agriculture–1.16%** | **Agriculture–1.16%** | **Agriculture–1.16%** |
| Altria Group, Inc. |  |  |
| 2.63% 9/16/26 | 350000 | 343202 |
| 4.88% 2/4/28 | 145000 | 146980 |
| Archer-Daniels-Midland Co. <br> 2.50% 8/11/26<br>| 250000 | 245541 |
| BAT Capital Corp. |  |  |
| 2.26% 3/25/28 | 250000 | 236527 |
| 3.22% 9/6/26 | 250000 | 246528 |
| 3.56% 8/15/27 | 250000 | 245990 |
| 4.70% 4/2/27 | 250000 | 251192 |
| BAT International Finance <br> PLC 4.45% 3/16/28<br>| 150000 | 150240 |
| Bunge Ltd. Finance Corp. <br> 3.75% 9/25/27<br>| 400000 | 396589 |
| Philip Morris International, <br> Inc.<br>|  |  |
| 3.13% 8/17/27 | 250000 | 244480 |
| 4.13% 4/28/28 | 145000 | 144716 |
| 4.38% 11/1/27 | 155000 | 155704 |
| 4.75% 2/12/27 | 70000 | 70624 |
| 5.13% 11/17/27 | 500000 | 510002 |
|  |  | **3388315** |
| **Airlines–0.39%** | **Airlines–0.39%** | **Airlines–0.39%** |
| ♦American Airlines <br> Pass-Through Trust<br>|  |  |
| 3.58% 7/15/29 | 148918 | 144234 |
| 3.60% 3/22/29 | 286807 | 279033 |
| Delta Air Lines, Inc. 4.38% <br> 4/19/28<br>| 250000 | 248648 |
| Southwest Airlines Co. 5.13% <br> 6/15/27<br>| 250000 | 252235 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| ♦United Airlines Pass-Through <br> Trust 5.88% 4/15/29<br>| 198748 | $202802 |
|  |  | **1126952** |
| **Apparel–0.17%** | **Apparel–0.17%** | **Apparel–0.17%** |
| NIKE, Inc. 2.38% 11/1/26 | 250000 | 244690 |
| Tapestry, Inc. 4.13% 7/15/27 | 250000 | 248240 |
|  |  | **492930** |
| **Auto Manufacturers–4.31%** | **Auto Manufacturers–4.31%** | **Auto Manufacturers–4.31%** |
| American Honda Finance <br> Corp.<br>|  |  |
| 2.00% 3/24/28 | 250000 | 234875 |
| 2.35% 1/8/27 | 150000 | 145581 |
| 4.40% 10/5/26 | 250000 | 250221 |
| 4.45% 10/22/27 | 170000 | 170501 |
| 4.55% 3/3/28 | 250000 | 251297 |
| 4.90% 3/12/27 | 400000 | 403557 |
| 4.90% 7/9/27 | 70000 | 70860 |
| 5.25% 7/7/26 | 150000 | 151259 |
| Ford Motor Co. 4.35% 12/8/26 | 500000 | 496547 |
| Ford Motor Credit Co. LLC |  |  |
| 2.70% 8/10/26 | 1500000 | 1460433 |
| 2.90% 2/16/28 | 200000 | 187520 |
| 4.13% 8/17/27 | 250000 | 244375 |
| 4.27% 1/9/27 | 250000 | 246407 |
| 4.95% 5/28/27 | 350000 | 347680 |
| 5.13% 11/5/26 | 240000 | 239409 |
| 5.80% 3/5/27 | 250000 | 251972 |
| 5.92% 3/20/28 | 200000 | 202030 |
| 6.80% 5/12/28 | 350000 | 361734 |
| General Motors Co. 5.35% <br> 4/15/28<br>| 110000 | 111672 |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 2.35% 2/26/27 | 250000 | 240928 |
| 2.40% 4/10/28 | 500000 | 470404 |
| 2.70% 8/20/27 | 350000 | 336188 |
| 4.00% 10/6/26 | 300000 | 297925 |
| 5.00% 4/9/27 | 250000 | 251547 |
| 5.00% 7/15/27 | 110000 | 110673 |
| 5.05% 4/4/28 | 250000 | 251895 |
| 5.35% 7/15/27 | 150000 | 152248 |
| 5.40% 5/8/27 | 700000 | 710165 |
| Honda Motor Co. Ltd. |  |  |
| 2.53% 3/10/27 | 250000 | 242545 |
| 4.44% 7/8/28 | 250000 | 250287 |
| PACCAR Financial Corp. |  |  |
| 4.25% 6/23/27 | 150000 | 150766 |
| 4.45% 8/6/27 | 235000 | 237716 |
| 4.50% 11/25/26 | 60000 | 60409 |
| 5.00% 5/13/27 | 200000 | 203459 |
| 5.20% 11/9/26 | 165000 | 167555 |
| Toyota Motor Corp. |  |  |
| 4.19% 6/30/27 | 125000 | 125201 |

---

LVIP SSGA Short-Term Bond Index Fund-1

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Toyota Motor <br> Corp. (continued)<br>|  |  |
| 5.28% 7/13/26 | 120000 | $121109 |
| Toyota Motor Credit Corp. |  |  |
| 1.15% 8/13/27 | 250000 | 235045 |
| 3.05% 3/22/27 | 250000 | 245344 |
| 4.35% 10/8/27 | 200000 | 200830 |
| 4.50% 5/14/27 | 80000 | 80556 |
| 4.55% 8/7/26 | 85000 | 85295 |
| 4.55% 9/20/27 | 400000 | 403355 |
| 4.60% 1/8/27 | 200000 | 201396 |
| 5.00% 8/14/26 | 250000 | 252139 |
| 5.00% 3/19/27 | 415000 | 421105 |
| 5.40% 11/20/26 | 250000 | 254007 |
|  |  | **12588022** |
| **Auto Parts & Equipment–0.08%** | **Auto Parts & Equipment–0.08%** | **Auto Parts & Equipment–0.08%** |
| BorgWarner, Inc. 2.65% <br> 7/1/27<br>| 250000 | 241874 |
|  |  | **241874** |
| **Banks–35.08%** | **Banks–35.08%** | **Banks–35.08%** |
| Australia & New Zealand <br> Banking Group Ltd.<br>|  |  |
| 3.92% 9/30/27 | 450000 | 448337 |
| 4.36% 6/18/28 | 250000 | 251895 |
| 4.42% 12/16/26 | 250000 | 251270 |
| Banco Santander SA |  |  |
| μ1.72% 9/14/27 | 200000 | 193195 |
| 3.80% 2/23/28 | 200000 | 196498 |
| μ4.18% 3/24/28 | 200000 | 198831 |
| 4.25% 4/11/27 | 400000 | 398998 |
| 4.38% 4/12/28 | 400000 | 398919 |
| 5.29% 8/18/27 | 400000 | 406730 |
| μ5.37% 7/15/28 | 200000 | 203679 |
| μ5.55% 3/14/28 | 200000 | 203217 |
| μ6.53% 11/7/27 | 400000 | 410568 |
| Bank of America Corp. |  |  |
| μ1.73% 7/22/27 | 500000 | 485989 |
| μ2.55% 2/4/28 | 1000000 | 971892 |
| μ3.42% 12/20/28 | 2250000 | 2199339 |
| μ3.59% 7/21/28 | 1000000 | 984650 |
| μ3.71% 4/24/28 | 1600000 | 1581002 |
| μ3.82% 1/20/28 | 1100000 | 1090413 |
| 4.25% 10/22/26 | 500000 | 499089 |
| μ4.62% 5/9/29 | 335000 | 337126 |
| μ5.93% 9/15/27 | 750000 | 763093 |
| μ6.20% 11/10/28 | 750000 | 780509 |
| Bank of Montreal |  |  |
| 2.65% 3/8/27 | 750000 | 732351 |
| μ4.57% 9/10/27 | 100000 | 100230 |
| 5.27% 12/11/26 | 210000 | 212959 |
| 5.37% 6/4/27 | 350000 | 357441 |
| μBank of New York Mellon <br> 4.73% 4/20/29<br>| 500000 | 507064 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μBank of New York Mellon <br> Corp.<br>|  |  |
| 3.99% 6/13/28 | 250000 | $249114 |
| 4.44% 6/9/28 | 165000 | 165871 |
| 4.54% 2/1/29 | 250000 | 251912 |
| 4.89% 7/21/28 | 550000 | 557280 |
| Bank of Nova Scotia |  |  |
| 2.70% 8/3/26 | 500000 | 492045 |
| μ4.40% 9/8/28 | 190000 | 190322 |
| μ4.93% 2/14/29 | 600000 | 607757 |
| 5.25% 6/12/28 | 200000 | 206278 |
| 5.40% 6/4/27 | 125000 | 127893 |
| μBarclays PLC |  |  |
| 4.84% 9/10/28 | 200000 | 201544 |
| 4.97% 5/16/29 | 1100000 | 1111500 |
| 5.50% 8/9/28 | 250000 | 254978 |
| 5.67% 3/12/28 | 225000 | 229267 |
| 6.50% 9/13/27 | 500000 | 511096 |
| 7.39% 11/2/28 | 600000 | 636903 |
| Canadian Imperial Bank of <br> Commerce<br>|  |  |
| μ4.51% 9/11/27 | 190000 | 190299 |
| μ4.86% 1/13/28 | 300000 | 302082 |
| μ4.86% 3/30/29 | 150000 | 151614 |
| 5.00% 4/28/28 | 250000 | 254885 |
| 5.24% 6/28/27 | 250000 | 254495 |
| 5.62% 7/17/26 | 300000 | 303623 |
| 5.93% 10/2/26 | 250000 | 254889 |
| Capital One NA 3.45% 7/27/26 | 250000 | 247232 |
| Citibank NA |  |  |
| 4.58% 5/29/27 | 415000 | 417279 |
| 4.93% 8/6/26 | 375000 | 377574 |
| 5.49% 12/4/26 | 390000 | 396177 |
| Citigroup, Inc. |  |  |
| μ3.07% 2/24/28 | 1500000 | 1466753 |
| 3.20% 10/21/26 | 500000 | 492856 |
| μ3.52% 10/27/28 | 500000 | 489615 |
| μ3.67% 7/24/28 | 1200000 | 1181248 |
| μ3.89% 1/10/28 | 750000 | 743182 |
| μ4.08% 4/23/29 | 500000 | 495043 |
| μ4.64% 5/7/28 | 400000 | 401060 |
| μ4.79% 3/4/29 | 500000 | 503591 |
| μCitizens Bank NA 4.58% <br> 8/9/28<br>| 350000 | 350742 |
| Commonwealth Bank of <br> Australia<br>|  |  |
| 4.42% 3/14/28 | 250000 | 252473 |
| 4.58% 11/27/26 | 250000 | 251669 |
| Cooperatieve Rabobank UA |  |  |
| 4.33% 8/28/26 | 250000 | 250531 |
| 4.37% 5/27/27 | 250000 | 251591 |
| 4.88% 1/21/28 | 250000 | 255278 |
| 5.04% 3/5/27 | 250000 | 253743 |
| Deutsche Bank AG |  |  |
| μ2.55% 1/7/28 | 250000 | 242819 |

---

LVIP SSGA Short-Term Bond Index Fund-2

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Deutsche Bank <br> AG (continued)<br>|  |  |
| μ4.88% 12/1/32 | 250000 | $247301 |
| 5.37% 9/9/27 | 200000 | 205146 |
| μ5.37% 1/10/29 | 165000 | 167896 |
| μ5.71% 2/8/28 | 225000 | 228696 |
| μ6.72% 1/18/29 | 350000 | 367665 |
| μ7.15% 7/13/27 | 265000 | 271695 |
| μFifth Third Bancorp 6.36% <br> 10/27/28<br>| 100000 | 104244 |
| Fifth Third Bank NA |  |  |
| 2.25% 2/1/27 | 500000 | 484656 |
| μ4.97% 1/28/28 | 250000 | 251830 |
| First-Citizens Bank & Trust <br> Co. 6.13% 3/9/28<br>| 150000 | 155606 |
| μGoldman Sachs Group, Inc. |  |  |
| 1.54% 9/10/27 | 1000000 | 965507 |
| 1.95% 10/21/27 | 500000 | 484131 |
| 2.64% 2/24/28 | 1750000 | 1699602 |
| 3.62% 3/15/28 | 750000 | 739528 |
| 3.69% 6/5/28 | 750000 | 739339 |
| 3.81% 4/23/29 | 500000 | 492038 |
| 4.22% 5/1/29 | 750000 | 745725 |
| 4.94% 4/23/28 | 300000 | 302338 |
| μHSBC Holdings PLC |  |  |
| 2.01% 9/22/28 | 600000 | 568737 |
| 4.04% 3/13/28 | 750000 | 743829 |
| 4.58% 6/19/29 | 400000 | 400578 |
| 4.76% 6/9/28 | 600000 | 602281 |
| 4.90% 3/3/29 | 285000 | 287414 |
| 5.13% 11/19/28 | 220000 | 222798 |
| 5.21% 8/11/28 | 350000 | 354948 |
| 5.60% 5/17/28 | 750000 | 764047 |
| 5.89% 8/14/27 | 750000 | 760699 |
| 6.16% 3/9/29 | 350000 | 363936 |
| 7.39% 11/3/28 | 500000 | 530995 |
| HSBC USA, Inc. 4.65% 6/3/28 | 200000 | 201578 |
| μHuntington National Bank <br> 4.55% 5/17/28<br>| 250000 | 250913 |
| ING Groep NV |  |  |
| 3.95% 3/29/27 | 500000 | 497645 |
| μ4.02% 3/28/28 | 250000 | 248367 |
| μ4.86% 3/25/29 | 200000 | 202035 |
| μ6.08% 9/11/27 | 200000 | 203674 |
| JPMorgan Chase & Co. |  |  |
| μ2.07% 6/1/29 | 200000 | 187585 |
| μ2.18% 6/1/28 | 250000 | 240267 |
| 2.95% 10/1/26 | 750000 | 739082 |
| μ3.51% 1/23/29 | 500000 | 489771 |
| μ3.54% 5/1/28 | 1250000 | 1231498 |
| μ3.78% 2/1/28 | 1000000 | 991312 |
| 4.13% 12/15/26 | 500000 | 499428 |
| μ4.32% 4/26/28 | 1500000 | 1498557 |
| μ4.51% 10/22/28 | 395000 | 396181 |
| μ4.85% 7/25/28 | 1500000 | 1515637 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & <br> Co. (continued)<br>|  |  |
| μ5.04% 1/23/28 | 250000 | $252384 |
| μ5.57% 4/22/28 | 245000 | 250027 |
| μ6.07% 10/22/27 | 400000 | 408687 |
| JPMorgan Chase Bank NA <br> 5.11% 12/8/26<br>| 500000 | 506330 |
| KeyBank NA 4.39% 12/14/27 | 250000 | 250281 |
| KeyCorp 2.25% 4/6/27 | 250000 | 241068 |
| Lloyds Banking Group PLC |  |  |
| μ3.57% 11/7/28 | 500000 | 489456 |
| μ3.75% 3/18/28 | 250000 | 246948 |
| 4.38% 3/22/28 | 250000 | 249691 |
| μ4.82% 6/13/29 | 200000 | 201802 |
| μ5.09% 11/26/28 | 200000 | 202628 |
| μ5.46% 1/5/28 | 500000 | 506775 |
| μ5.87% 3/6/29 | 250000 | 258435 |
| μ5.99% 8/7/27 | 220000 | 223335 |
| μM&T Bank Corp. |  |  |
| 4.55% 8/16/28 | 150000 | 150368 |
| 4.83% 1/16/29 | 45000 | 45369 |
| Manufacturers & Traders <br> Trust Co.<br>|  |  |
| 3.40% 8/17/27 | 150000 | 146410 |
| 4.70% 1/27/28 | 250000 | 252203 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>|  |  |
| μ1.64% 10/13/27 | 200000 | 193065 |
| μ2.34% 1/19/28 | 250000 | 242078 |
| 2.76% 9/13/26 | 250000 | 245487 |
| 3.68% 2/22/27 | 250000 | 247826 |
| μ4.08% 4/19/28 | 600000 | 596540 |
| μ5.02% 7/20/28 | 250000 | 253198 |
| μ5.24% 4/19/29 | 500000 | 511361 |
| μ5.35% 9/13/28 | 500000 | 510695 |
| μ5.42% 2/22/29 | 250000 | 256391 |
| Mizuho Financial Group, Inc. |  |  |
| μ1.55% 7/9/27 | 500000 | 485404 |
| 4.02% 3/5/28 | 250000 | 248936 |
| μ5.41% 9/13/28 | 400000 | 408897 |
| μ5.67% 5/27/29 | 200000 | 207010 |
| Morgan Stanley |  |  |
| μ2.48% 1/21/28 | 1350000 | 1310378 |
| 3.13% 7/27/26 | 500000 | 493749 |
| μ3.77% 1/24/29 | 250000 | 246431 |
| μ4.21% 4/20/28 | 1000000 | 997934 |
| μ4.99% 4/12/29 | 325000 | 329728 |
| μ5.12% 2/1/29 | 500000 | 508728 |
| μ5.16% 4/20/29 | 500000 | 509800 |
| μ5.65% 4/13/28 | 155000 | 158441 |
| 6.25% 8/9/26 | 250000 | 254968 |
| μ6.30% 10/18/28 | 500000 | 520838 |
| Morgan Stanley Bank NA |  |  |
| μ4.45% 10/15/27 | 625000 | 625916 |
| μ4.95% 1/14/28 | 775000 | 781242 |

---

LVIP SSGA Short-Term Bond Index Fund-3

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley Bank <br> NA (continued)<br>|  |  |
| μ4.97% 7/14/28 | 750000 | $758984 |
| μ5.50% 5/26/28 | 280000 | 285912 |
| 5.88% 10/30/26 | 640000 | 653468 |
| National Australia Bank Ltd. |  |  |
| 2.50% 7/12/26 | 350000 | 344155 |
| 3.91% 6/9/27 | 250000 | 249512 |
| 4.31% 6/13/28 | 255000 | 256567 |
| 4.50% 10/26/27 | 250000 | 252610 |
| 4.90% 6/13/28 | 250000 | 256383 |
| 5.09% 6/11/27 | 250000 | 254688 |
| μNational Bank of Canada |  |  |
| 4.95% 2/1/28 | 250000 | 251940 |
| 5.60% 7/2/27 | 250000 | 252751 |
| μNatWest Group PLC |  |  |
| 3.07% 5/22/28 | 250000 | 243771 |
| 4.89% 5/18/29 | 350000 | 353503 |
| 5.52% 9/30/28 | 200000 | 204264 |
| 5.58% 3/1/28 | 450000 | 458088 |
| PNC Bank NA 3.10% 10/25/27 | 250000 | 243858 |
| PNC Financial Services <br> Group, Inc.<br>|  |  |
| 1.15% 8/13/26 | 250000 | 241542 |
| 2.60% 7/23/26 | 350000 | 344376 |
| μ5.10% 7/23/27 | 100000 | 100753 |
| μ5.30% 1/21/28 | 85000 | 86277 |
| μ5.35% 12/2/28 | 500000 | 512071 |
| μ5.58% 6/12/29 | 400000 | 414249 |
| μ6.62% 10/20/27 | 205000 | 210739 |
| Royal Bank of Canada |  |  |
| 1.40% 11/2/26 | 250000 | 241350 |
| 3.63% 5/4/27 | 500000 | 495186 |
| 4.24% 8/3/27 | 250000 | 250407 |
| μ4.51% 10/18/27 | 160000 | 160291 |
| μ4.52% 10/18/28 | 660000 | 662732 |
| μ4.72% 3/27/28 | 290000 | 291746 |
| μ4.97% 1/24/29 | 290000 | 294178 |
| μ5.07% 7/23/27 | 545000 | 548647 |
| 5.20% 7/20/26 | 250000 | 252443 |
| Santander Holdings USA, Inc. |  |  |
| μ2.49% 1/6/28 | 150000 | 145203 |
| 4.40% 7/13/27 | 250000 | 249583 |
| μ5.47% 3/20/29 | 155000 | 157601 |
| μ6.50% 3/9/29 | 150000 | 156401 |
| μ6.57% 6/12/29 | 200000 | 209884 |
| μSantander U.K. Group <br> Holdings PLC<br>|  |  |
| 2.47% 1/11/28 | 850000 | 822939 |
| 6.53% 1/10/29 | 100000 | 104372 |
| Standard Chartered Bank <br> 4.85% 12/3/27<br>| 250000 | 254304 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>|  |  |
| 1.40% 9/17/26 | 350000 | 337918 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Sumitomo Mitsui Financial <br> Group, Inc. (continued)<br>|  |  |
| 2.63% 7/14/26 | 250000 | $245645 |
| 3.01% 10/19/26 | 1000000 | 983571 |
| 3.35% 10/18/27 | 250000 | 245362 |
| 5.52% 1/13/28 | 750000 | 772181 |
| 5.88% 7/13/26 | 200000 | 203021 |
| Synchrony Bank 5.63% <br> 8/23/27<br>| 200000 | 203961 |
| Toronto-Dominion Bank |  |  |
| 1.25% 9/10/26 | 250000 | 241248 |
| 2.80% 3/10/27 | 250000 | 244112 |
| 4.57% 12/17/26 | 300000 | 301137 |
| 4.57% 6/2/28 | 250000 | 251842 |
| 4.69% 9/15/27 | 400000 | 403847 |
| 4.86% 1/31/28 | 250000 | 253422 |
| 4.98% 4/5/27 | 700000 | 708623 |
| 5.26% 12/11/26 | 130000 | 131759 |
| 5.53% 7/17/26 | 700000 | 708619 |
| μTruist Financial Corp. |  |  |
| 1.89% 6/7/29 | 250000 | 232644 |
| 4.87% 1/26/29 | 500000 | 505776 |
| μU.S. Bancorp |  |  |
| 2.22% 1/27/28 | 250000 | 241606 |
| 4.55% 7/22/28 | 350000 | 350790 |
| 4.65% 2/1/29 | 350000 | 352271 |
| 5.78% 6/12/29 | 500000 | 519205 |
| 6.79% 10/26/27 | 750000 | 772066 |
| μU.S. Bank NA 4.51% 10/22/27 | 250000 | 250268 |
| UBS AG |  |  |
| 5.00% 7/9/27 | 500000 | 507723 |
| 7.50% 2/15/28 | 500000 | 539381 |
| Wachovia Corp. 7.57% 8/1/26 | 500000 | 515926 |
| μWells Fargo & Co. |  |  |
| 2.39% 6/2/28 | 500000 | 481707 |
| 3.53% 3/24/28 | 1250000 | 1232655 |
| 3.58% 5/22/28 | 750000 | 738450 |
| 4.81% 7/25/28 | 1000000 | 1008430 |
| 4.90% 1/24/28 | 390000 | 392824 |
| 4.97% 4/23/29 | 315000 | 319408 |
| 5.71% 4/22/28 | 375000 | 383143 |
| Wells Fargo Bank NA |  |  |
| 5.25% 12/11/26 | 600000 | 608652 |
| 5.45% 8/7/26 | 250000 | 253187 |
| Westpac Banking Corp. |  |  |
| 2.70% 8/19/26 | 250000 | 246084 |
| 3.35% 3/8/27 | 250000 | 247161 |
| 3.40% 1/25/28 | 250000 | 246298 |
| 4.04% 8/26/27 | 250000 | 250034 |
| μ4.32% 11/23/31 | 600000 | 596047 |
| 4.60% 10/20/26 | 250000 | 251613 |
|  |  | **102472705** |

---

LVIP SSGA Short-Term Bond Index Fund-4

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Beverages–1.51%** | **Beverages–1.51%** | **Beverages–1.51%** |
| Coca-Cola Co. |  |  |
| 1.00% 3/15/28 | 250000 | $232057 |
| 1.45% 6/1/27 | 250000 | 238607 |
| 2.90% 5/25/27 | 250000 | 245330 |
| Constellation Brands, Inc. |  |  |
| 3.50% 5/9/27 | 250000 | 246008 |
| 3.70% 12/6/26 | 250000 | 247947 |
| Diageo Capital PLC |  |  |
| 3.88% 5/18/28 | 150000 | 149062 |
| 5.30% 10/24/27 | 350000 | 358655 |
| 5.38% 10/5/26 | 250000 | 253134 |
| Keurig Dr. Pepper, Inc. |  |  |
| 2.55% 9/15/26 | 250000 | 245032 |
| 4.35% 5/15/28 | 250000 | 250423 |
| 5.10% 3/15/27 | 225000 | 227795 |
| Molson Coors Beverage Co. <br> 3.00% 7/15/26<br>| 500000 | 492559 |
| Pepsico Singapore Financing <br> I Pte. Ltd. 4.65% 2/16/27<br>| 250000 | 252316 |
| PepsiCo, Inc. |  |  |
| 2.38% 10/6/26 | 200000 | 196017 |
| 3.00% 10/15/27 | 250000 | 244440 |
| 4.45% 2/7/28 | 250000 | 253101 |
| 4.45% 5/15/28 | 150000 | 152260 |
| 5.13% 11/10/26 | 130000 | 131638 |
|  |  | **4416381** |
| **Biotechnology–0.68%** | **Biotechnology–0.68%** | **Biotechnology–0.68%** |
| Amgen, Inc. |  |  |
| 2.20% 2/21/27 | 350000 | 338560 |
| 2.60% 8/19/26 | 350000 | 343538 |
| 5.15% 3/2/28 | 500000 | 510881 |
| Bio-Rad Laboratories, Inc. <br> 3.30% 3/15/27<br>| 250000 | 245183 |
| Gilead Sciences, Inc. |  |  |
| 1.20% 10/1/27 | 250000 | 234717 |
| 2.95% 3/1/27 | 250000 | 245429 |
| Illumina, Inc. 4.65% 9/9/26 | 70000 | 70083 |
|  |  | **1988391** |
| **Building Materials–0.41%** | **Building Materials–0.41%** | **Building Materials–0.41%** |
| Lennox International, Inc. <br> 1.70% 8/1/27<br>| 150000 | 141475 |
| Martin Marietta Materials, <br> Inc. 3.50% 12/15/27<br>| 250000 | 245122 |
| Masco Corp. 1.50% 2/15/28 | 250000 | 232115 |
| Owens Corning |  |  |
| 3.40% 8/15/26 | 250000 | 247218 |
| 5.50% 6/15/27 | 70000 | 71499 |
| Vulcan Materials Co. 3.90% <br> 4/1/27<br>| 250000 | 248284 |
|  |  | **1185713** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals–0.73%** | **Chemicals–0.73%** | **Chemicals–0.73%** |
| Air Products & Chemicals, <br> Inc. 4.30% 6/11/28<br>| 200000 | $201017 |
| Albemarle Corp. 4.65% 6/1/27 | 250000 | 249129 |
| Ecolab, Inc. |  |  |
| 1.65% 2/1/27 | 150000 | 144387 |
| 3.25% 12/1/27 | 250000 | 245312 |
| 4.30% 6/15/28 | 45000 | 45313 |
| Nutrien Ltd. |  |  |
| 4.00% 12/15/26 | 250000 | 248405 |
| 4.50% 3/12/27 | 145000 | 145372 |
| 5.20% 6/21/27 | 110000 | 111669 |
| RPM International, Inc. 3.75% <br> 3/15/27<br>| 250000 | 246907 |
| Sherwin-Williams Co. 3.45% <br> 6/1/27<br>| 250000 | 246591 |
| Westlake Corp. 3.60% 8/15/26 | 250000 | 247431 |
|  |  | **2131533** |
| **Commercial Services–0.79%** | **Commercial Services–0.79%** | **Commercial Services–0.79%** |
| Automatic Data Processing, <br> Inc. 1.70% 5/15/28<br>| 200000 | 188070 |
| Cintas Corp. No. 2 |  |  |
| 3.70% 4/1/27 | 250000 | 248191 |
| 4.20% 5/1/28 | 115000 | 115274 |
| Equifax, Inc. 5.10% 6/1/28 | 250000 | 255008 |
| Global Payments, Inc. |  |  |
| 2.15% 1/15/27 | 250000 | 241825 |
| 4.45% 6/1/28 | 150000 | 149515 |
| GXO Logistics, Inc. 1.65% <br> 7/15/26<br>| 250000 | 241806 |
| PayPal Holdings, Inc. |  |  |
| 2.65% 10/1/26 | 500000 | 491002 |
| 4.45% 3/6/28 | 125000 | 126016 |
| S&P Global, Inc. 2.45% 3/1/27 | 250000 | 243278 |
|  |  | **2299985** |
| **Computers–2.39%** | **Computers–2.39%** | **Computers–2.39%** |
| Apple, Inc. |  |  |
| 2.05% 9/11/26 | 250000 | 244267 |
| 2.45% 8/4/26 | 1000000 | 982928 |
| 2.90% 9/12/27 | 1000000 | 978517 |
| 3.00% 6/20/27 | 250000 | 245664 |
| 3.35% 2/9/27 | 750000 | 742309 |
| 4.00% 5/12/28 | 250000 | 250475 |
| Dell International LLC/EMC <br> Corp.<br>|  |  |
| 4.75% 4/1/28 | 110000 | 111287 |
| 4.90% 10/1/26 | 500000 | 502230 |
| Dell, Inc. 7.10% 4/15/28 | 250000 | 267413 |
| Hewlett Packard Enterprise <br> Co.<br>|  |  |
| 4.40% 9/25/27 | 340000 | 340297 |
| 4.45% 9/25/26 | 90000 | 90141 |
| HP, Inc. |  |  |
| 3.00% 6/17/27 | 250000 | 243879 |

---

LVIP SSGA Short-Term Bond Index Fund-5

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| HP, Inc. (continued) |  |  |
| 4.75% 1/15/28 | 250000 | $252877 |
| IBM International Capital <br> Pte. Ltd. 4.60% 2/5/27<br>| 250000 | 251473 |
| International Business <br> Machines Corp.<br>|  |  |
| 1.70% 5/15/27 | 350000 | 334600 |
| 2.20% 2/9/27 | 150000 | 145497 |
| 4.15% 7/27/27 | 250000 | 249971 |
| 4.65% 2/10/28 | 250000 | 252873 |
| 6.22% 8/1/27 | 250000 | 260290 |
| Kyndryl Holdings, Inc. 2.05% <br> 10/15/26<br>| 250000 | 242278 |
|  |  | **6989266** |
| **Cosmetics & Personal Care–0.82%** | **Cosmetics & Personal Care–0.82%** | **Cosmetics & Personal Care–0.82%** |
| Colgate-Palmolive Co. 3.10% <br> 8/15/27<br>| 250000 | 245903 |
| Conopco, Inc. 7.25% 12/15/26 | 250000 | 259978 |
| Estee Lauder Cos., Inc. |  |  |
| 3.15% 3/15/27 | 250000 | 246067 |
| 4.38% 5/15/28 | 100000 | 100253 |
| Kenvue, Inc. 5.05% 3/22/28 | 250000 | 256014 |
| Procter & Gamble Co. |  |  |
| 2.80% 3/25/27 | 250000 | 245452 |
| 2.85% 8/11/27 | 350000 | 342461 |
| Unilever Capital Corp. |  |  |
| 2.00% 7/28/26 | 350000 | 342135 |
| 3.50% 3/22/28 | 250000 | 246775 |
| 4.25% 8/12/27 | 100000 | 100433 |
|  |  | **2385471** |
| **Distribution/Wholesale–0.09%** | **Distribution/Wholesale–0.09%** | **Distribution/Wholesale–0.09%** |
| LKQ Corp. 5.75% 6/15/28 | 250000 | 257852 |
|  |  | **257852** |
| **Diversified Financial Services–4.62%** | **Diversified Financial Services–4.62%** | **Diversified Financial Services–4.62%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 1500000 | 1461415 |
| 3.65% 7/21/27 | 250000 | 246207 |
| 6.10% 1/15/27 | 250000 | 255548 |
| Air Lease Corp. |  |  |
| 1.88% 8/15/26 | 500000 | 486082 |
| 3.63% 4/1/27 | 250000 | 246266 |
| Ally Financial, Inc. |  |  |
| 4.75% 6/9/27 | 250000 | 251343 |
| μ6.99% 6/13/29 | 250000 | 263173 |
| American Express Co. |  |  |
| 1.65% 11/4/26 | 250000 | 241808 |
| 2.55% 3/4/27 | 250000 | 243413 |
| μ4.73% 4/25/29 | 145000 | 146649 |
| μ5.04% 7/26/28 | 500000 | 506829 |
| μ5.10% 2/16/28 | 930000 | 940532 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| American Express <br> Co. (continued)<br>|  |  |
| μ5.39% 7/28/27 | 250000 | $252487 |
| BGC Group, Inc. 8.00% <br> 5/25/28<br>| 100000 | 106972 |
| BlackRock Funding, Inc. <br> 4.60% 7/26/27<br>| 170000 | 172076 |
| Capital One Financial Corp. |  |  |
| 3.65% 5/11/27 | 750000 | 741984 |
| 3.80% 1/31/28 | 150000 | 148020 |
| 4.10% 2/9/27 | 250000 | 248829 |
| μ4.93% 5/10/28 | 500000 | 503660 |
| μ5.47% 2/1/29 | 250000 | 255995 |
| μ6.31% 6/8/29 | 400000 | 419880 |
| μ7.15% 10/29/27 | 100000 | 103323 |
| Charles Schwab Corp. |  |  |
| 2.00% 3/20/28 | 150000 | 141967 |
| 2.45% 3/3/27 | 350000 | 340138 |
| 3.20% 1/25/28 | 250000 | 244734 |
| 3.30% 4/1/27 | 250000 | 246539 |
| μ5.64% 5/19/29 | 250000 | 259128 |
| 5.88% 8/24/26 | 165000 | 167764 |
| Intercontinental Exchange, <br> Inc.<br>|  |  |
| 3.10% 9/15/27 | 200000 | 195455 |
| 4.00% 9/15/27 | 200000 | 199120 |
| Jefferies Financial Group, <br> Inc. 6.45% 6/8/27<br>| 250000 | 258903 |
| LPL Holdings, Inc. |  |  |
| 4.90% 4/3/28 | 115000 | 115874 |
| 5.70% 5/20/27 | 200000 | 203746 |
| Mastercard, Inc. |  |  |
| 2.95% 11/21/26 | 250000 | 246440 |
| 4.55% 3/15/28 | 175000 | 177406 |
| 4.88% 3/9/28 | 500000 | 511298 |
| Nomura Holdings, Inc. |  |  |
| 1.65% 7/14/26 | 350000 | 339931 |
| 2.33% 1/22/27 | 250000 | 241795 |
| ORIX Corp. 5.00% 9/13/27 | 200000 | 202587 |
| Radian Group, Inc. 4.88% <br> 3/15/27<br>| 250000 | 250242 |
| Synchrony Financial 3.95% <br> 12/1/27<br>| 250000 | 245831 |
| Visa, Inc. |  |  |
| 1.90% 4/15/27 | 250000 | 241345 |
| 2.75% 9/15/27 | 200000 | 195205 |
| μVoya Financial, Inc. 4.70% <br> 1/23/48<br>| 250000 | 239414 |
|  |  | **13507353** |
| **Electric–5.36%** | **Electric–5.36%** | **Electric–5.36%** |
| AEP Texas, Inc. 3.95% 6/1/28 | 150000 | 148374 |
| AEP Transmission Co. LLC <br> 3.10% 12/1/26<br>| 250000 | 246247 |
| AES Corp. 5.45% 6/1/28 | 200000 | 204600 |

---

LVIP SSGA Short-Term Bond Index Fund-6

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Baltimore Gas & Electric Co. <br> 2.40% 8/15/26<br>| 250000 | $245120 |
| CMS Energy Corp. 3.45% <br> 8/15/27<br>| 150000 | 147266 |
| Commonwealth Edison Co. <br> 2.95% 8/15/27<br>| 150000 | 146301 |
| Connecticut Light & Power <br> Co. 3.20% 3/15/27<br>| 250000 | 246244 |
| Consolidated Edison Co. of <br> New York, Inc. 3.80% <br> 5/15/28<br>| 100000 | 99276 |
| Consumers Energy Co. 4.65% <br> 3/1/28<br>| 100000 | 101366 |
| Dominion Energy, Inc. 4.60% <br> 5/15/28<br>| 120000 | 120791 |
| DTE Electric Co. |  |  |
| 4.25% 5/14/27 | 50000 | 50069 |
| 4.85% 12/1/26 | 120000 | 121371 |
| DTE Energy Co. |  |  |
| 2.85% 10/1/26 | 250000 | 245609 |
| 4.88% 6/1/28 | 250000 | 253674 |
| 4.95% 7/1/27 | 65000 | 65744 |
| Duke Energy Carolinas LLC <br> 2.95% 12/1/26<br>| 250000 | 245923 |
| Duke Energy Corp. |  |  |
| 2.65% 9/1/26 | 250000 | 245304 |
| 3.15% 8/15/27 | 350000 | 342907 |
| 4.30% 3/15/28 | 250000 | 250309 |
| 4.85% 1/5/27 | 110000 | 111085 |
| Duke Energy Progress LLC <br> 4.35% 3/6/27<br>| 65000 | 65309 |
| Edison International 4.13% <br> 3/15/28<br>| 100000 | 96529 |
| Enel Americas SA 4.00% <br> 10/25/26<br>| 100000 | 99204 |
| Enel Chile SA 4.88% 6/12/28 | 200000 | 200787 |
| Entergy Louisiana LLC |  |  |
| 3.12% 9/1/27 | 400000 | 391239 |
| 3.25% 4/1/28 | 250000 | 244125 |
| Evergy Kansas Central, Inc. |  |  |
| 2.55% 7/1/26 | 350000 | 343806 |
| 4.70% 3/13/28 | 65000 | 65734 |
| Eversource Energy |  |  |
| 3.30% 1/15/28 | 250000 | 243386 |
| 5.00% 1/1/27 | 65000 | 65572 |
| 5.45% 3/1/28 | 150000 | 153869 |
| Exelon Corp. |  |  |
| 2.75% 3/15/27 | 250000 | 243923 |
| 5.15% 3/15/28 | 200000 | 204428 |
| FirstEnergy Corp. 3.90% <br> 7/15/27<br>| 500000 | 494394 |
| Fortis, Inc. 3.06% 10/4/26 | 300000 | 294654 |
| Georgia Power Co. |  |  |
| 3.25% 3/30/27 | 250000 | 246544 |
| 5.00% 2/23/27 | 510000 | 517203 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Indiana Michigan Power Co. <br> 3.85% 5/15/28<br>| 150000 | $148404 |
| MidAmerican Energy Co. <br> 3.10% 5/1/27<br>| 250000 | 245911 |
| National Rural Utilities <br> Cooperative Finance Corp.<br>|  |  |
| 4.75% 2/7/28 | 190000 | 192451 |
| 4.80% 3/15/28 | 250000 | 253982 |
| 5.10% 5/6/27 | 250000 | 253969 |
| 5.60% 11/13/26 | 180000 | 183027 |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 1.90% 6/15/28 | 600000 | 560638 |
| 3.55% 5/1/27 | 500000 | 493027 |
| 4.63% 7/15/27 | 500000 | 503082 |
| 4.90% 2/28/28 | 250000 | 253365 |
| NSTAR Electric Co. 3.20% <br> 5/15/27<br>| 250000 | 245870 |
| Oncor Electric Delivery Co. <br> LLC 4.30% 5/15/28<br>| 250000 | 251144 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 350000 | 331484 |
| 3.30% 3/15/27 | 250000 | 244206 |
| 5.00% 6/4/28 | 125000 | 125377 |
| Pinnacle West Capital Corp. <br> 4.90% 5/15/28<br>| 60000 | 60840 |
| Public Service Co. of New <br> Hampshire 4.40% 7/1/28<br>| 165000 | 165871 |
| Public Service Electric & Gas <br> Co. 3.00% 5/15/27<br>| 250000 | 245254 |
| Sempra |  |  |
| 3.25% 6/15/27 | 150000 | 146859 |
| 5.40% 8/1/26 | 250000 | 252423 |
| Southern California Edison <br> Co.<br>|  |  |
| 4.40% 9/6/26 | 250000 | 249562 |
| 4.70% 6/1/27 | 250000 | 250858 |
| 5.85% 11/1/27 | 500000 | 512333 |
| Southern Co. |  |  |
| 4.85% 6/15/28 | 250000 | 254296 |
| 5.11% 8/1/27 | 150000 | 152253 |
| Union Electric Co. 2.95% <br> 6/15/27<br>| 250000 | 245257 |
| Virginia Electric & Power Co. |  |  |
| 2.95% 11/15/26 | 250000 | 245452 |
| 3.50% 3/15/27 | 250000 | 247298 |
| 3.75% 5/15/27 | 250000 | 248172 |
| WEC Energy Group, Inc. <br> 5.60% 9/12/26<br>| 65000 | 65855 |
| Xcel Energy, Inc. |  |  |
| 1.75% 3/15/27 | 100000 | 95712 |
| 3.35% 12/1/26 | 250000 | 246451 |
| 4.75% 3/21/28 | 80000 | 80777 |
|  |  | **15659746** |

---

LVIP SSGA Short-Term Bond Index Fund-7

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electrical Components & Equipment–0.11%** | **Electrical Components & Equipment–0.11%** | **Electrical Components & Equipment–0.11%** |
| Emerson Electric Co. 1.80% <br> 10/15/27<br>| 350000 | $333246 |
|  |  | **333246** |
| **Electronics–0.90%** | **Electronics–0.90%** | **Electronics–0.90%** |
| Allegion U.S. Holding Co., Inc. <br> 3.55% 10/1/27<br>| 250000 | 245039 |
| Amphenol Corp. 4.38% <br> 6/12/28<br>| 165000 | 166149 |
| Avnet, Inc. 6.25% 3/15/28 | 150000 | 155885 |
| Flex Ltd. 6.00% 1/15/28 | 100000 | 103173 |
| Honeywell International, Inc. |  |  |
| 1.10% 3/1/27 | 250000 | 238112 |
| 2.50% 11/1/26 | 500000 | 488871 |
| 4.65% 7/30/27 | 200000 | 202101 |
| Hubbell, Inc. 3.15% 8/15/27 | 250000 | 243998 |
| Jabil, Inc. |  |  |
| 3.95% 1/12/28 | 150000 | 148450 |
| 4.25% 5/15/27 | 250000 | 249313 |
| Keysight Technologies, Inc. <br> 4.60% 4/6/27<br>| 250000 | 250983 |
| Tyco Electronics Group SA <br> 3.13% 8/15/27<br>| 150000 | 146786 |
|  |  | **2638860** |
| **Entertainment–0.10%** | **Entertainment–0.10%** | **Entertainment–0.10%** |
| Warnermedia Holdings, Inc. <br> 3.76% 3/15/27<br>| 316000 | 294105 |
|  |  | **294105** |
| **Environmental Control–0.32%** | **Environmental Control–0.32%** | **Environmental Control–0.32%** |
| Republic Services, Inc. 3.95% <br> 5/15/28<br>| 250000 | 248954 |
| Waste Management, Inc. |  |  |
| 1.15% 3/15/28 | 150000 | 138994 |
| 4.50% 3/15/28 | 150000 | 151574 |
| 4.95% 7/3/27 | 400000 | 406771 |
|  |  | **946293** |
| **Food–1.23%** | **Food–1.23%** | **Food–1.23%** |
| Campbell's Co. |  |  |
| 4.15% 3/15/28 | 250000 | 249045 |
| 5.20% 3/19/27 | 100000 | 101401 |
| Conagra Brands, Inc. 5.30% <br> 10/1/26<br>| 450000 | 454519 |
| Flowers Foods, Inc. 3.50% <br> 10/1/26<br>| 250000 | 246341 |
| General Mills, Inc. |  |  |
| 3.20% 2/10/27 | 150000 | 147546 |
| 4.70% 1/30/27 | 75000 | 75435 |
| Hershey Co. 4.55% 2/24/28 | 85000 | 86076 |
| Hormel Foods Corp. 1.70% <br> 6/3/28<br>| 250000 | 233960 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| JBS USA Holding Lux <br> SARL/JBS USA Food <br> Co./JBS Lux Co. SARL 2.50% <br> 1/15/27<br>| 250000 | $243180 |
| Kellanova 4.30% 5/15/28 | 250000 | 251339 |
| Kraft Heinz Foods Co. 3.88% <br> 5/15/27<br>| 250000 | 248026 |
| Kroger Co. 2.65% 10/15/26 | 300000 | 293916 |
| McCormick & Co., Inc. 3.40% <br> 8/15/27<br>| 150000 | 147437 |
| Mondelez International, Inc. <br> 4.25% 5/6/28<br>| 215000 | 215334 |
| Sysco Corp. |  |  |
| 3.25% 7/15/27 | 150000 | 147075 |
| 3.30% 7/15/26 | 250000 | 247124 |
| Tyson Foods, Inc. 3.55% <br> 6/2/27<br>| 200000 | 197246 |
|  |  | **3585000** |
| **Forest Products & Paper–0.08%** | **Forest Products & Paper–0.08%** | **Forest Products & Paper–0.08%** |
| Celulosa Arauco y <br> Constitucion SA 3.88% <br> 11/2/27<br>| 250000 | 244546 |
|  |  | **244546** |
| **Gas–0.46%** | **Gas–0.46%** | **Gas–0.46%** |
| CenterPoint Energy <br> Resources Corp.<br>|  |  |
| 4.00% 4/1/28 | 250000 | 247922 |
| 5.25% 3/1/28 | 150000 | 153623 |
| National Fuel Gas Co. 3.95% <br> 9/15/27<br>| 200000 | 196883 |
| NiSource, Inc. 5.25% 3/30/28 | 250000 | 255932 |
| Southern California Gas Co. <br> 2.95% 4/15/27<br>| 250000 | 244890 |
| Southwest Gas Corp. 5.45% <br> 3/23/28<br>| 250000 | 255601 |
|  |  | **1354851** |
| **Hand Machine Tool–0.04%** | **Hand Machine Tool–0.04%** | **Hand Machine Tool–0.04%** |
| Kennametal, Inc. 4.63% <br> 6/15/28<br>| 100000 | 100465 |
|  |  | **100465** |
| **Health Care Products–0.82%** | **Health Care Products–0.82%** | **Health Care Products–0.82%** |
| Abbott Laboratories 3.75% <br> 11/30/26<br>| 250000 | 249177 |
| Agilent Technologies, Inc. <br> 4.20% 9/9/27<br>| 200000 | 199920 |
| Baxter International, Inc. <br> 1.92% 2/1/27<br>| 550000 | 529491 |
| Boston Scientific Corp. 4.00% <br> 3/1/28<br>| 150000 | 150425 |
| GE HealthCare Technologies, <br> Inc. 5.65% 11/15/27<br>| 350000 | 360596 |

---

LVIP SSGA Short-Term Bond Index Fund-8

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Products (continued)** | **Health Care Products (continued)** | **Health Care Products (continued)** |
| Medtronic Global Holdings <br> SCA 4.25% 3/30/28<br>| 250000 | $251281 |
| Stryker Corp. 4.70% 2/10/28 | 145000 | 146966 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.95% 8/10/26 | 250000 | 251918 |
| 5.00% 12/5/26 | 250000 | 252682 |
|  |  | **2392456** |
| **Health Care Services–1.66%** | **Health Care Services–1.66%** | **Health Care Services–1.66%** |
| Centene Corp. 4.25% <br> 12/15/27<br>| 750000 | 738636 |
| CommonSpirit Health 6.07% <br> 11/1/27<br>| 500000 | 517425 |
| Elevance Health, Inc. |  |  |
| 4.10% 3/1/28 | 250000 | 249311 |
| 4.50% 10/30/26 | 70000 | 70227 |
| HCA, Inc. |  |  |
| 3.13% 3/15/27 | 250000 | 244780 |
| 4.50% 2/15/27 | 350000 | 350049 |
| 5.00% 3/1/28 | 150000 | 152229 |
| 5.38% 9/1/26 | 250000 | 251263 |
| Humana, Inc. 5.75% 3/1/28 | 250000 | 257961 |
| IQVIA, Inc. 5.70% 5/15/28 | 250000 | 256355 |
| Kaiser Foundation Hospitals <br> 3.15% 5/1/27<br>| 250000 | 245329 |
| Laboratory Corp. of America <br> Holdings 3.60% 9/1/27<br>| 200000 | 197734 |
| SSM Health Care Corp. 3.82% <br> 6/1/27<br>| 250000 | 247978 |
| UnitedHealth Group, Inc. |  |  |
| 2.95% 10/15/27 | 250000 | 243214 |
| 3.70% 5/15/27 | 250000 | 247722 |
| 4.40% 6/15/28 | 220000 | 221090 |
| 4.60% 4/15/27 | 250000 | 251496 |
| 4.75% 7/15/26 | 110000 | 110396 |
|  |  | **4853195** |
| **Home Builders–0.25%** | **Home Builders–0.25%** | **Home Builders–0.25%** |
| Dr. Horton, Inc. 1.40% <br> 10/15/27<br>| 250000 | 235062 |
| Lennar Corp. 4.75% 11/29/27 | 250000 | 251705 |
| Toll Brothers Finance Corp. <br> 4.88% 3/15/27<br>| 250000 | 250822 |
|  |  | **737589** |
| **Household Products Wares–0.15%** | **Household Products Wares–0.15%** | **Household Products Wares–0.15%** |
| Clorox Co. 3.10% 10/1/27 | 250000 | 243961 |
| Kimberly-Clark Corp. 1.05% <br> 9/15/27<br>| 200000 | 187947 |
|  |  | **431908** |
| **Insurance–1.11%** | **Insurance–1.11%** | **Insurance–1.11%** |
| μAegon Ltd. 5.50% 4/11/48 | 500000 | 502144 |
| American National Group, <br> Inc. 5.00% 6/15/27<br>| 250000 | 250999 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Aon North America, Inc. <br> 5.13% 3/1/27<br>| 95000 | $96120 |
| Arch Capital Finance LLC <br> 4.01% 12/15/26<br>| 250000 | 248889 |
| Brighthouse Financial, Inc. <br> 3.70% 6/22/27<br>| 250000 | 245639 |
| Corebridge Financial, Inc. |  |  |
| 3.65% 4/5/27 | 250000 | 246693 |
| μ6.88% 12/15/52 | 250000 | 257898 |
| F&G Annuities & Life, Inc. <br> 7.40% 1/13/28<br>| 250000 | 261806 |
| Marsh & McLennan Cos., Inc. <br> 4.55% 11/8/27<br>| 80000 | 80588 |
| Old Republic International <br> Corp. 3.88% 8/26/26<br>| 250000 | 248094 |
| Principal Financial Group, <br> Inc. 3.10% 11/15/26<br>| 250000 | 245730 |
| μPrudential Financial, Inc. <br> 4.50% 9/15/47<br>| 400000 | 394055 |
| RenaissanceRe Finance, Inc. <br> 3.45% 7/1/27<br>| 150000 | 147734 |
|  |  | **3226389** |
| **Internet–1.58%** | **Internet–1.58%** | **Internet–1.58%** |
| Alibaba Group Holding Ltd. <br> 3.40% 12/6/27<br>| 500000 | 491247 |
| Alphabet, Inc. 2.00% 8/15/26 | 500000 | 489185 |
| Amazon.com, Inc. |  |  |
| 1.20% 6/3/27 | 250000 | 237370 |
| 1.65% 5/12/28 | 400000 | 375626 |
| 3.15% 8/22/27 | 1000000 | 983711 |
| 3.30% 4/13/27 | 500000 | 494479 |
| Baidu, Inc. |  |  |
| 1.63% 2/23/27 | 250000 | 239592 |
| 3.63% 7/6/27 | 250000 | 246890 |
| 4.38% 3/29/28 | 150000 | 150420 |
| Expedia Group, Inc. 4.63% <br> 8/1/27<br>| 150000 | 150609 |
| Meta Platforms, Inc. 3.50% <br> 8/15/27<br>| 500000 | 495217 |
| Netflix, Inc. 4.38% 11/15/26 | 250000 | 251266 |
|  |  | **4605612** |
| **Investment Companies–1.92%** | **Investment Companies–1.92%** | **Investment Companies–1.92%** |
| ARES Capital Corp. |  |  |
| 2.15% 7/15/26 | 250000 | 243612 |
| 2.88% 6/15/27 | 150000 | 144967 |
| 2.88% 6/15/28 | 250000 | 235825 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 2.63% 12/15/26 | 750000 | 724635 |
| 3.25% 3/15/27 | 250000 | 243079 |
| 4.95% 9/26/27 | 110000 | 109455 |
| Blackstone Secured Lending <br> Fund 2.75% 9/16/26<br>| 500000 | 486837 |

---

LVIP SSGA Short-Term Bond Index Fund-9

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| Blue Owl Capital Corp. |  |  |
| 2.88% 6/11/28 | 200000 | $186321 |
| 3.40% 7/15/26 | 500000 | 491966 |
| Blue Owl Credit Income Corp. |  |  |
| 7.75% 9/16/27 | 200000 | 209786 |
| 7.95% 6/13/28 | 250000 | 267296 |
| Blue Owl Technology Finance <br> Corp. 6.10% 3/15/28<br>| 150000 | 150813 |
| FS KKR Capital Corp. |  |  |
| 2.63% 1/15/27 | 250000 | 239725 |
| 3.25% 7/15/27 | 200000 | 191802 |
| Goldman Sachs BDC, Inc. <br> 6.38% 3/11/27<br>| 325000 | 332588 |
| Goldman Sachs Private Credit <br> Corp. 5.88% 5/6/28<br>| 100000 | 101074 |
| Golub Capital BDC, Inc. |  |  |
| 2.05% 2/15/27 | 100000 | 95369 |
| 2.50% 8/24/26 | 250000 | 243292 |
| HPS Corporate Lending Fund <br> 5.30% 6/5/27<br>| 60000 | 60097 |
| Main Street Capital Corp. |  |  |
| 3.00% 7/14/26 | 250000 | 244779 |
| 6.50% 6/4/27 | 60000 | 61345 |
| Morgan Stanley Direct <br> Lending Fund 4.50% 2/11/27<br>| 150000 | 149047 |
| New Mountain Finance Corp. <br> 6.20% 10/15/27<br>| 250000 | 252638 |
| Oaktree Specialty Lending <br> Corp. 2.70% 1/15/27<br>| 150000 | 143794 |
|  |  | **5610142** |
| **Iron & Steel–0.22%** | **Iron & Steel–0.22%** | **Iron & Steel–0.22%** |
| ArcelorMittal SA 6.55% <br> 11/29/27<br>| 250000 | 260596 |
| Nucor Corp. 3.95% 5/1/28 | 150000 | 149345 |
| Steel Dynamics, Inc. 1.65% <br> 10/15/27<br>| 250000 | 235627 |
|  |  | **645568** |
| **Lodging–0.62%** | **Lodging–0.62%** | **Lodging–0.62%** |
| Hyatt Hotels Corp. |  |  |
| 5.05% 3/30/28 | 85000 | 85925 |
| 5.75% 1/30/27 | 150000 | 153088 |
| Las Vegas Sands Corp. |  |  |
| 5.63% 6/15/28 | 250000 | 255009 |
| 5.90% 6/1/27 | 500000 | 510833 |
| Marriott International, Inc. |  |  |
| 4.00% 4/15/28 | 250000 | 247711 |
| 5.00% 10/15/27 | 250000 | 254100 |
| 5.45% 9/15/26 | 65000 | 65797 |
| Sands China Ltd. 2.30% <br> 3/8/27<br>| 250000 | 239855 |
|  |  | **1812318** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Machinery Construction & Mining–0.66%** | **Machinery Construction & Mining–0.66%** | **Machinery Construction & Mining–0.66%** |
| Caterpillar Financial Services <br> Corp.<br>|  |  |
| 1.15% 9/14/26 | 250000 | $241515 |
| 3.60% 8/12/27 | 250000 | 247530 |
| 4.40% 10/15/27 | 500000 | 503441 |
| 4.40% 3/3/28 | 250000 | 251854 |
| 4.45% 10/16/26 | 180000 | 180911 |
| 4.50% 1/7/27 | 100000 | 100695 |
| 5.00% 5/14/27 | 250000 | 254256 |
| Oshkosh Corp. 4.60% 5/15/28 | 150000 | 150221 |
|  |  | **1930423** |
| **Machinery Diversified–1.43%** | **Machinery Diversified–1.43%** | **Machinery Diversified–1.43%** |
| CNH Industrial Capital LLC |  |  |
| 1.45% 7/15/26 | 250000 | 242120 |
| 4.50% 10/8/27 | 115000 | 115321 |
| 4.55% 4/10/28 | 250000 | 251139 |
| John Deere Capital Corp. |  |  |
| 1.50% 3/6/28 | 250000 | 234179 |
| 1.70% 1/11/27 | 150000 | 144781 |
| 2.80% 9/8/27 | 400000 | 389222 |
| 3.05% 1/6/28 | 250000 | 244129 |
| 4.20% 7/15/27 | 125000 | 125300 |
| 4.25% 6/5/28 | 400000 | 402366 |
| 4.50% 1/8/27 | 250000 | 251571 |
| 4.50% 1/8/27 | 100000 | 100628 |
| 4.65% 1/7/28 | 85000 | 86284 |
| 4.85% 3/5/27 | 250000 | 253103 |
| 4.90% 6/11/27 | 220000 | 223588 |
| 5.15% 9/8/26 | 100000 | 101201 |
| Regal Rexnord Corp. 6.05% <br> 4/15/28<br>| 500000 | 515242 |
| Westinghouse Air Brake <br> Technologies Corp. 3.45% <br> 11/15/26<br>| 250000 | 246737 |
| Xylem, Inc. 3.25% 11/1/26 | 250000 | 246410 |
|  |  | **4173321** |
| **Media–1.08%** | **Media–1.08%** | **Media–1.08%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 4.20% 3/15/28 | 250000 | 247812 |
| 6.15% 11/10/26 | 240000 | 244594 |
| Comcast Corp. |  |  |
| 2.35% 1/15/27 | 250000 | 243208 |
| 3.30% 2/1/27 | 250000 | 246483 |
| 3.30% 4/1/27 | 250000 | 246224 |
| 3.55% 5/1/28 | 250000 | 245823 |
| Discovery <br> Communications LLC 3.95% <br> 3/20/28<br>| 201000 | 200767 |
| FactSet Research Systems, <br> Inc. 2.90% 3/1/27<br>| 250000 | 243604 |

---

LVIP SSGA Short-Term Bond Index Fund-10

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Paramount Global 2.90% <br> 1/15/27<br>| 500000 | $486680 |
| TCI Communications, Inc. <br> 7.13% 2/15/28<br>| 250000 | 267975 |
| TWDC Enterprises 18 Corp. |  |  |
| 1.85% 7/30/26 | 250000 | 243919 |
| 2.95% 6/15/27 | 250000 | 245635 |
|  |  | **3162724** |
| **Mining–0.19%** | **Mining–0.19%** | **Mining–0.19%** |
| BHP Billiton Finance USA <br> Ltd.<br>|  |  |
| 4.75% 2/28/28 | 150000 | 152333 |
| 5.25% 9/8/26 | 250000 | 252886 |
| Kinross Gold Corp. 4.50% <br> 7/15/27<br>| 150000 | 150140 |
|  |  | **555359** |
| **Miscellaneous Manufacturing–0.51%** | **Miscellaneous Manufacturing–0.51%** | **Miscellaneous Manufacturing–0.51%** |
| 3M Co. 2.88% 10/15/27 | 500000 | 485657 |
| Eaton Corp. |  |  |
| 3.10% 9/15/27 | 200000 | 196325 |
| 4.35% 5/18/28 | 150000 | 151206 |
| Illinois Tool Works, Inc. 2.65% <br> 11/15/26<br>| 250000 | 245605 |
| Parker-Hannifin Corp. 4.25% <br> 9/15/27<br>| 400000 | 400982 |
|  |  | **1479775** |
| **Office Business Equipment–0.17%** | **Office Business Equipment–0.17%** | **Office Business Equipment–0.17%** |
| CDW LLC/CDW Finance Corp. <br> 2.67% 12/1/26<br>| 500000 | 487370 |
|  |  | **487370** |
| **Oil & Gas–2.10%** | **Oil & Gas–2.10%** | **Oil & Gas–2.10%** |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 3.59% 4/14/27 | 250000 | 247541 |
| 5.02% 11/17/27 | 250000 | 254561 |
| BP Capital Markets PLC <br> 3.28% 9/19/27<br>| 400000 | 392329 |
| Canadian Natural Resources <br> Ltd. 3.85% 6/1/27<br>| 250000 | 247512 |
| Cenovus Energy, Inc. 4.25% <br> 4/15/27<br>| 250000 | 249297 |
| Chevron Corp. 2.00% 5/11/27 | 500000 | 482855 |
| Chevron USA, Inc. |  |  |
| 1.02% 8/12/27 | 150000 | 141019 |
| 4.41% 2/26/27 | 210000 | 211657 |
| 4.48% 2/26/28 | 250000 | 252982 |
| Continental Resources, Inc. <br> 4.38% 1/15/28<br>| 250000 | 246502 |
| Coterra Energy, Inc. 3.90% <br> 5/15/27<br>| 250000 | 246867 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Diamondback Energy, Inc. <br> 5.20% 4/18/27<br>| 350000 | $354781 |
| Eni USA, Inc. 7.30% 11/15/27 | 250000 | 265767 |
| EQT Corp. 3.90% 10/1/27 | 350000 | 345360 |
| Exxon Mobil Corp. 2.28% <br> 8/16/26<br>| 250000 | 245145 |
| Helmerich & Payne, Inc. <br> 4.65% 12/1/27<br>| 250000 | 247692 |
| Hess Corp. 4.30% 4/1/27 | 250000 | 249414 |
| Occidental Petroleum Corp. <br> 5.00% 8/1/27<br>| 335000 | 337883 |
| Patterson-UTI Energy, Inc. <br> 3.95% 2/1/28<br>| 200000 | 193659 |
| Phillips 66 3.90% 3/15/28 | 250000 | 247463 |
| Phillips 66 Co. 3.55% 10/1/26 | 250000 | 247405 |
| Shell International Finance <br> BV 2.50% 9/12/26<br>| 250000 | 245660 |
| Valero Energy Corp. 2.15% <br> 9/15/27<br>| 200000 | 190657 |
|  |  | **6144008** |
| **Oil & Gas Services–0.08%** | **Oil & Gas Services–0.08%** | **Oil & Gas Services–0.08%** |
| Baker Hughes <br> Holdings LLC/Baker Hughes <br> Co-Obligor, Inc. 2.06% <br> 12/15/26<br>| 250000 | 242203 |
|  |  | **242203** |
| **Packaging & Containers–0.29%** | **Packaging & Containers–0.29%** | **Packaging & Containers–0.29%** |
| Amcor Finance USA, Inc. <br> 4.50% 5/15/28<br>| 200000 | 200008 |
| Amcor Flexibles North <br> America, Inc. 4.80% 3/17/28<br>| 75000 | 75512 |
| Berry Global, Inc. 1.65% <br> 1/15/27<br>| 250000 | 239795 |
| Sonoco Products Co. 4.45% <br> 9/1/26<br>| 75000 | 74925 |
| WRKCo, Inc. 4.00% 3/15/28 | 250000 | 247629 |
|  |  | **837869** |
| **Pharmaceuticals–4.10%** | **Pharmaceuticals–4.10%** | **Pharmaceuticals–4.10%** |
| AbbVie, Inc. |  |  |
| 2.95% 11/21/26 | 750000 | 737570 |
| 4.65% 3/15/28 | 270000 | 274082 |
| 4.80% 3/15/27 | 575000 | 580531 |
| Astrazeneca Finance LLC |  |  |
| 1.75% 5/28/28 | 200000 | 187505 |
| 4.80% 2/26/27 | 320000 | 323524 |
| 4.88% 3/3/28 | 250000 | 255294 |
| AstraZeneca PLC 3.13% <br> 6/12/27<br>| 250000 | 245768 |
| Becton Dickinson & Co. 3.70% <br> 6/6/27<br>| 250000 | 246990 |
| Bristol-Myers Squibb Co. |  |  |
| 3.25% 2/27/27 | 500000 | 493704 |

---

LVIP SSGA Short-Term Bond Index Fund-11

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Bristol-Myers Squibb <br> Co. (continued)<br>|  |  |
| 4.90% 2/22/27 | 515000 | $521568 |
| Cardinal Health, Inc. |  |  |
| 3.41% 6/15/27 | 250000 | 246333 |
| 4.70% 11/15/26 | 250000 | 251255 |
| Cencora, Inc. 3.45% 12/15/27 | 250000 | 245354 |
| CVS Health Corp. |  |  |
| 1.30% 8/21/27 | 500000 | 468761 |
| 3.63% 4/1/27 | 850000 | 839309 |
| 4.30% 3/25/28 | 500000 | 497948 |
| Eli Lilly & Co. |  |  |
| 3.10% 5/15/27 | 250000 | 246547 |
| 4.15% 8/14/27 | 175000 | 175858 |
| 4.55% 2/12/28 | 170000 | 172241 |
| GlaxoSmithKline Capital, Inc. <br> 3.88% 5/15/28<br>| 350000 | 348409 |
| Johnson & Johnson |  |  |
| 0.95% 9/1/27 | 400000 | 376238 |
| 2.90% 1/15/28 | 150000 | 146515 |
| 2.95% 3/3/27 | 250000 | 246253 |
| 4.50% 3/1/27 | 135000 | 136316 |
| 4.55% 3/1/28 | 135000 | 137287 |
| McKesson Corp. 1.30% <br> 8/15/26<br>| 250000 | 242110 |
| Merck & Co., Inc. 1.70% <br> 6/10/27<br>| 350000 | 335432 |
| Novartis Capital Corp. |  |  |
| 2.00% 2/14/27 | 350000 | 340017 |
| 3.10% 5/17/27 | 250000 | 246286 |
| Pfizer Investment Enterprises <br> Pte. Ltd. 4.45% 5/19/28<br>| 750000 | 756009 |
| Pfizer, Inc. 3.00% 12/15/26 | 500000 | 492983 |
| Sanofi SA 3.63% 6/19/28 | 250000 | 247191 |
| Shire Acquisitions <br> Investments Ireland DAC <br> 3.20% 9/23/26<br>| 500000 | 493478 |
| Viatris, Inc. 2.30% 6/22/27 | 250000 | 238219 |
| Zoetis, Inc. 3.00% 9/12/27 | 200000 | 195288 |
|  |  | **11988173** |
| **Pipelines–2.85%** | **Pipelines–2.85%** | **Pipelines–2.85%** |
| Boardwalk Pipelines LP 4.45% <br> 7/15/27<br>| 100000 | 99973 |
| Cheniere Corpus Christi <br> Holdings LLC 5.13% 6/30/27<br>| 250000 | 252344 |
| DCP Midstream Operating LP <br> 5.63% 7/15/27<br>| 150000 | 153333 |
| Enbridge, Inc. |  |  |
| 1.60% 10/4/26 | 200000 | 193231 |
| 3.70% 7/15/27 | 150000 | 148133 |
| 4.60% 6/20/28 | 45000 | 45338 |
| 5.25% 4/5/27 | 180000 | 182634 |
| 5.90% 11/15/26 | 110000 | 111956 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Energy Transfer LP |  |  |
| 4.40% 3/15/27 | 250000 | $249977 |
| 4.95% 5/15/28 | 150000 | 152120 |
| 4.95% 6/15/28 | 200000 | 202970 |
| 5.50% 6/1/27 | 250000 | 254468 |
| 5.55% 2/15/28 | 250000 | 257211 |
| 6.05% 12/1/26 | 500000 | 510530 |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 3.95% 2/15/27 | 150000 | 149457 |
| 4.30% 6/20/28 | 110000 | 110498 |
| 4.60% 1/11/27 | 400000 | 402307 |
| μ5.25% 8/16/77 | 250000 | 247354 |
| Kinder Morgan, Inc. 4.30% <br> 3/1/28<br>| 250000 | 250205 |
| MPLX LP |  |  |
| 4.00% 3/15/28 | 250000 | 247547 |
| 4.25% 12/1/27 | 250000 | 249007 |
| Northwest Pipeline LLC <br> 4.00% 4/1/27<br>| 500000 | 496687 |
| ONEOK, Inc. |  |  |
| 4.00% 7/13/27 | 150000 | 149035 |
| 4.25% 9/24/27 | 150000 | 149748 |
| 5.55% 11/1/26 | 250000 | 253439 |
| Plains All American <br> Pipeline LP/PAA Finance <br> Corp. 4.50% 12/15/26<br>| 250000 | 250367 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20% 3/15/28 | 250000 | 248676 |
| 5.00% 3/15/27 | 250000 | 251501 |
| South Bow USA <br> Infrastructure Holdings LLC <br> 4.91% 9/1/27<br>| 200000 | 201283 |
| Spectra Energy Partners LP <br> 3.38% 10/15/26<br>| 250000 | 246496 |
| Targa Resources Corp. 5.20% <br> 7/1/27<br>| 250000 | 253352 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 5.00% 1/15/28<br>| 250000 | 250176 |
| TC PipeLines LP 3.90% <br> 5/25/27<br>| 250000 | 247094 |
| Tennessee Gas Pipeline Co. <br> LLC 7.00% 3/15/27<br>| 250000 | 260349 |
| TransCanada PipeLines Ltd. <br> 4.25% 5/15/28<br>| 350000 | 348905 |
| Western Midstream <br> Operating LP 4.65% 7/1/26<br>| 250000 | 249474 |
|  |  | **8327175** |
| **Private Equity–0.12%** | **Private Equity–0.12%** | **Private Equity–0.12%** |
| Brookfield Finance, Inc. <br> 3.90% 1/25/28<br>| 350000 | 345894 |
|  |  | **345894** |

---

LVIP SSGA Short-Term Bond Index Fund-12

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts–4.15%** | **Real Estate Investment Trusts–4.15%** | **Real Estate Investment Trusts–4.15%** |
| Alexandria Real Estate <br> Equities, Inc. 3.95% 1/15/28<br>| 250000 | $247267 |
| American Homes 4 Rent LP <br> 4.25% 2/15/28<br>| 250000 | 248497 |
| American Tower Corp. |  |  |
| 1.50% 1/31/28 | 350000 | 325987 |
| 3.13% 1/15/27 | 150000 | 147061 |
| 3.38% 10/15/26 | 350000 | 345526 |
| 3.65% 3/15/27 | 250000 | 246937 |
| 5.50% 3/15/28 | 150000 | 154169 |
| AvalonBay Communities, Inc. |  |  |
| 2.90% 10/15/26 | 150000 | 147429 |
| 3.35% 5/15/27 | 250000 | 246414 |
| Boston Properties LP |  |  |
| 2.75% 10/1/26 | 500000 | 488942 |
| 6.75% 12/1/27 | 250000 | 262523 |
| Brixmor Operating <br> Partnership LP 3.90% <br> 3/15/27<br>| 500000 | 495673 |
| Crown Castle, Inc. |  |  |
| 1.05% 7/15/26 | 250000 | 240778 |
| 2.90% 3/15/27 | 350000 | 340496 |
| 3.65% 9/1/27 | 200000 | 196556 |
| 3.80% 2/15/28 | 100000 | 98197 |
| 4.00% 3/1/27 | 250000 | 248519 |
| Digital Realty Trust LP 5.55% <br> 1/15/28<br>| 250000 | 256416 |
| DOC Dr. LLC 4.30% 3/15/27 | 250000 | 249346 |
| EPR Properties 4.75% <br> 12/15/26<br>| 250000 | 249592 |
| Equinix, Inc. 1.55% 3/15/28 | 250000 | 233024 |
| ERP Operating LP |  |  |
| 2.85% 11/1/26 | 250000 | 245472 |
| 3.25% 8/1/27 | 150000 | 147177 |
| Extra Space Storage LP 5.70% <br> 4/1/28<br>| 250000 | 258223 |
| Federal Realty OP LP |  |  |
| 3.25% 7/15/27 | 150000 | 146244 |
| 5.38% 5/1/28 | 100000 | 102490 |
| GLP Capital LP/GLP <br> Financing II, Inc. 5.75% <br> 6/1/28<br>| 150000 | 153704 |
| Healthcare Realty <br> Holdings LP 3.75% 7/1/27<br>| 250000 | 246509 |
| Highwoods Realty LP 3.88% <br> 3/1/27<br>| 250000 | 245399 |
| Kimco Realty OP LLC 2.80% <br> 10/1/26<br>| 300000 | 293966 |
| Kite Realty Group LP 4.00% <br> 10/1/26<br>| 100000 | 99118 |
| Mid-America Apartments LP |  |  |
| 1.10% 9/15/26 | 250000 | 240914 |
| 4.20% 6/15/28 | 200000 | 199894 |
| NNN REIT, Inc. 3.60% <br> 12/15/26<br>| 250000 | 246973 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 4.50% 4/1/27 | 250000 | $250498 |
| 4.75% 1/15/28 | 250000 | 251069 |
| Prologis LP |  |  |
| 2.13% 4/15/27 | 250000 | 241613 |
| 3.25% 10/1/26 | 200000 | 197679 |
| Public Storage Operating Co. <br> 1.85% 5/1/28<br>| 150000 | 140863 |
| Realty Income Corp. |  |  |
| 2.20% 6/15/28 | 200000 | 188819 |
| 3.00% 1/15/27 | 500000 | 490880 |
| 3.40% 1/15/28 | 250000 | 245154 |
| Rexford Industrial Realty LP <br> 5.00% 6/15/28<br>| 100000 | 100994 |
| Simon Property Group LP |  |  |
| 1.75% 2/1/28 | 250000 | 235548 |
| 3.25% 11/30/26 | 250000 | 246386 |
| Store Capital LLC 4.50% <br> 3/15/28<br>| 150000 | 148489 |
| Tanger Properties LP 3.88% <br> 7/15/27<br>| 200000 | 197406 |
| UDR, Inc. 3.50% 1/15/28 | 250000 | 245194 |
| Ventas Realty LP |  |  |
| 3.85% 4/1/27 | 250000 | 247598 |
| 4.00% 3/1/28 | 200000 | 198141 |
| VICI Properties LP 4.75% <br> 4/1/28<br>| 130000 | 131063 |
| Weyerhaeuser Co. 6.95% <br> 10/1/27<br>| 250000 | 262952 |
|  |  | **12115778** |
| **Retail–2.09%** | **Retail–2.09%** | **Retail–2.09%** |
| AutoNation, Inc. 3.80% <br> 11/15/27<br>| 250000 | 245994 |
| AutoZone, Inc. 5.05% 7/15/26 | 190000 | 191200 |
| Costco Wholesale Corp. 1.38% <br> 6/20/27<br>| 250000 | 238421 |
| Darden Restaurants, Inc. <br> 4.35% 10/15/27<br>| 325000 | 325622 |
| Dollar General Corp. 3.88% <br> 4/15/27<br>| 250000 | 247728 |
| Dollar Tree, Inc. 4.20% <br> 5/15/28<br>| 250000 | 247639 |
| Home Depot, Inc. |  |  |
| 2.13% 9/15/26 | 250000 | 244225 |
| 2.50% 4/15/27 | 250000 | 243341 |
| 2.88% 4/15/27 | 250000 | 245111 |
| 4.88% 6/25/27 | 585000 | 594217 |
| 4.95% 9/30/26 | 170000 | 171679 |
| Lowe's Cos., Inc. |  |  |
| 3.10% 5/3/27 | 250000 | 245178 |
| 3.35% 4/1/27 | 250000 | 246276 |
| McDonald's Corp. 3.50% <br> 7/1/27<br>| 250000 | 246919 |

---

LVIP SSGA Short-Term Bond Index Fund-13

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| O'Reilly Automotive, Inc. |  |  |
| 3.60% 9/1/27 | 200000 | $197315 |
| 5.75% 11/20/26 | 125000 | 127215 |
| Starbucks Corp. |  |  |
| 3.50% 3/1/28 | 250000 | 245370 |
| 4.50% 5/15/28 | 130000 | 130650 |
| 4.85% 2/8/27 | 250000 | 252189 |
| Target Corp. 4.35% 6/15/28 | 90000 | 90541 |
| TJX Cos., Inc. 2.25% 9/15/26 | 250000 | 244856 |
| Walmart, Inc. |  |  |
| 1.05% 9/17/26 | 250000 | 241612 |
| 3.05% 7/8/26 | 250000 | 247534 |
| 3.70% 6/26/28 | 250000 | 249117 |
| 3.90% 4/15/28 | 250000 | 250279 |
| 4.10% 4/28/27 | 100000 | 100423 |
|  |  | **6110651** |
| **Semiconductors–1.92%** | **Semiconductors–1.92%** | **Semiconductors–1.92%** |
| Analog Devices, Inc. |  |  |
| 3.50% 12/5/26 | 250000 | 247815 |
| 4.25% 6/15/28 | 190000 | 190877 |
| Applied Materials, Inc. 3.30% <br> 4/1/27<br>| 250000 | 246730 |
| Broadcom Corp./Broadcom <br> Cayman Finance Ltd. 3.88% <br> 1/15/27<br>| 500000 | 496538 |
| Broadcom, Inc. |  |  |
| 1.95% 2/15/28 | 250000 | 235785 |
| 3.46% 9/15/26 | 250000 | 247659 |
| 5.05% 7/12/27 | 250000 | 253536 |
| Intel Corp. |  |  |
| 3.15% 5/11/27 | 250000 | 244927 |
| 3.75% 8/5/27 | 250000 | 246716 |
| 4.88% 2/10/28 | 500000 | 506314 |
| Marvell Technology, Inc. <br> 2.45% 4/15/28<br>| 250000 | 237554 |
| Microchip Technology, Inc. <br> 4.90% 3/15/28<br>| 250000 | 252747 |
| Micron Technology, Inc. 5.38% <br> 4/15/28<br>| 250000 | 257034 |
| NVIDIA Corp. 1.55% 6/15/28 | 250000 | 234080 |
| NXP BV/NXP <br> Funding LLC/NXP USA, Inc.<br>|  |  |
| 3.15% 5/1/27 | 250000 | 244603 |
| 4.40% 6/1/27 | 250000 | 250427 |
| QUALCOMM, Inc. 3.25% <br> 5/20/27<br>| 250000 | 246842 |
| Texas Instruments, Inc. 4.60% <br> 2/8/27<br>| 120000 | 121093 |
| TSMC Arizona Corp. |  |  |
| 1.75% 10/25/26 | 350000 | 338663 |
| 3.88% 4/22/27 | 500000 | 497349 |
|  |  | **5597289** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software–2.25%** | **Software–2.25%** | **Software–2.25%** |
| Adobe, Inc. |  |  |
| 2.15% 2/1/27 | 150000 | $145834 |
| 4.75% 1/17/28 | 250000 | 254429 |
| 4.85% 4/4/27 | 85000 | 86226 |
| Fiserv, Inc. |  |  |
| 2.25% 6/1/27 | 250000 | 240716 |
| 3.20% 7/1/26 | 250000 | 247138 |
| 5.15% 3/15/27 | 215000 | 217807 |
| 5.45% 3/2/28 | 250000 | 256900 |
| Intuit, Inc. 5.25% 9/15/26 | 200000 | 202279 |
| Microsoft Corp. |  |  |
| 2.40% 8/8/26 | 750000 | 737223 |
| 3.30% 2/6/27 | 500000 | 494888 |
| 3.40% 6/15/27 | 500000 | 497129 |
| Oracle Corp. |  |  |
| 2.30% 3/25/28 | 750000 | 711836 |
| 2.80% 4/1/27 | 1000000 | 974775 |
| 3.25% 11/15/27 | 250000 | 244374 |
| Take-Two Interactive <br> Software, Inc. 4.95% 3/28/28<br>| 250000 | 253855 |
| VMware LLC 3.90% 8/21/27 | 750000 | 743493 |
| Workday, Inc. 3.50% 4/1/27 | 250000 | 246765 |
|  |  | **6555667** |
| **Telecommunications–2.11%** | **Telecommunications–2.11%** | **Telecommunications–2.11%** |
| AT&T, Inc. |  |  |
| 1.65% 2/1/28 | 600000 | 562876 |
| 2.30% 6/1/27 | 500000 | 482084 |
| 2.95% 7/15/26 | 250000 | 246199 |
| 3.80% 2/15/27 | 150000 | 148859 |
| 4.25% 3/1/27 | 250000 | 249759 |
| Cisco Systems, Inc. |  |  |
| 4.55% 2/24/28 | 565000 | 572469 |
| 4.80% 2/26/27 | 315000 | 318820 |
| Rogers Communications, Inc. <br> 2.90% 11/15/26<br>| 250000 | 244604 |
| Telefonica Emisiones SA <br> 4.10% 3/8/27<br>| 250000 | 248734 |
| TELUS Corp. 3.70% 9/15/27 | 200000 | 197134 |
| T-Mobile USA, Inc. |  |  |
| 2.05% 2/15/28 | 250000 | 236296 |
| 3.75% 4/15/27 | 1250000 | 1236947 |
| 4.95% 3/15/28 | 350000 | 355907 |
| Verizon Communications, Inc. |  |  |
| 2.10% 3/22/28 | 500000 | 473745 |
| 4.13% 3/16/27 | 600000 | 599497 |
|  |  | **6173930** |
| **Toys Games Hobbies–0.15%** | **Toys Games Hobbies–0.15%** | **Toys Games Hobbies–0.15%** |
| Hasbro, Inc. |  |  |
| 3.50% 9/15/27 | 200000 | 195483 |
| 3.55% 11/19/26 | 250000 | 246501 |
|  |  | **441984** |

---

LVIP SSGA Short-Term Bond Index Fund-14

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Transportation–0.63%** | **Transportation–0.63%** | **Transportation–0.63%** |
| Canadian Pacific Railway Co. <br> 1.75% 12/2/26<br>| 250000 | $241257 |
| CSX Corp. |  |  |
| 2.60% 11/1/26 | 250000 | 244630 |
| 3.25% 6/1/27 | 250000 | 245940 |
| Kirby Corp. 4.20% 3/1/28 | 250000 | 247743 |
| Ryder System, Inc. |  |  |
| 2.90% 12/1/26 | 250000 | 244437 |
| 5.30% 3/15/27 | 110000 | 111638 |
| 5.65% 3/1/28 | 250000 | 258170 |
| United Parcel Service, Inc. <br> 2.40% 11/15/26<br>| 250000 | 244296 |
|  |  | **1838111** |
| **Trucking & Leasing–0.03%** | **Trucking & Leasing–0.03%** | **Trucking & Leasing–0.03%** |
| GATX Corp. 5.40% 3/15/27 | 80000 | 81106 |
|  |  | **81106** |
| **Total Corporate Bonds** <br>**(Cost $284,612,101)** | **Total Corporate Bonds** <br>**(Cost $284,612,101)** | **287534157** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–3.15%** | **MONEY MARKET FUND–3.15%** | **MONEY MARKET FUND–3.15%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 9201123 | $9201123 |
| **Total Money Market Fund** <br>**(Cost $9,201,123)** | **Total Money Market Fund** <br>**(Cost $9,201,123)** | **9201123** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–101.59% (Cost $293,813,224)** | **296735280** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.59%)** | **(4640559)**<br>|
| **NET ASSETS APPLICABLE TO 28,857,008 SHARES OUTSTANDING–100.00%** | **$292094721** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA SHORT-TERM BOND INDEX FUND STANDARD CLASS** <br>**($20,719,860 / 2,039,147 Shares)** | **$10.161** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA SHORT-TERM BOND INDEX FUND SERVICE CLASS** <br>**($271,374,861 / 26,817,861 Shares)** | **$10.119** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$292890259** |
| Distributable earnings/(accumulated loss) | **(795538)**<br>|
| **TOTAL NET ASSETS** | **$292094721** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $9,565 expense reimbursement receivable from Lincoln Financial Investments Corporation, $8,199,580 payable for securities <br> purchased, $144,736 payable for fund shares redeemed, $33,144 other accrued expenses payable, $128,274 due to manager and affiliates, <br> $343,192 due to custodian, $20,790 payable for audit fee and $12,689 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Short-Term Bond Index Fund-15

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Short-Term Bond Index Fund** | **LVIP SSGA Short-Term Bond Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $7058664 |
| Foreign taxes refunded | 84 |
|  | 7058748 |
| **EXPENSES:** |  |
| Management fees | 401721 |
| Distribution fees-Service Class | 325063 |
| Shareholder servicing fees | 41607 |
| Accounting and administration expenses | 34112 |
| Pricing fees | 28919 |
| Professional fees | 28736 |
| Index fees | 18592 |
| Trustees' fees and expenses | 4365 |
| Reports and statements to shareholders | 4273 |
| Consulting fees | 2404 |
| Custodian fees | 1906 |
| Other | 5491 |
|  | 897189 |
| Less:  |  |
| Expenses reimbursed | (52041)<br>|
| Total operating expenses | 845148 |
| **NET INVESTMENT INCOME**  | 6213600 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 411740 |
| Net change in unrealized appreciation (depreciation) <br> of investments<br>| 1427125 |
| **NET REALIZED AND UNREALIZED GAIN** | 1838865 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $8052465 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Short-Term Bond Index Fund** | **LVIP SSGA Short-Term Bond Index Fund** | **LVIP SSGA Short-Term Bond Index Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $6213600 | $12865263 |
| Net realized gain (loss) | 411740 | (1066246)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 1427125 | 1819694 |
| Net increase in net assets resulting <br> from operations<br>| 8052465 | 13618711 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (2203954)<br>|
| Service Class |  | (11662244)<br>|
| Return of capital: |  |  |
| Standard Class |  | (5371)<br>|
| Service Class |  | (21638)<br>|
|  |  | (13893207)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 2698422 | 14344020 |
| Service Class | 50016294 | 101272633 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 2209325 |
| Service Class |  | 11683882 |
|  | 52714716 | 129509860 |
| Cost of shares redeemed: |  |  |
| Standard Class | (29978022)<br>| (35641157)<br>|
| Service Class | (43072927)<br>| (72923126)<br>|
|  | (73050949)<br>| (108564283)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (20336233)<br>| 20945577 |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (12283768)<br>| 20671081 |
| **NET ASSETS:** |  |  |
| Beginning of period | 304378489 | 283707408 |
| End of period | $292094721 | $304378489 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Short-Term Bond Index Fund-16

------

**LVIP SSGA Short-Term Bond Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index 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; $9.869 | &nbsp;&nbsp; $9.874 | &nbsp;&nbsp; $9.685 | &nbsp;&nbsp; $10.227 | &nbsp;&nbsp; $10.429 | &nbsp;&nbsp; $10.254 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.227 | 0.459 | 0.340 | 0.136 | 0.086 | 0.185 |
| Net realized and unrealized gain (loss) | 0.065 | 0.025 | 0.159 | &nbsp;&nbsp; (0.489)<br>| &nbsp;&nbsp; (0.140)<br>| 0.188 |
| Total from investment operations | 0.292 | 0.484 | 0.499 | &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.054)<br>| 0.373 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.138)<br>| &nbsp;&nbsp; (0.099)<br>| &nbsp;&nbsp; (0.185)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.049)<br>| &nbsp;&nbsp; (0.013)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.489)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.189)<br>| &nbsp;&nbsp; (0.148)<br>| &nbsp;&nbsp; (0.198)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.161 | &nbsp;&nbsp; $9.869 | &nbsp;&nbsp; $9.874 | &nbsp;&nbsp; $9.685 | &nbsp;&nbsp; $10.227 | &nbsp;&nbsp; $10.429 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.95% | &nbsp;&nbsp; 4.88% | &nbsp;&nbsp; 5.17% | &nbsp;&nbsp; (3.45%)<br>| &nbsp;&nbsp; (0.52%)<br>| &nbsp;&nbsp; 3.65% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $20720 | &nbsp;&nbsp; $47290 | &nbsp;&nbsp; $65694 | &nbsp;&nbsp; $65787 | &nbsp;&nbsp; $82628 | &nbsp;&nbsp; $77578 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.42% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 3.45% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 1.77% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 3.41% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.71% |
| Portfolio turnover | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 50% | &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 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 SSGA Short-Term Bond Index Fund-17

------

**LVIP SSGA Short-Term Bond Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index 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; $9.840 | &nbsp;&nbsp; $9.849 | &nbsp;&nbsp; $9.662 | &nbsp;&nbsp; $10.205 | &nbsp;&nbsp; $10.408 | &nbsp;&nbsp; $10.236 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.213 | 0.433 | 0.314 | 0.111 | 0.060 | 0.158 |
| Net realized and unrealized gain (loss) | 0.066 | 0.023 | 0.158 | &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.140)<br>| 0.189 |
| Total from investment operations | 0.279 | 0.456 | 0.472 | &nbsp;&nbsp; (0.377)<br>| &nbsp;&nbsp; (0.080)<br>| 0.347 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.285)<br>| &nbsp;&nbsp; (0.115)<br>| &nbsp;&nbsp; (0.074)<br>| &nbsp;&nbsp; (0.162)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.049)<br>| &nbsp;&nbsp; (0.013)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.465)<br>| &nbsp;&nbsp; (0.285)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.123)<br>| &nbsp;&nbsp; (0.175)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.119 | &nbsp;&nbsp; $9.840 | &nbsp;&nbsp; $9.849 | &nbsp;&nbsp; $9.662 | &nbsp;&nbsp; $10.205 | &nbsp;&nbsp; $10.408 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.82% | &nbsp;&nbsp; 4.63% | &nbsp;&nbsp; 4.91% | &nbsp;&nbsp; (3.69%)<br>| &nbsp;&nbsp; (0.77%)<br>| &nbsp;&nbsp; 3.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $271375 | &nbsp;&nbsp; $257088 | &nbsp;&nbsp; $218013 | &nbsp;&nbsp; $202006 | &nbsp;&nbsp; $183965 | &nbsp;&nbsp; $166091 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.67% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 1.52% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 1.46% |
| Portfolio turnover | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 50% | &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 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 SSGA Short-Term Bond Index Fund-18

------

**LVIP SSGA Short-Term Bond Index 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 SSGA Short-Term Bond Index Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term U.S. corporate bond market.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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. 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

LVIP SSGA Short-Term Bond Index Fund-19

------

**LVIP SSGA Short-Term Bond Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.28% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.3625% of the Fund's average daily net assets for the Standard Class and 0.6125% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $88862 | &nbsp;&nbsp; $101111 | &nbsp;&nbsp; $109882 | &nbsp;&nbsp; $299855 |

---

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; $12285 |
| Legal | &nbsp;&nbsp; 1872 |

---

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 $1,620 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 SSGA Short-Term Bond Index Fund-20

------

**LVIP SSGA Short-Term Bond Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $9565 |
| Management fees payable to LFI | &nbsp;&nbsp; 66361 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 55040 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 6873 |

---

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; $76012601 |
| Sales | &nbsp;&nbsp; 90841645 |

---

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; $293813224 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $2971669 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (49613)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $2922056 |

---

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 SSGA Short-Term Bond Index Fund-21

------

**LVIP SSGA Short-Term Bond Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $287534157 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $287534157 |
| Money Market Fund | &nbsp;&nbsp; 9201123 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9201123 |
| **Total Investments** | &nbsp;&nbsp; $9201123 | &nbsp;&nbsp; $287534157 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $296735280 |

---

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; 270455 | &nbsp;&nbsp; 1434633 |
| Service Class | &nbsp;&nbsp; 5021774 | &nbsp;&nbsp; 10086167 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 223182 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1183483 |
|  | &nbsp;&nbsp; 5292229 | &nbsp;&nbsp; 12927465 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3023320)<br>| &nbsp;&nbsp; (3519074)<br>|
| Service Class | &nbsp;&nbsp; (4330311)<br>| &nbsp;&nbsp; (7278468)<br>|
|  | &nbsp;&nbsp; (7353631)<br>| &nbsp;&nbsp; (10797542)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2061402)<br>| &nbsp;&nbsp; 2129923 |

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**6. Risk Factors**

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

LVIP SSGA Short-Term Bond Index Fund-22

------

**LVIP SSGA Short-Term Bond Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. 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 SSGA Short-Term Bond Index Fund-23

------

![](img4322169a1.jpg)

LVIP SSGA Small-Cap Index Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA Small-Cap Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_18052736-a8dc-4d94-95b4-13de53b15c0e_SOI-continued-261_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_18052736-a8dc-4d94-95b4-13de53b15c0e_FS-continued-261_1)**  | &nbsp;&nbsp; **26** |
| **[Statements of Changes in Net Assets](#xx_18052736-a8dc-4d94-95b4-13de53b15c0e_FS-continued-261_1)**  | &nbsp;&nbsp; **26** |
| **[Financial Highlights](#xx_18052736-a8dc-4d94-95b4-13de53b15c0e_FIHI-continued-261_1)**  | &nbsp;&nbsp; **27** |
| **[Notes to Financial Statements](#xx_18052736-a8dc-4d94-95b4-13de53b15c0e_NTF-continued-261_1)**  | &nbsp;&nbsp; **29** |

---

------

**LVIP SSGA Small-Cap Index 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–99.13%** | **COMMON STOCK–99.13%** | **COMMON STOCK–99.13%** |
| **Aerospace & Defense–1.62%** | **Aerospace & Defense–1.62%** | **Aerospace & Defense–1.62%** |
| †AAR Corp. | 27398 | $1884708 |
| †AeroVironment, Inc. | 21681 | 6178001 |
| †AerSale Corp. | 26000 | 156260 |
| †Archer Aviation, Inc. Class A | 417500 | 4529875 |
| †Astronics Corp. | 22305 | 746771 |
| †Byrna Technologies, Inc. | 13000 | 401440 |
| Cadre Holdings, Inc. | 21900 | 697515 |
| †Ducommun, Inc. | 10300 | 851089 |
| †Eve Holding, Inc. | 40200 | 275772 |
| †Intuitive Machines, Inc. | 84000 | 913080 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 125750 | 5841088 |
| †Mercury Systems, Inc. | 39400 | 2122084 |
| Moog, Inc. Class A | 21581 | 3905514 |
| National Presto Industries, <br> Inc.<br>| 3872 | 379301 |
| Park Aerospace Corp. | 13788 | 203649 |
| †Redwire Corp. | 25900 | 422170 |
| †Satellogic, Inc. Class A | 53600 | 194032 |
| †Triumph Group, Inc. | 55200 | 1421400 |
| †V2X, Inc. | 12600 | 611730 |
|  |  | **31735479** |
| **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** |
| †Forward Air Corp. | 18539 | 454947 |
| Hub Group, Inc. Class A | 45088 | 1507292 |
| †Radiant Logistics, Inc. | 25876 | 157326 |
|  |  | **2119565** |
| **Automobile Components–1.22%** | **Automobile Components–1.22%** | **Automobile Components–1.22%** |
| †Adient PLC | 63300 | 1231818 |
| †American Axle & <br> Manufacturing Holdings, <br> Inc.<br>| 86984 | 354895 |
| †Cooper-Standard Holdings, <br> Inc.<br>| 12800 | 275200 |
| Dana, Inc. | 98972 | 1697370 |
| †Dorman Products, Inc. | 21173 | 2597292 |
| †Fox Factory Holding Corp. | 32004 | 830184 |
| Garrett Motion, Inc. | 97500 | 1024725 |
| †Gentherm, Inc. | 23364 | 660967 |
| †Goodyear Tire & Rubber Co. | 200216 | 2076240 |
| †Holley, Inc. | 33300 | 66600 |
| LCI Industries | 18743 | 1709174 |
| †Luminar Technologies, Inc. | 19680 | 56482 |
| †Modine Manufacturing Co. | 40122 | 3952017 |
| †Motorcar Parts of America, <br> Inc.<br>| 14200 | 159040 |
| Patrick Industries, Inc. | 24556 | 2265782 |
| Phinia, Inc. | 31500 | 1401435 |
| †Solid Power, Inc. | 118800 | 260172 |
| Standard Motor Products, <br> Inc.<br>| 15751 | 483871 |
| †Strattec Security Corp. | 3000 | 186630 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| †Visteon Corp. | 20700 | $1931310 |
| †XPEL, Inc. | 19164 | 687987 |
|  |  | **23909191** |
| **Automobiles–0.04%** | **Automobiles–0.04%** | **Automobiles–0.04%** |
| †Faraday Future Intelligent <br> Electric, Inc.<br>| 70000 | 117600 |
| †Livewire Group, Inc. | 28700 | 132020 |
| Winnebago Industries, Inc. | 20773 | 602417 |
|  |  | **852037** |
| **Banks–10.41%** | **Banks–10.41%** | **Banks–10.41%** |
| 1st Source Corp. | 13934 | 864883 |
| ACNB Corp. | 7900 | 338436 |
| Amalgamated Financial <br> Corp.<br>| 18000 | 561600 |
| Amerant Bancorp, Inc. | 27700 | 504971 |
| Ameris Bancorp | 49812 | 3222836 |
| Ames National Corp. | 6300 | 112203 |
| Arrow Financial Corp. | 12379 | 327053 |
| Associated Banc-Corp. | 127500 | 3109725 |
| Atlantic Union Bankshares <br> Corp.<br>| 109237 | 3416933 |
| †Axos Financial, Inc. | 41260 | 3137410 |
| Banc of California, Inc. | 104630 | 1470052 |
| BancFirst Corp. | 15986 | 1976189 |
| †Bancorp, Inc. | 34547 | 1968143 |
| Bank First Corp. | 7300 | 858845 |
| Bank of Hawaii Corp. | 29600 | 1998888 |
| Bank of Marin Bancorp | 11898 | 271750 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 33400 | 1478952 |
| Bank7 Corp. | 2900 | 121307 |
| BankFinancial Corp. | 8800 | 101816 |
| BankUnited, Inc. | 56500 | 2010835 |
| Bankwell Financial Group, <br> Inc.<br>| 4700 | 169341 |
| Banner Corp. | 26019 | 1669119 |
| Bar Harbor Bankshares | 11268 | 337589 |
| BayCom Corp. | 7900 | 218909 |
| BCB Bancorp, Inc. | 10600 | 89252 |
| Berkshire Hills Bancorp, Inc. | 35693 | 893753 |
| †Blue Foundry Bancorp | 14800 | 141636 |
| †Blue Ridge Bankshares, Inc. | 50000 | 179500 |
| †Bridgewater Bancshares, <br> Inc.<br>| 14900 | 237059 |
| Brookline Bancorp, Inc. | 66892 | 705711 |
| Burke & Herbert Financial <br> Services Corp.<br>| 10220 | 610441 |
| Business First Bancshares, <br> Inc.<br>| 21900 | 539835 |
| †BV Financial, Inc. | 6800 | 103564 |
| Byline Bancorp, Inc. | 23600 | 630828 |
| C&F Financial Corp. | 2400 | 148152 |
| Cadence Bank | 138004 | 4413368 |

---

LVIP SSGA Small-Cap Index Fund-1

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| †California BanCorp | 18617 | $293404 |
| Camden National Corp. | 12755 | 517598 |
| Capital Bancorp, Inc. | 9000 | 302220 |
| Capital City Bank Group, Inc. | 10284 | 404675 |
| Capitol Federal Financial, <br> Inc.<br>| 94300 | 575230 |
| †Carter Bankshares, Inc. | 16919 | 293375 |
| Cathay General Bancorp | 51403 | 2340379 |
| CB Financial Services, Inc. | 3700 | 105450 |
| Central Pacific Financial <br> Corp.<br>| 20230 | 567047 |
| CF Bankshares, Inc. | 3100 | 74307 |
| Chemung Financial Corp. | 2400 | 116328 |
| ChoiceOne Financial <br> Services, Inc.<br>| 11000 | 315700 |
| Citizens & Northern Corp. | 11313 | 214268 |
| Citizens Community Bancorp, <br> Inc.<br>| 7600 | 104880 |
| Citizens Financial Services, <br> Inc.<br>| 3362 | 197417 |
| City Holding Co. | 10997 | 1346253 |
| Civista Bancshares, Inc. | 11600 | 269120 |
| CNB Financial Corp. | 15595 | 356502 |
| †Coastal Financial Corp. | 9400 | 910578 |
| Colony Bankcorp, Inc. | 12500 | 205875 |
| †Columbia Financial, Inc. | 20300 | 294553 |
| Community Financial System, <br> Inc.<br>| 39628 | 2253644 |
| Community Trust Bancorp, <br> Inc.<br>| 11630 | 615460 |
| Community West Bancshares | 12700 | 247777 |
| ConnectOne Bancorp, Inc. | 36580 | 847193 |
| †Customers Bancorp, Inc. | 22280 | 1308727 |
| CVB Financial Corp. | 100259 | 1984126 |
| Dime Community <br> Bancshares, Inc.<br>| 29963 | 807203 |
| Eagle Bancorp Montana, Inc. | 5800 | 96686 |
| Eagle Bancorp, Inc. | 22046 | 429456 |
| Eagle Financial Services, <br> Inc.<br>| 3600 | 110232 |
| Eastern Bankshares, Inc. | 150691 | 2301052 |
| †ECB Bancorp, Inc. | 6100 | 94184 |
| Enterprise Bancorp, Inc. | 7499 | 297260 |
| Enterprise Financial Services <br> Corp.<br>| 27470 | 1513597 |
| Equity Bancshares, Inc. <br> Class A<br>| 12400 | 505920 |
| Esquire Financial Holdings, <br> Inc.<br>| 5300 | 501698 |
| ESSA Bancorp, Inc. | 6100 | 118340 |
| Farmers & Merchants <br> Bancorp, Inc.<br>| 9400 | 237632 |
| Farmers National Banc Corp. | 26992 | 372220 |
| †FB Bancorp, Inc. | 13900 | 156375 |
| FB Financial Corp. | 26771 | 1212726 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Fidelity D&D Bancorp, Inc. | 3600 | $165600 |
| Financial Institutions, Inc. | 14267 | 366377 |
| Finward Bancorp | 2700 | 74574 |
| †Finwise Bancorp | 7100 | 106571 |
| First BanCorp | 122435 | 2550321 |
| First Bancorp, Inc. | 8280 | 210395 |
| First Bancorp/Southern Pines <br> NC<br>| 30109 | 1327506 |
| First Bank | 16200 | 250614 |
| First Busey Corp. | 65696 | 1503453 |
| First Business Financial <br> Services, Inc.<br>| 5900 | 298894 |
| First Capital, Inc. | 2600 | 107354 |
| First Commonwealth <br> Financial Corp.<br>| 76139 | 1235736 |
| First Community Bankshares, <br> Inc.<br>| 12834 | 502708 |
| First Community Corp. | 5800 | 141404 |
| First Financial Bancorp | 71517 | 1735002 |
| First Financial Bankshares, <br> Inc.<br>| 103084 | 3708962 |
| First Financial Corp. | 8669 | 469773 |
| †First Foundation, Inc. | 47005 | 239726 |
| First Internet Bancorp | 6000 | 161400 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 67543 | 1946589 |
| First Merchants Corp. | 44268 | 1695464 |
| First Mid Bancshares, Inc. | 17213 | 645315 |
| First National Corp. | 6100 | 118767 |
| First Savings Financial <br> Group, Inc.<br>| 4400 | 110176 |
| First United Corp. | 4700 | 145747 |
| †First Western Financial, Inc. | 5900 | 133104 |
| †Firstsun Capital Bancorp | 9700 | 337075 |
| Five Star Bancorp | 12400 | 353896 |
| Flagstar Financial, Inc. | 232866 | 2468380 |
| Flushing Financial Corp. | 23797 | 282708 |
| Franklin Financial Services <br> Corp.<br>| 3300 | 114263 |
| FS Bancorp, Inc. | 5000 | 196900 |
| Fulton Financial Corp. | 137400 | 2478696 |
| †FVCBankcorp, Inc. | 12450 | 146910 |
| †GBank Financial Holdings, <br> Inc.<br>| 7000 | 247870 |
| German American Bancorp, <br> Inc.<br>| 27877 | 1073543 |
| Glacier Bancorp, Inc. | 86282 | 3717029 |
| Great Southern Bancorp, Inc. | 6470 | 380307 |
| Greene County Bancorp, Inc. | 5100 | 113322 |
| Guaranty Bancshares, Inc. | 6028 | 255828 |
| Hancock Whitney Corp. | 65533 | 3761594 |
| Hanmi Financial Corp. | 22842 | 563741 |
| Hanover Bancorp, Inc. | 3800 | 86982 |
| HarborOne Bancorp, Inc. | 28558 | 333557 |
| Hawthorn Bancshares, Inc. | 4600 | 134044 |

---

LVIP SSGA Small-Cap Index Fund-2

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HBT Financial, Inc. | 9400 | $236974 |
| Heritage Commerce Corp. | 44438 | 441269 |
| Heritage Financial Corp. | 25455 | 606847 |
| Hilltop Holdings, Inc. | 35075 | 1064526 |
| Hingham Institution For <br> Savings<br>| 1160 | 288086 |
| Home Bancorp, Inc. | 5274 | 273088 |
| Home BancShares, Inc. | 144328 | 4107575 |
| †HomeStreet, Inc. | 14029 | 183359 |
| HomeTrust Bancshares, Inc. | 11041 | 413044 |
| Hope Bancorp, Inc. | 91758 | 984563 |
| Horizon Bancorp, Inc. | 32982 | 507263 |
| Independent Bank Corp. | 51803 | 2794163 |
| International Bancshares <br> Corp.<br>| 41764 | 2779812 |
| Investar Holding Corp. | 7200 | 139104 |
| John Marshall Bancorp, Inc. | 9300 | 172329 |
| Kearny Financial Corp. | 41537 | 268329 |
| Lakeland Financial Corp. | 18817 | 1156305 |
| Landmark Bancorp, Inc. | 3600 | 95184 |
| LCNB Corp. | 9500 | 138035 |
| LINKBANCORP, Inc. | 16600 | 121346 |
| Live Oak Bancshares, Inc. | 26300 | 783740 |
| MainStreet Bancshares, Inc. | 5500 | 103950 |
| Mercantile Bank Corp. | 11933 | 553811 |
| Meridian Corp. | 7200 | 92808 |
| Metrocity Bankshares, Inc. | 13900 | 397262 |
| †Metropolitan Bank Holding <br> Corp.<br>| 8000 | 560000 |
| Mid Penn Bancorp, Inc. | 15700 | 442740 |
| Middlefield Banc Corp. | 5600 | 168616 |
| Midland States Bancorp, Inc. | 15804 | 273725 |
| MidWestOne Financial Group, <br> Inc.<br>| 14642 | 421250 |
| MVB Financial Corp. | 8800 | 198264 |
| National Bank Holdings Corp. <br> Class A<br>| 27752 | 1043753 |
| National Bankshares, Inc. | 4100 | 111520 |
| †NB Bancorp, Inc. | 29000 | 517940 |
| NBT Bancorp, Inc. | 38539 | 1601295 |
| Nicolet Bankshares, Inc. | 10300 | 1271844 |
| Northeast Bank | 5300 | 471647 |
| Northeast Community <br> Bancorp, Inc.<br>| 9400 | 218503 |
| Northfield Bancorp, Inc. | 28756 | 330119 |
| Northpointe Bancshares, Inc. | 8300 | 113793 |
| Northrim BanCorp, Inc. | 4000 | 373040 |
| Northwest Bancshares, Inc. | 96409 | 1232107 |
| Norwood Financial Corp. | 6300 | 162414 |
| Oak Valley Bancorp | 4900 | 133476 |
| OceanFirst Financial Corp. | 43667 | 768976 |
| OFG Bancorp | 33988 | 1454686 |
| Ohio Valley Banc Corp. | 3000 | 96690 |
| Old National Bancorp | 245551 | 5240058 |
| Old Point Financial Corp. | 3100 | 121675 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Old Second Bancorp, Inc. | 32746 | $580914 |
| OP Bancorp | 9300 | 120807 |
| Orange County Bancorp, Inc. | 7800 | 201552 |
| Origin Bancorp, Inc. | 22100 | 789854 |
| Orrstown Financial Services, <br> Inc.<br>| 14000 | 445620 |
| Pacific Premier Bancorp, <br> Inc.<br>| 72682 | 1532863 |
| Park National Corp. | 11376 | 1902750 |
| Parke Bancorp, Inc. | 8000 | 162960 |
| Pathward Financial, Inc. | 18300 | 1447896 |
| PCB Bancorp | 8300 | 174134 |
| Peapack-Gladstone Financial <br> Corp.<br>| 12391 | 350046 |
| Penns Woods Bancorp, Inc. | 5700 | 173052 |
| Peoples Bancorp of North <br> Carolina, Inc.<br>| 3200 | 92320 |
| Peoples Bancorp, Inc. | 26240 | 801370 |
| Peoples Financial Services <br> Corp.<br>| 6977 | 344454 |
| †Pioneer Bancorp, Inc. | 9000 | 108270 |
| Plumas Bancorp | 4100 | 182286 |
| †Ponce Financial Group, Inc. | 14600 | 202064 |
| Preferred Bank | 9246 | 800195 |
| Primis Financial Corp. | 16800 | 182280 |
| Princeton Bancorp, Inc. | 4200 | 128268 |
| †Provident Bancorp, Inc. | 12100 | 151129 |
| Provident Financial Services, <br> Inc.<br>| 95463 | 1673466 |
| QCR Holdings, Inc. | 12300 | 835170 |
| RBB Bancorp | 12432 | 213955 |
| Red River Bancshares, Inc. | 3400 | 199580 |
| Renasant Corp. | 72308 | 2598026 |
| Republic Bancorp, Inc. <br> Class A<br>| 6225 | 455110 |
| Richmond Mutual BanCorp, <br> Inc.<br>| 7200 | 99360 |
| Riverview Bancorp, Inc. | 16200 | 89100 |
| S&T Bancorp, Inc. | 28724 | 1086342 |
| SB Financial Group, Inc. | 4700 | 89770 |
| Seacoast Banking Corp. of <br> Florida<br>| 63631 | 1757488 |
| ServisFirst Bancshares, Inc. | 39500 | 3061645 |
| Shore Bancshares, Inc. | 22944 | 360680 |
| Sierra Bancorp | 9666 | 286984 |
| Simmons First National Corp. <br> Class A<br>| 93970 | 1781671 |
| SmartFinancial, Inc. | 12000 | 405360 |
| Sound Financial Bancorp, <br> Inc.<br>| 1700 | 78200 |
| South Plains Financial, Inc. | 8877 | 319927 |
| †Southern First Bancshares, <br> Inc.<br>| 5715 | 217341 |
| Southern Missouri Bancorp, <br> Inc.<br>| 7198 | 394306 |

---

LVIP SSGA Small-Cap Index Fund-3

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Southern States Bancshares, <br> Inc.<br>| 6200 | $225494 |
| Southside Bancshares, Inc. | 21467 | 631774 |
| SR Bancorp, Inc. | 6200 | 83700 |
| Stellar Bancorp, Inc. | 37210 | 1041136 |
| =†Sterling Bancorp, Inc. | 14600 | 0 |
| Stock Yards Bancorp, Inc. | 19432 | 1534739 |
| †Texas Capital Bancshares, <br> Inc.<br>| 35100 | 2786940 |
| †Third Coast Bancshares, Inc. | 8400 | 274428 |
| Timberland Bancorp, Inc. | 5800 | 180960 |
| Tompkins Financial Corp. | 9659 | 605909 |
| Towne Bank | 53337 | 1823059 |
| TriCo Bancshares | 24113 | 976335 |
| †Triumph Financial, Inc. | 16700 | 920337 |
| TrustCo Bank Corp. | 14000 | 467880 |
| Trustmark Corp. | 46179 | 1683686 |
| UMB Financial Corp. | 55697 | 5857097 |
| Union Bankshares, Inc. | 2900 | 77198 |
| United Bankshares, Inc. | 108478 | 3951854 |
| United Community Banks, <br> Inc.<br>| 90496 | 2695876 |
| United Security Bancshares | 10900 | 94285 |
| Unity Bancorp, Inc. | 5400 | 254232 |
| Univest Financial Corp. | 21920 | 658477 |
| USCB Financial Holdings, <br> Inc.<br>| 8100 | 133974 |
| Valley National Bancorp | 371676 | 3319067 |
| Veritex Holdings, Inc. | 39782 | 1038310 |
| Virginia National Bankshares <br> Corp.<br>| 3400 | 125800 |
| WaFd, Inc. | 60884 | 1782684 |
| Washington Trust Bancorp, <br> Inc.<br>| 14275 | 403697 |
| WesBanco, Inc. | 72575 | 2295547 |
| West BanCorp, Inc. | 12296 | 241370 |
| Westamerica BanCorp | 19481 | 943660 |
| Western New England <br> Bancorp, Inc.<br>| 14400 | 132912 |
| WSFS Financial Corp. | 44236 | 2432980 |
|  |  | **204340593** |
| **Beverages–0.11%** | **Beverages–0.11%** | **Beverages–0.11%** |
| MGP Ingredients, Inc. | 10500 | 314685 |
| †National Beverage Corp. | 17834 | 771142 |
| †Vita Coco Co., Inc. | 29700 | 1072170 |
| †Zevia PBC Class A | 24900 | 80178 |
|  |  | **2238175** |
| **Biotechnology–7.15%** | **Biotechnology–7.15%** | **Biotechnology–7.15%** |
| †4D Molecular Therapeutics, <br> Inc.<br>| 35400 | 131334 |
| †89bio, Inc. | 95800 | 940756 |
| †Abeona Therapeutics, Inc. | 33900 | 192552 |
| †Absci Corp. | 84500 | 217165 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 95400 | $2057778 |
| †ADC Therapeutics SA | 64100 | 171788 |
| †ADMA Biologics, Inc. | 177500 | 3232275 |
| †Agios Pharmaceuticals, Inc. | 42600 | 1416876 |
| †Akebia Therapeutics, Inc. | 192100 | 699244 |
| †Akero Therapeutics, Inc. | 53500 | 2854760 |
| †Aldeyra Therapeutics, Inc. | 36000 | 137880 |
| †Alector, Inc. | 59889 | 83845 |
| †Alkermes PLC | 124200 | 3553362 |
| †Allogene Therapeutics, Inc. | 93800 | 105994 |
| †Altimmune, Inc. | 52700 | 203949 |
| †Amicus Therapeutics, Inc. | 220900 | 1265757 |
| †AnaptysBio, Inc. | 16200 | 359640 |
| †Anavex Life Sciences Corp. | 64300 | 592846 |
| †Anika Therapeutics, Inc. | 9395 | 99399 |
| †Annexon, Inc. | 74500 | 178800 |
| †Apogee Therapeutics, Inc. | 24500 | 1064035 |
| †Arbutus Biopharma Corp. | 109100 | 337119 |
| †Arcellx, Inc. | 28100 | 1850385 |
| †Arcturus Therapeutics <br> Holdings, Inc.<br>| 17000 | 221170 |
| †Arcus Biosciences, Inc. | 53100 | 432234 |
| †Arcutis Biotherapeutics, Inc. | 81000 | 1135620 |
| †Ardelyx, Inc. | 178800 | 700896 |
| †ArriVent Biopharma, Inc. | 21100 | 459347 |
| †Arrowhead Pharmaceuticals, <br> Inc.<br>| 89932 | 1420926 |
| †ARS Pharmaceuticals, Inc. | 42100 | 734645 |
| †Astria Therapeutics, Inc. | 33400 | 179024 |
| †aTyr Pharma, Inc. | 67100 | 340197 |
| †Aura Biosciences, Inc. | 34400 | 215344 |
| †Aurinia Pharmaceuticals, <br> Inc.<br>| 101800 | 862246 |
| †Avidity Biosciences, Inc. | 85900 | 2439560 |
| †Avita Medical, Inc. | 19300 | 102097 |
| †Beam Therapeutics, Inc. | 73300 | 1246833 |
| †Benitec Biopharma, Inc. | 11300 | 132210 |
| †Bicara Therapeutics, Inc. | 26500 | 246185 |
| †BioCryst Pharmaceuticals, <br> Inc.<br>| 156703 | 1404059 |
| †Biohaven Ltd. | 69450 | 979939 |
| †Blueprint Medicines Corp. | 49048 | 6286973 |
| †Bridgebio Pharma, Inc. | 119685 | 5167998 |
| †Bright Minds Biosciences, <br> Inc.<br>| 3600 | 93996 |
| †Candel Therapeutics, Inc. | 21500 | 108790 |
| †Capricor Therapeutics, Inc. | 27400 | 272082 |
| †Cardiff Oncology, Inc. | 44100 | 138915 |
| †CareDx, Inc. | 41900 | 818726 |
| †Cargo Therapeutics, Inc. | 25800 | 106296 |
| †Cartesian Therapeutics, Inc. | 7126 | 74039 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 88700 | 1924790 |
| †Celcuity, Inc. | 25100 | 335085 |

---

LVIP SSGA Small-Cap Index Fund-4

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Celldex Therapeutics, Inc. | 48900 | $995115 |
| †CG oncology, Inc. | 40800 | 1060800 |
| †Cidara Therapeutics, Inc. | 12900 | 628359 |
| †Cogent Biosciences, Inc. | 81600 | 585888 |
| †Coherus Oncology, Inc. | 83905 | 61360 |
| †Compass Therapeutics, Inc. | 73940 | 192244 |
| †Corvus Pharmaceuticals, Inc. | 40800 | 163200 |
| †Crinetics Pharmaceuticals, <br> Inc.<br>| 69368 | 1995024 |
| †CRISPR Therapeutics AG | 63400 | 3083776 |
| †Cullinan Therapeutics, Inc. | 38900 | 292917 |
| †Cytokinetics, Inc. | 89466 | 2955957 |
| †Day One Biopharmaceuticals, <br> Inc.<br>| 55500 | 360750 |
| †Denali Therapeutics, Inc. | 101500 | 1419985 |
| †Design Therapeutics, Inc. | 24900 | 83913 |
| †DiaMedica Therapeutics, Inc. | 20900 | 81510 |
| †Dianthus Therapeutics, Inc. | 17900 | 333477 |
| †Disc Medicine, Inc. | 18900 | 1000944 |
| †Dynavax Technologies Corp. | 80815 | 801685 |
| †Dyne Therapeutics, Inc. | 72100 | 686392 |
| †Editas Medicine, Inc. | 61938 | 136264 |
| †Eledon Pharmaceuticals, Inc. | 45900 | 124389 |
| †Emergent BioSolutions, Inc. | 41700 | 266046 |
| †Enanta Pharmaceuticals, <br> Inc.<br>| 15200 | 114912 |
| †Entrada Therapeutics, Inc. | 18300 | 122976 |
| †Erasca, Inc. | 134300 | 170561 |
| †Fate Therapeutics, Inc. | 71854 | 80476 |
| †Fennec Pharmaceuticals, <br> Inc.<br>| 18500 | 153550 |
| †Foghorn Therapeutics, Inc. | 20000 | 94000 |
| †Geron Corp. | 449794 | 634210 |
| †Gossamer Bio, Inc. | 147400 | 181302 |
| †GRAIL, Inc. | 23400 | 1203228 |
| †Greenwich Lifesciences, Inc. | 4700 | 42629 |
| †Gyre Therapeutics, Inc. | 5500 | 40425 |
| †Heron Therapeutics, Inc. | 118392 | 245071 |
| †Humacyte, Inc. | 97200 | 203148 |
| †Ideaya Biosciences, Inc. | 65400 | 1374708 |
| †ImmunityBio, Inc. | 177000 | 467280 |
| †Immunome, Inc. | 52800 | 491040 |
| †Immunovant, Inc. | 52500 | 840000 |
| †Inhibikase Therapeutics, Inc. | 48000 | 93600 |
| †Inhibrx Biosciences, Inc. | 8300 | 118441 |
| †Inmune Bio, Inc. | 9600 | 22176 |
| †Intellia Therapeutics, Inc. | 77100 | 723198 |
| †Iovance Biotherapeutics, Inc. | 204800 | 352256 |
| †Ironwood Pharmaceuticals, <br> Inc.<br>| 102972 | 73852 |
| †iTeos Therapeutics, Inc. | 20500 | 204385 |
| Jade Biosciences, Inc. | 25051 | 250259 |
| †Janux Therapeutics, Inc. | 30200 | 697620 |
| †KalVista Pharmaceuticals, <br> Inc.<br>| 29200 | 330106 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Keros Therapeutics, Inc. | 24800 | $331080 |
| †Kodiak Sciences, Inc. | 23315 | 86965 |
| †Korro Bio, Inc. | 4500 | 56205 |
| †Krystal Biotech, Inc. | 18746 | 2576825 |
| †Kura Oncology, Inc. | 55399 | 319652 |
| †Kymera Therapeutics, Inc. | 35500 | 1549220 |
| †Larimar Therapeutics, Inc. | 31200 | 90168 |
| †Lexeo Therapeutics, Inc. | 18700 | 75174 |
| †Madrigal Pharmaceuticals, <br> Inc.<br>| 12974 | 3926451 |
| †MannKind Corp. | 232400 | 869176 |
| †MeiraGTx Holdings PLC | 35392 | 230756 |
| =†Merrimack Pharmaceuticals, <br> Inc.<br>| 1500 | 15 |
| †Metsera, Inc. | 11700 | 332865 |
| †MiMedx Group, Inc. | 89500 | 546845 |
| †Mineralys Therapeutics, Inc. | 30100 | 407253 |
| †Mirum Pharmaceuticals, Inc. | 33300 | 1694637 |
| †Monopar Therapeutics, Inc. | 3200 | 114496 |
| †Monte Rosa Therapeutics, <br> Inc.<br>| 31000 | 139810 |
| †Myriad Genetics, Inc. | 66500 | 353115 |
| †Neurogene, Inc. | 9100 | 136045 |
| †Nkarta, Inc. | 42000 | 69720 |
| †Novavax, Inc. | 117000 | 737100 |
| †Nurix Therapeutics, Inc. | 56800 | 646952 |
| †Nuvalent, Inc. Class A | 32900 | 2510270 |
| †Nuvectis Pharma, Inc. | 10200 | 76194 |
| †Olema Pharmaceuticals, Inc. | 46200 | 196812 |
| †Organogenesis Holdings, Inc. | 51400 | 188124 |
| †ORIC Pharmaceuticals, Inc. | 45700 | 463855 |
| Oruka Therapeutics, Inc. | 21100 | 236531 |
| †Palvella Therapeutics, Inc. | 5400 | 121716 |
| †Perspective Therapeutics, <br> Inc.<br>| 42100 | 144824 |
| †Praxis Precision Medicines, <br> Inc.<br>| 13100 | 550855 |
| †Precigen, Inc. | 105200 | 149384 |
| †Prime Medicine, Inc. | 45000 | 111150 |
| †Protagonist Therapeutics, <br> Inc.<br>| 45000 | 2487150 |
| †Protalix BioTherapeutics, <br> Inc.<br>| 55400 | 81992 |
| †Protara Therapeutics, Inc. | 25700 | 77871 |
| †Prothena Corp. PLC | 31500 | 191205 |
| †PTC Therapeutics, Inc. | 59524 | 2907152 |
| †Puma Biotechnology, Inc. | 33200 | 113876 |
| †Recursion Pharmaceuticals, <br> Inc. Class A<br>| 260400 | 1317624 |
| †REGENXBIO, Inc. | 35600 | 292276 |
| †Relay Therapeutics, Inc. | 94400 | 326624 |
| †Replimune Group, Inc. | 52276 | 485644 |
| †Rezolute, Inc. | 51900 | 231474 |
| †Rhythm Pharmaceuticals, <br> Inc.<br>| 41400 | 2616066 |

---

LVIP SSGA Small-Cap Index Fund-5

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Rigel Pharmaceuticals, Inc. | 13106 | $245475 |
| †Rocket Pharmaceuticals, Inc. | 57300 | 140385 |
| †Sage Therapeutics, Inc. | 40900 | 373008 |
| †Sana Biotechnology, Inc. | 98000 | 267540 |
| †Savara, Inc. | 90300 | 205884 |
| †Scholar Rock Holding Corp. | 61000 | 2160620 |
| †SELLAS Life Sciences Group, <br> Inc.<br>| 74600 | 163374 |
| †Sionna Therapeutics, Inc. | 9600 | 166560 |
| †Soleno Therapeutics, Inc. | 30800 | 2580424 |
| †Solid Biosciences, Inc. | 51100 | 248857 |
| †SpringWorks Therapeutics, <br> Inc.<br>| 55700 | 2617343 |
| †Spyre Therapeutics, Inc. | 38300 | 573351 |
| †Stoke Therapeutics, Inc. | 31600 | 358660 |
| †Syndax Pharmaceuticals, <br> Inc.<br>| 62006 | 580686 |
| †Tango Therapeutics, Inc. | 59300 | 303616 |
| †Taysha Gene Therapies, Inc. | 132700 | 306537 |
| †Tectonic Therapeutic, Inc. | 8500 | 168895 |
| †Tevogen Bio Holdings, Inc. | 13400 | 16750 |
| †TG Therapeutics, Inc. | 111200 | 4002088 |
| †Tonix Pharmaceuticals <br> Holding Corp.<br>| 5900 | 212282 |
| †Tourmaline Bio, Inc. | 17100 | 273429 |
| †Travere Therapeutics, Inc. | 67600 | 1000480 |
| †TriSalus Life Sciences, Inc. | 12800 | 69760 |
| †Twist Bioscience Corp. | 44600 | 1640834 |
| †Tyra Biosciences, Inc. | 15000 | 143550 |
| †Upstream Bio, Inc. | 26900 | 295362 |
| †UroGen Pharma Ltd. | 28900 | 395930 |
| †Vanda Pharmaceuticals, Inc. | 44181 | 208534 |
| †Vaxcyte, Inc. | 96300 | 3130713 |
| †Vera Therapeutics, Inc. | 39500 | 930620 |
| †Veracyte, Inc. | 59100 | 1597473 |
| †Verastem, Inc. | 28400 | 117860 |
| †Vericel Corp. | 38600 | 1642430 |
| †Verve Therapeutics, Inc. | 52700 | 591821 |
| †Vir Biotechnology, Inc. | 68400 | 344736 |
| †Viridian Therapeutics, Inc. | 56300 | 787074 |
| †Voyager Therapeutics, Inc. | 34100 | 106051 |
| †Xencor, Inc. | 50100 | 393786 |
| †Xenon Pharmaceuticals, Inc. | 58200 | 1821660 |
| †XOMA Royalty Corp. | 6200 | 156240 |
| †Y-mAbs Therapeutics, Inc. | 27300 | 123123 |
| †Zenas Biopharma, Inc. | 11200 | 108528 |
| †Zymeworks, Inc. | 40600 | 509530 |
|  |  | **140214218** |
| **Broadline Retail–0.08%** | **Broadline Retail–0.08%** | **Broadline Retail–0.08%** |
| †Groupon, Inc. | 17600 | 588720 |
| Kohl's Corp. | 83800 | 710624 |
| †Savers Value Village, Inc. | 17900 | 182580 |
|  |  | **1481924** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Building Products–1.36%** | **Building Products–1.36%** | **Building Products–1.36%** |
| †American Woodmark Corp. | 11375 | $607084 |
| Apogee Enterprises, Inc. | 16347 | 663688 |
| AZZ, Inc. | 22145 | 2092260 |
| CSW Industrials, Inc. | 12700 | 3642741 |
| †Gibraltar Industries, Inc. | 23056 | 1360304 |
| Griffon Corp. | 29831 | 2158869 |
| Insteel Industries, Inc. | 13939 | 518670 |
| †Janus International Group, <br> Inc.<br>| 103900 | 845746 |
| †JELD-WEN Holding, Inc. | 64859 | 254247 |
| †Masterbrand, Inc. | 95400 | 1042722 |
| Quanex Building Products <br> Corp.<br>| 35852 | 677603 |
| †Resideo Technologies, Inc. | 113800 | 2510428 |
| Tecnoglass, Inc. | 18700 | 1446632 |
| UFP Industries, Inc. | 46310 | 4601362 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 115200 | 4212864 |
|  |  | **26635220** |
| **Capital Markets–1.75%** | **Capital Markets–1.75%** | **Capital Markets–1.75%** |
| Acadian Asset Management, <br> Inc.<br>| 20217 | 712447 |
| †AlTi Global, Inc. | 26600 | 110390 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 47700 | 2114541 |
| BGC Group, Inc. Class A | 268900 | 2750847 |
| Cohen & Steers, Inc. | 20869 | 1572479 |
| Diamond Hill Investment <br> Group, Inc.<br>| 1932 | 280739 |
| DigitalBridge Group, Inc. | 131450 | 1360508 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 21100 | 1300815 |
| †Forge Global Holdings, Inc. | 5666 | 107881 |
| GCM Grosvenor, Inc. Class A | 32300 | 373388 |
| Marex Group PLC | 24400 | 963068 |
| MarketWise, Inc. | 1280 | 25331 |
| Moelis & Co. Class A | 56900 | 3546008 |
| †Open Lending Corp. Class A | 74700 | 144918 |
| P10, Inc. Class A | 41900 | 428218 |
| Patria Investments Ltd. <br> Class A<br>| 44000 | 618640 |
| Perella Weinberg Partners | 46800 | 908856 |
| Piper Sandler Cos. | 13368 | 3715502 |
| PJT Partners, Inc. Class A | 17600 | 2904176 |
| Silvercrest Asset <br> Management Group, Inc. <br> Class A<br>| 7500 | 118950 |
| StepStone Group, Inc. <br> Class A<br>| 50200 | 2786100 |
| †StoneX Group, Inc. | 34629 | 3156087 |
| Value Line, Inc. | 700 | 27405 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 33960 | 2162233 |

---

LVIP SSGA Small-Cap Index Fund-6

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Virtus Investment Partners, <br> Inc.<br>| 5032 | $912805 |
| Westwood Holdings Group, <br> Inc.<br>| 5900 | 92040 |
| WisdomTree, Inc. | 101208 | 1164904 |
|  |  | **34359276** |
| **Chemicals–1.67%** | **Chemicals–1.67%** | **Chemicals–1.67%** |
| AdvanSix, Inc. | 19500 | 463125 |
| †American Vanguard Corp. | 20395 | 79948 |
| †Arq, Inc. | 22400 | 120288 |
| †ASP Isotopes, Inc. | 41500 | 305440 |
| †Aspen Aerogels, Inc. | 47300 | 280016 |
| Avient Corp. | 70502 | 2277920 |
| Balchem Corp. | 25109 | 3997353 |
| Cabot Corp. | 41600 | 3120000 |
| Chemours Co. | 115500 | 1322475 |
| †Core Molding Technologies, <br> Inc.<br>| 5800 | 96222 |
| †Ecovyst, Inc. | 88500 | 728355 |
| †Flotek Industries, Inc. | 11100 | 163836 |
| †Ginkgo Bioworks Holdings, <br> Inc.<br>| 30100 | 338625 |
| Hawkins, Inc. | 14636 | 2079776 |
| HB Fuller Co. | 41409 | 2490751 |
| †Ingevity Corp. | 27553 | 1187259 |
| Innospec, Inc. | 18804 | 1581228 |
| †Intrepid Potash, Inc. | 8200 | 292986 |
| Koppers Holdings, Inc. | 14560 | 468104 |
| Kronos Worldwide, Inc. | 15689 | 97272 |
| †LSB Industries, Inc. | 39500 | 308100 |
| Mativ Holdings, Inc. | 40079 | 273339 |
| Minerals Technologies, Inc. | 23864 | 1314190 |
| Orion SA | 43095 | 452066 |
| †Perimeter Solutions, Inc. | 106778 | 1486350 |
| †PureCycle Technologies, Inc. | 99600 | 1364520 |
| Quaker Chemical Corp. | 10413 | 1165631 |
| †Rayonier Advanced Materials, <br> Inc.<br>| 47500 | 182875 |
| Sensient Technologies Corp. | 31895 | 3142295 |
| †Solesence, Inc. | 15000 | 65400 |
| Stepan Co. | 16170 | 882559 |
| Trinseo PLC | 26900 | 83928 |
| Tronox Holdings PLC | 88500 | 448695 |
| Valhi, Inc. | 2100 | 33936 |
|  |  | **32694863** |
| **Commercial Services & Supplies–1.85%** | **Commercial Services & Supplies–1.85%** | **Commercial Services & Supplies–1.85%** |
| ABM Industries, Inc. | 47023 | 2219956 |
| ACCO Brands Corp. | 68824 | 246390 |
| Acme United Corp. | 2600 | 107770 |
| †ACV Auctions, Inc. Class A | 128700 | 2087514 |
| †BrightView Holdings, Inc. | 45400 | 755910 |
| Brink's Co. | 33260 | 2969785 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Casella Waste Systems, Inc. <br> Class A<br>| 48134 | $5553701 |
| †CECO Environmental Corp. | 22200 | 628482 |
| †Cimpress PLC | 12634 | 593798 |
| CompX International, Inc. | 1338 | 35551 |
| †CoreCivic, Inc. | 82481 | 1737875 |
| Deluxe Corp. | 33040 | 525666 |
| †Driven Brands Holdings, Inc. | 45200 | 793712 |
| Ennis, Inc. | 19162 | 347599 |
| †Enviri Corp. | 60300 | 523404 |
| †GEO Group, Inc. | 104738 | 2508475 |
| †Healthcare Services Group, <br> Inc.<br>| 55481 | 833879 |
| HNI Corp. | 36035 | 1772201 |
| Interface, Inc. | 43221 | 904616 |
| †Liquidity Services, Inc. | 16373 | 386239 |
| MillerKnoll, Inc. | 51605 | 1002169 |
| †Montrose Environmental <br> Group, Inc.<br>| 24200 | 529738 |
| NL Industries, Inc. | 6336 | 40550 |
| †OPENLANE, Inc. | 80300 | 1963335 |
| †Perma-Fix Environmental <br> Services, Inc.<br>| 13100 | 137812 |
| Pitney Bowes, Inc. | 140700 | 1535037 |
| Quad/Graphics, Inc. | 22700 | 128255 |
| Steelcase, Inc. Class A | 70198 | 732165 |
| UniFirst Corp. | 11367 | 2139497 |
| Vestis Corp. | 88800 | 508824 |
| Virco Mfg. Corp. | 8300 | 66234 |
| VSE Corp. | 15566 | 2038835 |
|  |  | **36354974** |
| **Communications Equipment–0.76%** | **Communications Equipment–0.76%** | **Communications Equipment–0.76%** |
| †ADTRAN Holdings, Inc. | 58648 | 526073 |
| †Applied Optoelectronics, Inc. | 41200 | 1058428 |
| †Aviat Networks, Inc. | 8800 | 211640 |
| †BK Technologies Corp. | 2100 | 98973 |
| †Calix, Inc. | 45031 | 2395199 |
| †Clearfield, Inc. | 9000 | 390690 |
| †CommScope Holding Co., <br> Inc.<br>| 161800 | 1339704 |
| †Digi International, Inc. | 27543 | 960149 |
| †Extreme Networks, Inc. | 101145 | 1815553 |
| †Harmonic, Inc. | 83288 | 788737 |
| †Inseego Corp. | 9800 | 80752 |
| †NETGEAR, Inc. | 21134 | 614365 |
| †NetScout Systems, Inc. | 52356 | 1298952 |
| †Ribbon Communications, <br> Inc.<br>| 69602 | 279104 |
| †Viasat, Inc. | 93200 | 1360720 |
| †Viavi Solutions, Inc. | 165700 | 1668599 |
|  |  | **14887638** |
| **Construction & Engineering–2.15%** | **Construction & Engineering–2.15%** | **Construction & Engineering–2.15%** |
| †Ameresco, Inc. Class A | 23921 | 363360 |

---

LVIP SSGA Small-Cap Index Fund-7

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| Arcosa, Inc. | 36800 | $3190928 |
| Argan, Inc. | 10124 | 2232140 |
| †Bowman Consulting Group <br> Ltd.<br>| 9900 | 284625 |
| †Centuri Holdings, Inc. | 12900 | 289476 |
| Concrete Pumping Holdings, <br> Inc.<br>| 18300 | 112545 |
| †Construction Partners, Inc. <br> Class A<br>| 36000 | 3826080 |
| †Dycom Industries, Inc. | 21529 | 5261472 |
| †Fluor Corp. | 129300 | 6629211 |
| Granite Construction, Inc. | 33279 | 3111919 |
| †Great Lakes Dredge & Dock <br> Corp.<br>| 50134 | 611133 |
| †IES Holdings, Inc. | 6900 | 2043987 |
| †Limbach Holdings, Inc. | 8100 | 1134810 |
| †Matrix Service Co. | 19600 | 264796 |
| †MYR Group, Inc. | 12094 | 2194456 |
| †NWPX Infrastructure, Inc. | 7148 | 293140 |
| †Orion Group Holdings, Inc. | 27500 | 249425 |
| Primoris Services Corp. | 41438 | 3229678 |
| †Southland Holdings, Inc. | 8200 | 34276 |
| †Sterling Infrastructure, Inc. | 22600 | 5214498 |
| †Tutor Perini Corp. | 34106 | 1595479 |
|  |  | **42167434** |
| **Construction Materials–0.24%** | **Construction Materials–0.24%** | **Construction Materials–0.24%** |
| †Knife River Corp. | 43800 | 3575832 |
| †Smith-Midland Corp. | 3500 | 117460 |
| †Titan America SA | 18800 | 234624 |
| U.S. Lime & Minerals, Inc. | 7935 | 791913 |
|  |  | **4719829** |
| **Consumer Finance–1.13%** | **Consumer Finance–1.13%** | **Consumer Finance–1.13%** |
| †Atlanticus Holdings Corp. | 4215 | 230771 |
| Bread Financial Holdings, <br> Inc.<br>| 37600 | 2147712 |
| †Consumer Portfolio Services, <br> Inc.<br>| 6000 | 58980 |
| †Dave, Inc. | 7100 | 1905711 |
| †Encore Capital Group, Inc. | 17763 | 687606 |
| †Enova International, Inc. | 19223 | 2143749 |
| FirstCash Holdings, Inc. | 30324 | 4097985 |
| †Green Dot Corp. Class A | 40602 | 437690 |
| †LendingClub Corp. | 83260 | 1001618 |
| †LendingTree, Inc. | 7700 | 285439 |
| Medallion Financial Corp. | 13600 | 129608 |
| Navient Corp. | 56400 | 795240 |
| Nelnet, Inc. Class A | 10738 | 1300586 |
| †NerdWallet, Inc. Class A | 31900 | 349943 |
| †Oportun Financial Corp. | 26000 | 186160 |
| OppFi, Inc. | 18800 | 263012 |
| †PRA Group, Inc. | 28823 | 425139 |
| PROG Holdings, Inc. | 30905 | 907062 |
| Regional Management Corp. | 6243 | 182358 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Upstart Holdings, Inc. | 64500 | $4171860 |
| †World Acceptance Corp. | 2601 | 429477 |
|  |  | **22137706** |
| **Consumer Staples Distribution & Retail–0.50%** | **Consumer Staples Distribution & Retail–0.50%** | **Consumer Staples Distribution & Retail–0.50%** |
| Andersons, Inc. | 24763 | 910040 |
| †Chefs' Warehouse, Inc. | 27935 | 1782532 |
| †Grocery Outlet Holding Corp. | 72700 | 902934 |
| †Guardian Pharmacy Services, <br> Inc. Class A<br>| 9900 | 210969 |
| †HF Foods Group, Inc. | 30800 | 97944 |
| Ingles Markets, Inc. Class A | 10831 | 686469 |
| Natural Grocers by Vitamin <br> Cottage, Inc.<br>| 9889 | 388143 |
| PriceSmart, Inc. | 19632 | 2062145 |
| SpartanNash Co. | 25158 | 666436 |
| †United Natural Foods, Inc. | 44399 | 1034941 |
| Village Super Market, Inc. <br> Class A<br>| 6613 | 254601 |
| Weis Markets, Inc. | 12500 | 906125 |
|  |  | **9903279** |
| **Containers & Packaging–0.26%** | **Containers & Packaging–0.26%** | **Containers & Packaging–0.26%** |
| Ardagh Metal Packaging SA | 110300 | 472084 |
| Greif, Inc. Class A | 22517 | 1477920 |
| Myers Industries, Inc. | 27597 | 399881 |
| †O-I Glass, Inc. | 116600 | 1718684 |
| †Ranpak Holdings Corp. | 33000 | 117810 |
| TriMas Corp. | 30625 | 876181 |
|  |  | **5062560** |
| **Distributors–0.04%** | **Distributors–0.04%** | **Distributors–0.04%** |
| A-Mark Precious Metals, Inc. | 13300 | 294994 |
| †GigaCloud Technology, Inc. <br> Class A<br>| 17400 | 344172 |
| Weyco Group, Inc. | 4500 | 149220 |
|  |  | **788386** |
| **Diversified Consumer Services–1.35%** | **Diversified Consumer Services–1.35%** | **Diversified Consumer Services–1.35%** |
| †Adtalem Global Education, <br> Inc.<br>| 28317 | 3602772 |
| †American Public Education, <br> Inc.<br>| 11900 | 362474 |
| Carriage Services, Inc. | 10435 | 477297 |
| †Coursera, Inc. | 103700 | 908412 |
| †European Wax Center, Inc. <br> Class A<br>| 24500 | 137935 |
| †Frontdoor, Inc. | 58400 | 3442096 |
| Graham Holdings Co. Class B | 2400 | 2270808 |
| †KinderCare Learning Cos., <br> Inc.<br>| 20900 | 211090 |
| †Laureate Education, Inc. | 98600 | 2305268 |
| †Lincoln Educational Services <br> Corp.<br>| 22800 | 525540 |

---

LVIP SSGA Small-Cap Index Fund-8

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| Matthews International Corp. <br> Class A<br>| 22610 | $540605 |
| †Mister Car Wash, Inc. | 70800 | 425508 |
| †Nerdy, Inc. | 60500 | 98615 |
| OneSpaWorld Holdings Ltd. | 75600 | 1541484 |
| Perdoceo Education Corp. | 49368 | 1613840 |
| Strategic Education, Inc. | 18435 | 1569371 |
| †Stride, Inc. | 32700 | 4747713 |
| †Udemy, Inc. | 69300 | 487179 |
| †Universal Technical Institute, <br> Inc.<br>| 35200 | 1192928 |
| †Zspace, Inc. | 2000 | 6520 |
|  |  | **26467455** |
| **Diversified REITs–0.61%** | **Diversified REITs–0.61%** | **Diversified REITs–0.61%** |
| Alexander & Baldwin, Inc. | 54808 | 977227 |
| Alpine Income Property <br> Trust, Inc.<br>| 9000 | 132390 |
| American Assets Trust, Inc. | 39973 | 789467 |
| Armada Hoffler Properties, <br> Inc.<br>| 59000 | 405330 |
| Broadstone Net Lease, Inc. | 142800 | 2291940 |
| CTO Realty Growth, Inc. | 21542 | 371815 |
| Essential Properties Realty <br> Trust, Inc.<br>| 152235 | 4857819 |
| Gladstone Commercial Corp. | 32805 | 470096 |
| Global Net Lease, Inc. | 151928 | 1147056 |
| Modiv Industrial, Inc. | 7400 | 104192 |
| NexPoint Diversified Real <br> Estate Trust<br>| 24660 | 103325 |
| One Liberty Properties, Inc. | 11807 | 281715 |
|  |  | **11932372** |
| **Diversified Telecommunication Services–0.44%** | **Diversified Telecommunication Services–0.44%** | **Diversified Telecommunication Services–0.44%** |
| †Anterix, Inc. | 7900 | 202635 |
| ATN International, Inc. | 7592 | 123370 |
| †Bandwidth, Inc. Class A | 19200 | 305280 |
| Cogent Communications <br> Holdings, Inc.<br>| 33404 | 1610407 |
| †Globalstar, Inc. | 36886 | 868665 |
| IDT Corp. Class B | 12500 | 854000 |
| †Liberty Latin America Ltd. <br> Class A<br>| 120571 | 747190 |
| †Lumen Technologies, Inc. | 763900 | 3345882 |
| Shenandoah <br> Telecommunications Co.<br>| 37150 | 507469 |
|  |  | **8564898** |
| **Electric Utilities–1.09%** | **Electric Utilities–1.09%** | **Electric Utilities–1.09%** |
| ALLETE, Inc. | 44873 | 2875013 |
| Genie Energy Ltd. Class B | 16400 | 440832 |
| †Hawaiian Electric Industries, <br> Inc.<br>| 130900 | 1391467 |
| MGE Energy, Inc. | 28315 | 2504179 |
| †Oklo, Inc. | 78600 | 4400814 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Otter Tail Corp. | 31281 | $2411452 |
| Portland General Electric <br> Co.<br>| 84500 | 3433235 |
| TXNM Energy, Inc. | 71036 | 4000748 |
|  |  | **21457740** |
| **Electrical Equipment–1.59%** | **Electrical Equipment–1.59%** | **Electrical Equipment–1.59%** |
| Allient, Inc. | 10800 | 392148 |
| †American Superconductor <br> Corp.<br>| 29300 | 1075017 |
| †Amprius Technologies, Inc. | 72100 | 303541 |
| †Array Technologies, Inc. | 115100 | 679090 |
| Atkore, Inc. | 26300 | 1855465 |
| †Bloom Energy Corp. Class A | 156845 | 3751732 |
| †Complete Solaria, Inc. | 47900 | 88136 |
| EnerSys | 29922 | 2566410 |
| †Enovix Corp. | 123900 | 1281126 |
| †Eos Energy Enterprises, Inc. | 171000 | 875520 |
| †Fluence Energy, Inc. | 58600 | 393206 |
| †Hyliion Holdings Corp. | 104500 | 137940 |
| †KULR Technology Group, Inc. | 25800 | 183954 |
| LSI Industries, Inc. | 21500 | 365715 |
| †NANO Nuclear Energy, Inc. | 20500 | 707045 |
| †Net Power, Inc. | 15200 | 37544 |
| †NEXTracker, Inc. Class A | 109200 | 5937204 |
| †NuScale Power Corp. | 97100 | 3841276 |
| †Plug Power, Inc. | 702200 | 1046278 |
| Powell Industries, Inc. | 7108 | 1495879 |
| †Power Solutions <br> International, Inc.<br>| 5100 | 329868 |
| Preformed Line Products Co. | 1786 | 285421 |
| †Shoals Technologies Group, <br> Inc. Class A<br>| 126500 | 537625 |
| †SKYX Platforms Corp. | 49200 | 51414 |
| †Sunrun, Inc. | 166500 | 1361970 |
| †T1 Energy, Inc. | 80500 | 99015 |
| †Thermon Group Holdings, <br> Inc.<br>| 25160 | 706493 |
| †Vicor Corp. | 17171 | 778876 |
|  |  | **31164908** |
| **Electronic Equipment, Instruments & Components–3.51%** | **Electronic Equipment, Instruments & Components–3.51%** | **Electronic Equipment, Instruments & Components–3.51%** |
| †908 Devices, Inc. | 18100 | 129053 |
| Advanced Energy Industries, <br> Inc.<br>| 28879 | 3826467 |
| †Aeva Technologies, Inc. | 23580 | 891088 |
| †Arlo Technologies, Inc. | 73615 | 1248510 |
| Badger Meter, Inc. | 22722 | 5565754 |
| Bel Fuse, Inc. Class A | 9300 | 897541 |
| Belden, Inc. | 30642 | 3548344 |
| Benchmark Electronics, Inc. | 27066 | 1050973 |
| Climb Global Solutions, Inc. | 3200 | 342112 |
| CTS Corp. | 22711 | 967716 |
| †Daktronics, Inc. | 31100 | 470232 |
| †ePlus, Inc. | 19816 | 1428734 |

---

LVIP SSGA Small-Cap Index Fund-9

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| †Evolv Technologies Holdings, <br> Inc.<br>| 99600 | $621504 |
| †Fabrinet | 27656 | 8149670 |
| †FARO Technologies, Inc. | 14199 | 623620 |
| Frequency Electronics, Inc. | 5200 | 118092 |
| †Insight Enterprises, Inc. | 21303 | 2941625 |
| †Itron, Inc. | 34844 | 4586516 |
| †Kimball Electronics, Inc. | 18375 | 353351 |
| †Knowles Corp. | 65506 | 1154216 |
| Methode Electronics, Inc. | 25866 | 245986 |
| †MicroVision, Inc. | 153100 | 174534 |
| †Mirion Technologies, Inc. | 160900 | 3464177 |
| †M-Tron Industries, Inc. | 2000 | 84000 |
| Napco Security Technologies, <br> Inc.<br>| 26800 | 795692 |
| †Neonode, Inc. | 8200 | 209100 |
| †nLight, Inc. | 34900 | 686832 |
| †Novanta, Inc. | 27663 | 3566591 |
| †OSI Systems, Inc. | 12068 | 2713610 |
| †Ouster, Inc. | 39000 | 945750 |
| †PAR Technology Corp. | 30700 | 2129659 |
| PC Connection, Inc. | 8824 | 580443 |
| †Plexus Corp. | 20263 | 2741786 |
| †Powerfleet, Inc. NJ | 95800 | 412898 |
| †Red Cat Holdings, Inc. | 57700 | 420056 |
| Richardson Electronics Ltd. | 9000 | 86850 |
| †Rogers Corp. | 14252 | 975977 |
| †Sanmina Corp. | 40695 | 3981192 |
| †ScanSource, Inc. | 17537 | 733222 |
| †TTM Technologies, Inc. | 76425 | 3119668 |
| Vishay Intertechnology, Inc. | 94221 | 1496229 |
| †Vishay Precision Group, Inc. | 8972 | 252113 |
| †Vuzix Corp. | 50200 | 146584 |
|  |  | **68878067** |
| **Energy Equipment & Services–1.77%** | **Energy Equipment & Services–1.77%** | **Energy Equipment & Services–1.77%** |
| Archrock, Inc. | 126002 | 3128630 |
| Aris Water Solutions, Inc. <br> Class A<br>| 23800 | 562870 |
| Atlas Energy Solutions, Inc. | 56100 | 750057 |
| †Borr Drilling Ltd. | 175800 | 321714 |
| †Bristow Group, Inc. | 21873 | 721153 |
| Cactus, Inc. Class A | 52500 | 2295300 |
| ChampionX Corp. | 147000 | 3651480 |
| Core Laboratories, Inc. | 35800 | 412416 |
| †DMC Global, Inc. | 14988 | 120803 |
| Energy Services of America <br> Corp.<br>| 9400 | 93436 |
| †Expro Group Holdings NV | 79366 | 681754 |
| Flowco Holdings, Inc. Class A | 14800 | 263588 |
| †Forum Energy Technologies, <br> Inc.<br>| 9000 | 175230 |
| †Helix Energy Solutions Group, <br> Inc.<br>| 109256 | 681757 |
| Helmerich & Payne, Inc. | 74200 | 1124872 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Innovex International, Inc. | 26400 | $412368 |
| Kodiak Gas Services, Inc. | 41400 | 1418778 |
| Liberty Energy, Inc. | 119222 | 1368669 |
| †Mammoth Energy Services, <br> Inc.<br>| 16700 | 46760 |
| †Nabors Industries Ltd. | 10914 | 305810 |
| †National Energy Services <br> Reunited Corp.<br>| 47200 | 284144 |
| †Natural Gas Services Group, <br> Inc.<br>| 8200 | 211642 |
| Noble Corp. PLC | 100635 | 2671859 |
| †Oceaneering International, <br> Inc.<br>| 76100 | 1576792 |
| †Oil States International, Inc. | 46400 | 248704 |
| Patterson-UTI Energy, Inc. | 295089 | 1749878 |
| †ProFrac Holding Corp. <br> Class A<br>| 16900 | 131144 |
| †ProPetro Holding Corp. | 65000 | 388050 |
| Ranger Energy Services, Inc. <br> Class A<br>| 11600 | 138504 |
| RPC, Inc. | 64400 | 304612 |
| †SEACOR Marine Holdings, <br> Inc.<br>| 18800 | 95880 |
| †Seadrill Ltd. | 49400 | 1296750 |
| Select Water Solutions, Inc. | 68900 | 595296 |
| Solaris Energy Infrastructure, <br> Inc. Class A<br>| 28000 | 792120 |
| †TETRA Technologies, Inc. | 95300 | 320208 |
| †Tidewater, Inc. | 38811 | 1790351 |
| †Transocean Ltd. | 571400 | 1479926 |
| †Valaris Ltd. | 48800 | 2054968 |
|  |  | **34668273** |
| **Entertainment–0.55%** | **Entertainment–0.55%** | **Entertainment–0.55%** |
| †AMC Entertainment <br> Holdings, Inc. Class A<br>| 334000 | 1035400 |
| †Atlanta Braves Holdings, Inc. <br> Class A<br>| 45400 | 2141902 |
| Cinemark Holdings, Inc. | 83500 | 2520030 |
| CuriosityStream, Inc. | 25000 | 140750 |
| †Eventbrite, Inc. Class A | 59700 | 157011 |
| †Gaia, Inc. | 13600 | 59704 |
| †Golden Matrix Group, Inc. | 15600 | 26520 |
| †IMAX Corp. | 32300 | 903108 |
| †Lionsgate Studios Corp. | 144104 | 837244 |
| †Madison Square Garden <br> Entertainment Corp.<br>| 29772 | 1189987 |
| Marcus Corp. | 17334 | 292251 |
| †Playstudios, Inc. | 67100 | 87901 |
| Playtika Holding Corp. | 43600 | 206228 |
| †Reservoir Media, Inc. | 15300 | 117351 |
| †Sphere Entertainment Co. | 20472 | 855730 |
| †Starz Entertainment Corp. | 9493 | 152552 |
| †Vivid Seats, Inc. Class A | 57200 | 96668 |
|  |  | **10820337** |

---

LVIP SSGA Small-Cap Index Fund-10

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services–2.57%** | **Financial Services–2.57%** | **Financial Services–2.57%** |
| †Acacia Research Corp. | 28200 | $100956 |
| Alerus Financial Corp. | 16900 | 365716 |
| †AvidXchange Holdings, Inc. | 131500 | 1287385 |
| Banco Latinoamericano de <br> Comercio Exterior SA<br>| 22358 | 901027 |
| Burford Capital Ltd. | 151900 | 2166094 |
| Cannae Holdings, Inc. | 42500 | 886125 |
| †Cantaloupe, Inc. | 44000 | 483560 |
| Cass Information Systems, <br> Inc.<br>| 10315 | 448187 |
| Compass Diversified <br> Holdings<br>| 50800 | 319024 |
| Enact Holdings, Inc. | 21400 | 795010 |
| Essent Group Ltd. | 76109 | 4622100 |
| EVERTEC, Inc. | 48207 | 1737862 |
| Federal Agricultural <br> Mortgage Corp. Class C<br>| 6874 | 1335481 |
| †Finance of America Cos., Inc. <br> Class A<br>| 3500 | 81620 |
| †Flywire Corp. | 91400 | 1069380 |
| HA Sustainable <br> Infrastructure Capital, Inc.<br>| 93800 | 2519468 |
| †International Money Express, <br> Inc.<br>| 22834 | 230395 |
| Jackson Financial, Inc. <br> Class A<br>| 55400 | 4918966 |
| †loanDepot, Inc. Class A | 64700 | 82169 |
| †Marqeta, Inc. Class A | 294900 | 1719267 |
| Merchants Bancorp | 19914 | 658556 |
| †NCR Atleos Corp. | 54300 | 1549179 |
| NewtekOne, Inc. | 18600 | 209808 |
| †NMI Holdings, Inc. Class A | 59400 | 2506086 |
| †Onity Group, Inc. | 4900 | 187033 |
| Pagseguro Digital Ltd. <br> Class A<br>| 138700 | 1337068 |
| †Payoneer Global, Inc. | 213600 | 1463160 |
| †Paysafe Ltd. | 23884 | 301416 |
| †Paysign, Inc. | 25700 | 185040 |
| PennyMac Financial Services, <br> Inc.<br>| 22400 | 2231936 |
| †Priority Technology Holdings, <br> Inc.<br>| 16900 | 131482 |
| Radian Group, Inc. | 108354 | 3902911 |
| †Remitly Global, Inc. | 118800 | 2229876 |
| †Repay Holdings Corp. | 65700 | 316674 |
| †Security National Financial <br> Corp. Class A<br>| 11600 | 114260 |
| †Sezzle, Inc. | 11300 | 2025525 |
| †StoneCo Ltd. Class A | 185800 | 2980232 |
| SWK Holdings Corp. | 2200 | 32428 |
| †Velocity Financial, Inc. | 6600 | 122364 |
| Walker & Dunlop, Inc. | 25263 | 1780536 |
| Waterstone Financial, Inc. | 11880 | 164063 |
|  |  | **50499425** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Food Products–0.94%** | **Food Products–0.94%** | **Food Products–0.94%** |
| Alico, Inc. | 5500 | $179740 |
| B&G Foods, Inc. | 58114 | 245822 |
| †Beyond Meat, Inc. | 46900 | 163681 |
| †BRC, Inc. Class A | 36900 | 48339 |
| Calavo Growers, Inc. | 12654 | 336470 |
| Cal-Maine Foods, Inc. | 35230 | 3509965 |
| Dole PLC | 56600 | 791834 |
| †Forafric Global PLC | 4600 | 35880 |
| Fresh Del Monte Produce, <br> Inc.<br>| 25456 | 825283 |
| †Hain Celestial Group, Inc. | 66500 | 101080 |
| J&J Snack Foods Corp. | 11487 | 1302741 |
| John B Sanfilippo & Son, Inc. | 6702 | 423834 |
| Lancaster Colony Corp. | 15354 | 2652711 |
| †Lifeway Foods, Inc. | 3500 | 86275 |
| Limoneira Co. | 12300 | 192495 |
| †Mama's Creations, Inc. | 25500 | 211650 |
| †Mission Produce, Inc. | 37100 | 434812 |
| †Seneca Foods Corp. Class A | 3488 | 353788 |
| †Simply Good Foods Co. | 71900 | 2271321 |
| †SunOpta, Inc. | 70800 | 410640 |
| Tootsie Roll Industries, Inc. | 13500 | 451575 |
| †TreeHouse Foods, Inc. | 38600 | 749612 |
| Utz Brands, Inc. | 55600 | 697780 |
| †Vital Farms, Inc. | 25500 | 982260 |
| †Westrock Coffee Co. | 27200 | 155856 |
| WK Kellogg Co. | 49700 | 792218 |
|  |  | **18407662** |
| **Gas Utilities–1.07%** | **Gas Utilities–1.07%** | **Gas Utilities–1.07%** |
| Brookfield Infrastructure <br> Corp. Class A<br>| 92278 | 3838765 |
| Chesapeake Utilities Corp. | 17065 | 2051554 |
| New Jersey Resources Corp. | 77397 | 3468933 |
| Northwest Natural Holding <br> Co.<br>| 30319 | 1204271 |
| ONE Gas, Inc. | 45879 | 3296865 |
| RGC Resources, Inc. | 6300 | 140994 |
| Southwest Gas Holdings, Inc. | 49622 | 3691381 |
| Spire, Inc. | 44220 | 3227618 |
|  |  | **20920381** |
| **Ground Transportation–0.37%** | **Ground Transportation–0.37%** | **Ground Transportation–0.37%** |
| ArcBest Corp. | 17775 | 1368852 |
| Covenant Logistics Group, <br> Inc.<br>| 12000 | 289320 |
| FTAI Infrastructure, Inc. | 76700 | 473239 |
| Heartland Express, Inc. | 35309 | 305070 |
| †Hertz Global Holdings, Inc. | 93300 | 637239 |
| Marten Transport Ltd. | 44094 | 572781 |
| †PAMT Corp. | 4100 | 52767 |
| †Proficient Auto Logistics, <br> Inc.<br>| 16100 | 116886 |
| †RXO, Inc. | 124583 | 1958445 |

---

LVIP SSGA Small-Cap Index Fund-11

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Universal Logistics Holdings, <br> Inc.<br>| 5197 | $131900 |
| Werner Enterprises, Inc. | 46420 | 1270051 |
|  |  | **7176550** |
| **Health Care Equipment & Supplies–2.91%** | **Health Care Equipment & Supplies–2.91%** | **Health Care Equipment & Supplies–2.91%** |
| †Accuray, Inc. | 74500 | 102065 |
| †Alphatec Holdings, Inc. | 89000 | 987900 |
| †AngioDynamics, Inc. | 28992 | 287601 |
| †Anteris Technologies Global <br> Corp.<br>| 12000 | 45480 |
| †Artivion, Inc. | 29910 | 930201 |
| †AtriCure, Inc. | 35703 | 1169987 |
| †Avanos Medical, Inc. | 34700 | 424728 |
| †Axogen, Inc. | 31700 | 343945 |
| †Beta Bionics, Inc. | 9700 | 141232 |
| †Bioventus, Inc. Class A | 29600 | 195952 |
| †Butterfly Network, Inc. | 148400 | 296800 |
| †Ceribell, Inc. | 19200 | 359616 |
| †Cerus Corp. | 137683 | 194133 |
| †ClearPoint Neuro, Inc. | 20200 | 241188 |
| CONMED Corp. | 23222 | 1209402 |
| †CVRx, Inc. | 11400 | 67032 |
| †Delcath Systems, Inc. | 23300 | 316880 |
| †Electromed, Inc. | 5400 | 118746 |
| Embecta Corp. | 43500 | 421515 |
| †Enovis Corp. | 43800 | 1373568 |
| †Glaukos Corp. | 42845 | 4425460 |
| †Haemonetics Corp. | 38600 | 2879946 |
| †ICU Medical, Inc. | 18500 | 2444775 |
| †Inogen, Inc. | 18890 | 132797 |
| †Integer Holdings Corp. | 26425 | 3249482 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 51300 | 629451 |
| iRadimed Corp. | 6000 | 358740 |
| †iRhythm Technologies, Inc. | 24450 | 3764322 |
| †Kestra Medical Technologies <br> Ltd.<br>| 10200 | 169116 |
| †KORU Medical Systems, Inc. | 33300 | 119214 |
| †Lantheus Holdings, Inc. | 52206 | 4273583 |
| LeMaitre Vascular, Inc. | 15998 | 1328634 |
| †LENSAR, Inc. | 7400 | 97458 |
| †LivaNova PLC | 41096 | 1850142 |
| †Lucid Diagnostics, Inc. | 55400 | 63710 |
| †Merit Medical Systems, Inc. | 44741 | 4182389 |
| †Myomo, Inc. | 26200 | 56592 |
| †Neogen Corp. | 164350 | 785593 |
| †Neuronetics, Inc. | 28500 | 99465 |
| †NeuroPace, Inc. | 18700 | 208318 |
| †Novocure Ltd. | 80200 | 1427560 |
| =†OmniAb, Inc. Earnout Shares | 4688 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 4688 | 0 |
| †Omnicell, Inc. | 34525 | 1015035 |
| †OraSure Technologies, Inc. | 54406 | 163218 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Orthofix Medical, Inc. | 25618 | $285641 |
| †OrthoPediatrics Corp. | 12505 | 268607 |
| †Outset Medical, Inc. | 13700 | 263177 |
| †PROCEPT BioRobotics Corp. | 40200 | 2315520 |
| †Pro-Dex, Inc. | 1700 | 74188 |
| †Pulmonx Corp. | 28500 | 73815 |
| †Pulse Biosciences, Inc. | 13915 | 209977 |
| †QuidelOrtho Corp. | 52000 | 1498640 |
| †RxSight, Inc. | 28186 | 366418 |
| †Sanara Medtech, Inc. | 3100 | 88009 |
| †SANUWAVE Health, Inc. | 5500 | 180730 |
| †Semler Scientific, Inc. | 5100 | 197574 |
| †SI-BONE, Inc. | 31400 | 590948 |
| †Sight Sciences, Inc. | 27900 | 115227 |
| †STAAR Surgical Co. | 37299 | 625877 |
| †Stereotaxis, Inc. | 43500 | 92220 |
| †Surmodics, Inc. | 10265 | 304973 |
| †Tactile Systems Technology, <br> Inc.<br>| 17900 | 181506 |
| †Tandem Diabetes Care, Inc. | 49500 | 922680 |
| †TransMedics Group, Inc. | 25500 | 3417255 |
| †Treace Medical Concepts, <br> Inc.<br>| 36200 | 212856 |
| †UFP Technologies, Inc. | 5540 | 1352646 |
| Utah Medical Products, Inc. | 2315 | 131770 |
| †Varex Imaging Corp. | 29800 | 258366 |
| †Zimvie, Inc. | 20000 | 187000 |
|  |  | **57168591** |
| **Health Care Providers & Services–3.30%** | **Health Care Providers & Services–3.30%** | **Health Care Providers & Services–3.30%** |
| †AdaptHealth Corp. | 76800 | 724224 |
| †Addus HomeCare Corp. | 13900 | 1601141 |
| †agilon health, Inc. | 234200 | 538660 |
| †AirSculpt Technologies, Inc. | 10100 | 48783 |
| †Alignment Healthcare, Inc. | 97900 | 1370600 |
| †AMN Healthcare Services, <br> Inc.<br>| 28574 | 590625 |
| †Ardent Health, Inc. | 17900 | 244514 |
| †Astrana Health, Inc. | 32700 | 813576 |
| †Aveanna Healthcare Holdings, <br> Inc.<br>| 38800 | 202924 |
| †BrightSpring Health Services, <br> Inc.<br>| 64800 | 1528632 |
| †Brookdale Senior Living, Inc. | 176100 | 1225656 |
| †Castle Biosciences, Inc. | 19900 | 406358 |
| †Clover Health Investments <br> Corp.<br>| 310000 | 864900 |
| †Community Health Systems, <br> Inc.<br>| 93100 | 316540 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 89573 | 1842517 |
| †CorVel Corp. | 22358 | 2297955 |
| †Cross Country Healthcare, <br> Inc.<br>| 23817 | 310812 |
| †DocGo, Inc. | 75400 | 118378 |

---

LVIP SSGA Small-Cap Index Fund-12

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| †Enhabit, Inc. | 37300 | $359572 |
| Ensign Group, Inc. | 43033 | 6638270 |
| †Fulgent Genetics, Inc. | 15400 | 306152 |
| †GeneDx Holdings Corp. | 14400 | 1329264 |
| †Guardant Health, Inc. | 90500 | 4709620 |
| †HealthEquity, Inc. | 65030 | 6812543 |
| †Hims & Hers Health, Inc. | 146400 | 7298040 |
| †Innovage Holding Corp. | 15700 | 57933 |
| †Joint Corp. | 7600 | 87704 |
| †LifeStance Health Group, <br> Inc.<br>| 104100 | 538197 |
| †Nano-X Imaging Ltd. | 42200 | 218174 |
| National HealthCare Corp. | 9375 | 1003219 |
| National Research Corp. | 11037 | 185422 |
| †NeoGenomics, Inc. | 96165 | 702966 |
| †Nutex Health, Inc. | 2600 | 323674 |
| †Oncology Institute, Inc. | 46500 | 95325 |
| †OPKO Health, Inc. | 241100 | 318252 |
| †Option Care Health, Inc. | 130007 | 4222627 |
| †Owens & Minor, Inc. | 55954 | 509181 |
| †PACS Group, Inc. | 33900 | 437988 |
| †Pediatrix Medical Group, <br> Inc.<br>| 65000 | 932750 |
| †Pennant Group, Inc. | 24766 | 739265 |
| †Performant Healthcare, Inc. | 55200 | 220800 |
| Premier, Inc. Class A | 70100 | 1537293 |
| †Privia Health Group, Inc. | 88200 | 2028600 |
| †Progyny, Inc. | 56600 | 1245200 |
| †RadNet, Inc. | 51000 | 2902410 |
| Select Medical Holdings <br> Corp.<br>| 85767 | 1301943 |
| †Sonida Senior Living, Inc. | 3400 | 84830 |
| †Surgery Partners, Inc. | 57800 | 1284894 |
| †Talkspace, Inc. | 91200 | 253536 |
| U.S. Physical Therapy, Inc. | 11249 | 879672 |
| †Viemed Healthcare, Inc. | 25800 | 178278 |
|  |  | **64790389** |
| **Health Care REITs–0.95%** | **Health Care REITs–0.95%** | **Health Care REITs–0.95%** |
| American Healthcare REIT, <br> Inc.<br>| 122000 | 4482280 |
| CareTrust REIT, Inc. | 144771 | 4429993 |
| Community Healthcare Trust, <br> Inc.<br>| 20110 | 334429 |
| Diversified Healthcare Trust | 164200 | 587836 |
| Global Medical REIT, Inc. | 46700 | 323631 |
| LTC Properties, Inc. | 33873 | 1172344 |
| National Health Investors, <br> Inc.<br>| 35434 | 2484632 |
| Sabra Health Care REIT, Inc. | 179177 | 3304024 |
| Sila Realty Trust, Inc. | 42700 | 1010709 |
| Strawberry Fields REIT, Inc. | 7300 | 76942 |
| Universal Health Realty <br> Income Trust<br>| 9573 | 382633 |
|  |  | **18589453** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Technology–0.46%** | **Health Care Technology–0.46%** | **Health Care Technology–0.46%** |
| †Claritev Corp. | 6000 | $270780 |
| †Definitive Healthcare Corp. | 38200 | 148980 |
| †Evolent Health, Inc. Class A | 87000 | 979620 |
| †Health Catalyst, Inc. | 45100 | 170027 |
| HealthStream, Inc. | 18545 | 513140 |
| †LifeMD, Inc. | 27500 | 374550 |
| †OptimizeRx Corp. | 13700 | 184950 |
| †Phreesia, Inc. | 42200 | 1201012 |
| †Schrodinger, Inc. | 41900 | 843028 |
| Simulations Plus, Inc. | 11800 | 205910 |
| †Teladoc Health, Inc. | 129700 | 1129687 |
| †TruBridge, Inc. | 7800 | 182676 |
| †Waystar Holding Corp. | 69300 | 2832291 |
|  |  | **9036651** |
| **Hotel & Resort REITs–0.65%** | **Hotel & Resort REITs–0.65%** | **Hotel & Resort REITs–0.65%** |
| Apple Hospitality REIT, Inc. | 172600 | 2014242 |
| Braemar Hotels & Resorts, <br> Inc.<br>| 50900 | 124705 |
| Chatham Lodging Trust | 36131 | 251833 |
| DiamondRock Hospitality Co. | 156474 | 1198591 |
| Pebblebrook Hotel Trust | 89460 | 893705 |
| RLJ Lodging Trust | 113755 | 828136 |
| Ryman Hospitality Properties, <br> Inc.<br>| 45106 | 4450609 |
| Service Properties Trust | 122400 | 292536 |
| Summit Hotel Properties, <br> Inc.<br>| 77873 | 396374 |
| Sunstone Hotel Investors, <br> Inc.<br>| 151092 | 1311479 |
| Xenia Hotels & Resorts, Inc. | 77204 | 970454 |
|  |  | **12732664** |
| **Hotels, Restaurants & Leisure–2.30%** | **Hotels, Restaurants & Leisure–2.30%** | **Hotels, Restaurants & Leisure–2.30%** |
| †Accel Entertainment, Inc. | 40000 | 470800 |
| †Biglari Holdings, Inc. Class B | 525 | 153410 |
| †BJ's Restaurants, Inc. | 16459 | 734071 |
| Bloomin' Brands, Inc. | 64552 | 555793 |
| †Brinker International, Inc. | 33900 | 6113187 |
| Cheesecake Factory, Inc. | 36574 | 2291727 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 16662 | 1017715 |
| †Dave & Buster's <br> Entertainment, Inc.<br>| 23500 | 706880 |
| †Denny's Corp. | 39056 | 160130 |
| Dine Brands Global, Inc. | 11432 | 278140 |
| †El Pollo Loco Holdings, Inc. | 19700 | 216897 |
| †Everi Holdings, Inc. | 61200 | 871488 |
| †First Watch Restaurant <br> Group, Inc.<br>| 29200 | 468368 |
| †Genius Sports Ltd. | 169800 | 1765920 |
| †Global Business Travel Group <br> I<br>| 94700 | 596610 |
| Golden Entertainment, Inc. | 14300 | 420849 |
| †Hilton Grand Vacations, Inc. | 46900 | 1947757 |

---

LVIP SSGA Small-Cap Index Fund-13

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| †Inspired Entertainment, Inc. | 17100 | $139707 |
| International Game <br> Technology PLC<br>| 85700 | 1354917 |
| Jack in the Box, Inc. | 14315 | 249940 |
| Krispy Kreme, Inc. | 63500 | 184785 |
| †Kura Sushi USA, Inc. Class A | 5000 | 430400 |
| †Life Time Group Holdings, <br> Inc.<br>| 103997 | 3154229 |
| †Lindblad Expeditions <br> Holdings, Inc.<br>| 26900 | 313923 |
| Marriott Vacations Worldwide <br> Corp.<br>| 24500 | 1771595 |
| Monarch Casino & Resort, <br> Inc.<br>| 9684 | 837085 |
| Nathan's Famous, Inc. | 2100 | 232218 |
| Papa John's International, <br> Inc.<br>| 25222 | 1234365 |
| †PlayAGS, Inc. | 29900 | 373451 |
| †Portillo's, Inc. Class A | 41100 | 479637 |
| †Potbelly Corp. | 20700 | 253575 |
| †Pursuit Attractions & <br> Hospitality, Inc.<br>| 15313 | 441474 |
| RCI Hospitality Holdings, <br> Inc.<br>| 6300 | 240156 |
| Red Rock Resorts, Inc. <br> Class A<br>| 37200 | 1935516 |
| †Rush Street Interactive, Inc. | 68100 | 1014690 |
| †Sabre Corp. | 288200 | 910712 |
| †Serve Robotics, Inc. | 36100 | 412984 |
| †Shake Shack, Inc. Class A | 29800 | 4189880 |
| †Six Flags Entertainment <br> Corp.<br>| 73540 | 2237822 |
| Super Group SGHC Ltd. | 122200 | 1340534 |
| †Sweetgreen, Inc. Class A | 76700 | 1141296 |
| †Target Hospitality Corp. | 25500 | 181560 |
| †United Parks & Resorts, Inc. | 23362 | 1101518 |
| †Xponential Fitness, Inc. <br> Class A<br>| 17900 | 134071 |
|  |  | **45061782** |
| **Household Durables–1.74%** | **Household Durables–1.74%** | **Household Durables–1.74%** |
| Bassett Furniture Industries, <br> Inc.<br>| 6400 | 97280 |
| †Beazer Homes USA, Inc. | 21819 | 488091 |
| †Cavco Industries, Inc. | 6126 | 2661318 |
| Century Communities, Inc. | 20938 | 1179228 |
| †Champion Homes, Inc. | 40534 | 2537834 |
| Cricut, Inc. Class A | 35700 | 241689 |
| †Dream Finders Homes, Inc. <br> Class A<br>| 20900 | 525217 |
| Ethan Allen Interiors, Inc. | 17232 | 479911 |
| Flexsteel Industries, Inc. | 3700 | 133311 |
| †Green Brick Partners, Inc. | 23582 | 1482836 |
| Hamilton Beach Brands <br> Holding Co. Class A<br>| 5900 | 105551 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Helen of Troy Ltd. | 17098 | $485241 |
| †Hovnanian Enterprises, Inc. <br> Class A<br>| 3700 | 386835 |
| Installed Building Products, <br> Inc.<br>| 17918 | 3230974 |
| KB Home | 53636 | 2841099 |
| La-Z-Boy, Inc. | 31433 | 1168365 |
| †Legacy Housing Corp. | 8360 | 189438 |
| Leggett & Platt, Inc. | 102400 | 913408 |
| †LGI Homes, Inc. | 15700 | 808864 |
| †Lovesac Co. | 10500 | 191100 |
| †M/I Homes, Inc. | 20174 | 2261909 |
| Meritage Homes Corp. | 54368 | 3641025 |
| †Sonos, Inc. | 91236 | 986261 |
| †Taylor Morrison Home Corp. | 77500 | 4760050 |
| †Traeger, Inc. | 23600 | 40356 |
| †Tri Pointe Homes, Inc. | 69752 | 2228576 |
|  |  | **34065767** |
| **Household Products–0.32%** | **Household Products–0.32%** | **Household Products–0.32%** |
| †Central Garden & Pet Co. | 45452 | 1449423 |
| Energizer Holdings, Inc. | 54400 | 1096704 |
| Oil-Dri Corp. of America | 7300 | 430627 |
| Spectrum Brands Holdings, <br> Inc.<br>| 19600 | 1038800 |
| WD-40 Co. | 10338 | 2357995 |
|  |  | **6373549** |
| **Independent Power and Renewable Electricity Producers–0.20%** | **Independent Power and Renewable Electricity Producers–0.20%** | **Independent Power and Renewable Electricity Producers–0.20%** |
| †Montauk Renewables, Inc. | 47600 | 105672 |
| Ormat Technologies, Inc. | 46760 | 3916618 |
|  |  | **4022290** |
| **Industrial Conglomerates–0.03%** | **Industrial Conglomerates–0.03%** | **Industrial Conglomerates–0.03%** |
| Brookfield Business Corp. <br> Class A<br>| 19400 | 605280 |
|  |  | **605280** |
| **Industrial REITs–0.41%** | **Industrial REITs–0.41%** | **Industrial REITs–0.41%** |
| Industrial Logistics <br> Properties Trust<br>| 50600 | 230230 |
| Innovative Industrial <br> Properties, Inc.<br>| 21200 | 1170664 |
| LXP Industrial Trust | 220086 | 1817910 |
| Plymouth Industrial REIT, <br> Inc.<br>| 30500 | 489830 |
| Terreno Realty Corp. | 78334 | 4392188 |
|  |  | **8100822** |
| **Insurance–2.35%** | **Insurance–2.35%** | **Insurance–2.35%** |
| †Ambac Financial Group, Inc. | 34193 | 242770 |
| American Coastal Insurance <br> Corp. Class C<br>| 18600 | 206832 |
| AMERISAFE, Inc. | 14399 | 629668 |

---

LVIP SSGA Small-Cap Index Fund-14

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| †Baldwin Insurance Group, <br> Inc.<br>| 53900 | $2307459 |
| †Bowhead Specialty Holdings, <br> Inc.<br>| 11800 | 442854 |
| †Citizens, Inc. | 35500 | 123895 |
| CNO Financial Group, Inc. | 77312 | 2982697 |
| Crawford & Co. Class A | 11700 | 123786 |
| Donegal Group, Inc. Class A | 11946 | 239219 |
| †eHealth, Inc. | 22700 | 98745 |
| Employers Holdings, Inc. | 18727 | 883540 |
| †Enstar Group Ltd. | 9111 | 3064576 |
| F&G Annuities & Life, Inc. | 16400 | 524472 |
| Fidelis Insurance Holdings <br> Ltd.<br>| 45800 | 759364 |
| †Genworth Financial, Inc. <br> Class A<br>| 320600 | 2494268 |
| †GoHealth, Inc. Class A | 3300 | 18315 |
| Goosehead Insurance, Inc. <br> Class A<br>| 18300 | 1930833 |
| †Greenlight Capital Re Ltd. <br> Class A<br>| 20557 | 295404 |
| †Hamilton Insurance Group <br> Ltd. Class B<br>| 34600 | 748052 |
| HCI Group, Inc. | 6307 | 959925 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 17100 | 426474 |
| †Hippo Holdings, Inc. | 14632 | 408672 |
| Horace Mann Educators <br> Corp.<br>| 30931 | 1329105 |
| Investors Title Co. | 1053 | 222499 |
| James River Group Holdings <br> Ltd.<br>| 28800 | 168768 |
| †Kestrel Group Ltd. | 3450 | 91494 |
| †Kingstone Cos., Inc. | 8600 | 132526 |
| †Kingsway Financial Services, <br> Inc.<br>| 10100 | 136754 |
| †Lemonade, Inc. | 42700 | 1870687 |
| †MBIA, Inc. | 33784 | 146623 |
| Mercury General Corp. | 20200 | 1360268 |
| †NI Holdings, Inc. | 5400 | 68796 |
| †Oscar Health, Inc. Class A | 140300 | 3008032 |
| †Palomar Holdings, Inc. | 20200 | 3115850 |
| †ProAssurance Corp. | 38400 | 876672 |
| †Root, Inc. Class A | 8200 | 1049354 |
| Safety Insurance Group, Inc. | 11099 | 881150 |
| Selective Insurance Group, <br> Inc.<br>| 46107 | 3995171 |
| †Selectquote, Inc. | 101700 | 242046 |
| †SiriusPoint Ltd. | 78600 | 1602654 |
| †Skyward Specialty Insurance <br> Group, Inc.<br>| 28000 | 1618120 |
| Stewart Information Services <br> Corp.<br>| 20439 | 1330579 |
| Tiptree, Inc. | 18846 | 444389 |
| †Trupanion, Inc. | 28461 | 1575316 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| United Fire Group, Inc. | 15721 | $451193 |
| Universal Insurance Holdings, <br> Inc.<br>| 17603 | 488131 |
|  |  | **46117997** |
| **Interactive Media & Services–0.66%** | **Interactive Media & Services–0.66%** | **Interactive Media & Services–0.66%** |
| †Angi, Inc. | 33300 | 508158 |
| †Arena Group Holdings, Inc. | 10400 | 64480 |
| †Bumble, Inc. Class A | 62200 | 409898 |
| †Cargurus, Inc. | 65800 | 2202326 |
| †Cars.com, Inc. | 48600 | 575910 |
| †EverQuote, Inc. Class A | 19100 | 461838 |
| †fuboTV, Inc. | 250500 | 966930 |
| †Getty Images Holdings, Inc. | 72300 | 120018 |
| †Grindr, Inc. | 25700 | 583390 |
| †MediaAlpha, Inc. Class A | 23060 | 252507 |
| †Nextdoor Holdings, Inc. | 129400 | 214804 |
| †QuinStreet, Inc. | 40611 | 653837 |
| †Rumble, Inc. | 60600 | 544188 |
| Shutterstock, Inc. | 18252 | 346058 |
| †Teads Holding Co. | 27500 | 68200 |
| †Travelzoo | 5100 | 64923 |
| †TripAdvisor, Inc. | 89300 | 1165365 |
| †TrueCar, Inc. | 63500 | 120650 |
| †Vimeo, Inc. | 108500 | 438340 |
| †VTEX Class A | 44600 | 294360 |
| †Webtoon Entertainment, Inc. | 11200 | 101696 |
| †Yelp, Inc. | 48200 | 1651814 |
| †Ziff Davis, Inc. | 31787 | 962193 |
| †ZipRecruiter, Inc. Class A | 53100 | 266031 |
|  |  | **13037914** |
| **IT Services–0.52%** | **IT Services–0.52%** | **IT Services–0.52%** |
| †Applied Digital Corp. | 150309 | 1513612 |
| †ASGN, Inc. | 32704 | 1632911 |
| †Backblaze, Inc. Class A | 34700 | 190850 |
| †BigBear.ai Holdings, Inc. | 222000 | 1507380 |
| †BigCommerce Holdings, Inc. | 54700 | 273500 |
| †Couchbase, Inc. | 30800 | 750904 |
| †Crexendo, Inc. | 11600 | 70412 |
| CSP, Inc. | 5600 | 72464 |
| †DigitalOcean Holdings, Inc. | 50100 | 1430856 |
| †Fastly, Inc. Class A | 99800 | 704588 |
| †Grid Dynamics Holdings, Inc. | 46700 | 539385 |
| Hackett Group, Inc. | 18976 | 482370 |
| Information Services Group, <br> Inc.<br>| 27800 | 133440 |
| †Rackspace Technology, Inc. | 49600 | 63488 |
| †TSS, Inc. | 14100 | 406503 |
| †Tucows, Inc. Class A | 6300 | 124173 |
| †Unisys Corp. | 48854 | 221308 |
|  |  | **10118144** |
| **Leisure Products–0.43%** | **Leisure Products–0.43%** | **Leisure Products–0.43%** |
| Acushnet Holdings Corp. | 21000 | 1529220 |

---

LVIP SSGA Small-Cap Index Fund-15

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** |
| †American Outdoor Brands, <br> Inc.<br>| 9700 | $101365 |
| Clarus Corp. | 23724 | 82322 |
| Escalade, Inc. | 7700 | 107646 |
| †Funko, Inc. Class A | 22600 | 107576 |
| JAKKS Pacific, Inc. | 5900 | 122602 |
| Johnson Outdoors, Inc. <br> Class A<br>| 3386 | 102494 |
| †Latham Group, Inc. | 29900 | 190762 |
| †Malibu Boats, Inc. Class A | 14600 | 457564 |
| Marine Products Corp. | 6436 | 54771 |
| †MasterCraft Boat Holdings, <br> Inc.<br>| 12200 | 226676 |
| †Outdoor Holding Co. | 68100 | 87168 |
| †Peloton Interactive, Inc. <br> Class A<br>| 282600 | 1961244 |
| Polaris, Inc. | 40900 | 1662585 |
| Smith & Wesson Brands, Inc. | 33032 | 286718 |
| Sturm Ruger & Co., Inc. | 12314 | 442073 |
| †Topgolf Callaway Brands <br> Corp.<br>| 107027 | 861567 |
|  |  | **8384353** |
| **Life Sciences Tools & Services–0.38%** | **Life Sciences Tools & Services–0.38%** | **Life Sciences Tools & Services–0.38%** |
| †10X Genomics, Inc. Class A | 81000 | 937980 |
| †Adaptive Biotechnologies <br> Corp.<br>| 114600 | 1335090 |
| †Azenta, Inc. | 31300 | 963414 |
| †BioLife Solutions, Inc. | 27400 | 590196 |
| †Codexis, Inc. | 59000 | 143960 |
| †CryoPort, Inc. | 33000 | 246180 |
| †Cytek Biosciences, Inc. | 89200 | 303280 |
| †Fortrea Holdings, Inc. | 70400 | 347776 |
| †Lifecore Biomedical, Inc. | 19300 | 156716 |
| †Maravai LifeSciences <br> Holdings, Inc. Class A<br>| 81900 | 197379 |
| †MaxCyte, Inc. | 77600 | 169168 |
| Mesa Laboratories, Inc. | 3830 | 360863 |
| †Niagen Bioscience, Inc. | 37500 | 540375 |
| †OmniAb, Inc. | 68489 | 119171 |
| †Pacific Biosciences of <br> California, Inc.<br>| 210398 | 260893 |
| †Personalis, Inc. | 38800 | 254528 |
| †Quanterix Corp. | 26600 | 176890 |
| †Quantum-Si, Inc. | 91700 | 179732 |
| †Standard BioTools, Inc. | 218800 | 262560 |
|  |  | **7546151** |
| **Machinery–3.79%** | **Machinery–3.79%** | **Machinery–3.79%** |
| †3D Systems Corp. | 94522 | 145564 |
| †AirJoule Technologies Corp. | 17100 | 79173 |
| Alamo Group, Inc. | 7735 | 1689169 |
| Albany International Corp. <br> Class A<br>| 23643 | 1658084 |
| Astec Industries, Inc. | 17169 | 715776 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Atmus Filtration <br> Technologies, Inc.<br>| 63400 | $2309028 |
| †Blue Bird Corp. | 24392 | 1052759 |
| †Chart Industries, Inc. | 34674 | 5709074 |
| Columbus McKinnon Corp. | 21508 | 328427 |
| Douglas Dynamics, Inc. | 16949 | 499487 |
| Eastern Co. | 3900 | 88998 |
| †Energy Recovery, Inc. | 42900 | 548262 |
| Enerpac Tool Group Corp. | 41214 | 1671640 |
| Enpro, Inc. | 15909 | 3047369 |
| ESCO Technologies, Inc. | 19638 | 3767943 |
| Federal Signal Corp. | 45507 | 4842855 |
| Franklin Electric Co., Inc. | 30640 | 2749634 |
| †Gencor Industries, Inc. | 7900 | 110600 |
| Gorman-Rupp Co. | 15682 | 575843 |
| †Graham Corp. | 7600 | 376276 |
| Greenbrier Cos., Inc. | 23201 | 1068406 |
| Helios Technologies, Inc. | 25228 | 841858 |
| Hillenbrand, Inc. | 52932 | 1062345 |
| †Hillman Solutions Corp. | 148000 | 1056720 |
| Hyster-Yale, Inc. | 8566 | 340755 |
| JBT Marel Corp. | 39992 | 4809438 |
| Kadant, Inc. | 8899 | 2824987 |
| Kennametal, Inc. | 58600 | 1345456 |
| †L.B. Foster Co. Class A | 6500 | 142155 |
| Lindsay Corp. | 8207 | 1183860 |
| Luxfer Holdings PLC | 20300 | 247254 |
| †Manitowoc Co., Inc. | 25975 | 312219 |
| †Mayville Engineering Co., <br> Inc.<br>| 9900 | 158004 |
| †Microvast Holdings, Inc. | 153000 | 555390 |
| Miller Industries, Inc. | 8246 | 366617 |
| Mueller Water Products, Inc. <br> Class A<br>| 117327 | 2820541 |
| Omega Flex, Inc. | 2789 | 90308 |
| †Palladyne AI Corp. | 19900 | 172334 |
| Park-Ohio Holdings Corp. | 7200 | 128592 |
| †Proto Labs, Inc. | 18543 | 742462 |
| REV Group, Inc. | 38700 | 1841733 |
| †Richtech Robotics, Inc. <br> Class B<br>| 54400 | 106080 |
| Shyft Group, Inc. | 25616 | 321225 |
| †SPX Technologies, Inc. | 34900 | 5852032 |
| Standex International Corp. | 8754 | 1369826 |
| Tennant Co. | 14281 | 1106492 |
| Terex Corp. | 50400 | 2353176 |
| †Titan International, Inc. | 38500 | 395395 |
| Trinity Industries, Inc. | 62000 | 1674620 |
| Wabash National Corp. | 32140 | 341648 |
| Watts Water Technologies, <br> Inc. Class A<br>| 20994 | 5162215 |
| Worthington Enterprises, <br> Inc.<br>| 23708 | 1508777 |
|  |  | **74268881** |

---

LVIP SSGA Small-Cap Index Fund-16

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Marine Transportation–0.24%** | **Marine Transportation–0.24%** | **Marine Transportation–0.24%** |
| †Costamare Bulkers Holdings <br> Ltd.<br>| 6280 | $54448 |
| Costamare, Inc. | 32600 | 296986 |
| Genco Shipping & Trading <br> Ltd.<br>| 32100 | 419547 |
| Golden Ocean Group Ltd. | 91800 | 671976 |
| †Himalaya Shipping Ltd. | 22800 | 131556 |
| Matson, Inc. | 24800 | 2761480 |
| Pangaea Logistics Solutions <br> Ltd.<br>| 27700 | 130190 |
| Safe Bulkers, Inc. | 46200 | 166782 |
|  |  | **4632965** |
| **Media–0.79%** | **Media–0.79%** | **Media–0.79%** |
| †Advantage Solutions, Inc. | 77700 | 102564 |
| †Altice USA, Inc. Class A | 201400 | 430996 |
| †AMC Networks, Inc. Class A | 23100 | 144837 |
| †Boston Omaha Corp. Class A | 18900 | 265356 |
| Cable One, Inc. | 4300 | 583983 |
| †EchoStar Corp. Class A | 103900 | 2878030 |
| Emerald Holding, Inc. | 11500 | 55775 |
| Entravision Communications <br> Corp. Class A<br>| 47030 | 109110 |
| †EW Scripps Co. Class A | 46266 | 136022 |
| †Gambling.com Group Ltd. | 12500 | 148625 |
| †Gannett Co., Inc. | 105224 | 376702 |
| Gray Media, Inc. | 65618 | 297250 |
| †Ibotta, Inc. Class A | 11700 | 428220 |
| †iHeartMedia, Inc. Class A | 77000 | 135520 |
| †Integral Ad Science Holding <br> Corp.<br>| 54600 | 453726 |
| John Wiley & Sons, Inc. <br> Class A<br>| 31600 | 1410308 |
| †Magnite, Inc. | 107242 | 2586677 |
| National CineMedia, Inc. | 52100 | 252424 |
| †Newsmax, Inc. | 6000 | 90780 |
| †Nexxen International Ltd. | 29200 | 303972 |
| †PubMatic, Inc. Class A | 29800 | 370712 |
| Scholastic Corp. | 17491 | 366961 |
| Sinclair, Inc. | 29800 | 411836 |
| †Stagwell, Inc. | 89000 | 400500 |
| †TechTarget, Inc. | 19198 | 149168 |
| TEGNA, Inc. | 122094 | 2046295 |
| †Thryv Holdings, Inc. | 28400 | 345344 |
| †WideOpenWest, Inc. | 38694 | 157098 |
|  |  | **15438791** |
| **Metals & Mining–1.47%** | **Metals & Mining–1.47%** | **Metals & Mining–1.47%** |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 9000 | 1012320 |
| †American Battery Technology <br> Co.<br>| 64300 | 104166 |
| †Ascent Industries Co. | 6300 | 79443 |
| Caledonia Mining Corp. PLC | 12000 | 231840 |
| †Century Aluminum Co. | 39858 | 718241 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Coeur Mining, Inc. | 490586 | $4346592 |
| Commercial Metals Co. | 86300 | 4220933 |
| †Compass Minerals <br> International, Inc.<br>| 26000 | 522340 |
| †Constellium SE | 109100 | 1451030 |
| †Contango ORE, Inc. | 7600 | 148048 |
| †Critical Metals Corp. | 5800 | 20764 |
| †Dakota Gold Corp. | 51300 | 189297 |
| Ferroglobe PLC | 92300 | 338741 |
| Friedman Industries, Inc. | 5300 | 87768 |
| Hecla Mining Co. | 452176 | 2708534 |
| †Idaho Strategic Resources, <br> Inc.<br>| 9800 | 128184 |
| †Ivanhoe Electric, Inc. | 63700 | 577759 |
| Kaiser Aluminum Corp. | 12122 | 968548 |
| †Lifezone Metals Ltd. | 26200 | 107944 |
| †MAC Copper Ltd. Class A | 54800 | 662532 |
| Materion Corp. | 15484 | 1228965 |
| †Metallus, Inc. | 31000 | 477710 |
| †NioCorp Developments Ltd. | 40800 | 95064 |
| †Novagold Resources, Inc. | 185100 | 757059 |
| Olympic Steel, Inc. | 7406 | 241361 |
| †Perpetua Resources Corp. | 31400 | 381196 |
| †Piedmont Lithium, Inc. | 14000 | 81480 |
| Radius Recycling, Inc. | 19701 | 584923 |
| Ramaco Resources, Inc. <br> Class A<br>| 27500 | 361350 |
| Ryerson Holding Corp. | 20125 | 434096 |
| †SSR Mining, Inc. | 153900 | 1960686 |
| SunCoke Energy, Inc. | 62544 | 537253 |
| †Tredegar Corp. | 20230 | 178024 |
| †U.S. Antimony Corp. | 71200 | 155216 |
| †U.S. Gold Corp. | 8700 | 106140 |
| Vox Royalty Corp. | 31600 | 99856 |
| Warrior Met Coal, Inc. | 39300 | 1801119 |
| Worthington Steel, Inc. | 24708 | 737040 |
|  |  | **28843562** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.92%** | **Mortgage Real Estate Investment Trusts (REITs)–0.92%** | **Mortgage Real Estate Investment Trusts (REITs)–0.92%** |
| †ACRES Commercial Realty <br> Corp.<br>| 4900 | 87906 |
| Advanced Flower Capital, <br> Inc.<br>| 14200 | 63616 |
| AG Mortgage Investment <br> Trust, Inc.<br>| 22400 | 169120 |
| Angel Oak Mortgage REIT, <br> Inc.<br>| 9300 | 87606 |
| Apollo Commercial Real <br> Estate Finance, Inc.<br>| 104881 | 1015248 |
| Arbor Realty Trust, Inc. | 146300 | 1565410 |
| ARES Commercial Real <br> Estate Corp.<br>| 39589 | 188840 |
| ARMOUR Residential REIT, <br> Inc.<br>| 63270 | 1063569 |

---

LVIP SSGA Small-Cap Index Fund-17

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| Blackstone Mortgage Trust, <br> Inc. Class A<br>| 131417 | $2529777 |
| BrightSpire Capital, Inc. | 98200 | 495910 |
| Chicago Atlantic Real Estate <br> Finance, Inc.<br>| 13100 | 182876 |
| Chimera Investment Corp. | 61066 | 846985 |
| Claros Mortgage Trust, Inc. | 63100 | 179835 |
| Dynex Capital, Inc. | 80943 | 989123 |
| Ellington Financial, Inc. | 66400 | 862536 |
| Franklin BSP Realty Trust, <br> Inc.<br>| 61930 | 662032 |
| Invesco Mortgage Capital, <br> Inc.<br>| 45553 | 357135 |
| KKR Real Estate Finance <br> Trust, Inc.<br>| 44800 | 392896 |
| Ladder Capital Corp. | 85589 | 920082 |
| Lument Finance Trust, Inc. | 36200 | 80002 |
| MFA Financial, Inc. | 77250 | 730785 |
| New York Mortgage Trust, <br> Inc.<br>| 69045 | 462601 |
| Nexpoint Real Estate <br> Finance, Inc.<br>| 6300 | 86877 |
| Orchid Island Capital, Inc. | 82960 | 581550 |
| PennyMac Mortgage <br> Investment Trust<br>| 65821 | 846458 |
| Ready Capital Corp. | 122872 | 536951 |
| Redwood Trust, Inc. | 100025 | 591148 |
| Rithm Property Trust, Inc. | 33300 | 89910 |
| Seven Hills Realty Trust | 10000 | 120700 |
| Sunrise Realty Trust, Inc. | 8100 | 85860 |
| TPG RE Finance Trust, Inc. | 52800 | 407616 |
| Two Harbors Investment <br> Corp.<br>| 78300 | 843291 |
|  |  | **18124251** |
| **Multi-Utilities–0.43%** | **Multi-Utilities–0.43%** | **Multi-Utilities–0.43%** |
| Avista Corp. | 61726 | 2342502 |
| Black Hills Corp. | 55673 | 3123255 |
| Northwestern Energy Group, <br> Inc.<br>| 46606 | 2390888 |
| Unitil Corp. | 12041 | 627938 |
|  |  | **8484583** |
| **Office REITs–0.72%** | **Office REITs–0.72%** | **Office REITs–0.72%** |
| Brandywine Realty Trust | 129100 | 553839 |
| City Office REIT, Inc. | 29700 | 158598 |
| COPT Defense Properties | 87300 | 2407734 |
| Douglas Emmett, Inc. | 122400 | 1840896 |
| Easterly Government <br> Properties, Inc.<br>| 30200 | 670440 |
| Empire State Realty Trust, <br> Inc. Class A<br>| 103300 | 835697 |
| Franklin Street Properties <br> Corp.<br>| 76200 | 124968 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** |
| †Hudson Pacific Properties, <br> Inc.<br>| 245600 | $672944 |
| JBG SMITH Properties | 61500 | 1063950 |
| †NET Lease Office Properties | 11000 | 358050 |
| †Paramount Group, Inc. | 140100 | 854610 |
| Peakstone Realty Trust | 27600 | 364596 |
| Piedmont Realty Trust, Inc. <br> Class A<br>| 93200 | 679428 |
| Postal Realty Trust, Inc. <br> Class A<br>| 17000 | 250410 |
| SL Green Realty Corp. | 54300 | 3361170 |
|  |  | **14197330** |
| **Oil, Gas & Consumable Fuels–3.11%** | **Oil, Gas & Consumable Fuels–3.11%** | **Oil, Gas & Consumable Fuels–3.11%** |
| Ardmore Shipping Corp. | 31400 | 301440 |
| Berry Corp. | 55971 | 155040 |
| †BKV Corp. | 11000 | 265320 |
| California Resources Corp. | 53000 | 2420510 |
| †Calumet, Inc. | 53000 | 835015 |
| †Centrus Energy Corp. Class A | 11324 | 2074330 |
| †Clean Energy Fuels Corp. | 126595 | 246860 |
| †CNX Resources Corp. | 110600 | 3725008 |
| =†Cobalt International Energy, <br> Inc.<br>| 1 | 0 |
| †Comstock Resources, Inc. | 56800 | 1571656 |
| Core Natural Resources, Inc. | 39772 | 2773699 |
| Crescent Energy Co. Class A | 137305 | 1180823 |
| CVR Energy, Inc. | 25800 | 692730 |
| Delek U.S. Holdings, Inc. | 47462 | 1005245 |
| DHT Holdings, Inc. | 102100 | 1103701 |
| Diversified Energy Co. PLC | 42300 | 620541 |
| Dorian LPG Ltd. | 27436 | 668890 |
| †Empire Petroleum Corp. | 12500 | 66000 |
| †Encore Energy Corp. | 136200 | 389532 |
| †Energy Fuels, Inc. | 159900 | 919425 |
| Epsilon Energy Ltd. | 15100 | 111438 |
| Evolution Petroleum Corp. | 24100 | 113270 |
| Excelerate Energy, Inc. <br> Class A<br>| 17700 | 518964 |
| FLEX LNG Ltd. | 23100 | 507738 |
| FutureFuel Corp. | 19108 | 74139 |
| †Gevo, Inc. | 179300 | 236676 |
| Golar LNG Ltd. | 76601 | 3155195 |
| Granite Ridge Resources, <br> Inc.<br>| 39000 | 248430 |
| †Green Plains, Inc. | 47293 | 285177 |
| †Gulfport Energy Corp. | 11700 | 2353689 |
| †Hallador Energy Co. | 23900 | 378337 |
| HighPeak Energy, Inc. | 11400 | 111720 |
| †Infinity Natural Resources, <br> Inc. Class A<br>| 9300 | 170283 |
| International Seaways, Inc. | 30536 | 1113953 |
| Kinetik Holdings, Inc. | 33942 | 1495145 |
| †Kolibri Global Energy, Inc. | 27400 | 187690 |
| †Kosmos Energy Ltd. | 352900 | 606988 |

---

LVIP SSGA Small-Cap Index Fund-18

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| †Lightbridge Corp. | 14600 | $195202 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 142700 | 3207896 |
| Murphy Oil Corp. | 104900 | 2360250 |
| NACCO Industries, Inc. <br> Class A<br>| 2900 | 128499 |
| Navigator Holdings Ltd. | 25200 | 356580 |
| New Fortress Energy, Inc. | 130700 | 433924 |
| †NextDecade Corp. | 102700 | 915057 |
| Nordic American Tankers <br> Ltd.<br>| 155698 | 409486 |
| Northern Oil & Gas, Inc. | 74200 | 2103570 |
| †Par Pacific Holdings, Inc. | 41035 | 1088659 |
| PBF Energy, Inc. Class A | 64300 | 1393381 |
| Peabody Energy Corp. | 92012 | 1234801 |
| †Prairie Operating Co. | 3300 | 9884 |
| †PrimeEnergy Resources <br> Corp.<br>| 500 | 73190 |
| †REX American Resources <br> Corp.<br>| 11550 | 562600 |
| Riley Exploration Permian, <br> Inc.<br>| 8400 | 220332 |
| †Sable Offshore Corp. | 52500 | 1153950 |
| SandRidge Energy, Inc. | 24400 | 264008 |
| Scorpio Tankers, Inc. | 33522 | 1311716 |
| SFL Corp. Ltd. | 98442 | 820022 |
| Sitio Royalties Corp. Class A | 60121 | 1105024 |
| SM Energy Co. | 86600 | 2139886 |
| †Summit Midstream Corp. | 7700 | 188881 |
| †Talos Energy, Inc. | 92500 | 784400 |
| Teekay Corp. Ltd. | 42000 | 346500 |
| Teekay Tankers Ltd. Class A | 18200 | 759304 |
| †Uranium Energy Corp. | 326200 | 2218160 |
| VAALCO Energy, Inc. | 77300 | 279053 |
| †Verde Clean Fuels, Inc. | 1012 | 3481 |
| †Vital Energy, Inc. | 21200 | 341108 |
| Vitesse Energy, Inc. | 22700 | 501443 |
| W&T Offshore, Inc. | 75836 | 125129 |
| World Kinect Corp. | 43000 | 1219050 |
|  |  | **60939023** |
| **Paper & Forest Products–0.10%** | **Paper & Forest Products–0.10%** | **Paper & Forest Products–0.10%** |
| †Clearwater Paper Corp. | 12051 | 328269 |
| †Magnera Corp. | 25700 | 310456 |
| Sylvamo Corp. | 26200 | 1312620 |
|  |  | **1951345** |
| **Passenger Airlines–0.48%** | **Passenger Airlines–0.48%** | **Passenger Airlines–0.48%** |
| †Allegiant Travel Co. | 11684 | 642036 |
| †Blade Air Mobility, Inc. | 44600 | 179738 |
| †Frontier Group Holdings, Inc. | 65600 | 238128 |
| †JetBlue Airways Corp. | 235300 | 995319 |
| †Joby Aviation, Inc. | 353600 | 3730480 |
| †SkyWest, Inc. | 30992 | 3191246 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Spirit Aviation Holdings, Inc. | 12900 | $64371 |
| †Sun Country Airlines <br> Holdings, Inc.<br>| 39400 | 462950 |
|  |  | **9504268** |
| **Personal Care Products–0.25%** | **Personal Care Products–0.25%** | **Personal Care Products–0.25%** |
| †Beauty Health Co. | 59200 | 113072 |
| Edgewell Personal Care Co. | 36300 | 849783 |
| †Herbalife Ltd. | 75800 | 653396 |
| †Honest Co., Inc. | 61900 | 315071 |
| Interparfums, Inc. | 13793 | 1811159 |
| Lifevantage Corp. | 8300 | 108564 |
| †Medifast, Inc. | 7687 | 108002 |
| †Nature's Sunshine Products, <br> Inc.<br>| 9740 | 144054 |
| Nu Skin Enterprises, Inc. <br> Class A<br>| 37700 | 301223 |
| †Olaplex Holdings, Inc. | 100000 | 140000 |
| †USANA Health Sciences, Inc. | 8605 | 262711 |
| †Waldencast PLC Class A | 19600 | 48020 |
|  |  | **4855055** |
| **Pharmaceuticals–1.59%** | **Pharmaceuticals–1.59%** | **Pharmaceuticals–1.59%** |
| †Aardvark Therapeutics, Inc. | 4500 | 60840 |
| †Aclaris Therapeutics, Inc. | 71200 | 101104 |
| †Alumis, Inc. | 44243 | 132729 |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 120802 | 977288 |
| †Amphastar Pharmaceuticals, <br> Inc.<br>| 28400 | 652064 |
| †Amylyx Pharmaceuticals, <br> Inc.<br>| 53500 | 342935 |
| †ANI Pharmaceuticals, Inc. | 13900 | 906975 |
| †Aquestive Therapeutics, Inc. | 55100 | 182381 |
| †Arvinas, Inc. | 49200 | 362112 |
| †Atea Pharmaceuticals, Inc. | 57600 | 207360 |
| †Avadel Pharmaceuticals PLC | 70200 | 621270 |
| †Axsome Therapeutics, Inc. | 31000 | 3236090 |
| †BioAge Labs, Inc. | 8900 | 36757 |
| †Biote Corp. Class A | 21500 | 86430 |
| †Collegium Pharmaceutical, <br> Inc.<br>| 24200 | 715594 |
| †CorMedix, Inc. | 49400 | 608608 |
| †Edgewise Therapeutics, Inc. | 55500 | 727605 |
| †Enliven Therapeutics, Inc. | 27300 | 547638 |
| †Esperion Therapeutics, Inc. | 140100 | 137914 |
| †Eton Pharmaceuticals, Inc. | 19800 | 282150 |
| †Evolus, Inc. | 42100 | 387741 |
| †EyePoint Pharmaceuticals, <br> Inc.<br>| 49000 | 461090 |
| †Fulcrum Therapeutics, Inc. | 40900 | 281392 |
| †Harmony Biosciences <br> Holdings, Inc.<br>| 33600 | 1061760 |
| †Harrow, Inc. | 23200 | 708528 |
| †Indivior PLC | 93000 | 1370820 |

---

LVIP SSGA Small-Cap Index Fund-19

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| †Innoviva, Inc. | 48300 | $970347 |
| †Journey Medical Corp. | 9700 | 69646 |
| †LENZ Therapeutics, Inc. | 13685 | 401107 |
| †Ligand Pharmaceuticals, Inc. | 14657 | 1666208 |
| †Liquidia Corp. | 47800 | 595588 |
| †Maze Therapeutics, Inc. | 6900 | 84663 |
| †MBX Biosciences, Inc. | 13300 | 151753 |
| †MediWound Ltd. | 7100 | 137527 |
| †Mind Medicine MindMed, <br> Inc.<br>| 55400 | 359546 |
| †Nuvation Bio, Inc. | 192500 | 375375 |
| †Ocular Therapeutix, Inc. | 119200 | 1106176 |
| †Omeros Corp. | 40900 | 122700 |
| †Pacira BioSciences, Inc. | 34575 | 826343 |
| †Phathom Pharmaceuticals, <br> Inc.<br>| 30100 | 288659 |
| Phibro Animal Health Corp. <br> Class A<br>| 15600 | 398424 |
| †Prestige Consumer <br> Healthcare, Inc.<br>| 37555 | 2998767 |
| †Rapport Therapeutics, Inc. | 12900 | 146673 |
| †scPharmaceuticals, Inc. | 28800 | 109728 |
| †Septerna, Inc. | 14400 | 152208 |
| SIGA Technologies, Inc. | 35288 | 230078 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 41390 | 1304613 |
| †Tarsus Pharmaceuticals, Inc. | 29700 | 1203147 |
| †Terns Pharmaceuticals, Inc. | 53600 | 199928 |
| †Theravance Biopharma, Inc. | 28600 | 315458 |
| †Third Harmonic Bio, Inc. | 15500 | 84165 |
| †Trevi Therapeutics, Inc. | 55500 | 303585 |
| †Tvardi Therapeutics, Inc. | 2700 | 62991 |
| †WaVe Life Sciences Ltd. | 86200 | 560300 |
| †Xeris Biopharma Holdings, <br> Inc.<br>| 106700 | 498289 |
| †Zevra Therapeutics, Inc. | 40500 | 356805 |
|  |  | **31277972** |
| **Professional Services–2.03%** | **Professional Services–2.03%** | **Professional Services–2.03%** |
| †Acuren Corp. | 79500 | 877680 |
| Alight, Inc. Class A | 330600 | 1871196 |
| †Asure Software, Inc. | 18600 | 181536 |
| Barrett Business Services, <br> Inc.<br>| 19228 | 801615 |
| †BlackSky Technology, Inc. | 19462 | 400528 |
| †CBIZ, Inc. | 40146 | 2878870 |
| †Conduent, Inc. | 119500 | 315480 |
| CRA International, Inc. | 4951 | 927669 |
| CSG Systems International, <br> Inc.<br>| 21788 | 1422974 |
| Exponent, Inc. | 38185 | 2852801 |
| †First Advantage Corp. | 60818 | 1010187 |
| †Forrester Research, Inc. | 8333 | 82497 |
| †Franklin Covey Co. | 8480 | 193513 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| 15264 | $698481 |
| HireQuest, Inc. | 4300 | 43043 |
| †Huron Consulting Group, Inc. | 13278 | 1826256 |
| †IBEX Holdings Ltd. | 6459 | 187957 |
| ICF International, Inc. | 14051 | 1190260 |
| †Innodata, Inc. | 23300 | 1193426 |
| Insperity, Inc. | 27067 | 1627268 |
| Kelly Services, Inc. Class A | 23477 | 274916 |
| Kforce, Inc. | 13638 | 560931 |
| Korn Ferry | 38845 | 2848504 |
| †Legalzoom.com, Inc. | 95600 | 851796 |
| Maximus, Inc. | 43174 | 3030815 |
| †Mistras Group, Inc. | 15000 | 120150 |
| †NV5 Global, Inc. | 43300 | 999797 |
| †Planet Labs PBC | 165200 | 1007720 |
| †RCM Technologies, Inc. | 3900 | 91923 |
| †Resolute Holdings <br> Management, Inc.<br>| 1725 | 54976 |
| Resources Connection, Inc. | 24989 | 134191 |
| †Spire Global, Inc. | 17300 | 205870 |
| TriNet Group, Inc. | 24222 | 1771597 |
| †TrueBlue, Inc. | 21000 | 136080 |
| †TTEC Holdings, Inc. | 14560 | 70033 |
| †Upwork, Inc. | 93800 | 1260672 |
| †Verra Mobility Corp. | 124400 | 3158516 |
| †Willdan Group, Inc. | 10700 | 668857 |
| †WNS Holdings Ltd. | 32500 | 2055300 |
|  |  | **39885881** |
| **Real Estate Management & Development–0.54%** | **Real Estate Management & Development–0.54%** | **Real Estate Management & Development–0.54%** |
| †American Realty Investors, <br> Inc.<br>| 1300 | 18356 |
| †Anywhere Real Estate, Inc. | 72797 | 263525 |
| †Compass, Inc. Class A | 349300 | 2193604 |
| †Cushman & Wakefield PLC | 173580 | 1921531 |
| †Douglas Elliman, Inc. | 57300 | 132936 |
| eXp World Holdings, Inc. | 61900 | 563290 |
| †Forestar Group, Inc. | 14405 | 288100 |
| †FRP Holdings, Inc. | 10044 | 270083 |
| Kennedy-Wilson Holdings, <br> Inc.<br>| 85853 | 583800 |
| Marcus & Millichap, Inc. | 17500 | 537425 |
| †Maui Land & Pineapple Co., <br> Inc.<br>| 5600 | 101864 |
| Newmark Group, Inc. Class A | 104600 | 1270890 |
| †RE/MAX Holdings, Inc. <br> Class A<br>| 14098 | 115322 |
| †Real Brokerage, Inc. | 75300 | 339603 |
| RMR Group, Inc. Class A | 11668 | 190772 |
| †Seaport Entertainment <br> Group, Inc.<br>| 5900 | 110566 |
| St. Joe Co. | 29168 | 1391314 |
| †Stratus Properties, Inc. | 4200 | 79296 |

---

LVIP SSGA Small-Cap Index Fund-20

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| †Tejon Ranch Co. | 15718 | $266577 |
| †Transcontinental Realty <br> Investors, Inc.<br>| 900 | 38349 |
|  |  | **10677203** |
| **Residential REITs–0.43%** | **Residential REITs–0.43%** | **Residential REITs–0.43%** |
| Apartment Investment & <br> Management Co. Class A<br>| 104900 | 907385 |
| BRT Apartments Corp. | 8900 | 139196 |
| Centerspace | 12546 | 755144 |
| Clipper Realty, Inc. | 9600 | 35232 |
| Elme Communities | 66575 | 1058542 |
| Independence Realty Trust, <br> Inc.<br>| 178224 | 3152783 |
| NexPoint Residential Trust, <br> Inc.<br>| 16900 | 563108 |
| UMH Properties, Inc. | 59967 | 1006846 |
| Veris Residential, Inc. | 59200 | 881488 |
|  |  | **8499724** |
| **Retail REITs–1.23%** | **Retail REITs–1.23%** | **Retail REITs–1.23%** |
| Acadia Realty Trust | 101215 | 1879563 |
| Alexander's, Inc. | 1676 | 377636 |
| CBL & Associates Properties, <br> Inc.<br>| 16400 | 416396 |
| Curbline Properties Corp. | 74650 | 1704260 |
| FrontView REIT, Inc. | 10500 | 126000 |
| Getty Realty Corp. | 38164 | 1054853 |
| InvenTrust Properties Corp. | 58375 | 1599475 |
| Kite Realty Group Trust | 169185 | 3832040 |
| Macerich Co. | 194603 | 3148677 |
| NETSTREIT Corp. | 62100 | 1051353 |
| Phillips Edison & Co., Inc. | 96800 | 3390904 |
| Saul Centers, Inc. | 9466 | 323169 |
| SITE Centers Corp. | 36175 | 409139 |
| Tanger, Inc. | 85700 | 2620706 |
| Urban Edge Properties | 95500 | 1782030 |
| Whitestone REIT | 37071 | 462646 |
|  |  | **24178847** |
| **Semiconductors & Semiconductor Equipment–2.73%** | **Semiconductors & Semiconductor Equipment–2.73%** | **Semiconductors & Semiconductor Equipment–2.73%** |
| †ACM Research, Inc. Class A | 38800 | 1004920 |
| †Aehr Test Systems | 21400 | 276702 |
| †Aeluma, Inc. | 7500 | 122775 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 17871 | 458570 |
| †Ambarella, Inc. | 31192 | 2060699 |
| †Atomera, Inc. | 23000 | 115920 |
| †Axcelis Technologies, Inc. | 24533 | 1709705 |
| †CEVA, Inc. | 17317 | 380628 |
| †Cohu, Inc. | 34213 | 658258 |
| †Credo Technology Group <br> Holding Ltd.<br>| 112200 | 10388598 |
| †Diodes, Inc. | 34365 | 1817565 |
| †FormFactor, Inc. | 58631 | 2017493 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Ichor Holdings Ltd. | 25000 | $491000 |
| †Impinj, Inc. | 19900 | 2210293 |
| †indie Semiconductor, Inc. <br> Class A<br>| 149200 | 531152 |
| †Kopin Corp. | 116200 | 177786 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 39300 | 1359780 |
| †MaxLinear, Inc. | 60234 | 855925 |
| †Navitas Semiconductor Corp. | 97300 | 637315 |
| NVE Corp. | 3600 | 264996 |
| †PDF Solutions, Inc. | 23257 | 497235 |
| †Penguin Solutions, Inc. | 39002 | 772629 |
| †Photronics, Inc. | 46660 | 878608 |
| Power Integrations, Inc. | 42912 | 2398781 |
| †Rambus, Inc. | 82686 | 5293558 |
| †Rigetti Computing, Inc. | 216900 | 2572434 |
| †Semtech Corp. | 66823 | 3016390 |
| †Silicon Laboratories, Inc. | 24686 | 3637729 |
| †SiTime Corp. | 15100 | 3217508 |
| †SkyWater Technology, Inc. | 20800 | 204672 |
| †Synaptics, Inc. | 29952 | 1941489 |
| †Ultra Clean Holdings, Inc. | 33529 | 756749 |
| †Veeco Instruments, Inc. | 41935 | 852119 |
| †Wolfspeed, Inc. | 124500 | 49650 |
|  |  | **53629631** |
| **Software–6.42%** | **Software–6.42%** | **Software–6.42%** |
| †8x8, Inc. | 94905 | 186014 |
| A10 Networks, Inc. | 56638 | 1095945 |
| †ACI Worldwide, Inc. | 79878 | 3667199 |
| Adeia, Inc. | 82316 | 1163948 |
| †Agilysys, Inc. | 19804 | 2270331 |
| †Airship AI Holdings, Inc. | 7100 | 41819 |
| †Alarm.com Holdings, Inc. | 35800 | 2025206 |
| †Alkami Technology, Inc. | 52300 | 1576322 |
| †Amplitude, Inc. Class A | 66900 | 829560 |
| †Appian Corp. Class A | 30500 | 910730 |
| †Arteris, Inc. | 22000 | 209660 |
| †Asana, Inc. Class A | 71700 | 967950 |
| †AudioEye, Inc. | 6600 | 76890 |
| †AvePoint, Inc. | 101900 | 1967689 |
| †Bit Digital, Inc. | 140000 | 306600 |
| †Bitdeer Technologies Group <br> Class A<br>| 69000 | 792120 |
| †Blackbaud, Inc. | 29771 | 1911596 |
| †BlackLine, Inc. | 40383 | 2286485 |
| †Blend Labs, Inc. Class A | 182000 | 600600 |
| †Box, Inc. Class A | 106700 | 3645939 |
| †Braze, Inc. Class A | 58500 | 1643850 |
| †C3.ai, Inc. Class A | 92800 | 2280096 |
| †Cerence, Inc. | 31700 | 323657 |
| †Cipher Mining, Inc. | 203700 | 973686 |
| †Cleanspark, Inc. | 209000 | 2305270 |
| Clear Secure, Inc. Class A | 66800 | 1854368 |

---

LVIP SSGA Small-Cap Index Fund-21

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Clearwater Analytics <br> Holdings, Inc. Class A<br>| 189039 | $4145625 |
| †Commvault Systems, Inc. | 33902 | 5910136 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 13795 | 318113 |
| †Core Scientific, Inc. | 211500 | 3610305 |
| †CoreCard Corp. | 4400 | 127468 |
| †CS Disco, Inc. | 23100 | 100947 |
| †Daily Journal Corp. | 1050 | 443362 |
| †Digimarc Corp. | 11258 | 148718 |
| †Digital Turbine, Inc. | 73300 | 432470 |
| †Domo, Inc. Class B | 26400 | 368808 |
| †D-Wave Quantum, Inc. | 220700 | 3231048 |
| †E2open Parent Holdings, Inc. | 154100 | 497743 |
| †eGain Corp. | 12600 | 78750 |
| †EverCommerce, Inc. | 15700 | 164850 |
| †Expensify, Inc. Class A | 46900 | 121471 |
| †Five9, Inc. | 58600 | 1551728 |
| †Freshworks, Inc. Class A | 156500 | 2333415 |
| †Hut 8 Corp. | 72300 | 1344780 |
| †I3 Verticals, Inc. Class A | 17191 | 472409 |
| †Intapp, Inc. | 42500 | 2193850 |
| InterDigital, Inc. | 19888 | 4459486 |
| †Jamf Holding Corp. | 62800 | 597228 |
| †Kaltura, Inc. | 74700 | 150147 |
| †Life360, Inc. | 12400 | 809100 |
| †LiveRamp Holdings, Inc. | 48572 | 1604819 |
| †MARA Holdings, Inc. | 265800 | 4167744 |
| †Mercurity Fintech Holding, <br> Inc.<br>| 25200 | 97020 |
| †Meridianlink, Inc. | 24500 | 397635 |
| †Mitek Systems, Inc. | 33600 | 332640 |
| †N-able, Inc. | 54200 | 439020 |
| †NCR Voyix Corp. | 109600 | 1285608 |
| †NextNav, Inc. | 67600 | 1027520 |
| †Olo, Inc. Class A | 88700 | 789430 |
| †ON24, Inc. | 19900 | 108057 |
| OneSpan, Inc. | 28857 | 481623 |
| †Ooma, Inc. | 18694 | 241153 |
| †Pagaya Technologies Ltd. <br> Class A<br>| 32300 | 688636 |
| †PagerDuty, Inc. | 65300 | 997784 |
| †Porch Group, Inc. | 59900 | 706221 |
| Progress Software Corp. | 32600 | 2081184 |
| †PROS Holdings, Inc. | 34537 | 540849 |
| †Q2 Holdings, Inc. | 47700 | 4464243 |
| †Qualys, Inc. | 28125 | 4018219 |
| †Rapid7, Inc. | 47300 | 1094049 |
| Red Violet, Inc. | 8300 | 408360 |
| ReposiTrak, Inc. | 8900 | 174885 |
| †Rezolve AI PLC | 70500 | 216788 |
| †Rimini Street, Inc. | 41416 | 156138 |
| †Riot Platforms, Inc. | 253300 | 2862290 |
| Sapiens International Corp. <br> NV<br>| 23200 | 678600 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †SEMrush Holdings, Inc. <br> Class A<br>| 35500 | $321275 |
| †Silvaco Group, Inc. | 4400 | 20768 |
| †SoundHound AI, Inc. Class A | 280600 | 3010838 |
| †SoundThinking, Inc. | 7700 | 100524 |
| †Sprinklr, Inc. Class A | 88000 | 744480 |
| †Sprout Social, Inc. Class A | 37900 | 792489 |
| †SPS Commerce, Inc. | 29202 | 3974100 |
| †Telos Corp. | 39100 | 123947 |
| †Tenable Holdings, Inc. | 90100 | 3043578 |
| †Terawulf, Inc. | 202900 | 888702 |
| †Varonis Systems, Inc. | 83521 | 4238691 |
| †Verint Systems, Inc. | 46256 | 909856 |
| †Vertex, Inc. Class A | 49900 | 1763216 |
| †Viant Technology, Inc. <br> Class A<br>| 11600 | 153468 |
| †Weave Communications, Inc. | 45000 | 374400 |
| †WM Technology, Inc. | 65800 | 58957 |
| †Workiva, Inc. | 38600 | 2642170 |
| †Xperi, Inc. | 33906 | 268196 |
| †Yext, Inc. | 79500 | 675750 |
| †Zeta Global Holdings Corp. <br> Class A<br>| 144200 | 2233658 |
|  |  | **125925065** |
| **Specialized REITs–0.46%** | **Specialized REITs–0.46%** | **Specialized REITs–0.46%** |
| Farmland Partners, Inc. | 32600 | 375226 |
| Four Corners Property Trust, <br> Inc.<br>| 76500 | 2058615 |
| Gladstone Land Corp. | 25200 | 256284 |
| Outfront Media, Inc. | 109543 | 1787742 |
| PotlatchDeltic Corp. | 59515 | 2283590 |
| Safehold, Inc. | 43134 | 671165 |
| Smartstop Self Storage REIT, <br> Inc.<br>| 21700 | 786191 |
| †Uniti Group, Inc. | 183300 | 791856 |
|  |  | **9010669** |
| **Specialty Retail–2.27%** | **Specialty Retail–2.27%** | **Specialty Retail–2.27%** |
| †1-800-Flowers.com, Inc. <br> Class A<br>| 17864 | 87891 |
| †Abercrombie & Fitch Co. <br> Class A<br>| 37500 | 3106875 |
| Academy Sports & Outdoors, <br> Inc.<br>| 51500 | 2307715 |
| Advance Auto Parts, Inc. | 46000 | 2138540 |
| American Eagle Outfitters, <br> Inc.<br>| 133718 | 1286367 |
| †America's Car-Mart, Inc. | 5485 | 307379 |
| †Arhaus, Inc. | 38000 | 329460 |
| Arko Corp. | 59700 | 252531 |
| †Asbury Automotive Group, <br> Inc.<br>| 14944 | 3564742 |
| †BARK, Inc. | 97400 | 85663 |

---

LVIP SSGA Small-Cap Index Fund-22

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| †Barnes & Noble Education, <br> Inc.<br>| 11700 | $137709 |
| †Beyond, Inc. | 34597 | 238027 |
| †Boot Barn Holdings, Inc. | 23618 | 3589936 |
| Buckle, Inc. | 23408 | 1061553 |
| Build-A-Bear Workshop, Inc. | 9400 | 484664 |
| Caleres, Inc. | 24651 | 301235 |
| Camping World Holdings, Inc. <br> Class A<br>| 46300 | 795897 |
| †Citi Trends, Inc. | 4700 | 156933 |
| Designer Brands, Inc. <br> Class A<br>| 27000 | 64260 |
| †EVgo, Inc. | 92900 | 339085 |
| †Foot Locker, Inc. | 65600 | 1607200 |
| †Genesco, Inc. | 7932 | 156181 |
| Group 1 Automotive, Inc. | 9935 | 4338714 |
| Haverty Furniture Cos., Inc. | 11014 | 224135 |
| J Jill, Inc. | 4400 | 64416 |
| †Lands' End, Inc. | 9800 | 104958 |
| †MarineMax, Inc. | 16540 | 415816 |
| Monro, Inc. | 22149 | 330241 |
| †National Vision Holdings, <br> Inc.<br>| 58600 | 1348386 |
| †ODP Corp. | 22110 | 400854 |
| †OneWater Marine, Inc. <br> Class A<br>| 8600 | 115154 |
| †Petco Health & Wellness Co., <br> Inc.<br>| 64200 | 181686 |
| †RealReal, Inc. | 75300 | 360687 |
| †Revolve Group, Inc. | 29000 | 581450 |
| †Sally Beauty Holdings, Inc. | 77400 | 716724 |
| Shoe Carnival, Inc. | 13242 | 247758 |
| Signet Jewelers Ltd. | 31576 | 2511871 |
| †Sleep Number Corp. | 15846 | 107040 |
| Sonic Automotive, Inc. <br> Class A<br>| 11231 | 897694 |
| †Stitch Fix, Inc. Class A | 76700 | 283790 |
| †ThredUp, Inc. Class A | 70000 | 524300 |
| †Tile Shop Holdings, Inc. | 22000 | 139920 |
| †Torrid Holdings, Inc. | 16000 | 47200 |
| Upbound Group, Inc. | 40410 | 1014291 |
| †Urban Outfitters, Inc. | 47900 | 3474666 |
| †Victoria's Secret & Co. | 59100 | 1094532 |
| †Warby Parker, Inc. Class A | 75300 | 1651329 |
| Winmark Corp. | 2187 | 825833 |
| †Zumiez, Inc. | 12023 | 159425 |
|  |  | **44562713** |
| **Technology Hardware, Storage & Peripherals–0.64%** | **Technology Hardware, Storage & Peripherals–0.64%** | **Technology Hardware, Storage & Peripherals–0.64%** |
| †CompoSecure, Inc. Class A | 33800 | 476242 |
| †Corsair Gaming, Inc. | 33900 | 319677 |
| †CPI Card Group, Inc. | 3600 | 85392 |
| †Diebold Nixdorf, Inc. | 19000 | 1052600 |
| †Eastman Kodak Co. | 44900 | 253685 |
| Immersion Corp. | 23200 | 182816 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| †IonQ, Inc. | 181700 | $7807649 |
| †Quantum Computing, Inc. | 88400 | 1694628 |
| †Turtle Beach Corp. | 12200 | 168726 |
| Xerox Holdings Corp. | 86900 | 457963 |
|  |  | **12499378** |
| **Textiles, Apparel & Luxury Goods–0.57%** | **Textiles, Apparel & Luxury Goods–0.57%** | **Textiles, Apparel & Luxury Goods–0.57%** |
| †Capri Holdings Ltd. | 89200 | 1578840 |
| Carter's, Inc. | 27300 | 822549 |
| Ermenegildo Zegna NV | 47600 | 406980 |
| †Figs, Inc. Class A | 68200 | 384648 |
| †G-III Apparel Group Ltd. | 29596 | 662950 |
| †Hanesbrands, Inc. | 266000 | 1218280 |
| Kontoor Brands, Inc. | 41600 | 2744352 |
| Lakeland Industries, Inc. | 7200 | 97992 |
| Movado Group, Inc. | 11480 | 175070 |
| Oxford Industries, Inc. | 11266 | 453457 |
| Rocky Brands, Inc. | 5600 | 124264 |
| Steven Madden Ltd. | 53701 | 1287750 |
| Superior Group of Cos., Inc. | 9300 | 95790 |
| Wolverine World Wide, Inc. | 59771 | 1080660 |
|  |  | **11133582** |
| **Tobacco–0.11%** | **Tobacco–0.11%** | **Tobacco–0.11%** |
| †Ispire Technology, Inc. | 15200 | 38912 |
| Turning Point Brands, Inc. | 12925 | 979327 |
| Universal Corp. | 18242 | 1062414 |
|  |  | **2080653** |
| **Trading Companies & Distributors–1.32%** | **Trading Companies & Distributors–1.32%** | **Trading Companies & Distributors–1.32%** |
| Alta Equipment Group, Inc. | 19190 | 121281 |
| †BlueLinx Holdings, Inc. | 6200 | 461156 |
| Boise Cascade Co. | 29046 | 2521774 |
| †Custom Truck One Source, <br> Inc.<br>| 36800 | 181792 |
| †Distribution Solutions Group, <br> Inc.<br>| 7996 | 219650 |
| †DNOW, Inc. | 79432 | 1177976 |
| †DXP Enterprises, Inc. | 9943 | 871504 |
| EVI Industries, Inc. | 5100 | 111333 |
| GATX Corp. | 27500 | 4222900 |
| Global Industrial Co. | 10358 | 279770 |
| †GMS, Inc. | 29500 | 3208125 |
| Herc Holdings, Inc. | 25037 | 3297122 |
| †Hudson Technologies, Inc. | 34100 | 276892 |
| Karat Packaging, Inc. | 5100 | 143616 |
| McGrath RentCorp | 18440 | 2138302 |
| †MRC Global, Inc. | 63900 | 876069 |
| †NPK International, Inc. | 62641 | 533075 |
| Rush Enterprises, Inc. <br> Class A<br>| 54682 | 2823159 |
| †Titan Machinery, Inc. | 15870 | 314385 |
| †Transcat, Inc. | 7000 | 601720 |

---

LVIP SSGA Small-Cap Index Fund-23

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Willis Lease Finance Corp. | 2800 | $399784 |
| †Xometry, Inc. Class A | 33200 | 1121828 |
|  |  | **25903213** |
| **Transportation Infrastructure–0.01%** | **Transportation Infrastructure–0.01%** | **Transportation Infrastructure–0.01%** |
| †Sky Harbour Group Corp. | 16600 | 162182 |
|  |  | **162182** |
| **Water Utilities–0.38%** | **Water Utilities–0.38%** | **Water Utilities–0.38%** |
| American States Water Co. | 29679 | 2275192 |
| †Cadiz, Inc. | 32901 | 98374 |
| California Water Service <br> Group<br>| 45142 | 2053058 |
| Consolidated Water Co. Ltd. | 11400 | 342228 |
| Global Water Resources, Inc. | 8783 | 89499 |
| H2O America | 25215 | 1310423 |
| Middlesex Water Co. | 13331 | 722274 |
| †Pure Cycle Corp. | 15900 | 170448 |
| York Water Co. | 10737 | 339289 |
|  |  | **7400785** |
| **Wireless Telecommunication Services–0.18%** | **Wireless Telecommunication Services–0.18%** | **Wireless Telecommunication Services–0.18%** |
| †Gogo, Inc. | 49500 | 726660 |
| Spok Holdings, Inc. | 13900 | 245752 |
| Telephone & Data Systems, <br> Inc.<br>| 74600 | 2654268 |
|  |  | **3626680** |
| **Total Common Stock** <br>**(Cost $1,331,877,775)** | **Total Common Stock** <br>**(Cost $1,331,877,775)** | **1945006444** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†Aduro Biotech, Inc. | 15060 | 5723 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **RIGHTS (continued)** | **RIGHTS (continued)** | **RIGHTS (continued)** |
| =†Alimera Sciences, Inc. | 16900 | $676 |
| =†Chinook Therapeutics, Inc. | 47760 | 0 |
| =†Gtx, Inc. | 828 | 1565 |
| =†Tobira Therapeutics, Inc. <br> expiration date 12/31/28<br>| 7700 | 34881 |
| **Total Rights** <br>**(Cost $2,373)** | **Total Rights** <br>**(Cost $2,373)** | **42845** |
| **WARRANTS–0.00%** | **WARRANTS–0.00%** | **WARRANTS–0.00%** |
| †Chord Energy Corp. exp <br> 9/01/25 exercise price USD <br> 133.70<br>| 2699 | 1754 |
| †Danimer Scientific, Inc. exp <br> 7/15/25 exercise price USD <br> 5.00<br>| 25300 | 15 |
| †Nabors Industries Ltd. exp <br> 6/11/26 exercise price USD <br> 166.67<br>| 2445 | 1834 |
| =†Pulse Biosciences, Inc. exp <br> 6/27/29 exercise price USD <br> 1.00<br>| 1477 | 3021 |
| **Total Warrants** <br>**(Cost $245,769)** | **Total Warrants** <br>**(Cost $245,769)** | **6624** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.72%** | **MONEY MARKET FUND–0.72%** | **MONEY MARKET FUND–0.72%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 14145130 | 14145130 |
| **Total Money Market Fund** <br>**(Cost $14,145,130)** | **Total Money Market Fund** <br>**(Cost $14,145,130)** | **14145130** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.85% (Cost $1,346,271,047)** | **1959201043** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.15%** | **2899739** |
| **NET ASSETS APPLICABLE TO 61,075,099 SHARES OUTSTANDING–100.00%** | **$1962100782** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-CAP INDEX FUND STANDARD CLASS** <br>**($1,415,588,494 / 44,019,778 Shares)** | **$32.158** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-CAP INDEX FUND SERVICE CLASS** <br>**($546,512,288 / 17,055,321 Shares)** | **$32.044** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1229377642** |
| Distributable earnings/(accumulated loss) | **732723140** |
| **TOTAL NET ASSETS** | **$1962100782** |

---

&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 SSGA Small-Cap Index Fund-24

------

**LVIP SSGA Small-Cap Index Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,184,492 cash collateral held at broker for futures contracts, $18,605 variation margin due from broker on futures contracts, <br> $441,299 payable for securities purchased, $2,148,957 payable for fund shares redeemed, $70,973 other accrued expenses payable, $643,166 <br> due to manager and affiliates, $96,323 due to custodian, $16,187 payable for audit fee and $46,602 payable for fund accounting fee as of June <br> 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:** |
| 128 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $14026880 | &nbsp;&nbsp; $13864252 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $162628 | &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 |
| LNG–Liquefied Natural Gas |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Small-Cap Index Fund-25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Small-Cap Index Fund** | **LVIP SSGA Small-Cap Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $13770845 |
| Foreign taxes withheld | (25429)<br>|
|  | 13745416 |
| **EXPENSES:** |  |
| Management fees | 2957454 |
| Distribution fees-Service Class | 640111 |
| Shareholder servicing fees | 268019 |
| Accounting and administration expenses | 163262 |
| Index fees | 109670 |
| Professional fees | 42844 |
| Trustees' fees and expenses | 28614 |
| Reports and statements to shareholders | 22481 |
| Custodian fees | 9617 |
| Pricing fees | 8739 |
| Consulting fees | 8206 |
| Other | 23019 |
|  | 4282036 |
| Less:  |  |
| Management fees waived | (89042)<br>|
| Total operating expenses | 4192994 |
| **NET INVESTMENT INCOME**  | 9552422 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 59632244 |
| Futures contracts | (1388173)<br>|
| Net realized gain | 58244071 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (103582101)<br>|
| Futures contracts | 919996 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (102662105)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (44418034)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(34865612)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Small-Cap Index Fund** | **LVIP SSGA Small-Cap Index Fund** | **LVIP SSGA Small-Cap Index Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $9552422 | $18222309 |
| Net realized gain | 58244071 | 116712324 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (102662105)<br>| 87010851 |
| Net increase (decrease) in net <br> assets resulting from <br> operations<br>| (34865612)<br>| 221945484 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (80315675)<br>|
| Service Class |  | (27649511)<br>|
|  |  | (107965186)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 126037012 | 118808709 |
| Service Class | 53999668 | 78854279 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 80315675 |
| Service Class |  | 27649511 |
|  | 180036680 | 305628174 |
| Cost of shares redeemed: |  |  |
| Standard Class | (114147816)<br>| (522230550)<br>|
| Service Class | (31448284)<br>| (88043434)<br>|
|  | (145596100)<br>| (610273984)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 34440580 | (304645810)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (425032)<br>| (190665512)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 1962525814 | 2153191326 |
| End of period | $1962100782 | $1962525814 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Small-Cap Index Fund-26

------

**LVIP SSGA Small-Cap Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index 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; $32.786 | &nbsp;&nbsp; $31.106 | &nbsp;&nbsp; $27.338 | &nbsp;&nbsp; $39.636 | &nbsp;&nbsp; $35.910 | &nbsp;&nbsp; $31.692 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.170 | 0.306 | 0.332 | 0.303 | 0.252 | 0.218 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.798)<br>| 3.201 | 4.124 | &nbsp;&nbsp; (8.624)<br>| 4.931 | 5.573 |
| Total from investment operations | &nbsp;&nbsp; (0.628)<br>| 3.507 | 4.456 | &nbsp;&nbsp; (8.321)<br>| 5.183 | 5.791 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.596)<br>| &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.343)<br>| &nbsp;&nbsp; (0.316)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.231)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (3.619)<br>| &nbsp;&nbsp; (1.114)<br>| &nbsp;&nbsp; (1.257)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.827)<br>| &nbsp;&nbsp; (0.688)<br>| &nbsp;&nbsp; (3.977)<br>| &nbsp;&nbsp; (1.457)<br>| &nbsp;&nbsp; (1.573)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $32.158 | &nbsp;&nbsp; $32.786 | &nbsp;&nbsp; $31.106 | &nbsp;&nbsp; $27.338 | &nbsp;&nbsp; $39.636 | &nbsp;&nbsp; $35.910 |
| Total return<sup>3</sup> | &nbsp;&nbsp; (1.92%)<br>| &nbsp;&nbsp; 11.14% | &nbsp;&nbsp; 16.50% | &nbsp;&nbsp; (20.78%)<br>| &nbsp;&nbsp; 14.56% | &nbsp;&nbsp; 19.20% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1415588 | &nbsp;&nbsp; $1429404 | &nbsp;&nbsp; $1664375 | &nbsp;&nbsp; $1449348 | &nbsp;&nbsp; $1994358 | &nbsp;&nbsp; $1829548 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.39% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.77% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 23% |

---

&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 SSGA Small-Cap Index Fund-27

------

**LVIP SSGA Small-Cap Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index 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; $32.710 | &nbsp;&nbsp; $31.046 | &nbsp;&nbsp; $27.292 | &nbsp;&nbsp; $39.580 | &nbsp;&nbsp; $35.858 | &nbsp;&nbsp; $31.665 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.131 | 0.224 | 0.260 | 0.221 | 0.150 | 0.147 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.797)<br>| 3.187 | 4.112 | &nbsp;&nbsp; (8.609)<br>| 4.927 | 5.547 |
| Total from investment operations | &nbsp;&nbsp; (0.666)<br>| 3.411 | 4.372 | &nbsp;&nbsp; (8.388)<br>| 5.077 | 5.694 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.516)<br>| &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (0.281)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.244)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.231)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (3.619)<br>| &nbsp;&nbsp; (1.114)<br>| &nbsp;&nbsp; (1.257)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.747)<br>| &nbsp;&nbsp; (0.618)<br>| &nbsp;&nbsp; (3.900)<br>| &nbsp;&nbsp; (1.355)<br>| &nbsp;&nbsp; (1.501)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $32.044 | &nbsp;&nbsp; $32.710 | &nbsp;&nbsp; $31.046 | &nbsp;&nbsp; $27.292 | &nbsp;&nbsp; $39.580 | &nbsp;&nbsp; $35.858 |
| Total return<sup>3</sup> | &nbsp;&nbsp; (2.05%)<br>| &nbsp;&nbsp; 10.87% | &nbsp;&nbsp; 16.21% | &nbsp;&nbsp; (20.98%)<br>| &nbsp;&nbsp; 14.27% | &nbsp;&nbsp; 18.90% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $546512 | &nbsp;&nbsp; $533122 | &nbsp;&nbsp; $488817 | &nbsp;&nbsp; $417135 | &nbsp;&nbsp; $551286 | &nbsp;&nbsp; $507602 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.52% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.52% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 23% |

---

&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 SSGA Small-Cap Index Fund-28

------

**LVIP SSGA Small-Cap Index 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 SSGA Small-Cap Index Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to approximate as closely as practicable, before fees and expenses, the performance of the Russell 2000<sup>®</sup> Index, which emphasizes stocks of small U.S. companies.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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 SSGA Small-Cap Index Fund-29

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**LVIP SSGA Small-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

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 0.32% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.005% of the first $500 million of the Fund's average daily net assets; 0.010% of the next $1 billion; and 0.015% of the Fund's average daily net assets in excess of $1.5 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

SSGA Funds Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $79420 |
| Legal | &nbsp;&nbsp; 12105 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP SSGA Small-Cap Index Fund-30

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**LVIP SSGA Small-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $12,117 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; $487578 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 109707 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 303 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 45578 |

---

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; $264699011 |
| Sales | &nbsp;&nbsp; 225431029 |

---

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; $1346271047 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $821287172 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (208194548)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $613092624 |

---

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 SSGA Small-Cap Index Fund-31

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**LVIP SSGA Small-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $31735479 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31735479 |
| Air Freight & Logistics | &nbsp;&nbsp; 2119565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2119565 |
| Automobile Components | &nbsp;&nbsp; 23909191 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23909191 |
| Automobiles | &nbsp;&nbsp; 852037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 852037 |
| Banks | &nbsp;&nbsp; 204340593 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 204340593 |
| Beverages | &nbsp;&nbsp; 2238175 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2238175 |
| Biotechnology | &nbsp;&nbsp; 140214203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 140214218 |
| Broadline Retail | &nbsp;&nbsp; 1481924 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1481924 |
| Building Products | &nbsp;&nbsp; 26635220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26635220 |
| Capital Markets | &nbsp;&nbsp; 34359276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34359276 |
| Chemicals | &nbsp;&nbsp; 32694863 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32694863 |
| Commercial Services & Supplies | &nbsp;&nbsp; 36354974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36354974 |
| Communications Equipment | &nbsp;&nbsp; 14887638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14887638 |
| Construction & Engineering | &nbsp;&nbsp; 42167434 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42167434 |
| Construction Materials | &nbsp;&nbsp; 4719829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4719829 |
| Consumer Finance | &nbsp;&nbsp; 22137706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22137706 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 9903279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9903279 |
| Containers & Packaging | &nbsp;&nbsp; 5062560 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5062560 |
| Distributors | &nbsp;&nbsp; 788386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 788386 |
| Diversified Consumer Services | &nbsp;&nbsp; 26467455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26467455 |
| Diversified REITs | &nbsp;&nbsp; 11932372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11932372 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 8564898 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8564898 |
| Electric Utilities | &nbsp;&nbsp; 21457740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21457740 |
| Electrical Equipment | &nbsp;&nbsp; 31164908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31164908 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 68878067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68878067 |
| Energy Equipment & Services | &nbsp;&nbsp; 34668273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34668273 |
| Entertainment | &nbsp;&nbsp; 10820337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10820337 |
| Financial Services | &nbsp;&nbsp; 50499425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50499425 |
| Food Products | &nbsp;&nbsp; 18407662 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18407662 |
| Gas Utilities | &nbsp;&nbsp; 20920381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20920381 |
| Ground Transportation | &nbsp;&nbsp; 7176550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7176550 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 57168591 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 57168591 |
| Health Care Providers & Services | &nbsp;&nbsp; 64790389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64790389 |
| Health Care REITs | &nbsp;&nbsp; 18589453 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18589453 |
| Health Care Technology | &nbsp;&nbsp; 9036651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9036651 |
| Hotel & Resort REITs | &nbsp;&nbsp; 12732664 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12732664 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 45061782 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45061782 |
| Household Durables | &nbsp;&nbsp; 34065767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34065767 |
| Household Products | &nbsp;&nbsp; 6373549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6373549 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 4022290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4022290 |
| Industrial Conglomerates | &nbsp;&nbsp; 605280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 605280 |
| Industrial REITs | &nbsp;&nbsp; 8100822 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8100822 |
| Insurance | &nbsp;&nbsp; 46117997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46117997 |

---

LVIP SSGA Small-Cap Index Fund-32

------

**LVIP SSGA Small-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interactive Media & Services | &nbsp;&nbsp; $13037914 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13037914 |
| IT Services | &nbsp;&nbsp; 10118144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10118144 |
| Leisure Products | &nbsp;&nbsp; 8384353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8384353 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 7546151 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7546151 |
| Machinery | &nbsp;&nbsp; 74268881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74268881 |
| Marine Transportation | &nbsp;&nbsp; 4632965 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4632965 |
| Media | &nbsp;&nbsp; 15438791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15438791 |
| Metals & Mining | &nbsp;&nbsp; 28843562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28843562 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 18124251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18124251 |
| Multi-Utilities | &nbsp;&nbsp; 8484583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8484583 |
| Office REITs | &nbsp;&nbsp; 14197330 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14197330 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 60939023 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 60939023 |
| Paper & Forest Products | &nbsp;&nbsp; 1951345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1951345 |
| Passenger Airlines | &nbsp;&nbsp; 9504268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9504268 |
| Personal Care Products | &nbsp;&nbsp; 4855055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4855055 |
| Pharmaceuticals | &nbsp;&nbsp; 31277972 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31277972 |
| Professional Services | &nbsp;&nbsp; 39885881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39885881 |
| Real Estate Management & Development | &nbsp;&nbsp; 10677203 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10677203 |
| Residential REITs | &nbsp;&nbsp; 8499724 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8499724 |
| Retail REITs | &nbsp;&nbsp; 24178847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24178847 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 53629631 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53629631 |
| Software | &nbsp;&nbsp; 125925065 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 125925065 |
| Specialized REITs | &nbsp;&nbsp; 9010669 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9010669 |
| Specialty Retail | &nbsp;&nbsp; 44562713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44562713 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 12499378 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12499378 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 11133582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11133582 |
| Tobacco | &nbsp;&nbsp; 2080653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2080653 |
| Trading Companies & Distributors | &nbsp;&nbsp; 25903213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25903213 |
| Transportation Infrastructure | &nbsp;&nbsp; 162182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 162182 |
| Water Utilities | &nbsp;&nbsp; 7400785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7400785 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 3626680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3626680 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42845 | &nbsp;&nbsp; 42845 |
| Warrants | &nbsp;&nbsp; 3603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3021 | &nbsp;&nbsp; 6624 |
| Money Market Fund | &nbsp;&nbsp; 14145130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14145130 |
| **Total Investments** | &nbsp;&nbsp; $1959155162 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45881 | &nbsp;&nbsp; $1959201043 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $162628 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162628 |

---

&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 SSGA Small-Cap Index Fund-33

------

**LVIP SSGA Small-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 4130177 | &nbsp;&nbsp; 3681446 |
| Service Class | &nbsp;&nbsp; 1762030 | &nbsp;&nbsp; 2437156 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2365481 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 817247 |
|  | &nbsp;&nbsp; 5892207 | &nbsp;&nbsp; 9301330 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3708298)<br>| &nbsp;&nbsp; (15956007)<br>|
| Service Class | &nbsp;&nbsp; (1005241)<br>| &nbsp;&nbsp; (2700578)<br>|
|  | &nbsp;&nbsp; (4713539)<br>| &nbsp;&nbsp; (18656585)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1178668 | &nbsp;&nbsp; (9355255)<br>|

---

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $75,000,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of 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 facilitate investments in portfolio securities; as a cash management tool and to reduce transaction costs.

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>| $162628 | Receivables and other assets net of <br> liabilities<br>| $— |

---

LVIP SSGA Small-Cap Index Fund-34

------

**LVIP SSGA Small-Cap Index Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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; $(1388173)<br>| &nbsp;&nbsp; $919996 |

---

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) | $11038085 | $— |

---

**7. 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 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 SSGA Small-Cap Index Fund-35

------

![](img8300deb11.jpg)

![](img29ebf8142.jpg)

LVIP SSGA SMID Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP SSGA SMID Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_1a84e078-8806-402d-9589-c808674a4a37_SOI-continued-281_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_1a84e078-8806-402d-9589-c808674a4a37_FS-continued-281_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_1a84e078-8806-402d-9589-c808674a4a37_FS-continued-281_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_1a84e078-8806-402d-9589-c808674a4a37_FS-continued-281_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_1a84e078-8806-402d-9589-c808674a4a37_FIHI-continued-281_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_1a84e078-8806-402d-9589-c808674a4a37_NTF-continued-281_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP SSGA SMID Cap 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 INVESTMENTS–96.63%** | **AFFILIATED INVESTMENTS–96.63%** | **AFFILIATED INVESTMENTS–96.63%** |
| **INVESTMENT COMPANIES–96.63%** | **INVESTMENT COMPANIES–96.63%** | **INVESTMENT COMPANIES–96.63%** |
| **Equity Funds–96.63%** | **Equity Funds–96.63%** | **Equity Funds–96.63%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 8722329 | $113765336 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 14516268 | 466785122 |
| **Total Affiliated Investments** <br>**(Cost $453,363,588)**<br>|  | **580550458** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–2.74%** | **UNAFFILIATED INVESTMENT–2.74%** | **UNAFFILIATED INVESTMENT–2.74%** |
| **INVESTMENT COMPANY–2.74%** | **INVESTMENT COMPANY–2.74%** | **INVESTMENT COMPANY–2.74%** |
| **Money Market Fund–2.74%** | **Money Market Fund–2.74%** | **Money Market Fund–2.74%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 16434759 | $16434759 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $16,434,759)**<br>|  | **16434759** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.37% (Cost $469,798,347)** | **596985217** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.63%** | **3781623** |
| **NET ASSETS APPLICABLE TO 49,622,372 SHARES OUTSTANDING–100.00%** | **$600766840** |

---

&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>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| (348) | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $(38135580)<br>| &nbsp;&nbsp; $(37552996)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(582584)<br>|
| (29) | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; (9063950)<br>| &nbsp;&nbsp; (8935646)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (128304)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(710888)<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 |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA SMID Cap Managed Volatility Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA SMID Cap Managed Volatility Fund** | **LVIP SSGA SMID Cap Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $580550458 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 16434759 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 3951301 |
| Receivable for fund shares sold | &nbsp;&nbsp; 190804 |
| Dividends and interest receivable  | &nbsp;&nbsp; 60277 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 22238 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 20697 |
| Prepaid expenses | &nbsp;&nbsp; 1533 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 601232067 |
| **LIABILITIES:** |  |
| Due to manager and affiliates | &nbsp;&nbsp; 244224 |
| Payable for securities purchased | &nbsp;&nbsp; 150341 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 32550 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 12869 |
| Other accrued expenses payable | &nbsp;&nbsp; 11210 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 465227 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $600766840 |
| Affiliated investments, at cost | &nbsp;&nbsp; $453363588 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 16434759 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $77183 |
| Shares Outstanding | &nbsp;&nbsp; 6356 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.144 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $600689657 |
| Shares Outstanding | &nbsp;&nbsp; 49616016 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.107 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $567919392 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 32847448 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $600766840 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA SMID Cap Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA SMID Cap Managed Volatility Fund** | **LVIP SSGA SMID Cap Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $591515 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 728928 |
| Management fees | 670697 |
| Shareholder servicing fees | 84566 |
| Accounting and administration expenses | 48100 |
| Professional fees | 24425 |
| Reports and statements to shareholders | 11654 |
| Trustees' fees and expenses | 9096 |
| Custodian fees | 4099 |
| Consulting fees | 3883 |
| Pricing fees | 66 |
| Other | 7266 |
|  | 1592780 |
| Less:  |  |
| Management fees waived | (14580)<br>|
| Expenses reimbursed | (134834)<br>|
| Total operating expenses | 1443366 |
| **NET INVESTMENT LOSS** | (851851)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss from: |  |
| Sale of affiliated investments | (1128378)<br>|
| Futures contracts | (34429090)<br>|
| Net realized loss | (35557468)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | (8303493)<br>|
| Futures contracts | 1619769 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (6683724)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (42241192)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(43093043)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA SMID Cap Managed Volatility Fund** | **LVIP SSGA SMID Cap Managed Volatility Fund** | **LVIP SSGA SMID Cap Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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) | $(851851)<br>| $7432814 |
| Net realized gain (loss) | (35557468)<br>| 39558938 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (6683724)<br>| 22618598 |
| Net increase (decrease) in net <br> assets resulting from operations<br>| (43093043)<br>| 69610350 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (3102)<br>|
| Service Class |  | (24001381)<br>|
|  |  | (24004483)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 7942 | 3941 |
| Service Class | 44027365 | 19779083 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 3102 |
| Service Class |  | 24001381 |
|  | 44035307 | 43787507 |
| Cost of shares redeemed: |  |  |
| Standard Class | (1845)<br>| (12040)<br>|
| Service Class | (22745913)<br>| (119011137)<br>|
|  | (22747758)<br>| (119023177)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 21287549 | (75235670)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (21805494)<br>| (29629803)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 622572334 | 652202137 |
| End of period | $600766840 | $622572334 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA SMID Cap Managed Volatility Fund-3

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID 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; $13.079 | &nbsp;&nbsp; $12.238 | &nbsp;&nbsp; $10.884 | &nbsp;&nbsp; $14.150 | &nbsp;&nbsp; $14.479 | &nbsp;&nbsp; $13.009 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.002)<br>| 0.181 | 0.140 | 0.097 | 0.098 | 0.105 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.933)<br>| 1.201 | 1.352 | &nbsp;&nbsp; (2.703)<br>| 2.216 | 1.631 |
| Total from investment operations | &nbsp;&nbsp; (0.935)<br>| 1.382 | 1.492 | &nbsp;&nbsp; (2.606)<br>| 2.314 | 1.736 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.138)<br>| &nbsp;&nbsp; (0.094)<br>| &nbsp;&nbsp; (0.379)<br>| &nbsp;&nbsp; (0.266)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.539)<br>| &nbsp;&nbsp; (2.264)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.541)<br>| &nbsp;&nbsp; (0.138)<br>| &nbsp;&nbsp; (0.660)<br>| &nbsp;&nbsp; (2.643)<br>| &nbsp;&nbsp; (0.266)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.144 | &nbsp;&nbsp; $13.079 | &nbsp;&nbsp; $12.238 | &nbsp;&nbsp; $10.884 | &nbsp;&nbsp; $14.150 | &nbsp;&nbsp; $14.479 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (7.15%)<br>| &nbsp;&nbsp; 11.33% | &nbsp;&nbsp; 13.69% | &nbsp;&nbsp; (18.36%)<br>| &nbsp;&nbsp; 16.24% | &nbsp;&nbsp; 13.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $59 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $123 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.05% )<sup>6</sup><br>| &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.88% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.10% )<sup>6</sup><br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.82% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 11% | &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> 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 SSGA SMID Cap Managed Volatility Fund-4

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID 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; $13.056 | &nbsp;&nbsp; $12.216 | &nbsp;&nbsp; $10.867 | &nbsp;&nbsp; $14.127 | &nbsp;&nbsp; $14.463 | &nbsp;&nbsp; $13.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.018)<br>| 0.148 | 0.111 | 0.066 | 0.058 | 0.075 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.931)<br>| 1.198 | 1.348 | &nbsp;&nbsp; (2.696)<br>| 2.213 | 1.622 |
| Total from investment operations | &nbsp;&nbsp; (0.949)<br>| 1.346 | 1.459 | &nbsp;&nbsp; (2.630)<br>| 2.271 | 1.697 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.300)<br>| &nbsp;&nbsp; (0.110)<br>| &nbsp;&nbsp; (0.064)<br>| &nbsp;&nbsp; (0.343)<br>| &nbsp;&nbsp; (0.234)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.539)<br>| &nbsp;&nbsp; (2.264)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.506)<br>| &nbsp;&nbsp; (0.110)<br>| &nbsp;&nbsp; (0.630)<br>| &nbsp;&nbsp; (2.607)<br>| &nbsp;&nbsp; (0.234)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.107 | &nbsp;&nbsp; $13.056 | &nbsp;&nbsp; $12.216 | &nbsp;&nbsp; $10.867 | &nbsp;&nbsp; $14.127 | &nbsp;&nbsp; $14.463 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (7.27%)<br>| &nbsp;&nbsp; 11.05% | &nbsp;&nbsp; 13.41% | &nbsp;&nbsp; (18.57%)<br>| &nbsp;&nbsp; 15.95% | &nbsp;&nbsp; 13.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $600690 | &nbsp;&nbsp; $622496 | &nbsp;&nbsp; $652126 | &nbsp;&nbsp; $582900 | &nbsp;&nbsp; $725057 | &nbsp;&nbsp; $676118 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.30% )<sup>6</sup><br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.35% )<sup>6</sup><br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.57% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 11% | &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> 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 SSGA SMID Cap Managed Volatility Fund-5

------

**LVIP SSGA SMID 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 SSGA SMID Cap Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the LVIP SSGA Small-Cap Index Fund and LVIP SSGA Mid-Cap Index Fund (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA Small-Cap Index Fund and LVIP SSGA Mid-Cap Index Fund, which are sub-advised by an unaffiliated adviser, invest primarily in stocks that make up the SSGA Small-Cap Index and SSGA Mid-Cap Index, respectively, and money market instruments. In addition to mutual fund investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial Statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds 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 SSGA SMID Cap Managed Volatility Fund-6

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.23% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.245% of the Fund's average daily net assets for the Standard Class and 0.495% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the 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; $287011 | &nbsp;&nbsp; $284705 | &nbsp;&nbsp; $281825 | &nbsp;&nbsp; $853541 |

---

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; $25204 |
| Legal | &nbsp;&nbsp; 3842 |

---

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 $7,477 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 SSGA SMID Cap Managed Volatility Fund-7

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $22238 |
| Management fees payable to LFI | &nbsp;&nbsp; 108915 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 121001 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 270 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14038 |

---

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 COMPANIES-96.63%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-96.63%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $119566840 | $6238638 | $11942889 | $204771 | $(302024)<br>| $113765336 | 8722329 | $— | $— |
| ✧✧LVIP SSGA Small-Cap Index Fund | 472078435 | 30428479 | 26387174 | (1333149)<br>| (8001469)<br>| 466785122 | 14516268 |  |  |
| Total | $591645275 | $36667117 | $38330063 | $(1128378)<br>| $(8303493)<br>| $580550458 |  | $— | $— |

---

&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; $36667117 |
| Sales | &nbsp;&nbsp; 38330063 |

---

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; $469798347 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $127186870 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (710888)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $126475982 |

---

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.

LVIP SSGA SMID Cap Managed Volatility Fund-8

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 Companies | &nbsp;&nbsp; $580550458 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $580550458 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 16434759 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16434759 |
| **Total Investments** | &nbsp;&nbsp; $596985217 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $596985217 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(710888)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(710888)<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; 677 | &nbsp;&nbsp; 297 |
| Service Class | &nbsp;&nbsp; 3735308 | &nbsp;&nbsp; 1549495 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 237 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1836252 |
|  | &nbsp;&nbsp; 3735985 | &nbsp;&nbsp; 3386281 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (144)<br>| &nbsp;&nbsp; (907)<br>|
| Service Class | &nbsp;&nbsp; (1799054)<br>| &nbsp;&nbsp; (9089192)<br>|
|  | &nbsp;&nbsp; (1799198)<br>| &nbsp;&nbsp; (9090099)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1936787 | &nbsp;&nbsp; (5703818)<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 SSGA SMID Cap Managed Volatility Fund-9

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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 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>| $— | Variation margin due from broker on <br> futures contracts<br>| $(710888)<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; $(34429090)<br>| &nbsp;&nbsp; $1619769 |

---

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) | $13407309 | $47516968 |

---

**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.

LVIP SSGA SMID Cap Managed Volatility Fund-10

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. 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 SSGA SMID Cap Managed Volatility Fund-11

------

![](img797485371.jpg)

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_61f7f8ad-7a1d-4d87-a096-c1675053c97c_SOI-continued-248_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_61f7f8ad-7a1d-4d87-a096-c1675053c97c_FS-continued-248_1)**  | &nbsp;&nbsp; **7** |
| **[Statements of Changes in Net Assets](#xx_61f7f8ad-7a1d-4d87-a096-c1675053c97c_FS-continued-248_1)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_61f7f8ad-7a1d-4d87-a096-c1675053c97c_FIHI-continued-248_1)**  | &nbsp;&nbsp; **8** |
| **[Notes to Financial Statements](#xx_61f7f8ad-7a1d-4d87-a096-c1675053c97c_NTF-continued-248_1)**  | &nbsp;&nbsp; **10** |

---

------

**LVIP T. Rowe Price Structured Mid-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–98.98%** | **COMMON STOCK–98.98%** | **COMMON STOCK–98.98%** |
| **Aerospace & Defense–6.44%** | **Aerospace & Defense–6.44%** | **Aerospace & Defense–6.44%** |
| †Axon Enterprise, Inc. | 31004 | $25669452 |
| BWX Technologies, Inc. | 9123 | 1314259 |
| HEICO Corp. | 48390 | 15871920 |
| Howmet Aerospace, Inc. | 177800 | 33093914 |
| †Karman Holdings, Inc. | 49298 | 2483140 |
| †Loar Holdings, Inc. | 28610 | 2465324 |
| †Rocket Lab Corp. | 143800 | 5143726 |
| †StandardAero, Inc. | 80087 | 2534754 |
|  |  | **88576489** |
| **Air Freight & Logistics–0.10%** | **Air Freight & Logistics–0.10%** | **Air Freight & Logistics–0.10%** |
| †GXO Logistics, Inc. | 28400 | 1383080 |
|  |  | **1383080** |
| **Beverages–0.47%** | **Beverages–0.47%** | **Beverages–0.47%** |
| †Celsius Holdings, Inc. | 28386 | 1316826 |
| Primo Brands Corp. Class A | 174714 | 5175029 |
|  |  | **6491855** |
| **Biotechnology–4.03%** | **Biotechnology–4.03%** | **Biotechnology–4.03%** |
| †Alkermes PLC | 39500 | 1130095 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 52965 | 17271357 |
| †Argenx SE ADR | 4087 | 2252836 |
| †Ascendis Pharma AS ADR | 7192 | 1241339 |
| †Avidity Biosciences, Inc. | 27900 | 792360 |
| †BeOne Medicines Ltd. ADR | 4834 | 1170166 |
| †Caris Life Sciences, Inc. | 22672 | 605796 |
| †πCaris Life Sciences, Inc. <br> (CAI)<br>| 45963 | 1228143 |
| †Exact Sciences Corp. | 25190 | 1338597 |
| †Insmed, Inc. | 61800 | 6219552 |
| †Natera, Inc. | 69112 | 11675781 |
| †Neurocrine Biosciences, Inc. | 40408 | 5078881 |
| †Nuvalent, Inc. Class A | 13400 | 1022420 |
| †Revolution Medicines, Inc. | 26100 | 960219 |
| †Summit Therapeutics, Inc. | 61900 | 1317232 |
| †Ultragenyx Pharmaceutical, <br> Inc.<br>| 26200 | 952632 |
| †Vaxcyte, Inc. | 35152 | 1142792 |
|  |  | **55400198** |
| **Broadline Retail–1.06%** | **Broadline Retail–1.06%** | **Broadline Retail–1.06%** |
| †Coupang, Inc. | 402823 | 12068577 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 18469 | 2433845 |
|  |  | **14502422** |
| **Building Products–0.91%** | **Building Products–0.91%** | **Building Products–0.91%** |
| AAON, Inc. | 31000 | 2286250 |
| Carlisle Cos., Inc. | 3468 | 1294951 |
| Lennox International, Inc. | 13450 | 7710078 |
| †Trex Co., Inc. | 23243 | 1263955 |
|  |  | **12555234** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets–6.48%** | **Capital Markets–6.48%** | **Capital Markets–6.48%** |
| Ameriprise Financial, Inc. | 39917 | $21304900 |
| ARES Management Corp. <br> Class A<br>| 82500 | 14289000 |
| Blue Owl Capital, Inc. | 264761 | 5086059 |
| †Coinbase Global, Inc. Class A | 15588 | 5463438 |
| LPL Financial Holdings, Inc. | 39078 | 14653078 |
| Morningstar, Inc. | 4163 | 1306891 |
| MSCI, Inc. | 20400 | 11765496 |
| †Robinhood Markets, Inc. <br> Class A<br>| 60118 | 5628848 |
| StepStone Group, Inc. <br> Class A<br>| 23296 | 1292928 |
| Stifel Financial Corp. | 12815 | 1329941 |
| TPG, Inc. | 24739 | 1297560 |
| Tradeweb Markets, Inc. <br> Class A<br>| 38638 | 5656603 |
|  |  | **89074742** |
| **Commercial Services & Supplies–0.56%** | **Commercial Services & Supplies–0.56%** | **Commercial Services & Supplies–0.56%** |
| †Clean Harbors, Inc. | 5543 | 1281431 |
| †Copart, Inc. | 25892 | 1270520 |
| GFL Environmental, Inc. | 25770 | 1300354 |
| Rollins, Inc. | 22419 | 1264880 |
| Tetra Tech, Inc. | 37600 | 1352096 |
| Waste Connections, Inc. | 6846 | 1278285 |
|  |  | **7747566** |
| **Construction & Engineering–2.31%** | **Construction & Engineering–2.31%** | **Construction & Engineering–2.31%** |
| †API Group Corp. | 25409 | 1297130 |
| Comfort Systems USA, Inc. | 20300 | 10885063 |
| Quanta Services, Inc. | 48300 | 18261264 |
| WillScot Holdings Corp. | 46153 | 1264592 |
|  |  | **31708049** |
| **Construction Materials–0.28%** | **Construction Materials–0.28%** | **Construction Materials–0.28%** |
| Vulcan Materials Co. | 14675 | 3827533 |
|  |  | **3827533** |
| **Consumer Staples Distribution & Retail–2.04%** | **Consumer Staples Distribution & Retail–2.04%** | **Consumer Staples Distribution & Retail–2.04%** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 44775 | 4828088 |
| Casey's General Stores, Inc. | 10137 | 5172607 |
| †Performance Food Group Co. | 28572 | 2499193 |
| †Sprouts Farmers Market, Inc. | 39816 | 6555306 |
| †U.S. Foods Holding Corp. | 117394 | 9040512 |
|  |  | **28095706** |
| **Diversified Consumer Services–0.94%** | **Diversified Consumer Services–0.94%** | **Diversified Consumer Services–0.94%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 20441 | 2526303 |
| †Duolingo, Inc. | 19307 | 7916256 |
| Service Corp. International | 16192 | 1318029 |
| †Stride, Inc. | 8300 | 1205077 |
|  |  | **12965665** |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-1

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Telecommunication Services–0.26%** | **Diversified Telecommunication Services–0.26%** | **Diversified Telecommunication Services–0.26%** |
| †AST SpaceMobile, Inc. | 73682 | $3443160 |
| =†πSocure, Inc. | 14128 | 77704 |
|  |  | **3520864** |
| **Electric Utilities–0.56%** | **Electric Utilities–0.56%** | **Electric Utilities–0.56%** |
| NRG Energy, Inc. | 47646 | 7650995 |
|  |  | **7650995** |
| **Electrical Equipment–2.13%** | **Electrical Equipment–2.13%** | **Electrical Equipment–2.13%** |
| AMETEK, Inc. | 7192 | 1301464 |
| Hubbell, Inc. | 6087 | 2485992 |
| Rockwell Automation, Inc. | 7938 | 2636766 |
| Vertiv Holdings Co. Class A | 178420 | 22910912 |
|  |  | **29335134** |
| **Electronic Equipment, Instruments & Components–1.57%** | **Electronic Equipment, Instruments & Components–1.57%** | **Electronic Equipment, Instruments & Components–1.57%** |
| Badger Meter, Inc. | 5220 | 1278639 |
| CDW Corp. | 28500 | 5089815 |
| †Celestica, Inc. | 34600 | 5401406 |
| †Coherent Corp. | 13400 | 1195414 |
| Corning, Inc. | 51700 | 2718903 |
| †Keysight Technologies, Inc. | 14946 | 2449051 |
| TE Connectivity PLC | 8200 | 1383094 |
| †Zebra Technologies Corp. <br> Class A<br>| 6622 | 2041960 |
|  |  | **21558282** |
| **Energy Equipment & Services–0.27%** | **Energy Equipment & Services–0.27%** | **Energy Equipment & Services–0.27%** |
| TechnipFMC PLC | 107968 | 3718418 |
|  |  | **3718418** |
| **Entertainment–3.82%** | **Entertainment–3.82%** | **Entertainment–3.82%** |
| †Liberty Media Corp.-Liberty <br> Formula One Class C<br>| 36002 | 3762209 |
| †Live Nation Entertainment, <br> Inc.<br>| 87835 | 13287679 |
| †ROBLOX Corp. Class A | 250248 | 26326089 |
| †Take-Two Interactive <br> Software, Inc.<br>| 15756 | 3826345 |
| TKO Group Holdings, Inc. | 28846 | 5248530 |
|  |  | **52450852** |
| **Financial Services–2.34%** | **Financial Services–2.34%** | **Financial Services–2.34%** |
| †Affirm Holdings, Inc. | 36842 | 2547256 |
| †Block, Inc. | 99307 | 6745925 |
| †Chime Financial, Inc. Class A | 18853 | 650617 |
| †Corpay, Inc. | 31400 | 10419148 |
| =†πIcapital, Inc. | 89535 | 1253463 |
| †Shift4 Payments, Inc. Class A | 25135 | 2491130 |
| †Toast, Inc. Class A | 181156 | 8023399 |
|  |  | **32130938** |
| **Food Products–0.06%** | **Food Products–0.06%** | **Food Products–0.06%** |
| †Freshpet, Inc. | 11700 | 795132 |
|  |  | **795132** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–0.66%** | **Ground Transportation–0.66%** | **Ground Transportation–0.66%** |
| †Lyft, Inc. Class A | 81826 | $1289578 |
| Old Dominion Freight Line, <br> Inc.<br>| 24300 | 3943890 |
| †XPO, Inc. | 30825 | 3892889 |
|  |  | **9126357** |
| **Health Care Equipment & Supplies–3.80%** | **Health Care Equipment & Supplies–3.80%** | **Health Care Equipment & Supplies–3.80%** |
| †Dexcom, Inc. | 151400 | 13215706 |
| †Glaukos Corp. | 12865 | 1328826 |
| †IDEXX Laboratories, Inc. | 31764 | 17036303 |
| †Inspire Medical Systems, Inc. | 9200 | 1193884 |
| †Insulet Corp. | 24849 | 7807059 |
| †Lantheus Holdings, Inc. | 15921 | 1303293 |
| †Penumbra, Inc. | 20030 | 5140299 |
| ResMed, Inc. | 20238 | 5221404 |
|  |  | **52246774** |
| **Health Care Providers & Services–4.38%** | **Health Care Providers & Services–4.38%** | **Health Care Providers & Services–4.38%** |
| Cardinal Health, Inc. | 70800 | 11894400 |
| Cencora, Inc. | 101844 | 30537923 |
| Chemed Corp. | 2308 | 1123834 |
| Encompass Health Corp. | 52570 | 6446659 |
| †HealthEquity, Inc. | 11600 | 1215216 |
| †Molina Healthcare, Inc. | 3900 | 1161810 |
| †Option Care Health, Inc. | 40900 | 1328432 |
| Quest Diagnostics, Inc. | 13923 | 2500989 |
| †Tenet Healthcare Corp. | 22634 | 3983584 |
|  |  | **60192847** |
| **Health Care Technology–1.06%** | **Health Care Technology–1.06%** | **Health Care Technology–1.06%** |
| †Veeva Systems, Inc. Class A | 50638 | 14582731 |
|  |  | **14582731** |
| **Hotels, Restaurants & Leisure–10.61%** | **Hotels, Restaurants & Leisure–10.61%** | **Hotels, Restaurants & Leisure–10.61%** |
| †Cava Group, Inc. | 28500 | 2400555 |
| Churchill Downs, Inc. | 13600 | 1373600 |
| Darden Restaurants, Inc. | 53836 | 11734633 |
| Domino's Pizza, Inc. | 5624 | 2534174 |
| †DraftKings, Inc. Class A | 244232 | 10475111 |
| †Dutch Bros, Inc. Class A | 36532 | 2497693 |
| Expedia Group, Inc. | 38349 | 6468709 |
| †Flutter Entertainment PLC | 63000 | 18002880 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 101900 | 27140046 |
| Hyatt Hotels Corp. Class A | 9500 | 1326675 |
| Las Vegas Sands Corp. | 60663 | 2639447 |
| †Light & Wonder, Inc. | 15025 | 1446307 |
| †Planet Fitness, Inc. Class A | 47085 | 5134619 |
| Royal Caribbean Cruises Ltd. | 106300 | 33286782 |
| Texas Roadhouse, Inc. | 34294 | 6427039 |
| †Viking Holdings Ltd. | 125267 | 6675478 |
| Wingstop, Inc. | 18605 | 6265048 |
|  |  | **145828796** |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-2

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Household Durables–0.35%** | **Household Durables–0.35%** | **Household Durables–0.35%** |
| †NVR, Inc. | 181 | $1336805 |
| †SharkNinja, Inc. | 26182 | 2591756 |
| †TopBuild Corp. | 2900 | 938846 |
|  |  | **4867407** |
| **Independent Power and Renewable Electricity Producers–2.63%** | **Independent Power and Renewable Electricity Producers–2.63%** | **Independent Power and Renewable Electricity Producers–2.63%** |
| †Talen Energy Corp. | 17440 | 5071029 |
| Vistra Corp. | 160500 | 31106505 |
|  |  | **36177534** |
| **Insurance–1.22%** | **Insurance–1.22%** | **Insurance–1.22%** |
| Allstate Corp. | 6618 | 1332270 |
| Arch Capital Group Ltd. | 14166 | 1289814 |
| Brown & Brown, Inc. | 46673 | 5174635 |
| Hanover Insurance Group, <br> Inc.<br>| 14588 | 2478063 |
| Hartford Insurance Group, <br> Inc.<br>| 10184 | 1292044 |
| Kinsale Capital Group, Inc. | 5424 | 2624674 |
| Ryan Specialty Holdings, Inc. | 37519 | 2550917 |
|  |  | **16742417** |
| **Interactive Media & Services–1.26%** | **Interactive Media & Services–1.26%** | **Interactive Media & Services–1.26%** |
| †Pinterest, Inc. Class A | 253743 | 9099224 |
| †Reddit, Inc. Class A | 54126 | 8149752 |
|  |  | **17248976** |
| **IT Services–4.49%** | **IT Services–4.49%** | **IT Services–4.49%** |
| †Cloudflare, Inc. Class A | 136218 | 26675571 |
| †Gartner, Inc. | 32200 | 13015884 |
| †GoDaddy, Inc. Class A | 72980 | 13140779 |
| †MongoDB, Inc. | 11778 | 2473262 |
| †Okta, Inc. | 50100 | 5008497 |
| †Twilio, Inc. Class A | 11200 | 1392832 |
|  |  | **61706825** |
| **Life Sciences Tools & Services–0.52%** | **Life Sciences Tools & Services–0.52%** | **Life Sciences Tools & Services–0.52%** |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 4100 | 989412 |
| Bio-Techne Corp. | 24800 | 1275960 |
| †Medpace Holdings, Inc. | 4086 | 1282432 |
| †Mettler-Toledo International, <br> Inc.<br>| 1082 | 1271047 |
| †Repligen Corp. | 10727 | 1334224 |
| Revvity, Inc. | 10700 | 1034904 |
|  |  | **7187979** |
| **Machinery–0.48%** | **Machinery–0.48%** | **Machinery–0.48%** |
| Esab Corp. | 10880 | 1311584 |
| †RBC Bearings, Inc. | 6358 | 2446558 |
| †Symbotic, Inc. | 40042 | 1555632 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 6266 | 1311787 |
|  |  | **6625561** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Media–1.01%** | **Media–1.01%** | **Media–1.01%** |
| †Trade Desk, Inc. Class A | 193036 | $13896662 |
|  |  | **13896662** |
| **Metals & Mining–0.18%** | **Metals & Mining–0.18%** | **Metals & Mining–0.18%** |
| Steel Dynamics, Inc. | 18741 | 2399035 |
|  |  | **2399035** |
| **Oil, Gas & Consumable Fuels–3.79%** | **Oil, Gas & Consumable Fuels–3.79%** | **Oil, Gas & Consumable Fuels–3.79%** |
| Cameco Corp. | 32500 | 2412475 |
| Cheniere Energy, Inc. | 49100 | 11956832 |
| Coterra Energy, Inc. | 46400 | 1177632 |
| Diamondback Energy, Inc. | 9256 | 1271775 |
| EQT Corp. | 21360 | 1245715 |
| Expand Energy Corp. | 10518 | 1229975 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 55562 | 1249034 |
| Matador Resources Co. | 24200 | 1154824 |
| Ovintiv, Inc. | 28500 | 1084425 |
| Permian Resources Corp. | 184565 | 2513775 |
| Targa Resources Corp. | 113600 | 19775488 |
| Viper Energy, Inc. | 185394 | 7069073 |
|  |  | **52141023** |
| **Paper & Forest Products–0.09%** | **Paper & Forest Products–0.09%** | **Paper & Forest Products–0.09%** |
| Louisiana-Pacific Corp. | 14717 | 1265515 |
|  |  | **1265515** |
| **Personal Care Products–0.22%** | **Personal Care Products–0.22%** | **Personal Care Products–0.22%** |
| †elf Beauty, Inc. | 24150 | 3005226 |
|  |  | **3005226** |
| **Pharmaceuticals–0.18%** | **Pharmaceuticals–0.18%** | **Pharmaceuticals–0.18%** |
| †Corcept Therapeutics, Inc. | 16800 | 1233120 |
| †Verona Pharma PLC ADR | 13266 | 1254698 |
|  |  | **2487818** |
| **Professional Services–3.94%** | **Professional Services–3.94%** | **Professional Services–3.94%** |
| Booz Allen Hamilton Holding <br> Corp.<br>| 64651 | 6732109 |
| Broadridge Financial <br> Solutions, Inc.<br>| 54062 | 13138688 |
| †CACI International, Inc. <br> Class A<br>| 3000 | 1430100 |
| Equifax, Inc. | 9623 | 2495917 |
| †ExlService Holdings, Inc. | 26600 | 1164814 |
| KBR, Inc. | 26956 | 1292271 |
| †Parsons Corp. | 18900 | 1356453 |
| Paychex, Inc. | 50100 | 7287546 |
| †Paylocity Holding Corp. | 27600 | 5000844 |
| Verisk Analytics, Inc. | 41796 | 13019454 |
| †Verra Mobility Corp. | 51180 | 1299460 |
|  |  | **54217656** |
| **Real Estate Management & Development–0.37%** | **Real Estate Management & Development–0.37%** | **Real Estate Management & Development–0.37%** |
| †CBRE Group, Inc. Class A | 9268 | 1298632 |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-3

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| †CoStar Group, Inc. | 15921 | $1280049 |
| FirstService Corp. | 14294 | 2496018 |
|  |  | **5074699** |
| **Residential REITs–0.09%** | **Residential REITs–0.09%** | **Residential REITs–0.09%** |
| Equity LifeStyle Properties, <br> Inc.<br>| 20291 | 1251346 |
|  |  | **1251346** |
| **Retail REITs–0.28%** | **Retail REITs–0.28%** | **Retail REITs–0.28%** |
| Simon Property Group, Inc. | 24321 | 3909844 |
|  |  | **3909844** |
| **Semiconductors & Semiconductor Equipment–1.92%** | **Semiconductors & Semiconductor Equipment–1.92%** | **Semiconductors & Semiconductor Equipment–1.92%** |
| †Credo Technology Group <br> Holding Ltd.<br>| 15300 | 1416627 |
| Entegris, Inc. | 15999 | 1290319 |
| †Impinj, Inc. | 7300 | 810811 |
| †Lattice Semiconductor Corp. | 46200 | 2263338 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 9600 | 1375584 |
| MKS, Inc. | 8000 | 794880 |
| Monolithic Power Systems, <br> Inc.<br>| 19891 | 14547880 |
| †Onto Innovation, Inc. | 12200 | 1231346 |
| †Rambus, Inc. | 40800 | 2612016 |
|  |  | **26342801** |
| **Software–10.19%** | **Software–10.19%** | **Software–10.19%** |
| †Appfolio, Inc. Class A | 10400 | 2394912 |
| †Autodesk, Inc. | 4400 | 1362108 |
| =†πCanva, Inc. | 607 | 872708 |
| †CCC Intelligent Solutions <br> Holdings, Inc.<br>| 111100 | 1045451 |
| †Circle Internet Group, Inc. | 16471 | 2986028 |
| †Clearwater Analytics <br> Holdings, Inc. Class A<br>| 42800 | 938604 |
| †Confluent, Inc. Class A | 53725 | 1339364 |
| †CyberArk Software Ltd. | 6540 | 2660995 |
| =†πDatabricks, Inc. | 29136 | 3151933 |
| †Datadog, Inc. Class A | 79229 | 10642832 |
| †Descartes Systems Group, <br> Inc.<br>| 12466 | 1267107 |
| †Docusign, Inc. | 51324 | 3997626 |
| †Dynatrace, Inc. | 116307 | 6421309 |
| †Elastic NV | 45674 | 3851688 |
| †Fair Isaac Corp. | 10003 | 18285084 |
| †Guidewire Software, Inc. | 38500 | 9064825 |
| †HubSpot, Inc. | 23612 | 13143148 |
| InterDigital, Inc. | 10843 | 2431326 |
| †Manhattan Associates, Inc. | 31300 | 6180811 |
| †Monday.com Ltd. | 7000 | 2201360 |
| †Nutanix, Inc. Class A | 52269 | 3995442 |
| †Procore Technologies, Inc. | 18875 | 1291428 |
| †PTC, Inc. | 30550 | 5264987 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Rubrik, Inc. Class A | 26762 | $2397608 |
| †SailPoint, Inc. | 106584 | 2436510 |
| †Samsara, Inc. Class A | 130812 | 5203701 |
| †ServiceTitan, Inc. Class A | 9623 | 1031393 |
| =†πSnyk Ltd. | 62548 | 495380 |
| =†πTanium, Inc. Class B | 26961 | 143702 |
| †Tyler Technologies, Inc. | 17868 | 10592865 |
| †Zscaler, Inc. | 41300 | 12965722 |
|  |  | **140057957** |
| **Specialized REITs–0.75%** | **Specialized REITs–0.75%** | **Specialized REITs–0.75%** |
| CubeSmart | 29906 | 1271005 |
| Iron Mountain, Inc. | 37600 | 3856632 |
| Lamar Advertising Co. <br> Class A<br>| 42925 | 5209378 |
|  |  | **10337015** |
| **Specialty Retail–4.57%** | **Specialty Retail–4.57%** | **Specialty Retail–4.57%** |
| †AutoZone, Inc. | 360 | 1336403 |
| †Burlington Stores, Inc. | 44500 | 10352480 |
| †Carvana Co. | 59800 | 20150208 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 15700 | 1192572 |
| †RH | 4200 | 793842 |
| Ross Stores, Inc. | 70671 | 9016206 |
| Tractor Supply Co. | 193699 | 10221496 |
| †Ulta Beauty, Inc. | 13964 | 6532639 |
| Williams-Sonoma, Inc. | 20116 | 3286351 |
|  |  | **62882197** |
| **Technology Hardware, Storage & Peripherals–0.40%** | **Technology Hardware, Storage & Peripherals–0.40%** | **Technology Hardware, Storage & Peripherals–0.40%** |
| †Pure Storage, Inc. Class A | 70957 | 4085704 |
| Seagate Technology Holdings <br> PLC<br>| 9463 | 1365795 |
|  |  | **5451499** |
| **Textiles, Apparel & Luxury Goods–0.76%** | **Textiles, Apparel & Luxury Goods–0.76%** | **Textiles, Apparel & Luxury Goods–0.76%** |
| †Birkenstock Holding PLC | 26200 | 1288516 |
| †Deckers Outdoor Corp. | 63400 | 6534638 |
| Ralph Lauren Corp. | 9500 | 2605660 |
|  |  | **10428814** |
| **Trading Companies & Distributors–2.15%** | **Trading Companies & Distributors–2.15%** | **Trading Companies & Distributors–2.15%** |
| †Core & Main, Inc. Class A | 61900 | 3735665 |
| Fastenal Co. | 503150 | 21132300 |
| Ferguson Enterprises, Inc. | 10700 | 2329925 |
| †SiteOne Landscape Supply, <br> Inc.<br>| 8500 | 1027990 |
| United Rentals, Inc. | 1741 | 1311669 |
|  |  | **29537549** |
| **Total Common Stock** <br>**(Cost $950,528,534)** | **Total Common Stock** <br>**(Cost $950,528,534)** | **1360710014** |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-4

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE PREFERRED STOCKS–0.89%** | **CONVERTIBLE PREFERRED STOCKS–0.89%** | **CONVERTIBLE PREFERRED STOCKS–0.89%** |
| =†πCanva, Inc. Series A | 36 | $51759 |
| =†πCanva, Inc. Series A3 | 1 | 1438 |
| =†πDatabricks, Inc. Series F | 61884 | 6694611 |
| =†πDatabricks, Inc. Series G | 6699 | 724698 |
| =†πDatabricks, Inc. <br>Series H<br>| 16050 | 1736289 |
| =†πDataRobot, Inc. Series G | 43773 | 125191 |
| =†πRappi, Inc. Series E | 27648 | 402831 |
| =†πSnyk Ltd. Series F | 104823 | 830198 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |
| =†πSocure, Inc. Series A | 17170 | $94435 |
| =†πSocure, Inc. Series A1 | 14092 | 77506 |
| =†πSocure, Inc. Series B | 255 | 1402 |
| =†πSocure, Inc. Series E | 32664 | 179652 |
| =†πTanium, Inc. Series G | 234645 | 1250658 |
| **Total Convertible Preferred Stocks** <br>**(Cost $9,065,493)** | **Total Convertible Preferred Stocks** <br>**(Cost $9,065,493)** | **12170668** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.87% (Cost $959,594,027)** | **1372880682** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.13%** | **1807461** |
| **NET ASSETS APPLICABLE TO 39,556,892 SHARES OUTSTANDING–100.00%** | **$1374688143** |
| **NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND STANDARD CLASS** <br>**($894,497,944 / 25,001,468 Shares)** | **$35.778** |
| **NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND SERVICE CLASS** <br>**($480,190,199 / 14,555,424 Shares)** | **$32.990** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$641275223** |
| Distributable earnings/(accumulated loss) | **733412920** |
| **TOTAL NET ASSETS** | **$1374688143** |

---

&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 $19,393,701, which <br> represented 1.41% 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 T. Rowe Price Structured Mid-Cap Growth Fund-5

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Canva, Inc. | 8/16/2021 | &nbsp;&nbsp; $1034657 | &nbsp;&nbsp; $872708 |
| Canva, Inc. Series A | 11/4/2021 | &nbsp;&nbsp; 61371 | &nbsp;&nbsp; 51759 |
| Canva, Inc. Series A3 | 11/4/2021 | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1438 |
| Caris Life Sciences, Inc. (CAI) | 6/18/2025 | &nbsp;&nbsp; 868709 | &nbsp;&nbsp; 1228143 |
| Databricks, Inc. | 7/24/2020 | &nbsp;&nbsp; 466419 | &nbsp;&nbsp; 3151933 |
| Databricks, Inc. Series F | 10/22/2019 | &nbsp;&nbsp; 885940 | &nbsp;&nbsp; 6694611 |
| Databricks, Inc. Series G | 2/1/2021 | &nbsp;&nbsp; 396063 | &nbsp;&nbsp; 724698 |
| Databricks, Inc. Series H | 9/1/2021 | &nbsp;&nbsp; 1179420 | &nbsp;&nbsp; 1736289 |
| DataRobot, Inc. Series G | 6/11/2021 | &nbsp;&nbsp; 1197647 | &nbsp;&nbsp; 125191 |
| Icapital, Inc. | 3/14/2025 | &nbsp;&nbsp; 1253463 | &nbsp;&nbsp; 1253463 |
| Rappi, Inc. Series E | 9/8/2020 | &nbsp;&nbsp; 1651858 | &nbsp;&nbsp; 402831 |
| Snyk Ltd. | 9/3/2021 | &nbsp;&nbsp; 897220 | &nbsp;&nbsp; 495380 |
| Snyk Ltd. Series F | 9/3/2021 | &nbsp;&nbsp; 1495342 | &nbsp;&nbsp; 830198 |
| Socure, Inc. | 12/22/2021 | &nbsp;&nbsp; 227017 | &nbsp;&nbsp; 77704 |
| Socure, Inc. Series A | 12/22/2021 | &nbsp;&nbsp; 275898 | &nbsp;&nbsp; 94435 |
| Socure, Inc. Series A1 | 12/22/2021 | &nbsp;&nbsp; 226439 | &nbsp;&nbsp; 77506 |
| Socure, Inc. Series B | 12/22/2021 | &nbsp;&nbsp; 4097 | &nbsp;&nbsp; 1402 |
| Socure, Inc. Series E | 10/27/2021 | &nbsp;&nbsp; 524865 | &nbsp;&nbsp; 179652 |
| Tanium, Inc. Class B | 9/24/2020 | &nbsp;&nbsp; 307226 | &nbsp;&nbsp; 143702 |
| Tanium, Inc. Series G | 8/16/2015 | &nbsp;&nbsp; 1164848 | &nbsp;&nbsp; 1250658 |
| **Total** |  | &nbsp;&nbsp; $14120204 | &nbsp;&nbsp; $19393701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $7,386,131 payable for securities purchased, $1,568,005 payable for fund shares redeemed, $5,352 other accrued expenses payable, <br> $845,977 due to manager and affiliates, $789,607 due to custodian, $20,646 payable for audit fee and $28,675 payable for fund accounting fee <br> 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 T. Rowe Price Structured Mid-Cap Growth Fund-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** | **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $3686336 |
| Foreign taxes withheld | (2511)<br>|
|  | 3683825 |
| **EXPENSES:** |  |
| Management fees | 4283240 |
| Distribution fees-Service Class | 548641 |
| Shareholder servicing fees | 184461 |
| Accounting and administration expenses | 110982 |
| Professional fees | 38603 |
| Trustees' fees and expenses | 18807 |
| Reports and statements to shareholders | 16476 |
| Custodian fees | 6233 |
| Consulting fees | 5391 |
| Pricing fees | 1094 |
| Other | 17422 |
|  | 5231350 |
| Less:  |  |
| Management fees waived | (132077)<br>|
| Total operating expenses | 5099273 |
| **NET INVESTMENT LOSS** | (1415448)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 166474815 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (34000165)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 132474650 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $131059202 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** | **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** | **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $(1415448)<br>| $(2158309)<br>|
| Net realized gain | 166474815 | 174732795 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (34000165)<br>| 87663832 |
| Net increase in net assets <br> resulting from operations<br>| 131059202 | 260238318 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (75675856)<br>|
| Service Class |  | (41926638)<br>|
|  |  | (117602494)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 57566606 | 62999828 |
| Service Class | 38594171 | 41161059 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 75675856 |
| Service Class |  | 41926638 |
|  | 96160777 | 221763381 |
| Cost of shares redeemed: |  |  |
| Standard Class | (87640724)<br>| (159647623)<br>|
| Service Class | (46969174)<br>| (75958286)<br>|
|  | (134609898)<br>| (235605909)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (38449121)<br>| (13842528)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 92610081 | 128793296 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1282078062 | 1153284766 |
| End of period | $1374688143 | $1282078062 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-7

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-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; $32.321 | &nbsp;&nbsp; $28.804 | &nbsp;&nbsp; $23.777 | &nbsp;&nbsp; $36.260 | &nbsp;&nbsp; $36.647 | &nbsp;&nbsp; $29.717 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.022)<br>| &nbsp;&nbsp; (0.029)<br>| 0.020 | 0.022 | &nbsp;&nbsp; (0.135)<br>| &nbsp;&nbsp; (0.012)<br>|
| Net realized and unrealized gain (loss) | 3.479 | 6.596 | 5.016 | &nbsp;&nbsp; (9.040)<br>| 5.240 | 9.016 |
| Total from investment operations | 3.457 | 6.567 | 5.036 | &nbsp;&nbsp; (9.018)<br>| 5.105 | 9.004 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.461)<br>| &nbsp;&nbsp; (5.487)<br>| &nbsp;&nbsp; (2.074)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.050)<br>| &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (3.465)<br>| &nbsp;&nbsp; (5.492)<br>| &nbsp;&nbsp; (2.074)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $35.778 | &nbsp;&nbsp; $32.321 | &nbsp;&nbsp; $28.804 | &nbsp;&nbsp; $23.777 | &nbsp;&nbsp; $36.260 | &nbsp;&nbsp; $36.647 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 10.69% | &nbsp;&nbsp; 23.67% | &nbsp;&nbsp; 21.17% | &nbsp;&nbsp; (24.52%)<br>| &nbsp;&nbsp; 13.84% | &nbsp;&nbsp; 31.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $894498 | &nbsp;&nbsp; $840481 | &nbsp;&nbsp; $765685 | &nbsp;&nbsp; $680842 | &nbsp;&nbsp; $837074 | &nbsp;&nbsp; $786921 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.73% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.09%)<br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.04%)<br>|
| Ratio of net investment income (loss) to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; (0.37%)<br>| &nbsp;&nbsp; (0.05%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 53% |

---

&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 T. Rowe Price Structured Mid-Cap Growth Fund-8

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-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; $29.840 | &nbsp;&nbsp; $26.809 | &nbsp;&nbsp; $22.179 | &nbsp;&nbsp; $34.219 | &nbsp;&nbsp; $34.939 | &nbsp;&nbsp; $28.489 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.058)<br>| &nbsp;&nbsp; (0.099)<br>| &nbsp;&nbsp; (0.042)<br>| &nbsp;&nbsp; (0.044)<br>| &nbsp;&nbsp; (0.219)<br>| &nbsp;&nbsp; (0.085)<br>|
| Net realized and unrealized gain (loss) | 3.208 | 6.110 | 4.672 | &nbsp;&nbsp; (8.535)<br>| 4.991 | 8.609 |
| Total from investment operations | 3.150 | 6.011 | 4.630 | &nbsp;&nbsp; (8.579)<br>| 4.772 | 8.524 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — | 0.003 | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.461)<br>| &nbsp;&nbsp; (5.487)<br>| &nbsp;&nbsp; (2.074)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.980)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.461)<br>| &nbsp;&nbsp; (5.492)<br>| &nbsp;&nbsp; (2.074)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $32.990 | &nbsp;&nbsp; $29.840 | &nbsp;&nbsp; $26.809 | &nbsp;&nbsp; $22.179 | &nbsp;&nbsp; $34.219 | &nbsp;&nbsp; $34.939 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 10.56% | &nbsp;&nbsp; 23.36% | &nbsp;&nbsp; 20.87% | &nbsp;&nbsp; (24.71%)<br>| &nbsp;&nbsp; 13.56% | &nbsp;&nbsp; 31.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $480190 | &nbsp;&nbsp; $441597 | &nbsp;&nbsp; $387599 | &nbsp;&nbsp; $331129 | &nbsp;&nbsp; $452441 | &nbsp;&nbsp; $409360 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.98% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.39%)<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.60%)<br>| &nbsp;&nbsp; (0.29%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; (0.62%)<br>| &nbsp;&nbsp; (0.30%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 53% |

---

&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 T. Rowe Price Structured Mid-Cap Growth Fund-9

------

**LVIP T. Rowe Price Structured Mid-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 T. Rowe Price Structured Mid-Cap Growth Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to maximize the value of your shares (capital appreciation).

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-10

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the 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 0.75% of the first $200 million of the Fund's average daily net assets; 0.70% of the next $200 million; and 0.65% of the Fund's average daily net assets in excess of $400 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.05% of the Fund's average daily net assets in excess of $750 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

T. Rowe Price (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $54073 |
| Legal | &nbsp;&nbsp; 8242 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-11

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $9,854 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; $716894 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 96648 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 466 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 31969 |

---

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; $461350231 |
| Sales | &nbsp;&nbsp; 501633239 |

---

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; $959594027 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $439140515 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (25853860)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $413286655 |

---

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 T. Rowe Price Structured Mid-Cap Growth Fund-12

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 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; $88576489 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88576489 |
| Air Freight & Logistics | &nbsp;&nbsp; 1383080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1383080 |
| Beverages | &nbsp;&nbsp; 6491855 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6491855 |
| Biotechnology | &nbsp;&nbsp; 54172055 | &nbsp;&nbsp; 1228143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55400198 |
| Broadline Retail | &nbsp;&nbsp; 14502422 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14502422 |
| Building Products | &nbsp;&nbsp; 12555234 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12555234 |
| Capital Markets | &nbsp;&nbsp; 89074742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89074742 |
| Commercial Services & Supplies | &nbsp;&nbsp; 7747566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7747566 |
| Construction & Engineering | &nbsp;&nbsp; 31708049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31708049 |
| Construction Materials | &nbsp;&nbsp; 3827533 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3827533 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 28095706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28095706 |
| Diversified Consumer Services | &nbsp;&nbsp; 12965665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12965665 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 3443160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77704 | &nbsp;&nbsp; 3520864 |
| Electric Utilities | &nbsp;&nbsp; 7650995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7650995 |
| Electrical Equipment | &nbsp;&nbsp; 29335134 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29335134 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 21558282 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21558282 |
| Energy Equipment & Services | &nbsp;&nbsp; 3718418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3718418 |
| Entertainment | &nbsp;&nbsp; 52450852 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52450852 |
| Financial Services | &nbsp;&nbsp; 30877475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1253463 | &nbsp;&nbsp; 32130938 |
| Food Products | &nbsp;&nbsp; 795132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 795132 |
| Ground Transportation | &nbsp;&nbsp; 9126357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9126357 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 52246774 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52246774 |
| Health Care Providers & Services | &nbsp;&nbsp; 60192847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60192847 |
| Health Care Technology | &nbsp;&nbsp; 14582731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14582731 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 145828796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145828796 |
| Household Durables | &nbsp;&nbsp; 4867407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4867407 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 36177534 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36177534 |
| Insurance | &nbsp;&nbsp; 16742417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16742417 |
| Interactive Media & Services | &nbsp;&nbsp; 17248976 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17248976 |
| IT Services | &nbsp;&nbsp; 61706825 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61706825 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 7187979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7187979 |
| Machinery | &nbsp;&nbsp; 6625561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6625561 |
| Media | &nbsp;&nbsp; 13896662 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13896662 |
| Metals & Mining | &nbsp;&nbsp; 2399035 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2399035 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 52141023 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52141023 |
| Paper & Forest Products | &nbsp;&nbsp; 1265515 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1265515 |
| Personal Care Products | &nbsp;&nbsp; 3005226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3005226 |
| Pharmaceuticals | &nbsp;&nbsp; 2487818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2487818 |
| Professional Services | &nbsp;&nbsp; 54217656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54217656 |
| Real Estate Management & Development | &nbsp;&nbsp; 5074699 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5074699 |
| Residential REITs | &nbsp;&nbsp; 1251346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1251346 |
| Retail REITs | &nbsp;&nbsp; 3909844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3909844 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 26342801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26342801 |
| Software | &nbsp;&nbsp; 135394234 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4663723 | &nbsp;&nbsp; 140057957 |
| Specialized REITs | &nbsp;&nbsp; 10337015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10337015 |
| Specialty Retail | &nbsp;&nbsp; 62882197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62882197 |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-13

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; $5451499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5451499 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 10428814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10428814 |
| Trading Companies & Distributors | &nbsp;&nbsp; 29537549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29537549 |
| Convertible Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12170668 | &nbsp;&nbsp; 12170668 |
| **Total Investments** | &nbsp;&nbsp; $1353486981 | &nbsp;&nbsp; $1228143 | &nbsp;&nbsp; $18165558 | &nbsp;&nbsp; $1372880682 |

---

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 | $5994890 | 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>| $12170668 | Recent Transaction | # | # |
|  |  | 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 Gross Merchandise Value Multiple (b) | 0.4x-0.5x (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 | $18165558 |  |  |  |

| (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 | $4305729 | $— | $1253463 | $— | $— | $— | $— | $— | $435698 | $5994890 | $435698 |
| Convertible Preferred <br> Stocks<br>| 11678085 |  |  | (868709)<br>|  |  |  |  | 1361292 | 12170668 | 2876527 |
| Total | $15983814 | $— | $1253463 | $(868709)<br>| $— | —<br> $| $— | $— | $1796990 | $18165558 | $3312225 |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-14

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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; 1717191 | &nbsp;&nbsp; 1997129 |
| Service Class | &nbsp;&nbsp; 1290022 | &nbsp;&nbsp; 1415800 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2510716 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1511706 |
|  | &nbsp;&nbsp; 3007213 | &nbsp;&nbsp; 7435351 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2719893)<br>| &nbsp;&nbsp; (5086417)<br>|
| Service Class | &nbsp;&nbsp; (1533520)<br>| &nbsp;&nbsp; (2586582)<br>|
|  | &nbsp;&nbsp; (4253413)<br>| &nbsp;&nbsp; (7672999)<br>|
| Net decrease | &nbsp;&nbsp; (1246200)<br>| &nbsp;&nbsp; (237648)<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- 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.

**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.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-15

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-16

------

![](img3154b9f51.jpg)

LVIP T. Rowe Price Target Date Funds

---

| |
|:---|
| LVIP T. Rowe Price 2020 Fund  |
| LVIP T. Rowe Price 2030 Fund  |
| LVIP T. Rowe Price 2040 Fund  |
| LVIP T. Rowe Price 2050 Fund  |
| LVIP T. Rowe Price 2060 Fund  |

---

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP T. Rowe Price Target Date Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_0ff672c8-620d-462d-8018-ec8f1edbf15d_SOI-continued-297_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_0ff672c8-620d-462d-8018-ec8f1edbf15d_FS-continued-297_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Operations](#xx_0ff672c8-620d-462d-8018-ec8f1edbf15d_FS-continued-297_2)**  | &nbsp;&nbsp; **7** |
| **[Statements of Changes in Net Assets](#xx_0ff672c8-620d-462d-8018-ec8f1edbf15d_FS-continued-297_3)**  | &nbsp;&nbsp; **8** |
| **[Financial Highlights](#xx_0ff672c8-620d-462d-8018-ec8f1edbf15d_FIHI-continued-297_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_0ff672c8-620d-462d-8018-ec8f1edbf15d_NTF-continued-298_1)**  | &nbsp;&nbsp; **20** |

---

------

**LVIP T. Rowe Price 2020 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–42.62%** | **AFFILIATED INVESTMENTS–42.62%** | **AFFILIATED INVESTMENTS–42.62%** |
| **INVESTMENT COMPANIES–42.62%** | **INVESTMENT COMPANIES–42.62%** | **INVESTMENT COMPANIES–42.62%** |
| **Equity Funds–16.19%** | **Equity Funds–16.19%** | **Equity Funds–16.19%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 119251 | $1555387 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 403581 | 12984005 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 34128 | 1097425 |
|  |  | **15636817** |
| **Fixed Income Fund–19.75%** | **Fixed Income Fund–19.75%** | **Fixed Income Fund–19.75%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 1879139 | 19075141 |
|  |  | **19075141** |
| **International Equity Fund–6.68%** | **International Equity Fund–6.68%** | **International Equity Fund–6.68%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 512429 | 6443793 |
|  |  | **6443793** |
| **Total Affiliated Investments** <br>**(Cost $25,865,726)**<br>|  | **41155751** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–57.36%** | **UNAFFILIATED INVESTMENTS–57.36%** | **UNAFFILIATED INVESTMENTS–57.36%** |
| **INVESTMENT COMPANIES–57.36%** | **INVESTMENT COMPANIES–57.36%** | **INVESTMENT COMPANIES–57.36%** |
| **Equity Funds–22.62%** | **Equity Funds–22.62%** | **Equity Funds–22.62%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 90665 | 1420716 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 40903 | 4569671 |
| \*\*T. Rowe Price Hedged Equity <br> Fund<br>| 382339 | 4935996 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 8551 | 865178 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 24048 | 750293 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 9332 | 496289 |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 216134 | 3274437 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 14320 | $737892 |
| \*\*T. Rowe Price Value Fund | 101267 | 4790969 |
|  |  | **21841441** |
| **Fixed Income Funds–19.89%** | **Fixed Income Funds–19.89%** | **Fixed Income Funds–19.89%** |
| \*\*T. Rowe Price Dynamic Credit <br> Fund<br>| 153314 | 1358363 |
| \*\*T. Rowe Price High Yield <br> Fund<br>| 570405 | 3416728 |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 1244756 | 11638467 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 389830 | 2795078 |
|  |  | **19208636** |
| **International Equity Funds–5.46%** | **International Equity Funds–5.46%** | **International Equity Funds–5.46%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 32402 | 1220261 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 71619 | 1592079 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 116038 | 2462335 |
|  |  | **5274675** |
| **International Fixed Income Funds–6.95%** | **International Fixed Income Funds–6.95%** | **International Fixed Income Funds–6.95%** |
| \*\*T. Rowe Price Emerging <br> Markets Bond Fund<br>| 316689 | 2948375 |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 439115 | 3763215 |
|  |  | **6711590** |
| **Money Market Fund–2.44%** | **Money Market Fund–2.44%** | **Money Market Fund–2.44%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 2359438 | 2359438 |
|  |  | **2359438** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $49,420,242)**<br>|  | **55395780** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.98% (Cost $75,285,968)** | **96551531** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.02%** | **22666** |
| **NET ASSETS APPLICABLE TO 9,646,009 SHARES OUTSTANDING–100.00%** | **$96574197** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-1

------

**LVIP T. Rowe Price 2030 Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–46.73%** | **AFFILIATED INVESTMENTS–46.73%** | **AFFILIATED INVESTMENTS–46.73%** |
| **INVESTMENT COMPANIES–46.73%** | **INVESTMENT COMPANIES–46.73%** | **INVESTMENT COMPANIES–46.73%** |
| **Equity Funds–22.28%** | **Equity Funds–22.28%** | **Equity Funds–22.28%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 358065 | $4670239 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1228542 | 39524657 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 104314 | 3354342 |
|  |  | **47549238** |
| **Fixed Income Fund–15.45%** | **Fixed Income Fund–15.45%** | **Fixed Income Fund–15.45%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 3247655 | 32966943 |
|  |  | **32966943** |
| **International Equity Fund–9.00%** | **International Equity Fund–9.00%** | **International Equity Fund–9.00%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 1527638 | 19210049 |
|  |  | **19210049** |
| **Total Affiliated Investments** <br>**(Cost $55,957,631)**<br>|  | **99726230** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–53.49%** | **UNAFFILIATED INVESTMENTS–53.49%** | **UNAFFILIATED INVESTMENTS–53.49%** |
| **INVESTMENT COMPANIES–53.49%** | **INVESTMENT COMPANIES–53.49%** | **INVESTMENT COMPANIES–53.49%** |
| **Equity Funds–26.38%** | **Equity Funds–26.38%** | **Equity Funds–26.38%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 256609 | 4021069 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 121277 | 13549102 |
| \*\*T. Rowe Price Hedged Equity <br> Fund<br>| 527761 | 6813389 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 26332 | 2664256 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 66736 | 2082178 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 28208 | 1500079 |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 620234 | 9396544 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 42296 | $2179500 |
| \*\*T. Rowe Price Value Fund | 297516 | 14075481 |
|  |  | **56281598** |
| **Fixed Income Funds–11.37%** | **Fixed Income Funds–11.37%** | **Fixed Income Funds–11.37%** |
| \*\*T. Rowe Price Dynamic Credit <br> Fund<br>| 86933 | 770229 |
| \*\*T. Rowe Price High Yield <br> Fund<br>| 946751 | 5671039 |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 1191328 | 11138913 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 932402 | 6685325 |
|  |  | **24265506** |
| **International Equity Funds–7.39%** | **International Equity Funds–7.39%** | **International Equity Funds–7.39%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 96433 | 3631676 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 211041 | 4691436 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 350853 | 7445098 |
|  |  | **15768210** |
| **International Fixed Income Funds–5.23%** | **International Fixed Income Funds–5.23%** | **International Fixed Income Funds–5.23%** |
| \*\*T. Rowe Price Emerging <br> Markets Bond Fund<br>| 496132 | 4618986 |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 763212 | 6540733 |
|  |  | **11159719** |
| **Money Market Fund–3.12%** | **Money Market Fund–3.12%** | **Money Market Fund–3.12%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 6665120 | 6665120 |
|  |  | **6665120** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $101,633,325)**<br>|  | **114140153** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.22% (Cost $157,590,956)** | **213866383** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.22%)** | **(471278)**<br>|
| **NET ASSETS APPLICABLE TO 17,182,427 SHARES OUTSTANDING–100.00%** | **$213395105** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-2

------

**LVIP T. Rowe Price 2040 Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–50.44%** | **AFFILIATED INVESTMENTS–50.44%** | **AFFILIATED INVESTMENTS–50.44%** |
| **INVESTMENT COMPANIES–50.44%** | **INVESTMENT COMPANIES–50.44%** | **INVESTMENT COMPANIES–50.44%** |
| **Equity Funds–31.96%** | **Equity Funds–31.96%** | **Equity Funds–31.96%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 431913 | $5633439 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1525464 | 49077249 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 125595 | 4038622 |
|  |  | **58749310** |
| **Fixed Income Fund–5.66%** | **Fixed Income Fund–5.66%** | **Fixed Income Fund–5.66%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 1023972 | 10394340 |
|  |  | **10394340** |
| **International Equity Fund–12.82%** | **International Equity Fund–12.82%** | **International Equity Fund–12.82%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 1873819 | 23563274 |
|  |  | **23563274** |
| **Total Affiliated Investments** <br>**(Cost $40,723,601)**<br>|  | **92706924** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–49.68%** | **UNAFFILIATED INVESTMENTS–49.68%** | **UNAFFILIATED INVESTMENTS–49.68%** |
| **INVESTMENT COMPANIES–49.68%** | **INVESTMENT COMPANIES–49.68%** | **INVESTMENT COMPANIES–49.68%** |
| **Equity Funds–31.80%** | **Equity Funds–31.80%** | **Equity Funds–31.80%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 323938 | 5076110 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 144201 | 16110173 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 30526 | 3088618 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 81322 | 2537239 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 33880 | 1801722 |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 695561 | 10537751 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 47044 | $2424174 |
| \*\*T. Rowe Price Value Fund | 356647 | 16872956 |
|  |  | **58448743** |
| **Fixed Income Funds–3.04%** | **Fixed Income Funds–3.04%** | **Fixed Income Funds–3.04%** |
| \*\*T. Rowe Price High Yield <br> Fund<br>| 235617 | 1411350 |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 93928 | 878225 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 459856 | 3297165 |
|  |  | **5586740** |
| **International Equity Funds–10.33%** | **International Equity Funds–10.33%** | **International Equity Funds–10.33%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 115141 | 4336214 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 252702 | 5617551 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 425341 | 9025740 |
|  |  | **18979505** |
| **International Fixed Income Funds–1.72%** | **International Fixed Income Funds–1.72%** | **International Fixed Income Funds–1.72%** |
| \*\*T. Rowe Price Emerging <br> Markets Bond Fund<br>| 110645 | 1030103 |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 248303 | 2127962 |
|  |  | **3158065** |
| **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>| 5129574 | 5129574 |
|  |  | **5129574** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $77,287,615)**<br>|  | **91302627** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.12% (Cost $118,011,216)** | **184009551** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.12%)** | **(212156)**<br>|
| **NET ASSETS APPLICABLE TO 13,723,798 SHARES OUTSTANDING–100.00%** | **$183797395** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-3

------

**LVIP T. Rowe Price 2050 Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–50.61%** | **AFFILIATED INVESTMENTS–50.61%** | **AFFILIATED INVESTMENTS–50.61%** |
| **INVESTMENT COMPANIES–50.61%** | **INVESTMENT COMPANIES–50.61%** | **INVESTMENT COMPANIES–50.61%** |
| **Equity Funds–35.88%** | **Equity Funds–35.88%** | **Equity Funds–35.88%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 265841 | $3467358 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 943272 | 30346953 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 78354 | 2519552 |
|  |  | **36333863** |
| **Fixed Income Fund–0.58%** | **Fixed Income Fund–0.58%** | **Fixed Income Fund–0.58%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 57880 | 587538 |
|  |  | **587538** |
| **International Equity Fund–14.15%** | **International Equity Fund–14.15%** | **International Equity Fund–14.15%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 1139937 | 14334712 |
|  |  | **14334712** |
| **Total Affiliated Investments** <br>**(Cost $27,007,927)**<br>|  | **51256113** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–49.37%** | **UNAFFILIATED INVESTMENTS–49.37%** | **UNAFFILIATED INVESTMENTS–49.37%** |
| **INVESTMENT COMPANIES–49.37%** | **INVESTMENT COMPANIES–49.37%** | **INVESTMENT COMPANIES–49.37%** |
| **Equity Funds–35.11%** | **Equity Funds–35.11%** | **Equity Funds–35.11%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 194633 | 3049899 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 88037 | 9835485 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 18528 | 1874672 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 49455 | 1542999 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 18774 | 998372 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 424885 | $6437014 |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 28875 | 1487911 |
| \*\*T. Rowe Price Value Fund | 218263 | 10326035 |
|  |  | **35552387** |
| **Fixed Income Funds–0.31%** | **Fixed Income Funds–0.31%** | **Fixed Income Funds–0.31%** |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 1862 | 17403 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 40770 | 292323 |
|  |  | **309726** |
| **International Equity Funds–11.52%** | **International Equity Funds–11.52%** | **International Equity Funds–11.52%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 72153 | 2717267 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 156057 | 3469143 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 258190 | 5478799 |
|  |  | **11665209** |
| **International Fixed Income Fund–0.11%** | **International Fixed Income Fund–0.11%** | **International Fixed Income Fund–0.11%** |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 13363 | 114526 |
|  |  | **114526** |
| **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>| 2352021 | 2352021 |
|  |  | **2352021** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $40,393,480)**<br>|  | **49993869** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.98% (Cost $67,401,407)** | **101249982** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.02%** | **17842** |
| **NET ASSETS APPLICABLE TO 6,882,241 SHARES OUTSTANDING–100.00%** | **$101267824** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-4

------

**LVIP T. Rowe Price 2060 Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–51.19%** | **AFFILIATED INVESTMENTS–51.19%** | **AFFILIATED INVESTMENTS–51.19%** |
| **INVESTMENT COMPANIES–51.19%** | **INVESTMENT COMPANIES–51.19%** | **INVESTMENT COMPANIES–51.19%** |
| **Equity Funds–36.41%** | **Equity Funds–36.41%** | **Equity Funds–36.41%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 98045 | $1278805 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 353946 | 11387163 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 29604 | 951934 |
|  |  | **13617902** |
| **Fixed Income Fund–0.44%** | **Fixed Income Fund–0.44%** | **Fixed Income Fund–0.44%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 16176 | 164197 |
|  |  | **164197** |
| **International Equity Fund–14.34%** | **International Equity Fund–14.34%** | **International Equity Fund–14.34%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 426522 | 5363516 |
|  |  | **5363516** |
| **Total Affiliated Investments** <br>**(Cost $15,683,177)**<br>|  | **19145615** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–48.75%** | **UNAFFILIATED INVESTMENTS–48.75%** | **UNAFFILIATED INVESTMENTS–48.75%** |
| **INVESTMENT COMPANIES–48.75%** | **INVESTMENT COMPANIES–48.75%** | **INVESTMENT COMPANIES–48.75%** |
| **Equity Funds–35.18%** | **Equity Funds–35.18%** | **Equity Funds–35.18%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 72090 | 1129647 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 32774 | 3661519 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 6647 | 672531 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 18091 | 564430 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 6942 | 369157 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 155580 | $2357043 |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 11064 | 570149 |
| \*\*T. Rowe Price Value Fund | 81046 | 3834310 |
|  |  | **13158786** |
| **Fixed Income Funds–0.28%** | **Fixed Income Funds–0.28%** | **Fixed Income Funds–0.28%** |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 652 | 6099 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 13612 | 97594 |
|  |  | **103693** |
| **International Equity Funds–11.47%** | **International Equity Funds–11.47%** | **International Equity Funds–11.47%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 25923 | 976272 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 57828 | 1285520 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 95617 | 2028987 |
|  |  | **4290779** |
| **International Fixed Income Fund–0.10%** | **International Fixed Income Fund–0.10%** | **International Fixed Income Fund–0.10%** |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 4275 | 36633 |
|  |  | **36633** |
| **Money Market Fund–1.72%** | **Money Market Fund–1.72%** | **Money Market Fund–1.72%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 641550 | 641550 |
|  |  | **641550** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $15,917,309)**<br>|  | **18231441** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.94% (Cost $31,600,486)** | **37377056** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.06%** | **22639** |
| **NET ASSETS APPLICABLE TO 2,316,086 SHARES OUTSTANDING–100.00%** | **$37399695** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| **ASSETS:** |  |  |  |  |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $55395780 | &nbsp;&nbsp; $114140153 | &nbsp;&nbsp; $91302627 | &nbsp;&nbsp; $49993869 | &nbsp;&nbsp; $18231441 |
| Affiliated investments, at value | &nbsp;&nbsp; 41155751 | &nbsp;&nbsp; 99726230 | &nbsp;&nbsp; 92706924 | &nbsp;&nbsp; 51256113 | &nbsp;&nbsp; 19145615 |
| Dividends and interest receivable  | &nbsp;&nbsp; 91671 | &nbsp;&nbsp; 145386 | &nbsp;&nbsp; 50377 | &nbsp;&nbsp; 9658 | &nbsp;&nbsp; 2708 |
| Receivable for fund shares sold | &nbsp;&nbsp; 54805 | &nbsp;&nbsp; 45840 | &nbsp;&nbsp; 47936 | &nbsp;&nbsp; 61109 | &nbsp;&nbsp; 47950 |
| Expense reimbursement receivable from Lincoln Financial <br> Investments Corporation<br>| &nbsp;&nbsp; 6408 | &nbsp;&nbsp; 4281 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; 3871 | &nbsp;&nbsp; 5581 |
| Prepaid expenses | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 96 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 96704630 | &nbsp;&nbsp; 214062363 | &nbsp;&nbsp; 184111503 | &nbsp;&nbsp; 101324842 | &nbsp;&nbsp; 37433391 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 77922 | &nbsp;&nbsp; 114956 | &nbsp;&nbsp; 30851 | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 424 |
| Due to manager and affiliates | &nbsp;&nbsp; 20246 | &nbsp;&nbsp; 44770 | &nbsp;&nbsp; 41507 | &nbsp;&nbsp; 23500 | &nbsp;&nbsp; 7075 |
| Payable for audit fee | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 8206 | &nbsp;&nbsp; 8218 | &nbsp;&nbsp; 8214 | &nbsp;&nbsp; 8206 | &nbsp;&nbsp; 8198 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 5223 | &nbsp;&nbsp; 478580 | &nbsp;&nbsp; 214145 | &nbsp;&nbsp; 5031 | &nbsp;&nbsp; 58 |
| Other accrued expenses payable | &nbsp;&nbsp; 2819 | &nbsp;&nbsp; 4685 | &nbsp;&nbsp; 3357 | &nbsp;&nbsp; 2959 | &nbsp;&nbsp; 1964 |
| Payable for consulting fee | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 2001 | &nbsp;&nbsp; 1977 | &nbsp;&nbsp; 1944 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 130433 | &nbsp;&nbsp; 667258 | &nbsp;&nbsp; 314108 | &nbsp;&nbsp; 57018 | &nbsp;&nbsp; 33696 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $96574197 | &nbsp;&nbsp; $213395105 | &nbsp;&nbsp; $183797395 | &nbsp;&nbsp; $101267824 | &nbsp;&nbsp; $37399695 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $49420242 | &nbsp;&nbsp; $101633325 | &nbsp;&nbsp; $77287615 | &nbsp;&nbsp; $40393480 | &nbsp;&nbsp; $15917309 |
| Affiliated investments, at cost | &nbsp;&nbsp; 25865726 | &nbsp;&nbsp; 55957631 | &nbsp;&nbsp; 40723601 | &nbsp;&nbsp; 27007927 | &nbsp;&nbsp; 15683177 |
| **Standard Class:** |  |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $81462163 | &nbsp;&nbsp; $178591809 | &nbsp;&nbsp; $138168154 | &nbsp;&nbsp; $72920781 | &nbsp;&nbsp; $34325757 |
| Shares Outstanding | &nbsp;&nbsp; 8133768 | &nbsp;&nbsp; 14374483 | &nbsp;&nbsp; 10301149 | &nbsp;&nbsp; 4945895 | &nbsp;&nbsp; 2124951 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.015 | &nbsp;&nbsp; $12.424 | &nbsp;&nbsp; $13.413 | &nbsp;&nbsp; $14.744 | &nbsp;&nbsp; $16.154 |
| **Service Class:** |  |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $15112034 | &nbsp;&nbsp; $34803296 | &nbsp;&nbsp; $45629241 | &nbsp;&nbsp; $28347043 | &nbsp;&nbsp; $3073938 |
| Shares Outstanding | &nbsp;&nbsp; 1512241 | &nbsp;&nbsp; 2807944 | &nbsp;&nbsp; 3422649 | &nbsp;&nbsp; 1936346 | &nbsp;&nbsp; 191135 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.993 | &nbsp;&nbsp; $12.395 | &nbsp;&nbsp; $13.332 | &nbsp;&nbsp; $14.639 | &nbsp;&nbsp; $16.083 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |  |  |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $79037897 | &nbsp;&nbsp; $157510331 | &nbsp;&nbsp; $121954467 | &nbsp;&nbsp; $67228144 | &nbsp;&nbsp; $31550773 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 17536300 | &nbsp;&nbsp; 55884774 | &nbsp;&nbsp; 61842928 | &nbsp;&nbsp; 34039680 | &nbsp;&nbsp; 5848922 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $96574197 | &nbsp;&nbsp; $213395105 | &nbsp;&nbsp; $183797395 | &nbsp;&nbsp; $101267824 | &nbsp;&nbsp; $37399695 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds–6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| 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) | Six Months Ended June 30, 2025 (unaudited) |
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends from unaffiliated investments | $519510 | $769463 | $239799 | $38592 | $8962 |
| **EXPENSES:** |  |  |  |  |  |
| Management fees | 88955 | 191691 | 163163 | 89577 | 31013 |
| Professional fees | 18863 | 20001 | 19682 | 18864 | 18200 |
| Distribution fees-Service Class | 18464 | 41111 | 53740 | 33020 | 3349 |
| Accounting and administration expenses | 17249 | 22592 | 21081 | 17238 | 14159 |
| Shareholder servicing fees | 13577 | 29258 | 24904 | 13672 | 4734 |
| Consulting fees | 2318 | 2359 | 2348 | 2320 | 2290 |
| Reports and statements to shareholders | 2012 | 2802 | 2779 | 2364 | 1748 |
| Custodian fees | 1716 | 1153 | 1073 | 1047 | 1623 |
| Trustees' fees and expenses | 1393 | 2973 | 2518 | 1381 | 463 |
| Pricing fees | 18 | 18 | 15 | 15 | 15 |
| Other | 1844 | 3300 | 2552 | 2025 | 1583 |
|  | 166409 | 317258 | 293855 | 181523 | 79177 |
| Less:  |  |  |  |  |  |
| Expenses reimbursed | (35581)<br>| (23922)<br>| (16839)<br>| (21209)<br>| (31757)<br>|
| Total operating expenses | 130828 | 293336 | 277016 | 160314 | 47420 |
| **NET INVESTMENT INCOME (LOSS)**  | 388682 | 476127 | (37217)<br>| (121722)<br>| (38458)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Sale of affiliated investments | 1582400 | 2759411 | 114992 | (45436)<br>| (55907)<br>|
| Sale of unaffiliated investments | (403234)<br>| (980776)<br>| (202785)<br>| (45555)<br>| (65980)<br>|
| Net realized gain (loss) | 1179166 | 1778635 | (87793)<br>| (90991)<br>| (121887)<br>|
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |  |
| Affiliated investments | 1047829 | 4141972 | 7115711 | 4215344 | 1607484 |
| Unaffiliated investments | 2995500 | 7219032 | 6555081 | 3863522 | 1451042 |
| Net change in unrealized appreciation (depreciation) | 4043329 | 11361004 | 13670792 | 8078866 | 3058526 |
| **NET REALIZED AND UNREALIZED GAIN** | 5222495 | 13139639 | 13582999 | 7987875 | 2936639 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $5611177 | $13615766 | $13545782 | $7866153 | $2898181 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds–7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2030 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2030 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2040 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2040 Fund** |
|  | **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) | $388682 | $2332898 | $476127 | $4029316 | $(37217)<br>| $2400111 |
| Net realized gain (loss) | 1179166 | 5298917 | 1778635 | 10433866 | (87793)<br>| 8356311 |
| Net change in unrealized appreciation (depreciation) | 4043329 | 476380 | 11361004 | 4821093 | 13670792 | 8714750 |
| Net increase in net assets resulting from operations | 5611177 | 8108195 | 13615766 | 19284275 | 13545782 | 19471172 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class |  | (3287586)<br>|  | (5670995)<br>|  | (4082245)<br>|
| Service Class |  | (590037)<br>|  | (1043828)<br>|  | (1310084)<br>|
|  |  | (3877623)<br>|  | (6714823)<br>|  | (5392329)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 8706209 | 10055959 | 14666180 | 44842666 | 11424320 | 28387488 |
| Service Class | 300618 | 616338 | 1648120 | 1660823 | 1094000 | 2169703 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class |  | 3287586 |  | 5670995 |  | 4082245 |
| Service Class |  | 590037 |  | 1043828 |  | 1310084 |
|  | 9006827 | 14549920 | 16314300 | 53218312 | 12518320 | 35949520 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (11092331)<br>| (20490361)<br>| (14805914)<br>| (47214668)<br>| (10520291)<br>| (28149255)<br>|
| Service Class | (1193958)<br>| (2199775)<br>| (2096089)<br>| (4157564)<br>| (1790036)<br>| (4795849)<br>|
|  | (12286289)<br>| (22690136)<br>| (16902003)<br>| (51372232)<br>| (12310327)<br>| (32945104)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (3279462)<br>| (8140216)<br>| (587703)<br>| 1846080 | 207993 | 3004416 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2331715 | (3909644)<br>| 13028063 | 14415532 | 13753775 | 17083259 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | 94242482 | 98152126 | 200367042 | 185951510 | 170043620 | 152960361 |
| End of period | $96574197 | $94242482 | $213395105 | $200367042 | $183797395 | $170043620 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds–8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** |
| **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** |
|  | **LVIP**<br> **T. Rowe Price**<br> **2050 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2050 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2060 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2060 Fund** |
|  | **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) | $(121722)<br>| $1118319 | $(38458)<br>| $405234 |
| Net realized gain (loss) | (90991)<br>| 4932258 | (121887)<br>| 1223380 |
| Net change in unrealized appreciation (depreciation) | 8078866 | 5880947 | 3058526 | 1611176 |
| Net increase in net assets resulting from operations | 7866153 | 11931524 | 2898181 | 3239790 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Standard Class |  | (2105118)<br>|  | (1193925)<br>|
| Service Class |  | (763653)<br>|  | (97498)<br>|
|  |  | (2868771)<br>|  | (1291423)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Standard Class | 6824540 | 14349795 | 5323493 | 10804005 |
| Service Class | 925872 | 1460962 | 562731 | 867495 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |
| Standard Class |  | 2105118 |  | 1193925 |
| Service Class |  | 763653 |  | 97498 |
|  | 7750412 | 18679528 | 5886224 | 12962923 |
| Cost of shares redeemed: |  |  |  |  |
| Standard Class | (7107715)<br>| (17829694)<br>| (2730368)<br>| (3960182)<br>|
| Service Class | (881659)<br>| (1937466)<br>| (129799)<br>| (312159)<br>|
|  | (7989374)<br>| (19767160)<br>| (2860167)<br>| (4272341)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (238962)<br>| (1087632)<br>| 3026057 | 8690582 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 7627191 | 7975121 | 5924238 | 10638949 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 93640633 | 85665512 | 31475457 | 20836508 |
| End of period | $101267824 | $93640633 | $37399695 | $31475457 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds–9

------

**LVIP T. Rowe Price 2020 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 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; $9.436 | &nbsp;&nbsp; $9.039 | &nbsp;&nbsp; $8.479 | &nbsp;&nbsp; $11.391 | &nbsp;&nbsp; $10.897 | &nbsp;&nbsp; $10.050 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.041 | 0.232 | 0.216 | 0.232 | 0.195 | 0.146 |
| Net realized and unrealized gain (loss) | 0.538 | 0.564 | 0.913 | &nbsp;&nbsp; (1.987)<br>| 0.917 | 1.165 |
| Total from investment operations | 0.579 | 0.796 | 1.129 | &nbsp;&nbsp; (1.755)<br>| 1.112 | 1.311 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.220)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.246)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.218)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.399)<br>| &nbsp;&nbsp; (0.569)<br>| &nbsp;&nbsp; (1.157)<br>| &nbsp;&nbsp; (0.618)<br>| &nbsp;&nbsp; (0.464)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.015 | &nbsp;&nbsp; $9.436 | &nbsp;&nbsp; $9.039 | &nbsp;&nbsp; $8.479 | &nbsp;&nbsp; $11.391 | &nbsp;&nbsp; $10.897 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.14% | &nbsp;&nbsp; 8.81% | &nbsp;&nbsp; 13.54% | &nbsp;&nbsp; (15.18%)<br>| &nbsp;&nbsp; 10.23% | &nbsp;&nbsp; 13.27% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $81462 | &nbsp;&nbsp; $79113 | &nbsp;&nbsp; $82716 | &nbsp;&nbsp; $75626 | &nbsp;&nbsp; $100543 | &nbsp;&nbsp; $104187 |
| 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; 0.24% | &nbsp;&nbsp; 0.24% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</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; 0.87% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.46% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.39% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 8% | &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. Performance would have been lower had the waivers and/or expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-10

------

**LVIP T. Rowe Price 2020 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 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; $9.427 | &nbsp;&nbsp; $9.030 | &nbsp;&nbsp; $8.472 | &nbsp;&nbsp; $11.382 | &nbsp;&nbsp; $10.889 | &nbsp;&nbsp; $10.045 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.029 | 0.208 | 0.194 | 0.208 | 0.166 | 0.121 |
| Net realized and unrealized gain (loss) | 0.537 | 0.563 | 0.911 | &nbsp;&nbsp; (1.985)<br>| 0.916 | 1.162 |
| Total from investment operations | 0.566 | 0.771 | 1.105 | &nbsp;&nbsp; (1.777)<br>| 1.082 | 1.283 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.230)<br>| &nbsp;&nbsp; (0.198)<br>| &nbsp;&nbsp; (0.251)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.221)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.218)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.374)<br>| &nbsp;&nbsp; (0.547)<br>| &nbsp;&nbsp; (1.133)<br>| &nbsp;&nbsp; (0.589)<br>| &nbsp;&nbsp; (0.439)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.993 | &nbsp;&nbsp; $9.427 | &nbsp;&nbsp; $9.030 | &nbsp;&nbsp; $8.472 | &nbsp;&nbsp; $11.382 | &nbsp;&nbsp; $10.889 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.02% | &nbsp;&nbsp; 8.52% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; (15.39%)<br>| &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 12.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $15112 | &nbsp;&nbsp; $15129 | &nbsp;&nbsp; $15436 | &nbsp;&nbsp; $15015 | &nbsp;&nbsp; $20170 | &nbsp;&nbsp; $21256 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</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; 0.62% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.21% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.54% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.14% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 8% | &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. Performance would have been lower had the waivers and/or expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-11

------

**LVIP T. Rowe Price 2030 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 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; $11.627 | &nbsp;&nbsp; $10.894 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $13.145 | &nbsp;&nbsp; $11.978 | &nbsp;&nbsp; $10.788 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.030 | 0.242 | 0.222 | 0.204 | 0.170 | 0.145 |
| Net realized and unrealized gain (loss) | 0.767 | 0.894 | 1.361 | &nbsp;&nbsp; (2.447)<br>| 1.457 | 1.477 |
| Total from investment operations | 0.797 | 1.136 | 1.583 | &nbsp;&nbsp; (2.243)<br>| 1.627 | 1.622 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.259)<br>| &nbsp;&nbsp; (0.220)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.299)<br>| &nbsp;&nbsp; (0.241)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.469)<br>| &nbsp;&nbsp; (0.662)<br>| &nbsp;&nbsp; (0.161)<br>| &nbsp;&nbsp; (0.191)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.403)<br>| &nbsp;&nbsp; (0.689)<br>| &nbsp;&nbsp; (0.902)<br>| &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.432)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.424 | &nbsp;&nbsp; $11.627 | &nbsp;&nbsp; $10.894 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $13.145 | &nbsp;&nbsp; $11.978 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 10.43% | &nbsp;&nbsp; 16.14% | &nbsp;&nbsp; (16.87%)<br>| &nbsp;&nbsp; 13.60% | &nbsp;&nbsp; 15.25% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $178592 | &nbsp;&nbsp; $167306 | &nbsp;&nbsp; $153622 | &nbsp;&nbsp; $126830 | &nbsp;&nbsp; $158690 | &nbsp;&nbsp; $145103 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.29% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.51% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.36% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.49% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.32% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &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 expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-12

------

**LVIP T. Rowe Price 2030 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 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; $11.613 | &nbsp;&nbsp; $10.882 | &nbsp;&nbsp; $9.992 | &nbsp;&nbsp; $13.133 | &nbsp;&nbsp; $11.969 | &nbsp;&nbsp; $10.783 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.015 | 0.212 | 0.196 | 0.176 | 0.138 | 0.119 |
| Net realized and unrealized gain (loss) | 0.767 | 0.892 | 1.357 | &nbsp;&nbsp; (2.443)<br>| 1.454 | 1.472 |
| Total from investment operations | 0.782 | 1.104 | 1.553 | &nbsp;&nbsp; (2.267)<br>| 1.592 | 1.591 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.229)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.214)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.469)<br>| &nbsp;&nbsp; (0.662)<br>| &nbsp;&nbsp; (0.161)<br>| &nbsp;&nbsp; (0.191)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.373)<br>| &nbsp;&nbsp; (0.663)<br>| &nbsp;&nbsp; (0.874)<br>| &nbsp;&nbsp; (0.428)<br>| &nbsp;&nbsp; (0.405)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.395 | &nbsp;&nbsp; $11.613 | &nbsp;&nbsp; $10.882 | &nbsp;&nbsp; $9.992 | &nbsp;&nbsp; $13.133 | &nbsp;&nbsp; $11.969 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.73% | &nbsp;&nbsp; 10.14% | &nbsp;&nbsp; 15.84% | &nbsp;&nbsp; (17.07%)<br>| &nbsp;&nbsp; 13.31% | &nbsp;&nbsp; 14.97% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $34803 | &nbsp;&nbsp; $33061 | &nbsp;&nbsp; $32330 | &nbsp;&nbsp; $29981 | &nbsp;&nbsp; $37437 | &nbsp;&nbsp; $34060 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.54% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.26% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.11% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.24% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.07% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &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 expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-13

------

**LVIP T. Rowe Price 2040 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 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; $12.418 | &nbsp;&nbsp; $11.352 | &nbsp;&nbsp; $10.067 | &nbsp;&nbsp; $13.056 | &nbsp;&nbsp; $11.595 | &nbsp;&nbsp; $10.290 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.001 | 0.188 | 0.185 | 0.171 | 0.139 | 0.124 |
| Net realized and unrealized gain (loss) | 0.994 | 1.292 | 1.714 | &nbsp;&nbsp; (2.510)<br>| 1.822 | 1.562 |
| Total from investment operations | 0.995 | 1.480 | 1.899 | &nbsp;&nbsp; (2.339)<br>| 1.961 | 1.686 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.232)<br>| &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; (0.337)<br>| &nbsp;&nbsp; (0.217)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.430)<br>| &nbsp;&nbsp; (0.456)<br>| &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; (0.164)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.414)<br>| &nbsp;&nbsp; (0.614)<br>| &nbsp;&nbsp; (0.650)<br>| &nbsp;&nbsp; (0.500)<br>| &nbsp;&nbsp; (0.381)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.413 | &nbsp;&nbsp; $12.418 | &nbsp;&nbsp; $11.352 | &nbsp;&nbsp; $10.067 | &nbsp;&nbsp; $13.056 | &nbsp;&nbsp; $11.595 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.01% | &nbsp;&nbsp; 13.04% | &nbsp;&nbsp; 19.19% | &nbsp;&nbsp; (17.74%)<br>| &nbsp;&nbsp; 16.93% | &nbsp;&nbsp; 16.62% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $138168 | &nbsp;&nbsp; $127062 | &nbsp;&nbsp; $112467 | &nbsp;&nbsp; $90927 | &nbsp;&nbsp; $113550 | &nbsp;&nbsp; $102012 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.02% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.22% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.17% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 14% |

---

&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 expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-14

------

**LVIP T. Rowe Price 2040 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 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; $12.358 | &nbsp;&nbsp; $11.299 | &nbsp;&nbsp; $10.024 | &nbsp;&nbsp; $13.004 | &nbsp;&nbsp; $11.552 | &nbsp;&nbsp; $10.256 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.014)<br>| 0.156 | 0.157 | 0.142 | 0.107 | 0.098 |
| Net realized and unrealized gain (loss) | 0.988 | 1.285 | 1.705 | &nbsp;&nbsp; (2.499)<br>| 1.813 | 1.553 |
| Total from investment operations | 0.974 | 1.441 | 1.862 | &nbsp;&nbsp; (2.357)<br>| 1.920 | 1.651 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.157)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.191)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.430)<br>| &nbsp;&nbsp; (0.456)<br>| &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; (0.164)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.382)<br>| &nbsp;&nbsp; (0.587)<br>| &nbsp;&nbsp; (0.623)<br>| &nbsp;&nbsp; (0.468)<br>| &nbsp;&nbsp; (0.355)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.332 | &nbsp;&nbsp; $12.358 | &nbsp;&nbsp; $11.299 | &nbsp;&nbsp; $10.024 | &nbsp;&nbsp; $13.004 | &nbsp;&nbsp; $11.552 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.88% | &nbsp;&nbsp; 12.76% | &nbsp;&nbsp; 18.89% | &nbsp;&nbsp; (17.95%)<br>| &nbsp;&nbsp; 16.64% | &nbsp;&nbsp; 16.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $45629 | &nbsp;&nbsp; $42982 | &nbsp;&nbsp; $40493 | &nbsp;&nbsp; $35417 | &nbsp;&nbsp; $42766 | &nbsp;&nbsp; $37387 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.56% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.23% )<sup>5</sup><br>| &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.97% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.25% )<sup>5</sup><br>| &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.92% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 14% |

---

&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 expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-15

------

**LVIP T. Rowe Price 2050 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 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; $13.582 | &nbsp;&nbsp; $12.277 | &nbsp;&nbsp; $10.733 | &nbsp;&nbsp; $13.894 | &nbsp;&nbsp; $12.238 | &nbsp;&nbsp; $10.838 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.013)<br>| 0.171 | 0.181 | 0.179 | 0.140 | 0.129 |
| Net realized and unrealized gain (loss) | 1.175 | 1.570 | 1.965 | &nbsp;&nbsp; (2.697)<br>| 2.061 | 1.674 |
| Total from investment operations | 1.162 | 1.741 | 2.146 | &nbsp;&nbsp; (2.518)<br>| 2.201 | 1.803 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.191)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.361)<br>| &nbsp;&nbsp; (0.223)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.421)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; (0.180)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.436)<br>| &nbsp;&nbsp; (0.602)<br>| &nbsp;&nbsp; (0.643)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.403)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.744 | &nbsp;&nbsp; $13.582 | &nbsp;&nbsp; $12.277 | &nbsp;&nbsp; $10.733 | &nbsp;&nbsp; $13.894 | &nbsp;&nbsp; $12.238 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.56% | &nbsp;&nbsp; 14.20% | &nbsp;&nbsp; 20.30% | &nbsp;&nbsp; (17.95%)<br>| &nbsp;&nbsp; 18.01% | &nbsp;&nbsp; 16.89% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $72921 | &nbsp;&nbsp; $67530 | &nbsp;&nbsp; $62326 | &nbsp;&nbsp; $47789 | &nbsp;&nbsp; $57815 | &nbsp;&nbsp; $49732 |
| 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; 0.27% | &nbsp;&nbsp; 0.27% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.38% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.19% )<sup>5</sup><br>| &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.21% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.23% )<sup>5</sup><br>| &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.10% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 11% | &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 expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-16

------

**LVIP T. Rowe Price 2050 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 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; $13.503 | &nbsp;&nbsp; $12.208 | &nbsp;&nbsp; $10.679 | &nbsp;&nbsp; $13.827 | &nbsp;&nbsp; $12.184 | &nbsp;&nbsp; $10.796 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.030)<br>| 0.137 | 0.151 | 0.149 | 0.105 | 0.102 |
| Net realized and unrealized gain (loss) | 1.166 | 1.560 | 1.951 | &nbsp;&nbsp; (2.682)<br>| 2.049 | 1.663 |
| Total from investment operations | 1.136 | 1.697 | 2.102 | &nbsp;&nbsp; (2.533)<br>| 2.154 | 1.765 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.157)<br>| &nbsp;&nbsp; (0.152)<br>| &nbsp;&nbsp; (0.173)<br>| &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.197)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.421)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; (0.180)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.573)<br>| &nbsp;&nbsp; (0.615)<br>| &nbsp;&nbsp; (0.511)<br>| &nbsp;&nbsp; (0.377)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.639 | &nbsp;&nbsp; $13.503 | &nbsp;&nbsp; $12.208 | &nbsp;&nbsp; $10.679 | &nbsp;&nbsp; $13.827 | &nbsp;&nbsp; $12.184 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.41% | &nbsp;&nbsp; 13.92% | &nbsp;&nbsp; 19.99% | &nbsp;&nbsp; (18.15%)<br>| &nbsp;&nbsp; 17.70% | &nbsp;&nbsp; 16.61% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $28347 | &nbsp;&nbsp; $26111 | &nbsp;&nbsp; $23339 | &nbsp;&nbsp; $19822 | &nbsp;&nbsp; $23862 | &nbsp;&nbsp; $20276 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.44% )<sup>5</sup><br>| &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.96% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.48% )<sup>5</sup><br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.85% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 11% | &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 expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-17

------

**LVIP T. Rowe Price 2060 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **5/1/20**<sup>1</sup> <br>**to**<br>**12/31/20** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **5/1/20**<sup>1</sup> <br>**to**<br>**12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.871 | &nbsp;&nbsp; $13.581 | &nbsp;&nbsp; $11.630 | &nbsp;&nbsp; $15.026 | &nbsp;&nbsp; $13.123 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.016)<br>| 0.231 | 0.252 | 0.261 | 0.267 | 0.190 |
| Net realized and unrealized gain (loss) | 1.299 | 1.705 | 2.104 | &nbsp;&nbsp; (2.958)<br>| 2.186 | 3.215 |
| Total from investment operations | 1.283 | 1.936 | 2.356 | &nbsp;&nbsp; (2.697)<br>| 2.453 | 3.405 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.235)<br>| &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.229)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.236)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (0.470)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.046)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.646)<br>| &nbsp;&nbsp; (0.405)<br>| &nbsp;&nbsp; (0.699)<br>| &nbsp;&nbsp; (0.550)<br>| &nbsp;&nbsp; (0.282)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $16.154 | &nbsp;&nbsp; $14.871 | &nbsp;&nbsp; $13.581 | &nbsp;&nbsp; $11.630 | &nbsp;&nbsp; $15.026 | &nbsp;&nbsp; $13.123 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 8.63% | &nbsp;&nbsp; 14.27% | &nbsp;&nbsp; 20.31% | &nbsp;&nbsp; (17.87%)<br>| &nbsp;&nbsp; 18.69% | &nbsp;&nbsp; 34.06% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $34326 | &nbsp;&nbsp; $29066 | &nbsp;&nbsp; $19233 | &nbsp;&nbsp; $9150 | &nbsp;&nbsp; $5127 | &nbsp;&nbsp; $871 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 12.80% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.22% )<sup>6</sup><br>| &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 2.42% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.41% )<sup>6</sup><br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; (0.74%)<br>| &nbsp;&nbsp; (10.11%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 22% |

---

&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 expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-18

------

**LVIP T. Rowe Price 2060 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **5/1/20**<sup>1</sup> <br>**to**<br>**12/31/20** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **5/1/20**<sup>1</sup> <br>**to**<br>**12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.823 | &nbsp;&nbsp; $13.545 | &nbsp;&nbsp; $11.608 | &nbsp;&nbsp; $15.010 | &nbsp;&nbsp; $13.116 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.035)<br>| 0.193 | 0.219 | 0.230 | 0.227 | 0.169 |
| Net realized and unrealized gain (loss) | 1.295 | 1.698 | 2.098 | &nbsp;&nbsp; (2.954)<br>| 2.186 | 3.213 |
| Total from investment operations | 1.260 | 1.891 | 2.317 | &nbsp;&nbsp; (2.724)<br>| 2.413 | 3.382 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.202)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.208)<br>| &nbsp;&nbsp; (0.307)<br>| &nbsp;&nbsp; (0.220)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (0.470)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.046)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.613)<br>| &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.678)<br>| &nbsp;&nbsp; (0.519)<br>| &nbsp;&nbsp; (0.266)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $16.083 | &nbsp;&nbsp; $14.823 | &nbsp;&nbsp; $13.545 | &nbsp;&nbsp; $11.608 | &nbsp;&nbsp; $15.010 | &nbsp;&nbsp; $13.116 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 8.50% | &nbsp;&nbsp; 13.98% | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; (18.07%)<br>| &nbsp;&nbsp; 18.39% | &nbsp;&nbsp; 33.83% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $3074 | &nbsp;&nbsp; $2409 | &nbsp;&nbsp; $1604 | &nbsp;&nbsp; $843 | &nbsp;&nbsp; $473 | &nbsp;&nbsp; $277 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 13.05% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.47% )<sup>6</sup><br>| &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 2.17% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.66% )<sup>6</sup><br>| &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; (0.99%)<br>| &nbsp;&nbsp; (10.36%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 22% |

---

&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 expense reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>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 T. Rowe Price Target Date Funds-19

------

**LVIP T. Rowe Price Target Date 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 T. Rowe Price 2020 Fund, LVIP T. Rowe Price 2030 Fund, LVIP T. Rowe Price 2040 Fund, LVIP T. Rowe Price 2050 Fund and LVIP T. Rowe Price 2060 Fund (each, a Fund, and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Financial Investments Corporation ("LFI") or unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment companies, the Funds may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Funds are T. Rowe Price target date funds which are designed for investors planning to retire close to the year indicated in the name of the Fund.

Each Fund's investment objective is to seek the highest total return over time consistent with an emphasis on both capital growth and income.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of 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.

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 T. Rowe Price Target Date Funds-20

------

**LVIP T. Rowe Price Target Date Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, including monitoring of each Fund's investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.19% of each Fund's average daily net assets. The management fee is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

LFI has contractually agreed to reimburse each Fund to the extent that the Fund's annual operating expenses (excluding Underlying Funds fees and expenses) exceed the following percentages of average daily net assets for each Fund. The reimbursement is accrued daily and received monthly. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Standard Class | 0.24<br> %<br>| 0.25<br> %<br>| 0.26<br> %<br>| 0.27<br> %<br>| 0.27<br> %<br>|
| Service Class | 0.49<br> %<br>| 0.50<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>|

---

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. Each Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that each Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has not recouped any previously reimbursed expenses of the Funds.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LVIP T. Rowe Price 2020 Fund | &nbsp;&nbsp; $75896 | &nbsp;&nbsp; $71837 | &nbsp;&nbsp; $69419 | &nbsp;&nbsp; $217152 |
| LVIP T. Rowe Price 2030 Fund | &nbsp;&nbsp; $56544 | &nbsp;&nbsp; $51699 | &nbsp;&nbsp; $51035 | &nbsp;&nbsp; $159278 |
| LVIP T. Rowe Price 2040 Fund | &nbsp;&nbsp; $47619 | &nbsp;&nbsp; $43020 | &nbsp;&nbsp; $35153 | &nbsp;&nbsp; $125792 |
| LVIP T. Rowe Price 2050 Fund | &nbsp;&nbsp; $56108 | &nbsp;&nbsp; $49822 | &nbsp;&nbsp; $43665 | &nbsp;&nbsp; $149595 |
| LVIP T. Rowe Price 2060 Fund | &nbsp;&nbsp; $77843 | &nbsp;&nbsp; $69113 | &nbsp;&nbsp; $64329 | &nbsp;&nbsp; $211285 |

---

T. Rowe Price Associates, Inc. is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Funds, pays T. Rowe Price Associates, Inc. a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Administrative | &nbsp;&nbsp; $3988 | &nbsp;&nbsp; $8540 | &nbsp;&nbsp; $7255 | &nbsp;&nbsp; $3981 | &nbsp;&nbsp; $1361 |
| Legal | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 1302 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 207 |

---

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 T. Rowe Price Target Date Funds-21

------

**LVIP T. Rowe Price Target Date Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $244 | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $711 | &nbsp;&nbsp; $612 | &nbsp;&nbsp; $292 |

---

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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $6408 | &nbsp;&nbsp; $4281 | &nbsp;&nbsp; $3238 | &nbsp;&nbsp; $3871 | &nbsp;&nbsp; $5581 |
| Management fees payable to LFI | &nbsp;&nbsp; 14886 | &nbsp;&nbsp; 32725 | &nbsp;&nbsp; 28009 | &nbsp;&nbsp; 15451 | &nbsp;&nbsp; 5610 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 3064 | &nbsp;&nbsp; 7005 | &nbsp;&nbsp; 9175 | &nbsp;&nbsp; 5691 | &nbsp;&nbsp; 609 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 4995 | &nbsp;&nbsp; 4275 | &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 856 |

---

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 T. Rowe Price 2020 Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-42.62%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-16.19%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $1640397 | $200000 | $280000 | $2215 | $(7225)<br>| $1555387 | 119251 | $— | $— |
| ✧✧LVIP SSGA S&P 500 Index Fund | 14112978 | 2300000 | 4185000 | 1281975 | (525948)<br>| 12984005 | 403581 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 1302519 | 99999 | 275000 | 96180 | (126273)<br>| 1097425 | 34128 |  |  |
| **Fixed Income Fund-19.75%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 19082675 | 550001 | 1275000 | (135492)<br>| 852957 | 19075141 | 1879139 |  |  |
| **International Equity Fund-6.68%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 6201953 | 425000 | 1375000 | 337522 | 854318 | 6443793 | 512429 |  |  |
| Total | $42340522 | $3575000 | $7390000 | $1582400 | $1047829 | $41155751 |  | $— | $— |

---

&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 T. Rowe Price Target Date Funds-22

------

**LVIP T. Rowe Price Target Date Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP T. Rowe Price 2030 Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-46.73%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-22.28%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $4766040 | $— | $100000 | $(2446)<br>| $6645 | $4670239 | 358065 | $— | $— |
| ✧✧LVIP SSGA S&P 500 Index Fund | 40718412 | 2975000 | 6450000 | 2554595 | (273350)<br>| 39524657 | 1228542 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 3688701 |  | 250000 | (6781)<br>| (77578)<br>| 3354342 | 104314 |  |  |
| **Fixed Income Fund-15.45%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 31866717 | 950000 | 1075000 | (231907)<br>| 1457133 | 32966943 | 3247655 |  |  |
| **International Equity Fund-9.00%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 17934978 | 549999 | 2750000 | 445950 | 3029122 | 19210049 | 1527638 |  |  |
| Total | $98974848 | $4474999 | $10625000 | $2759411 | $4141972 | $99726230 |  | $— | $— |

---

&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>LVIP T. Rowe Price 2040 Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-50.44%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-31.96%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $5786876 | $300000 | $450000 | $(23282)<br>| $19845 | $5633439 | 431913 | $— | $— |
| ✧✧LVIP SSGA S&P 500 Index Fund | 48643207 | 1450000 | 3780000 | 12393 | 2751649 | 49077249 | 1525464 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 4434836 |  | 300000 | (10173)<br>| (86041)<br>| 4038622 | 125595 |  |  |
| **Fixed Income Fund-5.66%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 10189094 | 40000 | 225000 | (18327)<br>| 408573 | 10394340 | 1023972 |  |  |
| **International Equity Fund-12.82%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 21407208 | 450000 | 2470000 | 154381 | 4021685 | 23563274 | 1873819 |  |  |
| Total | $90461221 | $2240000 | $7225000 | $114992 | $7115711 | $92706924 |  | $— | $— |

---

&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>LVIP T. Rowe Price 2050 Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-50.61%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-35.88%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $3416301 | $400001 | $335000 | $(31855)<br>| $17911 | $3467358 | 265841 | $— | $— |
| ✧✧LVIP SSGA S&P 500 Index Fund | 29731502 | 1225000 | 2310000 | (23699)<br>| 1724150 | 30346953 | 943272 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 2656219 | 150000 | 220000 | (20130)<br>| (46537)<br>| 2519552 | 78354 |  |  |
| **Fixed Income Fund-0.58%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 565660 |  |  |  | 21878 | 587538 | 57880 |  |  |
| **International Equity Fund-14.15%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 13051522 | 270000 | 1515000 | 30248 | 2497942 | 14334712 | 1139937 |  |  |
| Total | $49421204 | $2045001 | $4380000 | $(45436)<br>| $4215344 | $51256113 |  | $— | $— |

---

&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 T. Rowe Price Target Date Funds-23

------

**LVIP T. Rowe Price Target Date Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP T. Rowe Price 2060 Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-51.19%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-36.41%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $1168542 | $325000 | $220000 | $(16366)<br>| $21629 | $1278805 | 98045 | $— | $— |
| ✧✧LVIP SSGA S&P 500 Index Fund | 10124784 | 1495000 | 885000 | (37078)<br>| 689457 | 11387163 | 353946 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 897601 | 120000 | 50300 | (2210)<br>| (13157)<br>| 951934 | 29604 |  |  |
| **Fixed Income Fund-0.44%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 158083 |  |  |  | 6114 | 164197 | 16176 |  |  |
| **International Equity Fund-14.34%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 4410328 | 445000 | 395000 | (253)<br>| 903441 | 5363516 | 426522 |  |  |
| Total | $16759338 | $2385000 | $1550300 | $(55907)<br>| $1607484 | $19145615 |  | $— | $— |

---

&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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Purchases | &nbsp;&nbsp; $6142970 | &nbsp;&nbsp; $10594281 | &nbsp;&nbsp; $6289834 | &nbsp;&nbsp; $3747249 | &nbsp;&nbsp; $4600326 |
| Sales | &nbsp;&nbsp; 12090000 | &nbsp;&nbsp; 16050000 | &nbsp;&nbsp; 9365000 | &nbsp;&nbsp; 5602000 | &nbsp;&nbsp; 2240000 |

---

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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $75285968 | &nbsp;&nbsp; $157590956 | &nbsp;&nbsp; $118011216 | &nbsp;&nbsp; $67401407 | &nbsp;&nbsp; $31600486 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $23274389 | &nbsp;&nbsp; $61368706 | &nbsp;&nbsp; $67762653 | &nbsp;&nbsp; $34122405 | &nbsp;&nbsp; $5797201 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (2008826)<br>| &nbsp;&nbsp; (5093279)<br>| &nbsp;&nbsp; (1764318)<br>| &nbsp;&nbsp; (273830)<br>| &nbsp;&nbsp; (20631)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $21265563 | &nbsp;&nbsp; $56275427 | &nbsp;&nbsp; $65998335 | &nbsp;&nbsp; $33848575 | &nbsp;&nbsp; $5776570 |

---

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

LVIP T. Rowe Price Target Date Funds-24

------

**LVIP T. Rowe Price Target Date Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| **Investments:** |  |  |  |  |  |
| **<u>Assets:</u>** |  |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $41155751 | &nbsp;&nbsp; $99726230 | &nbsp;&nbsp; $92706924 | &nbsp;&nbsp; $51256113 | &nbsp;&nbsp; $19145615 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 55395780 | &nbsp;&nbsp; 114140153 | &nbsp;&nbsp; 91302627 | &nbsp;&nbsp; 49993869 | &nbsp;&nbsp; 18231441 |
| **Total Investments** | &nbsp;&nbsp; $96551531 | &nbsp;&nbsp; $213866383 | &nbsp;&nbsp; $184009551 | &nbsp;&nbsp; $101249982 | &nbsp;&nbsp; $37377056 |

---

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> **T. Rowe Price**<br> **2020 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2030 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2030 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2040 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2040 Fund** |
|  | **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; 902920 | &nbsp;&nbsp; 1056544 | &nbsp;&nbsp; 1234161 | &nbsp;&nbsp; 3918266 | &nbsp;&nbsp; 895536 | &nbsp;&nbsp; 2290507 |
| Service Class | &nbsp;&nbsp; 31771 | &nbsp;&nbsp; 65109 | &nbsp;&nbsp; 138412 | &nbsp;&nbsp; 142791 | &nbsp;&nbsp; 86414 | &nbsp;&nbsp; 177476 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 345307 | &nbsp;&nbsp; — | &nbsp;&nbsp; 484879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 327288 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105505 |
|  | &nbsp;&nbsp; 934691 | &nbsp;&nbsp; 1528960 | &nbsp;&nbsp; 1372573 | &nbsp;&nbsp; 4635255 | &nbsp;&nbsp; 981950 | &nbsp;&nbsp; 2900776 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (1153638)<br>| &nbsp;&nbsp; (2168887)<br>| &nbsp;&nbsp; (1249435)<br>| &nbsp;&nbsp; (4114437)<br>| &nbsp;&nbsp; (826335)<br>| &nbsp;&nbsp; (2293315)<br>|
| Service Class | &nbsp;&nbsp; (124498)<br>| &nbsp;&nbsp; (231628)<br>| &nbsp;&nbsp; (177249)<br>| &nbsp;&nbsp; (356213)<br>| &nbsp;&nbsp; (141750)<br>| &nbsp;&nbsp; (388841)<br>|
|  | &nbsp;&nbsp; (1278136)<br>| &nbsp;&nbsp; (2400515)<br>| &nbsp;&nbsp; (1426684)<br>| &nbsp;&nbsp; (4470650)<br>| &nbsp;&nbsp; (968085)<br>| &nbsp;&nbsp; (2682156)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (343445)<br>| &nbsp;&nbsp; (871555)<br>| &nbsp;&nbsp; (54111)<br>| &nbsp;&nbsp; 164605 | &nbsp;&nbsp; 13865 | &nbsp;&nbsp; 218620 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **T. Rowe Price**<br> **2050 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2050 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2060 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2060 Fund** |
|  | **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; 490359 | &nbsp;&nbsp; 1069630 | &nbsp;&nbsp; 351657 | &nbsp;&nbsp; 720403 |
| Service Class | &nbsp;&nbsp; 66801 | &nbsp;&nbsp; 109996 | &nbsp;&nbsp; 37382 | &nbsp;&nbsp; 58511 |
| Shares reinvested: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 154494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80289 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 56372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6576 |
|  | &nbsp;&nbsp; 557160 | &nbsp;&nbsp; 1390492 | &nbsp;&nbsp; 389039 | &nbsp;&nbsp; 865779 |
| Shares redeemed: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (516433)<br>| &nbsp;&nbsp; (1329006)<br>| &nbsp;&nbsp; (181308)<br>| &nbsp;&nbsp; (262270)<br>|
| Service Class | &nbsp;&nbsp; (64175)<br>| &nbsp;&nbsp; (144451)<br>| &nbsp;&nbsp; (8785)<br>| &nbsp;&nbsp; (20943)<br>|
|  | &nbsp;&nbsp; (580608)<br>| &nbsp;&nbsp; (1473457)<br>| &nbsp;&nbsp; (190093)<br>| &nbsp;&nbsp; (283213)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (23448)<br>| &nbsp;&nbsp; (82965)<br>| &nbsp;&nbsp; 198946 | &nbsp;&nbsp; 582566 |

---

LVIP T. Rowe Price Target Date Funds-25

------

**LVIP T. Rowe Price Target Date Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 T. Rowe Price Target Date Funds-26

------

![](imga6c6c78b1.jpg)

![](img22f506492.jpg)

LVIP U.S. Growth Allocation Managed Risk Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP U.S. Growth Allocation Managed Risk Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_0fa7720b-e5df-4550-9786-d4961ecee5af_SOI-continued-243_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_0fa7720b-e5df-4550-9786-d4961ecee5af_FS-continued-243_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_0fa7720b-e5df-4550-9786-d4961ecee5af_FS-continued-243_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_0fa7720b-e5df-4550-9786-d4961ecee5af_FS-continued-243_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_0fa7720b-e5df-4550-9786-d4961ecee5af_FIHI-continued-243_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_0fa7720b-e5df-4550-9786-d4961ecee5af_NTF-continued-243_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP U.S. 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–68.80%** | **Equity Funds–68.80%** | **Equity Funds–68.80%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 3842546 | $264078961 |
| LVIP Baron Growth <br> Opportunities Fund<br>| 591379 | 45288964 |
| LVIP Channing Small Cap <br> Value Fund<br>| 1554409 | 18856536 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 2535798 | 39893171 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 5627856 | 71878976 |
| LVIP MFS Value Fund | 4783358 | 269288688 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 3248662 | 42372294 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 828703 | 13230251 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 10373919 | 333749741 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 1062631 | 34169976 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 1987052 | 71090766 |
| LVIP Wellington SMID Cap <br> Value Fund<br>| 4254702 | 105963352 |
|  |  | **1309861676** |
| **Fixed Income Funds–27.98%** | **Fixed Income Funds–27.98%** | **Fixed Income Funds–27.98%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 961375 | 9017695 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| 22846465 | $229035809 |
| LVIP JPMorgan High Yield <br> Fund<br>| 3888509 | 39775560 |
| LVIP Macquarie Bond Fund | 10735998 | 126652573 |
| LVIP SSGA Bond Index <br> Fund<br>| 12637762 | 128285920 |
|  |  | **532767557** |
| **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>| 585462 | 4637445 |
|  |  | **4637445** |
| **Total Affiliated Investments** <br>**(Cost $1,346,121,297)**<br>|  | **1847266678** |

---

&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>| 52909550 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $52,909,550)**<br>| **52909550** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.80% (Cost $1,399,030,847)** | **1900176228** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.20%** | **3752038** |
| **NET ASSETS APPLICABLE TO 148,482,224 SHARES OUTSTANDING–100.00%** | **$1903928266** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

LVIP U.S. Growth Allocation Managed Risk Fund-1

------

**LVIP U.S. Growth Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at 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:** |
| 63 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $6903855 | &nbsp;&nbsp; $6673167 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $230688 | &nbsp;&nbsp; $— |
| 131 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 40962063 | &nbsp;&nbsp; 39514558 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 1447505 | &nbsp;&nbsp; — |
| 38 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 11876900 | &nbsp;&nbsp; 11518054 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 358846 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $2037039 | &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 Statement of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP U.S. Growth Allocation Managed Risk Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP U.S. Growth Allocation Managed Risk Fund** | **LVIP U.S. Growth Allocation Managed Risk Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $1847266678 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 52909550 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 4163604 |
| Receivable for securities sold | &nbsp;&nbsp; 716070 |
| Dividends and interest receivable  | &nbsp;&nbsp; 256486 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 195863 |
| Receivable for fund shares sold | &nbsp;&nbsp; 8544 |
| Prepaid expenses | &nbsp;&nbsp; 4533 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 1905521328 |
| **LIABILITIES:** |  |
| Due to manager and affiliates | &nbsp;&nbsp; 792779 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 746760 |
| Other accrued expenses payable | &nbsp;&nbsp; 25407 |
| Payable for fund accounting fee | &nbsp;&nbsp; 14083 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1593062 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $1903928266 |
| Affiliated investments, at cost | &nbsp;&nbsp; $1346121297 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 52909550 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $19404169 |
| Shares Outstanding | &nbsp;&nbsp; 1509263 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.857 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $1884524097 |
| Shares Outstanding | &nbsp;&nbsp; 146972961 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.822 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $1530534868 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 373393398 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $1903928266 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP U.S. Growth Allocation Managed Risk Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP U.S. Growth Allocation Managed Risk Fund** | **LVIP U.S. Growth Allocation Managed Risk Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $1419431 |
| **EXPENSES:** |  |
| Management fees | 2321725 |
| Distribution fees-Service Class | 2298542 |
| Shareholder servicing fees | 269320 |
| Accounting and administration expenses | 113963 |
| Professional fees | 38194 |
| Trustees' fees and expenses | 28094 |
| Reports and statements to shareholders | 14348 |
| Custodian fees | 10463 |
| Consulting fees | 4305 |
| Pricing fees | 144 |
| Other | 19277 |
|  | 5118375 |
| Less:  |  |
| Management fees waived | (92869)<br>|
| Total operating expenses | 5025506 |
| **NET INVESTMENT LOSS** | (3606075)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 525581 |
| Futures contracts | (36228788)<br>|
| Net realized loss | (35703207)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 74518283 |
| Futures contracts | 4352081 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 78870364 |
| **NET REALIZED AND UNREALIZED GAIN** | 43167157 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $39561082 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP U.S. Growth Allocation Managed Risk Fund** | **LVIP U.S. Growth Allocation Managed Risk Fund** | **LVIP U.S. Growth Allocation Managed Risk Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 (loss) | $(3606075)<br>| $30182437 |
| Net realized gain (loss) | (35703207)<br>| 95502534 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 78870364 | 106862845 |
| Net increase in net assets <br> resulting from operations<br>| 39561082 | 232547816 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (455947)<br>|
| Service Class |  | (40834485)<br>|
|  |  | (41290432)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 490770 | 1167252 |
| Service Class | 26636908 | 90645947 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 455947 |
| Service Class |  | 40834485 |
|  | 27127678 | 133103631 |
| Cost of shares redeemed: |  |  |
| Standard Class | (764938)<br>| (1134317)<br>|
| Service Class | (88938955)<br>| (186685712)<br>|
|  | (89703893)<br>| (187820029)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (62576215)<br>| (54716398)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (23015133)<br>| 136540986 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1926943399 | 1790402413 |
| End of period | $1903928266 | $1926943399 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP U.S. Growth Allocation Managed Risk Fund-4

------

**LVIP U.S. Growth Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP U.S. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. 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; $12.569 | &nbsp;&nbsp; $11.338 | &nbsp;&nbsp; $10.008 | &nbsp;&nbsp; $13.421 | &nbsp;&nbsp; $12.092 | &nbsp;&nbsp; $11.393 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.009)<br>| 0.227 | 0.150 | 0.138 | 0.137 | 0.140 |
| Net realized and unrealized gain (loss) | 0.297 | 1.309 | 1.354 | &nbsp;&nbsp; (2.840)<br>| 1.717 | 0.822 |
| Total from investment operations | 0.288 | 1.536 | 1.504 | &nbsp;&nbsp; (2.702)<br>| 1.854 | 0.962 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.174)<br>| &nbsp;&nbsp; (0.155)<br>| &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.202)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.541)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (0.061)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.174)<br>| &nbsp;&nbsp; (0.711)<br>| &nbsp;&nbsp; (0.525)<br>| &nbsp;&nbsp; (0.263)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.857 | &nbsp;&nbsp; $12.569 | &nbsp;&nbsp; $11.338 | &nbsp;&nbsp; $10.008 | &nbsp;&nbsp; $13.421 | &nbsp;&nbsp; $12.092 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 13.56% | &nbsp;&nbsp; 15.02% | &nbsp;&nbsp; (20.13%)<br>| &nbsp;&nbsp; 15.37% | &nbsp;&nbsp; 8.50% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $19404 | &nbsp;&nbsp; $19231 | &nbsp;&nbsp; $16914 | &nbsp;&nbsp; $14915 | &nbsp;&nbsp; $17656 | &nbsp;&nbsp; $14053 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &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; 0.31% | &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; 1.85% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.25% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.15% )<sup>5</sup><br>| &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.24% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 30% |

---

&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 U.S. Growth Allocation Managed Risk Fund-5

------

**LVIP U.S. Growth Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP U.S. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. 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; $12.550 | &nbsp;&nbsp; $11.322 | &nbsp;&nbsp; $9.997 | &nbsp;&nbsp; $13.406 | &nbsp;&nbsp; $12.081 | &nbsp;&nbsp; $11.385 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.024)<br>| 0.196 | 0.123 | 0.110 | 0.104 | 0.112 |
| Net realized and unrealized gain (loss) | 0.296 | 1.306 | 1.350 | &nbsp;&nbsp; (2.835)<br>| 1.714 | 0.820 |
| Total from investment operations | 0.272 | 1.502 | 1.473 | &nbsp;&nbsp; (2.725)<br>| 1.818 | 0.932 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.274)<br>| &nbsp;&nbsp; (0.148)<br>| &nbsp;&nbsp; (0.128)<br>| &nbsp;&nbsp; (0.326)<br>| &nbsp;&nbsp; (0.175)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.541)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (0.061)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.274)<br>| &nbsp;&nbsp; (0.148)<br>| &nbsp;&nbsp; (0.684)<br>| &nbsp;&nbsp; (0.493)<br>| &nbsp;&nbsp; (0.236)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.822 | &nbsp;&nbsp; $12.550 | &nbsp;&nbsp; $11.322 | &nbsp;&nbsp; $9.997 | &nbsp;&nbsp; $13.406 | &nbsp;&nbsp; $12.081 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; 14.72% | &nbsp;&nbsp; (20.33%)<br>| &nbsp;&nbsp; 15.08% | &nbsp;&nbsp; 8.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1884524 | &nbsp;&nbsp; $1907713 | &nbsp;&nbsp; $1773488 | &nbsp;&nbsp; $1598845 | &nbsp;&nbsp; $2004437 | &nbsp;&nbsp; $1743766 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &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; 0.56% | &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; 1.60% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.00% |
| Ratio of net investment income (loss) to average net assets <br> prior to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.40% )<sup>5</sup><br>| &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.99% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 30% |

---

&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 U.S. Growth Allocation Managed Risk Fund-6

------

**LVIP U.S. Growth 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 U.S. Growth Allocation Managed Risk Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in 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. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds 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 U.S. Growth Allocation Managed Risk Fund-7

------

**LVIP U.S. Growth Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.01% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Fund's managed risk strategy. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $79597 |
| Legal | &nbsp;&nbsp; 12132 |

---

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 $4,714 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; $368352 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 379809 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 109 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 44509 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP U.S. Growth Allocation Managed Risk Fund-8

------

**LVIP U.S. Growth Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP 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** <br> **COMPANIES-97.02%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-68.80%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large Cap <br> Growth Fund<br>| $265905288 | $7506284 | $27500094 | $9310447 | $8857036 | $264078961 | 3842546 | $— | $— |
| ✧✧LVIP Baron Growth Opportunities <br> Fund<br>| 45851584 | 4505080 | 3367379 | (193575)<br>| (1506746)<br>| 45288964 | 591379 |  |  |
| ✧✧LVIP Channing Small Cap Value <br> Fund<br>| 18323967 | 2604002 | 1373891 | (165685)<br>| (531857)<br>| 18856536 | 1554409 |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap Equity <br> Fund<br>| 40138772 | 975034 | 3395938 | (63191)<br>| 2238494 | 39893171 | 2535798 |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap Equity <br> Fund<br>| 65304718 | 12896394 | 5189373 | (736406)<br>| (396357)<br>| 71878976 | 5627856 |  |  |
| ✧✧LVIP MFS Value Fund | 267601137 | 5703192 | 20918956 | 81378 | 16821937 | 269288688 | 4783358 |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | 47522906 | 2357396 | 7162356 | (125091)<br>| (220561)<br>| 42372294 | 3248662 |  |  |
| ✧✧LVIP SSGA Nasdaq-100 Index Fund | 13387522 | 299731 | 1392406 | 351305 | 584099 | 13230251 | 828703 |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | 340555951 | 6967624 | 31666377 | 5654873 | 12237670 | 333749741 | 10373919 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 42222835 | 752420 | 7722907 | 557887 | (1640259)<br>| 34169976 | 1062631 |  |  |
| ✧✧LVIP T. Rowe Price Structured <br> Mid-Cap Growth Fund<br>| 68414446 | 2794418 | 6617803 | 74790 | 6424915 | 71090766 | 1987052 |  |  |
| ✧✧LVIP Wellington SMID Cap Value <br> Fund<br>| 103688084 | 14197928 | 7707646 | (1259366)<br>| (2955648)<br>| 105963352 | 4254702 |  |  |
| **Fixed Income Funds-27.98%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Inflation Protected <br> Bond Fund<br>| 9568212 | 194640 | 1111898 | (171009)<br>| 537750 | 9017695 | 961375 |  |  |
| ✧✧LVIP JPMorgan Core Bond Fund | 176435559 | 43990785 | 333088 | (10315)<br>| 8952868 | 229035809 | 22846465 |  |  |
| ✧✧LVIP JPMorgan High Yield Fund | 42094237 | 856415 | 4846192 | (384730)<br>| 2055830 | 39775560 | 3888509 |  |  |
| ✧✧LVIP Macquarie Bond Fund | 167612198 | 1923432 | 48144479 | (9285908)<br>| 14547330 | 126652573 | 10735998 |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 144195326 | 2803382 | 23751643 | (3232630)<br>| 8271485 | 128285920 | 12637762 |  |  |
| **Global Equity Fund-0.24%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate Fund | 9201929 | 256913 | 5184501 | 122807 | 240297 | 4637445 | 585462 |  |  |
| Total | $1868024671 | $111585070 | $207386927 | $525581 | $74518283 | $1847266678 |  | $— | $— |

---

&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; $111585070 |
| Sales | &nbsp;&nbsp; 207386927 |

---

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; $1399030847 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $509262491 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (6080071)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $503182420 |

---

LVIP U.S. Growth Allocation Managed Risk Fund-9

------

**LVIP U.S. Growth Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. The amount and character of tax-basis distributions, if any, and tax composition of distributable earnings/(accumulated loss), as shown on the Statement of Assets and Liabilities are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of 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 Companies | &nbsp;&nbsp; $1847266678 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1847266678 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 52909550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52909550 |
| **Total Investments** | &nbsp;&nbsp; $1900176228 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1900176228 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $2037039 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2037039 |

---

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; 39887 | &nbsp;&nbsp; 95350 |
| Service Class | &nbsp;&nbsp; 2143325 | &nbsp;&nbsp; 7424682 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 36398 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3264252 |
|  | &nbsp;&nbsp; 2183212 | &nbsp;&nbsp; 10820682 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (60691)<br>| &nbsp;&nbsp; (93521)<br>|
| Service Class | &nbsp;&nbsp; (7173410)<br>| &nbsp;&nbsp; (15321974)<br>|
|  | &nbsp;&nbsp; (7234101)<br>| &nbsp;&nbsp; (15415495)<br>|
| Net decrease | &nbsp;&nbsp; (5050889)<br>| &nbsp;&nbsp; (4594813)<br>|

---

LVIP U.S. Growth Allocation Managed Risk Fund-10

------

**LVIP U.S. Growth Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 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>| $2037039 | 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 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; $(36228788)<br>| &nbsp;&nbsp; $4352081 |

---

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) | $56339315 | $— |

---

LVIP U.S. Growth Allocation Managed Risk Fund-11

------

**LVIP U.S. Growth Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 U.S. Growth Allocation Managed Risk Fund-12

------

![](img0f0cf3d61.jpg)

LVIP Vanguard Allocation Funds

LVIP Vanguard Bond Allocation Fund <br> LVIP Vanguard Domestic Equity ETF Fund <br> LVIP Vanguard International Equity ETF Fund

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Vanguard Allocation Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Statements of Net Assets](#xx_4c96c918-72c5-4429-9e4b-b8fd8350f23a_SOI-continued-291_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Operations](#xx_4c96c918-72c5-4429-9e4b-b8fd8350f23a_FS-continued-291_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_4c96c918-72c5-4429-9e4b-b8fd8350f23a_FS-continued-291_2)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_4c96c918-72c5-4429-9e4b-b8fd8350f23a_FIHI-continued-291_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_4c96c918-72c5-4429-9e4b-b8fd8350f23a_NTF-continued-291_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Vanguard Bond 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–99.97%** | **INVESTMENT COMPANIES–99.97%** | **INVESTMENT COMPANIES–99.97%** |
| **Fixed Income Funds–99.83%** | **Fixed Income Funds–99.83%** | **Fixed Income Funds–99.83%** |
| Vanguard Core Bond Fund | 22749063 | $410620588 |
| Vanguard Intermediate-Term <br> Bond ETF<br>| 1975302 | 152769857 |
| Vanguard Long-Term Bond <br> ETF<br>| 2402752 | 167087374 |
| Vanguard Mortgage-Backed <br> Securities ETF<br>| 3452208 | 159975319 |
| Vanguard Short-Term Bond <br> ETF<br>| 3457035 | 272068654 |
| Vanguard Total International <br> Bond ETF<br>| 4099590 | 202970701 |
|  |  | **1365492493** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–0.14%** | **Money Market Fund–0.14%** | **Money Market Fund–0.14%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 1979992 | $1979992 |
|  |  | **1979992** |
| **Total Investment Companies** <br>**(Cost $1,492,112,576)**<br>|  | **1367472485** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.97% (Cost $1,492,112,576)** | **1367472485** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.03%** | **372957** |
| **NET ASSETS APPLICABLE TO 146,649,029 SHARES OUTSTANDING–100.00%** | **$1367845442** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD BOND ALLOCATION FUND STANDARD CLASS** <br>**($290,086,404 / 31,050,344 Shares)** | **$9.342** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD BOND ALLOCATION FUND SERVICE CLASS** <br>**($1,077,759,038 / 115,598,685 Shares)** | **$9.323** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1516995999** |
| Distributable earnings/(accumulated loss) | **(149150557)**<br>|
| **TOTAL NET ASSETS** | **$1367845442** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $1,968,439 payable for securities purchased, $1,469,096 payable for fund shares redeemed, $13,293 other accrued expenses <br> payable, $527,021 due to manager and affiliates, $11,544 payable for audit fee and $9,315 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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-1

------

**LVIP Vanguard Domestic Equity ETF Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.89%** | **INVESTMENT COMPANIES–99.89%** | **INVESTMENT COMPANIES–99.89%** |
| **Equity Funds–99.88%** | **Equity Funds–99.88%** | **Equity Funds–99.88%** |
| Vanguard Extended Market <br> ETF<br>| 169964 | $32753763 |
| Vanguard Growth ETF | 698103 | 306048355 |
| Vanguard Russell 3000 | 466335 | 127192871 |
| Vanguard S&P 500 ETF | 389187 | 221069892 |
| Vanguard Small-Cap ETF | 292068 | 69214275 |
| Vanguard Total Stock Market <br> ETF<br>| 834868 | 253741431 |
| Vanguard Value ETF | 1461414 | 258290310 |
|  |  | **1268310897** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–0.01%** | **Money Market Fund–0.01%** | **Money Market Fund–0.01%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 118712 | $118712 |
|  |  | **118712** |
| **Total Investment Companies** <br>**(Cost $1,065,405,645)**<br>|  | **1268429609** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.89% (Cost $1,065,405,645)** | **1268429609** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.11%** | **1418249** |
| **NET ASSETS APPLICABLE TO 31,639,063 SHARES OUTSTANDING–100.00%** | **$1269847858** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD DOMESTIC EQUITY ETF FUND STANDARD CLASS** <br>**($664,974,479 / 16,543,744 Shares)** | **$40.195** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD DOMESTIC EQUITY ETF FUND SERVICE CLASS** <br>**($604,873,379 / 15,095,319 Shares)** | **$40.070** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$481852536** |
| Distributable earnings/(accumulated loss) | **787995322** |
| **TOTAL NET ASSETS** | **$1269847858** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $26,682 payable for securities purchased, $1,876,732 payable for fund shares redeemed, $15,861 other accrued expenses payable, <br> $352,223 due to manager and affiliates, $11,544 payable for audit fee and $8,313 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 |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-2

------

**LVIP Vanguard International Equity ETF Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–100.13%** | **INVESTMENT COMPANIES–100.13%** | **INVESTMENT COMPANIES–100.13%** |
| **International Equity Funds–100.13%** | **International Equity Funds–100.13%** | **International Equity Funds–100.13%** |
| Vanguard FTSE All-World ex-US ETF | 3284958 | $220814877 |
| Vanguard FTSE Developed Markets ETF | 2672703 | 152370798 |
| Vanguard FTSE Emerging Markets ETF | 2144006 | 106042537 |
| Vanguard FTSE European ETF | 1262830 | 97869325 |
| Vanguard FTSE Pacific ETF | 841104 | 69121927 |
| Vanguard Total International Stock ETF | 1430651 | 98843677 |
| **Total Investment Companies** <br>**(Cost $567,924,145)**<br>|  | **745063141** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.13% (Cost $567,924,145)** | **745063141** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.13%)** | **(981165)**<br>|
| **NET ASSETS APPLICABLE TO 53,322,534 SHARES OUTSTANDING–100.00%** | **$744081976** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD INTERNATIONAL EQUITY ETF FUND STANDARD CLASS** <br>**($363,087,334 / 25,982,166 Shares)** | **$13.974** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD INTERNATIONAL EQUITY ETF FUND SERVICE CLASS** <br>**($380,994,642 / 27,340,368 Shares)** | **$13.935** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$568948681** |
| Distributable earnings/(accumulated loss) | **175133295** |
| **TOTAL NET ASSETS** | **$744081976** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $996,504 payable for fund shares redeemed, $11,980 other accrued expenses payable, $213,941 due to manager and affiliates, <br> $176,652 due to custodian, $11,544 payable for audit fee and $8,267 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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| 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> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends from unaffiliated investments | $24783398 | $7899891 | $7623483 |
| **EXPENSES:** |  |  |  |
| Management fees | 1679455 | 1461156 | 865814 |
| Distribution fees-Service Class | 1327267 | 701632 | 440290 |
| Shareholder servicing fees | 194817 | 169494 | 100434 |
| Accounting and administration expenses | 81000 | 70789 | 46564 |
| Professional fees | 29552 | 27928 | 22513 |
| Trustees' fees and expenses | 19620 | 17343 | 9850 |
| Reports and statements to shareholders | 14646 | 10075 | 8798 |
| Custodian fees | 3594 | 14613 | 11475 |
| Consulting fees | 2702 | 2687 | 2478 |
| Pricing fees | 18 | 26 | 21 |
| Other | 11751 | 13718 | 8767 |
|  | 3364422 | 2489461 | 1517004 |
| Less:  |  |  |  |
| Management fees waived |  | (292231)<br>| (173163)<br>|
| Total operating expenses | 3364422 | 2197230 | 1343841 |
| **NET INVESTMENT INCOME**  | 21418976 | 5702661 | 6279642 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) from investments | (11220418)<br>| 839420 | 14703484 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |
| Investments | 37401472 | 59469852 | 95082153 |
| **NET REALIZED AND UNREALIZED GAIN** | 26181054 | 60309272 | 109785637 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $47600030 | $66011933 | $116065279 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund** | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund** | **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund** |
|  | **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 | $21418976 | $46033250 | $5702661 | $11414247 | $6279642 | $18808454 |
| Net realized gain (loss) | (11220418)<br>| (8895210)<br>| 839420 | 590831869 | 14703484 | (1417858)<br>|
| Net change in unrealized appreciation (depreciation) | 37401472 | (20645011)<br>| 59469852 | (381374779)<br>| 95082153 | 5501608 |
| Net increase in net assets resulting from operations | 47600030 | 16493029 | 66011933 | 220871337 | 116065279 | 22892204 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class |  | (10000697)<br>|  | (10071978)<br>|  | (8603964)<br>|
| Service Class |  | (36026445)<br>|  | (8090723)<br>|  | (8122275)<br>|
|  |  | (46027142)<br>|  | (18162701)<br>|  | (16726239)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 28761249 | 67730852 | 60132227 | 68350117 | 25153466 | 67850872 |
| Service Class | 67060786 | 188609653 | 47249119 | 59485815 | 29272339 | 48466731 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class |  | 10000697 |  | 10071978 |  | 8603964 |
| Service Class |  | 36026445 |  | 8090723 |  | 8122275 |
|  | 95822035 | 302367647 | 107381346 | 145998633 | 54425805 | 133043842 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (27281443)<br>| (31304431)<br>| (45390846)<br>| (83294896)<br>| (42681622)<br>| (45876078)<br>|
| Service Class | (90279386)<br>| (95972901)<br>| (49909997)<br>| (102286557)<br>| (41787225)<br>| (47037714)<br>|
|  | (117560829)<br>| (127277332)<br>| (95300843)<br>| (185581453)<br>| (84468847)<br>| (92913792)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (21738794)<br>| 175090315 | 12080503 | (39582820)<br>| (30043042)<br>| 40130050 |
| **NET INCREASE IN NET ASSETS** | 25861236 | 145556202 | 78092436 | 163125816 | 86022237 | 46296015 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | 1341984206 | 1196428004 | 1191755422 | 1028629606 | 658059739 | 611763724 |
| End of period | $1367845442 | $1341984206 | $1269847858 | $1191755422 | $744081976 | $658059739 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-5

------

**LVIP Vanguard Bond Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation 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; $9.012 | &nbsp;&nbsp; $9.221 | &nbsp;&nbsp; $8.981 | &nbsp;&nbsp; $10.878 | &nbsp;&nbsp; $11.206 | &nbsp;&nbsp; $10.766 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.154 | 0.354 | 0.312 | 0.195 | 0.160 | 0.168 |
| Net realized and unrealized gain (loss) | 0.176 | &nbsp;&nbsp; (0.224)<br>| 0.228 | &nbsp;&nbsp; (1.649)<br>| &nbsp;&nbsp; (0.303)<br>| 0.444 |
| Total from investment operations | 0.330 | 0.130 | 0.540 | &nbsp;&nbsp; (1.454)<br>| &nbsp;&nbsp; (0.143)<br>| 0.612 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.300)<br>| &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.158)<br>| &nbsp;&nbsp; (0.164)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; (0.008)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.300)<br>| &nbsp;&nbsp; (0.443)<br>| &nbsp;&nbsp; (0.185)<br>| &nbsp;&nbsp; (0.172)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.342 | &nbsp;&nbsp; $9.012 | &nbsp;&nbsp; $9.221 | &nbsp;&nbsp; $8.981 | &nbsp;&nbsp; $10.878 | &nbsp;&nbsp; $11.206 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.66% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; (13.37%)<br>| &nbsp;&nbsp; (1.29%)<br>| &nbsp;&nbsp; 5.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $290086 | &nbsp;&nbsp; $278304 | &nbsp;&nbsp; $237906 | &nbsp;&nbsp; $199220 | &nbsp;&nbsp; $227649 | &nbsp;&nbsp; $188656 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.26% |
| 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; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.39% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 3.41% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.50% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.39% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 3.41% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.45% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 88% | &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 Vanguard Allocation Funds-6

------

**LVIP Vanguard Bond Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation 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; $9.005 | &nbsp;&nbsp; $9.214 | &nbsp;&nbsp; $8.976 | &nbsp;&nbsp; $10.871 | &nbsp;&nbsp; $11.201 | &nbsp;&nbsp; $10.763 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.142 | 0.330 | 0.288 | 0.171 | 0.132 | 0.140 |
| Net realized and unrealized gain (loss) | 0.176 | &nbsp;&nbsp; (0.222)<br>| 0.228 | &nbsp;&nbsp; (1.648)<br>| &nbsp;&nbsp; (0.304)<br>| 0.443 |
| Total from investment operations | 0.318 | 0.108 | 0.516 | &nbsp;&nbsp; (1.477)<br>| &nbsp;&nbsp; (0.172)<br>| 0.583 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.170)<br>| &nbsp;&nbsp; (0.131)<br>| &nbsp;&nbsp; (0.137)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; (0.008)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.418)<br>| &nbsp;&nbsp; (0.158)<br>| &nbsp;&nbsp; (0.145)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.323 | &nbsp;&nbsp; $9.005 | &nbsp;&nbsp; $9.214 | &nbsp;&nbsp; $8.976 | &nbsp;&nbsp; $10.871 | &nbsp;&nbsp; $11.201 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.53% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; (13.58%)<br>| &nbsp;&nbsp; (1.54%)<br>| &nbsp;&nbsp; 5.42% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1077759 | &nbsp;&nbsp; $1063680 | &nbsp;&nbsp; $958522 | &nbsp;&nbsp; $851844 | &nbsp;&nbsp; $1030920 | &nbsp;&nbsp; $923509 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.51% |
| 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; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.14% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.58% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.25% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.14% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.58% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.20% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 88% | &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 Vanguard Allocation Funds-7

------

**LVIP Vanguard Domestic Equity ETF Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF 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; $38.119 | &nbsp;&nbsp; $31.738 | &nbsp;&nbsp; $25.816 | &nbsp;&nbsp; $32.366 | &nbsp;&nbsp; $26.296 | &nbsp;&nbsp; $22.284 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.205 | 0.405 | 0.394 | 0.356 | 0.322 | 0.331 |
| Net realized and unrealized gain (loss) | 1.871 | 6.606 | 6.115 | &nbsp;&nbsp; (6.431)<br>| 6.438 | 4.081 |
| Total from investment operations | 2.076 | 7.011 | 6.509 | &nbsp;&nbsp; (6.075)<br>| 6.760 | 4.412 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.400)<br>| &nbsp;&nbsp; (0.352)<br>| &nbsp;&nbsp; (0.379)<br>| &nbsp;&nbsp; (0.329)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.187)<br>| &nbsp;&nbsp; (0.123)<br>| &nbsp;&nbsp; (0.311)<br>| &nbsp;&nbsp; (0.071)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.630)<br>| &nbsp;&nbsp; (0.587)<br>| &nbsp;&nbsp; (0.475)<br>| &nbsp;&nbsp; (0.690)<br>| &nbsp;&nbsp; (0.400)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $40.195 | &nbsp;&nbsp; $38.119 | &nbsp;&nbsp; $31.738 | &nbsp;&nbsp; $25.816 | &nbsp;&nbsp; $32.366 | &nbsp;&nbsp; $26.296 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 22.10% | &nbsp;&nbsp; 25.22% | &nbsp;&nbsp; (18.74%)<br>| &nbsp;&nbsp; 25.74% | &nbsp;&nbsp; 19.82% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $664975 | &nbsp;&nbsp; $615074 | &nbsp;&nbsp; $516504 | &nbsp;&nbsp; $414472 | &nbsp;&nbsp; $473107 | &nbsp;&nbsp; $372061 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &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; 1.09% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.47% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.04% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.42% |
| Portfolio turnover | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% |

---

&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 Vanguard Allocation Funds-8

------

**LVIP Vanguard Domestic Equity ETF Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF 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; $38.048 | &nbsp;&nbsp; $31.684 | &nbsp;&nbsp; $25.779 | &nbsp;&nbsp; $32.314 | &nbsp;&nbsp; $26.260 | &nbsp;&nbsp; $22.262 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.158 | 0.315 | 0.321 | 0.286 | 0.246 | 0.274 |
| Net realized and unrealized gain (loss) | 1.864 | 6.587 | 6.098 | &nbsp;&nbsp; (6.416)<br>| 6.423 | 4.067 |
| Total from investment operations | 2.022 | 6.902 | 6.419 | &nbsp;&nbsp; (6.130)<br>| 6.669 | 4.341 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.282)<br>| &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.272)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.187)<br>| &nbsp;&nbsp; (0.123)<br>| &nbsp;&nbsp; (0.311)<br>| &nbsp;&nbsp; (0.071)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.538)<br>| &nbsp;&nbsp; (0.514)<br>| &nbsp;&nbsp; (0.405)<br>| &nbsp;&nbsp; (0.615)<br>| &nbsp;&nbsp; (0.343)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $40.070 | &nbsp;&nbsp; $38.048 | &nbsp;&nbsp; $31.684 | &nbsp;&nbsp; $25.779 | &nbsp;&nbsp; $32.314 | &nbsp;&nbsp; $26.260 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp; 21.80% | &nbsp;&nbsp; 24.91% | &nbsp;&nbsp; (18.95%)<br>| &nbsp;&nbsp; 25.42% | &nbsp;&nbsp; 19.53% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $604873 | &nbsp;&nbsp; $576681 | &nbsp;&nbsp; $512126 | &nbsp;&nbsp; $422918 | &nbsp;&nbsp; $531395 | &nbsp;&nbsp; $435348 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.51% |
| 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 to average net assets | &nbsp;&nbsp; 0.84% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 1.22% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.79% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 1.17% |
| Portfolio turnover | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% |

---

&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 Vanguard Allocation Funds-9

------

**LVIP Vanguard International Equity ETF Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF 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; $11.839 | &nbsp;&nbsp; $11.714 | &nbsp;&nbsp; $10.457 | &nbsp;&nbsp; $12.901 | &nbsp;&nbsp; $12.454 | &nbsp;&nbsp; $11.453 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.122 | 0.373 | 0.358 | 0.293 | 0.396 | 0.216 |
| Net realized and unrealized gain (loss) | 2.013 | 0.079 | 1.249 | &nbsp;&nbsp; (2.441)<br>| 0.626 | 1.030 |
| Total from investment operations | 2.135 | 0.452 | 1.607 | &nbsp;&nbsp; (2.148)<br>| 1.022 | 1.246 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.284)<br>| &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.245)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (— )<sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.575)<br>| &nbsp;&nbsp; (0.245)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.974 | &nbsp;&nbsp; $11.839 | &nbsp;&nbsp; $11.714 | &nbsp;&nbsp; $10.457 | &nbsp;&nbsp; $12.901 | &nbsp;&nbsp; $12.454 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 18.03% | &nbsp;&nbsp; 3.86% | &nbsp;&nbsp; 15.36% | &nbsp;&nbsp; (16.62%)<br>| &nbsp;&nbsp; 8.16% | &nbsp;&nbsp; 10.89% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $363087 | &nbsp;&nbsp; $323439 | &nbsp;&nbsp; $290532 | &nbsp;&nbsp; $245817 | &nbsp;&nbsp; $265041 | &nbsp;&nbsp; $213262 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.27% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.32% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.94% <br><sup>6</sup><br>| &nbsp;&nbsp; 3.04% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.97% | &nbsp;&nbsp; 2.02% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.89% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 3.13% | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 2.92% | &nbsp;&nbsp; 1.97% |
| Portfolio turnover | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 6% | &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> 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 reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Vanguard Allocation Funds-10

------

**LVIP Vanguard International Equity ETF Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF 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; $11.820 | &nbsp;&nbsp; $11.695 | &nbsp;&nbsp; $10.443 | &nbsp;&nbsp; $12.883 | &nbsp;&nbsp; $12.440 | &nbsp;&nbsp; $11.445 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.106 | 0.341 | 0.329 | 0.265 | 0.361 | 0.189 |
| Net realized and unrealized gain (loss) | 2.009 | 0.080 | 1.245 | &nbsp;&nbsp; (2.436)<br>| 0.626 | 1.024 |
| Total from investment operations | 2.115 | 0.421 | 1.574 | &nbsp;&nbsp; (2.171)<br>| 0.987 | 1.213 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.322)<br>| &nbsp;&nbsp; (0.257)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.218)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (— )<sup>3</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.322)<br>| &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.544)<br>| &nbsp;&nbsp; (0.218)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.935 | &nbsp;&nbsp; $11.820 | &nbsp;&nbsp; $11.695 | &nbsp;&nbsp; $10.443 | &nbsp;&nbsp; $12.883 | &nbsp;&nbsp; $12.440 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 17.88% | &nbsp;&nbsp; 3.62% | &nbsp;&nbsp; 15.07% | &nbsp;&nbsp; (16.83%)<br>| &nbsp;&nbsp; 7.89% | &nbsp;&nbsp; 10.61% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $380995 | &nbsp;&nbsp; $334621 | &nbsp;&nbsp; $321232 | &nbsp;&nbsp; $282554 | &nbsp;&nbsp; $330229 | &nbsp;&nbsp; $281429 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.52% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.69% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 2.93% | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; 1.77% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.64% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 1.72% |
| Portfolio turnover | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 6% | &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> 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 reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Vanguard Allocation Funds-11

------

**LVIP Vanguard 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 Vanguard Bond Allocation Fund , LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell their shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The LVIP Vanguard Bond Allocation Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign fixed-income securities. The Underlying Funds and ETFs will primarily be those of The Vanguard Group, Inc. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments.

The LVIP Vanguard Domestic Equity ETF Fund and the LVIP Vanguard International Equity ETF Fund operate under a fund of funds structure and invest a significant portion of their assets in ETFs which, in turn, invest in U.S. and foreign stocks and money market instruments. The underlying ETFs will primarily be Vanguard ETFs<sup>®</sup>. In addition to ETFs investments, the Funds may invest in individual securities, such as money market instruments.

Financial statements for the Underlying Funds and the underlying ETFs can be found at www.sec.gov.

The investment objective of the LVIP Vanguard Bond Allocation Fund is to seek total return consistent with the preservation of capital. Total return is comprised of income and capital appreciation.

The investment objective of the LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF Fund is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of 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 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.

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.

LVIP Vanguard Allocation Funds-12

------

**LVIP Vanguard Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Funds' investment portfolios, including monitoring of the Funds' investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.05% of each of the LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Administrative | &nbsp;&nbsp; $57033 | &nbsp;&nbsp; $49597 | &nbsp;&nbsp; $28979 |
| Legal | &nbsp;&nbsp; 8692 | &nbsp;&nbsp; 7559 | &nbsp;&nbsp; 4416 |

---

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> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $7601 | &nbsp;&nbsp; $3770 | &nbsp;&nbsp; $4539 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds and ETFs in which they invest. Because each of the Underlying Funds and ETFs has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds and ETFs at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP Vanguard Allocation Funds-13

------

**LVIP Vanguard Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Management fees payable to LFI | &nbsp;&nbsp; $276696 | &nbsp;&nbsp; $202310 | &nbsp;&nbsp; $119810 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 218228 | &nbsp;&nbsp; 120578 | &nbsp;&nbsp; 76619 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 140 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 32097 | &nbsp;&nbsp; 29335 | &nbsp;&nbsp; 17372 |

---

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2025, the LVIP Vanguard International Equity ETF Fund engaged in securities sales of $38,385, which resulted in net realized gains of $732.

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**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Purchases | &nbsp;&nbsp; $63304830 | &nbsp;&nbsp; $52298829 | &nbsp;&nbsp; $150078298 |
| Sales | &nbsp;&nbsp; 63244628 | &nbsp;&nbsp; 38846659 | &nbsp;&nbsp; 173299338 |

---

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> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $1492112576 | &nbsp;&nbsp; $1065405645 | &nbsp;&nbsp; $567924145 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $208600264 | &nbsp;&nbsp; $177138996 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (124640091)<br>| &nbsp;&nbsp; (5576300)<br>| &nbsp;&nbsp; — |
| Net Unrealized Appreciation (Depreciation) of investments | &nbsp;&nbsp; $(124640091)<br>| &nbsp;&nbsp; $203023964 | &nbsp;&nbsp; $177138996 |

---

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)

LVIP Vanguard Allocation Funds-14

------

**LVIP Vanguard Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF** <br> **Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF** <br> **Fund**<br>|
| **Investments:** |  |  |  |
| **<u>Assets:</u>** |  |  |  |
| Investment Companies | &nbsp;&nbsp; $1367472485 | &nbsp;&nbsp; $1268429609 | &nbsp;&nbsp; $745063141 |

---

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> **Vanguard**<br> **Bond**<br> **Allocation Fund** | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund** | **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund** |
|  | **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; 3148316 | &nbsp;&nbsp; 7336208 | &nbsp;&nbsp; 1593613 | &nbsp;&nbsp; 1924106 | &nbsp;&nbsp; 1999009 | &nbsp;&nbsp; 5542580 |
| Service Class | &nbsp;&nbsp; 7340493 | &nbsp;&nbsp; 20435077 | &nbsp;&nbsp; 1266627 | &nbsp;&nbsp; 1644405 | &nbsp;&nbsp; 2308104 | &nbsp;&nbsp; 3987745 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1111559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 729238 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 4007391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 213893 | &nbsp;&nbsp; — | &nbsp;&nbsp; 689460 |
|  | &nbsp;&nbsp; 10488809 | &nbsp;&nbsp; 32890235 | &nbsp;&nbsp; 2860240 | &nbsp;&nbsp; 4048005 | &nbsp;&nbsp; 4307113 | &nbsp;&nbsp; 10949023 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (2978219)<br>| &nbsp;&nbsp; (3368988)<br>| &nbsp;&nbsp; (1185397)<br>| &nbsp;&nbsp; (2328116)<br>| &nbsp;&nbsp; (3336379)<br>| &nbsp;&nbsp; (3754879)<br>|
| Service Class | &nbsp;&nbsp; (9862625)<br>| &nbsp;&nbsp; (10345705)<br>| &nbsp;&nbsp; (1327940)<br>| &nbsp;&nbsp; (2865402)<br>| &nbsp;&nbsp; (3276319)<br>| &nbsp;&nbsp; (3834973)<br>|
|  | &nbsp;&nbsp; (12840844)<br>| &nbsp;&nbsp; (13714693)<br>| &nbsp;&nbsp; (2513337)<br>| &nbsp;&nbsp; (5193518)<br>| &nbsp;&nbsp; (6612698)<br>| &nbsp;&nbsp; (7589852)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2352035)<br>| &nbsp;&nbsp; 19175542 | &nbsp;&nbsp; 346903 | &nbsp;&nbsp; (1145513)<br>| &nbsp;&nbsp; (2305585)<br>| &nbsp;&nbsp; 3359171 |

---

**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 Vanguard Allocation Funds-15

------

**LVIP Vanguard Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Vanguard Allocation Funds-16

------

![](img5fd77ffd1.jpg)

LVIP Wellington SMID Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Wellington SMID Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_fd94316c-f43f-4c1b-abd2-15d2e165237d_SOI-continued-259_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_fd94316c-f43f-4c1b-abd2-15d2e165237d_FS-continued-259_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_fd94316c-f43f-4c1b-abd2-15d2e165237d_FS-continued-259_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_fd94316c-f43f-4c1b-abd2-15d2e165237d_FIHI-continued-259_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_fd94316c-f43f-4c1b-abd2-15d2e165237d_NTF-continued-259_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP Wellington SMID 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–98.92%** | **COMMON STOCK–98.92%** | **COMMON STOCK–98.92%** |
| **Aerospace & Defense–4.26%** | **Aerospace & Defense–4.26%** | **Aerospace & Defense–4.26%** |
| Curtiss-Wright Corp. | 8154 | $3983637 |
| †Ducommun, Inc. | 60095 | 4965650 |
| Moog, Inc. Class A | 16315 | 2952525 |
| †StandardAero, Inc. | 130386 | 4126717 |
|  |  | **16028529** |
| **Automobile Components–0.69%** | **Automobile Components–0.69%** | **Automobile Components–0.69%** |
| †Goodyear Tire & Rubber Co. | 249217 | 2584380 |
|  |  | **2584380** |
| **Banks–10.34%** | **Banks–10.34%** | **Banks–10.34%** |
| Ameris Bancorp | 67491 | 4366668 |
| Cadence Bank | 202183 | 6465812 |
| Columbia Banking System, <br> Inc.<br>| 203681 | 4762062 |
| SouthState Corp. | 69181 | 6366727 |
| Synovus Financial Corp. | 132520 | 6857910 |
| UMB Financial Corp. | 48315 | 5080805 |
| Webster Financial Corp. | 91591 | 5000869 |
|  |  | **38900853** |
| **Building Products–0.64%** | **Building Products–0.64%** | **Building Products–0.64%** |
| †Hayward Holdings, Inc. | 173423 | 2393237 |
|  |  | **2393237** |
| **Capital Markets–3.78%** | **Capital Markets–3.78%** | **Capital Markets–3.78%** |
| Evercore, Inc. Class A | 11085 | 2993172 |
| Stifel Financial Corp. | 72318 | 7505162 |
| TPG, Inc. | 70779 | 3712358 |
|  |  | **14210692** |
| **Chemicals–3.06%** | **Chemicals–3.06%** | **Chemicals–3.06%** |
| Avient Corp. | 122169 | 3947280 |
| †Axalta Coating Systems Ltd. | 89524 | 2657968 |
| †Ingevity Corp. | 114078 | 4915621 |
|  |  | **11520869** |
| **Communications Equipment–2.23%** | **Communications Equipment–2.23%** | **Communications Equipment–2.23%** |
| †F5, Inc. | 15844 | 4663206 |
| †Viavi Solutions, Inc. | 371817 | 3744197 |
|  |  | **8407403** |
| **Construction & Engineering–0.83%** | **Construction & Engineering–0.83%** | **Construction & Engineering–0.83%** |
| †Fluor Corp. | 61062 | 3130649 |
|  |  | **3130649** |
| **Construction Materials–0.97%** | **Construction Materials–0.97%** | **Construction Materials–0.97%** |
| †James Hardie Industries PLC <br> Sponsored ADR<br>| 135080 | 3632301 |
|  |  | **3632301** |
| **Consumer Finance–2.25%** | **Consumer Finance–2.25%** | **Consumer Finance–2.25%** |
| Ally Financial, Inc. | 52778 | 2055703 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Bread Financial Holdings, <br> Inc.<br>| 73612 | $4204718 |
| †PRA Group, Inc. | 150440 | 2218990 |
|  |  | **8479411** |
| **Consumer Staples Distribution & Retail–1.84%** | **Consumer Staples Distribution & Retail–1.84%** | **Consumer Staples Distribution & Retail–1.84%** |
| †U.S. Foods Holding Corp. | 90011 | 6931747 |
|  |  | **6931747** |
| **Containers & Packaging–1.70%** | **Containers & Packaging–1.70%** | **Containers & Packaging–1.70%** |
| Silgan Holdings, Inc. | 118413 | 6415616 |
|  |  | **6415616** |
| **Diversified Consumer Services–1.07%** | **Diversified Consumer Services–1.07%** | **Diversified Consumer Services–1.07%** |
| OneSpaWorld Holdings Ltd. | 197384 | 4024660 |
|  |  | **4024660** |
| **Diversified REITs–1.41%** | **Diversified REITs–1.41%** | **Diversified REITs–1.41%** |
| Essential Properties Realty <br> Trust, Inc.<br>| 166562 | 5314993 |
|  |  | **5314993** |
| **Electric Utilities–0.48%** | **Electric Utilities–0.48%** | **Electric Utilities–0.48%** |
| IDACORP, Inc. | 15603 | 1801366 |
|  |  | **1801366** |
| **Electronic Equipment, Instruments & Components–3.18%** | **Electronic Equipment, Instruments & Components–3.18%** | **Electronic Equipment, Instruments & Components–3.18%** |
| Belden, Inc. | 44569 | 5161090 |
| †Flex Ltd. | 136488 | 6813481 |
|  |  | **11974571** |
| **Financial Services–1.72%** | **Financial Services–1.72%** | **Financial Services–1.72%** |
| Voya Financial, Inc. | 91021 | 6462491 |
|  |  | **6462491** |
| **Food Products–0.92%** | **Food Products–0.92%** | **Food Products–0.92%** |
| †Simply Good Foods Co. | 109818 | 3469151 |
|  |  | **3469151** |
| **Gas Utilities–1.83%** | **Gas Utilities–1.83%** | **Gas Utilities–1.83%** |
| Chesapeake Utilities Corp. | 28773 | 3459090 |
| ONE Gas, Inc. | 47883 | 3440873 |
|  |  | **6899963** |
| **Ground Transportation–1.51%** | **Ground Transportation–1.51%** | **Ground Transportation–1.51%** |
| Ryder System, Inc. | 35667 | 5671053 |
|  |  | **5671053** |
| **Health Care Equipment & Supplies–0.89%** | **Health Care Equipment & Supplies–0.89%** | **Health Care Equipment & Supplies–0.89%** |
| †LivaNova PLC | 74385 | 3348813 |
|  |  | **3348813** |

---

LVIP Wellington SMID Cap Value Fund-1

------

**LVIP Wellington SMID Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services–1.33%** | **Health Care Providers & Services–1.33%** | **Health Care Providers & Services–1.33%** |
| †Acadia Healthcare Co., Inc. | 85201 | $1933211 |
| †Molina Healthcare, Inc. | 10330 | 3077307 |
|  |  | **5010518** |
| **Health Care REITs–1.07%** | **Health Care REITs–1.07%** | **Health Care REITs–1.07%** |
| American Healthcare REIT, <br> Inc.<br>| 109269 | 4014543 |
|  |  | **4014543** |
| **Hotels, Restaurants & Leisure–1.88%** | **Hotels, Restaurants & Leisure–1.88%** | **Hotels, Restaurants & Leisure–1.88%** |
| International Game <br> Technology PLC<br>| 98377 | 1555340 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 68109 | 5531132 |
|  |  | **7086472** |
| **Household Durables–1.79%** | **Household Durables–1.79%** | **Household Durables–1.79%** |
| Century Communities, Inc. | 49022 | 2760919 |
| Somnigroup International, <br> Inc.<br>| 58376 | 3972487 |
|  |  | **6733406** |
| **Industrial REITs–1.13%** | **Industrial REITs–1.13%** | **Industrial REITs–1.13%** |
| First Industrial Realty Trust, <br> Inc.<br>| 88684 | 4268361 |
|  |  | **4268361** |
| **Insurance–3.79%** | **Insurance–3.79%** | **Insurance–3.79%** |
| Aegon Ltd. | 387555 | 2805898 |
| Everest Group Ltd. | 15255 | 5184412 |
| Kemper Corp. | 96940 | 6256508 |
|  |  | **14246818** |
| **Interactive Media & Services–0.96%** | **Interactive Media & Services–0.96%** | **Interactive Media & Services–0.96%** |
| †Cargurus, Inc. | 108121 | 3618810 |
|  |  | **3618810** |
| **IT Services–1.19%** | **IT Services–1.19%** | **IT Services–1.19%** |
| Amdocs Ltd. | 49011 | 4471764 |
|  |  | **4471764** |
| **Leisure Products–0.84%** | **Leisure Products–0.84%** | **Leisure Products–0.84%** |
| †Malibu Boats, Inc. Class A | 100310 | 3143715 |
|  |  | **3143715** |
| **Life Sciences Tools & Services–2.47%** | **Life Sciences Tools & Services–2.47%** | **Life Sciences Tools & Services–2.47%** |
| †Evotec SE ADR | 361938 | 1520140 |
| †ICON PLC | 25069 | 3646286 |
| †Qiagen NV | 85953 | 4130901 |
|  |  | **9297327** |
| **Machinery–7.30%** | **Machinery–7.30%** | **Machinery–7.30%** |
| Atmus Filtration <br> Technologies, Inc.<br>| 97686 | 3557724 |
| Flowserve Corp. | 56464 | 2955891 |
| IDEX Corp. | 27576 | 4841518 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Ingersoll Rand, Inc. | 64807 | $5390646 |
| JBT Marel Corp. | 45460 | 5467020 |
| †Middleby Corp. | 36449 | 5248656 |
|  |  | **27461455** |
| **Metals & Mining–1.77%** | **Metals & Mining–1.77%** | **Metals & Mining–1.77%** |
| Reliance, Inc. | 21234 | 6665353 |
|  |  | **6665353** |
| **Office REITs–0.52%** | **Office REITs–0.52%** | **Office REITs–0.52%** |
| Douglas Emmett, Inc. | 131028 | 1970661 |
|  |  | **1970661** |
| **Oil, Gas & Consumable Fuels–4.76%** | **Oil, Gas & Consumable Fuels–4.76%** | **Oil, Gas & Consumable Fuels–4.76%** |
| †Antero Resources Corp. | 161215 | 6493740 |
| Chord Energy Corp. | 30848 | 2987629 |
| Coterra Energy, Inc. | 108928 | 2764593 |
| EQT Corp. | 13080 | 762825 |
| Expand Energy Corp. | 14382 | 1681831 |
| Viper Energy, Inc. | 84782 | 3232738 |
|  |  | **17923356** |
| **Pharmaceuticals–1.23%** | **Pharmaceuticals–1.23%** | **Pharmaceuticals–1.23%** |
| Perrigo Co. PLC | 173719 | 4641772 |
|  |  | **4641772** |
| **Professional Services–2.90%** | **Professional Services–2.90%** | **Professional Services–2.90%** |
| †CACI International, Inc. <br> Class A<br>| 11826 | 5637454 |
| TransUnion | 59849 | 5266712 |
|  |  | **10904166** |
| **Residential REITs–1.63%** | **Residential REITs–1.63%** | **Residential REITs–1.63%** |
| Camden Property Trust | 54340 | 6123575 |
|  |  | **6123575** |
| **Retail REITs–1.81%** | **Retail REITs–1.81%** | **Retail REITs–1.81%** |
| Brixmor Property Group, Inc. | 261777 | 6816673 |
|  |  | **6816673** |
| **Semiconductors & Semiconductor Equipment–2.52%** | **Semiconductors & Semiconductor Equipment–2.52%** | **Semiconductors & Semiconductor Equipment–2.52%** |
| †Allegro MicroSystems, Inc. | 121009 | 4137298 |
| MKS, Inc. | 53954 | 5360869 |
|  |  | **9498167** |
| **Software–3.18%** | **Software–3.18%** | **Software–3.18%** |
| Pegasystems, Inc. | 30166 | 1632885 |
| Progress Software Corp. | 75418 | 4814685 |
| †PTC, Inc. | 31940 | 5504540 |
|  |  | **11952110** |
| **Specialty Retail–4.43%** | **Specialty Retail–4.43%** | **Specialty Retail–4.43%** |
| †Boot Barn Holdings, Inc. | 17775 | 2701800 |
| Dick's Sporting Goods, Inc. | 32094 | 6348514 |

---

LVIP Wellington SMID Cap Value Fund-2

------

**LVIP Wellington SMID Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| †Five Below, Inc. | 19674 | $2580835 |
| †Valvoline, Inc. | 133458 | 5054055 |
|  |  | **16685204** |
| **Textiles, Apparel & Luxury Goods–0.95%** | **Textiles, Apparel & Luxury Goods–0.95%** | **Textiles, Apparel & Luxury Goods–0.95%** |
| Steven Madden Ltd. | 149730 | 3590525 |
|  |  | **3590525** |
| **Trading Companies & Distributors–3.87%** | **Trading Companies & Distributors–3.87%** | **Trading Companies & Distributors–3.87%** |
| Air Lease Corp. | 87711 | 5130216 |
| Boise Cascade Co. | 46085 | 4001100 |
| WESCO International, Inc. | 29410 | 5446732 |
|  |  | **14578048** |
| **Total Common Stock** <br>**(Cost $311,340,203)** | **Total Common Stock** <br>**(Cost $311,340,203)** | **372305547** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.88%** | **MONEY MARKET FUND–0.88%** | **MONEY MARKET FUND–0.88%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 3292721 | $3292721 |
| **Total Money Market Fund** <br>**(Cost $3,292,721)** | **Total Money Market Fund** <br>**(Cost $3,292,721)** | **3292721** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.80% (Cost $314,632,924)** | **375598268** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.20%** | **768411** |
| **NET ASSETS APPLICABLE TO 15,167,052 SHARES OUTSTANDING–100.00%** | **$376366679** |
| **NET ASSET VALUE PER SHARE–LVIP WELLINGTON SMID CAP VALUE FUND STANDARD CLASS** <br>**($229,056,501 / 9,197,324 Shares)** | **$24.905** |
| **NET ASSET VALUE PER SHARE–LVIP WELLINGTON SMID CAP VALUE FUND SERVICE CLASS** <br>**($147,310,178 / 5,969,728 Shares)** | **$24.676** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$320885371** |
| Distributable earnings/(accumulated loss) | **55481308** |
| **TOTAL NET ASSETS** | **$376366679** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $87,164 payable for fund shares redeemed, $7,423 other accrued expenses payable, $247,219 due to manager and affiliates, $14,033 <br> payable for audit fee and $12,997 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 Wellington SMID Cap Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Wellington SMID Cap Value Fund** | **LVIP Wellington SMID Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $3240588 |
| Foreign taxes withheld | (13619)<br>|
|  | 3226969 |
| **EXPENSES:** |  |
| Management fees | 1387271 |
| Distribution fees-Service Class | 176796 |
| Shareholder servicing fees | 51309 |
| Accounting and administration expenses | 38442 |
| Custodian fees | 24563 |
| Professional fees | 22154 |
| Reports and statements to shareholders | 6719 |
| Trustees' fees and expenses | 5399 |
| Consulting fees | 2785 |
| Pricing fees | 366 |
| Other | 8619 |
|  | 1724423 |
| Less:  |  |
| Management fees waived | (152532)<br>|
| Total operating expenses | 1571891 |
| **NET INVESTMENT INCOME**  | 1655078 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss on investments | (15160813)<br>|
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 315788 |
| **NET REALIZED AND UNREALIZED LOSS** | (14845025)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(13189947)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Wellington SMID Cap Value Fund** | **LVIP Wellington SMID Cap Value Fund** | **LVIP Wellington SMID Cap Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **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 | $1655078 | $4021017 |
| Net realized gain (loss) | (15160813)<br>| 40209849 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 315788 | (1697457)<br>|
| Net increase (decrease) in net assets <br> resulting from operations<br>| (13189947)<br>| 42533409 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (21994347)<br>|
| Service Class |  | (14847833)<br>|
|  |  | (36842180)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 28814353 | 22544722 |
| Service Class | 14464975 | 16741769 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 21994347 |
| Service Class |  | 14847833 |
|  | 43279328 | 76128671 |
| Cost of shares redeemed: |  |  |
| Standard Class | (12760879)<br>| (31423153)<br>|
| Service Class | (11703964)<br>| (33878881)<br>|
|  | (24464843)<br>| (65302034)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 18814485 | 10826637 |
| **NET INCREASE IN NET ASSETS** | 5624538 | 16517866 |
| **NET ASSETS:** |  |  |
| Beginning of period | 370742141 | 354224275 |
| End of period | $376366679 | $370742141 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Wellington SMID Cap Value Fund-4

------

**LVIP Wellington SMID Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value 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; $25.814 | &nbsp;&nbsp; $25.365 | &nbsp;&nbsp; $24.760 | &nbsp;&nbsp; $31.474 | &nbsp;&nbsp; $25.906 | &nbsp;&nbsp; $27.575 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.126 | 0.320 | 0.244 | 0.180 | 0.139 | 0.190 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.035)<br>| 2.862 | 3.760 | &nbsp;&nbsp; (3.536)<br>| 7.094 | &nbsp;&nbsp; (0.121)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.909)<br>| 3.182 | 4.004 | &nbsp;&nbsp; (3.356)<br>| 7.233 | 0.069 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.152)<br>| &nbsp;&nbsp; (0.182)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.391)<br>| &nbsp;&nbsp; (3.159)<br>| &nbsp;&nbsp; (3.158)<br>| &nbsp;&nbsp; (1.513)<br>| &nbsp;&nbsp; (1.533)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.023)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.733)<br>| &nbsp;&nbsp; (3.399)<br>| &nbsp;&nbsp; (3.358)<br>| &nbsp;&nbsp; (1.665)<br>| &nbsp;&nbsp; (1.738)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $24.905 | &nbsp;&nbsp; $25.814 | &nbsp;&nbsp; $25.365 | &nbsp;&nbsp; $24.760 | &nbsp;&nbsp; $31.474 | &nbsp;&nbsp; $25.906 |
| Total return<sup>3</sup> | &nbsp;&nbsp; (3.52%)<br>| &nbsp;&nbsp; 12.32% | &nbsp;&nbsp; 17.24% | &nbsp;&nbsp; (10.00%)<br>| &nbsp;&nbsp; 28.20% | &nbsp;&nbsp; 1.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $229057 | &nbsp;&nbsp; $221042 | &nbsp;&nbsp; $204882 | &nbsp;&nbsp; $168753 | &nbsp;&nbsp; $212471 | &nbsp;&nbsp; $153274 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.83% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.92% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.85% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.76% |
| Portfolio turnover | &nbsp;&nbsp; 110% | &nbsp;&nbsp; 148% | &nbsp;&nbsp; 93% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 58% | &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 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 Wellington SMID Cap Value Fund-5

------

**LVIP Wellington SMID Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID 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** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.609 | &nbsp;&nbsp; $25.187 | &nbsp;&nbsp; $24.614 | &nbsp;&nbsp; $31.316 | &nbsp;&nbsp; $25.785 | &nbsp;&nbsp; $27.469 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.094 | 0.252 | 0.179 | 0.109 | 0.062 | 0.134 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.027)<br>| 2.835 | 3.732 | &nbsp;&nbsp; (3.519)<br>| 7.057 | &nbsp;&nbsp; (0.134)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.933)<br>| 3.087 | 3.911 | &nbsp;&nbsp; (3.410)<br>| 7.119 | &nbsp;&nbsp; — |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.274)<br>| &nbsp;&nbsp; (0.179)<br>| &nbsp;&nbsp; (0.134)<br>| &nbsp;&nbsp; (0.075)<br>| &nbsp;&nbsp; (0.134)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.391)<br>| &nbsp;&nbsp; (3.159)<br>| &nbsp;&nbsp; (3.158)<br>| &nbsp;&nbsp; (1.513)<br>| &nbsp;&nbsp; (1.533)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.017)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.665)<br>| &nbsp;&nbsp; (3.338)<br>| &nbsp;&nbsp; (3.292)<br>| &nbsp;&nbsp; (1.588)<br>| &nbsp;&nbsp; (1.684)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $24.676 | &nbsp;&nbsp; $25.609 | &nbsp;&nbsp; $25.187 | &nbsp;&nbsp; $24.614 | &nbsp;&nbsp; $31.316 | &nbsp;&nbsp; $25.785 |
| Total return<sup>3</sup> | &nbsp;&nbsp; (3.64%)<br>| &nbsp;&nbsp; 12.04% | &nbsp;&nbsp; 16.95% | &nbsp;&nbsp; (10.23%)<br>| &nbsp;&nbsp; 27.88% | &nbsp;&nbsp; 1.52% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $147310 | &nbsp;&nbsp; $149700 | &nbsp;&nbsp; $149343 | &nbsp;&nbsp; $132142 | &nbsp;&nbsp; $159303 | &nbsp;&nbsp; $134098 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.08% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.17% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.60% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.51% |
| Portfolio turnover | &nbsp;&nbsp; 110% | &nbsp;&nbsp; 148% | &nbsp;&nbsp; 93% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 58% | &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 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 Wellington SMID Cap Value Fund-6

------

**LVIP Wellington SMID 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 Wellington SMID Cap Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the 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.

LVIP Wellington SMID Cap Value Fund-7

------

**LVIP Wellington SMID Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund invests in master limited partnerships ("MLPs") which make distributions that are primarily attributable to return of capital. The Fund records investment income and return of capital in the Statement of Operations using management's estimate of the percentage of income included in the distributions received from each MLP based on historical information from the MLPs and other industry sources. These estimates may be adjusted based on information received from the MLPs after the tax and fiscal year ends.

The return of capital portion of the MLP distributions is a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income and return of capital are only determined by each MLP after its fiscal year-end and may differ from the estimated amounts. For the six months ended June 30, 2025, the Fund estimated that 100% of the MLP distributions received would be treated as a return of capital.

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 $5,744 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 1.05% of the first $25 million of the Fund's average daily net assets; 0.95% of the next $25 million; 0.85% of the next $50 million; 0.75% of the next $150 million; and 0.70% of the Fund's average daily net assets in excess of $250 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.115% on the first $100 million of the Fund's average daily net assets and 0.075% of the Fund's average daily net assets in excess of $100 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Wellington Management Company LLP (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

LVIP Wellington SMID Cap Value Fund-8

------

**LVIP Wellington SMID Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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; $15141 |
| Legal | &nbsp;&nbsp; 2308 |

---

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 $3,785 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; $208820 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 29478 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 223 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 8698 |

---

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; $412677025 |
| Sales | &nbsp;&nbsp; 394044368 |

---

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; $314632924 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $67614340 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (6648996)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $60965344 |

---

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.

LVIP Wellington SMID Cap Value Fund-9

------

**LVIP Wellington SMID Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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; $372305547 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $372305547 |
| Money Market Fund | &nbsp;&nbsp; 3292721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3292721 |
| **Total Investments** | &nbsp;&nbsp; $375598268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $375598268 |

---

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; 1172188 | &nbsp;&nbsp; 852970 |
| Service Class | &nbsp;&nbsp; 600544 | &nbsp;&nbsp; 647393 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 814086 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 554263 |
|  | &nbsp;&nbsp; 1772732 | &nbsp;&nbsp; 2868712 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (537812)<br>| &nbsp;&nbsp; (1181354)<br>|
| Service Class | &nbsp;&nbsp; (476473)<br>| &nbsp;&nbsp; (1285361)<br>|
|  | &nbsp;&nbsp; (1014285)<br>| &nbsp;&nbsp; (2466715)<br>|
| Net increase | &nbsp;&nbsp; 758447 | &nbsp;&nbsp; 401997 |

---

**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 Wellington SMID Cap Value Fund-10

------

**LVIP Wellington SMID Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 a significant portion of its assets in mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the 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 Wellington SMID Cap Value Fund-11

------

![](imgb9feccba1.jpg)

LVIP Western Asset Core Bond Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Western Asset Core Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_ef66b3b6-68a5-4aab-9a46-d5ee349b9ed8_SOI-continued-272_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_ef66b3b6-68a5-4aab-9a46-d5ee349b9ed8_FS-continued-272_1)**  | &nbsp;&nbsp; **24** |
| **[Statements of Changes in Net Assets](#xx_ef66b3b6-68a5-4aab-9a46-d5ee349b9ed8_FS-continued-272_1)**  | &nbsp;&nbsp; **24** |
| **[Financial Highlights](#xx_ef66b3b6-68a5-4aab-9a46-d5ee349b9ed8_FIHI-continued-272_1)**  | &nbsp;&nbsp; **25** |
| **[Notes to Financial Statements](#xx_ef66b3b6-68a5-4aab-9a46-d5ee349b9ed8_NTF-continued-272_1)**  | &nbsp;&nbsp; **27** |

---

------

**LVIP Western Asset 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–4.43%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–4.43%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–4.43%** |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| \*•Series 3973 Class SA 2.07% <br> (6.38% minus 30 day USD <br> SOFR Average) 12/15/41<br>| 97603 | $11235 |
| Series 4793 Class CB 3.00% <br> 5/15/48<br>| 126895 | 112024 |
| Series 4793 Class CD 3.00% <br> 6/15/48<br>| 84336 | 74408 |
| Series 4813 Class CJ 3.00% <br> 8/15/48<br>| 76884 | 66181 |
| \*Series 4980 Class KI 4.50% <br> 6/25/50<br>| 771030 | 173919 |
| Series 4991 Class QV 2.00% <br> 9/25/45<br>| 89492 | 77393 |
| \*Series 5010 Class IK 2.50% <br> 9/25/50<br>| 119241 | 18476 |
| \*Series 5010 Class JI 2.50% <br> 9/25/50<br>| 287493 | 49131 |
| \*Series 5013 Class IN 2.50% <br> 9/25/50<br>| 74775 | 12530 |
| \*Series 5018 Class MI 2.00% <br> 10/25/50<br>| 225585 | 30509 |
| \*Series 5059 Class IB 2.50% <br> 1/25/51<br>| 454433 | 75819 |
| Series 5092 Class AP 2.00% <br> 4/25/41<br>| 137905 | 120314 |
| \*Series 5093 Class IY 4.50% <br> 12/25/50<br>| 422346 | 99047 |
| \*Series 5118 Class NI 2.00% <br> 2/25/51<br>| 694501 | 91809 |
| \*Series 5140 Class NI 2.50% <br> 5/25/49<br>| 397639 | 57862 |
| \*Series 5148 Class BI 2.50% <br> 1/25/49<br>| 1054714 | 156984 |
| \*Series 5148 Class CI 2.00% <br> 6/25/49<br>| 414967 | 51392 |
| \*Series 5159 Class IP 3.00% <br> 11/25/51<br>| 644504 | 94103 |
| \*Series 5161 IO 2.00% <br> 3/25/51<br>| 739221 | 107235 |
| \*Series 5179 Class GI 2.50% <br> 1/25/52<br>| 806217 | 133959 |
| \*Series 5202 Class IN 3.00% <br> 1/25/47<br>| 284770 | 38358 |
| Series 5224 Class HL 4.00% <br> 4/25/52<br>| 400000 | 365131 |
| \*Series 5293 Class CI 2.50% <br> 4/25/51<br>| 1456518 | 233643 |
| \*Series 5293 IO 2.00% <br> 3/25/51<br>| 855422 | 109897 |
| \*Series 5377 IO 2.50% <br> 12/25/51<br>| 789815 | 100806 |
| \*Series 5389 Class IC 4.50% <br> 11/25/51<br>| 436209 | 98564 |

---

---

| | | |
|:---|:---|:---|
|  | **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 <br> Corp. Seasoned Credit Risk <br> Transfer Trust Series 2024-1 <br> Class MT 3.00% 11/25/63<br>| 371211 | $306783 |
| •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| Series 2021-DNA2 Class M2 <br> 6.61% (30 day USD SOFR <br> Average + 2.30%) 8/25/33<br>| 178659 | 182573 |
| Series 2021-DNA6 Class M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 10/25/41<br>| 716528 | 719202 |
| Series 2022-DNA2 Class M1A <br> 5.61% (30 day USD SOFR <br> Average + 1.30%) 2/25/42<br>| 283573 | 284354 |
| Series 2022-DNA3 Class M1B <br> 7.21% (30 day USD SOFR <br> Average + 2.90%) 4/25/42<br>| 830000 | 854793 |
| Series 2022-DNA4 Class M1B <br> 7.66% (30 day USD SOFR <br> Average + 3.35%) 5/25/42<br>| 990000 | 1028905 |
| Series 2022-DNA5 Class M1B <br> 8.81% (30 day USD SOFR <br> Average + 4.50%) 6/25/42<br>| 240000 | 255039 |
| Series 2024-DNA1 Class M2 <br> 6.26% (30 day USD SOFR <br> Average + 1.95%) 2/25/44<br>| 470000 | 476740 |
| Series 2025-DNA1 Class M2 <br> 5.66% (30 day USD SOFR <br> Average + 1.35%) 1/25/45<br>| 1050000 | 1048791 |
| \*•Federal Home Loan Mortgage Corp. STRIPS | \*•Federal Home Loan Mortgage Corp. STRIPS | \*•Federal Home Loan Mortgage Corp. STRIPS |
| Series 334 Class S7 1.68% <br> (5.99% minus 30 day USD <br> SOFR Average) 8/15/44<br>| 167175 | 18935 |
| Series 353 Class S1 1.58% <br> (5.89% minus 30 day USD <br> SOFR Average) 12/15/46<br>| 78664 | 8638 |
| •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>| 202027 | 202673 |
| Series 2022-R03 Class 1M2 <br> 7.81% (30 day USD SOFR <br> Average + 3.50%) 3/25/42<br>| 240000 | 249343 |
| Series 2023-R01 Class 1M2 <br> 8.06% (30 day USD SOFR <br> Average + 3.75%) 12/25/42<br>| 760000 | 801703 |
| Series 2023-R06 Class 1M2 <br> 7.01% (30 day USD SOFR <br> Average + 2.70%) 7/25/43<br>| 997500 | 1030848 |
| Series 2024-R01 Class 1M2 <br> 6.11% (30 day USD SOFR <br> Average + 1.80%) 1/25/44<br>| 1040000 | 1051116 |
| Series 2024-R02 Class IM2 <br> 6.11% (30 day USD SOFR <br> Average + 1.80%) 2/25/44<br>| 350000 | 353684 |

---

LVIP Western Asset Core Bond Fund-1

------

**LVIP Western Asset 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 (continued) | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust (continued) | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust (continued) |
| Series 2024-R06 Class 1M2 <br> 5.91% (30 day USD SOFR <br> Average + 1.60%) 9/25/44<br>| 1030000 | $1034878 |
| \*Federal National Mortgage Association Interest STRIPS | \*Federal National Mortgage Association Interest STRIPS | \*Federal National Mortgage Association Interest STRIPS |
| Series 427 Class C21 2.00% <br> 3/25/50<br>| 746133 | 95730 |
| Series 427 Class C73 3.00% <br> 12/25/48<br>| 463958 | 76968 |
| Series 440 Class C50 4.50% <br> 10/25/53<br>| 1796126 | 405289 |
| Series 440 Class C6 2.00% <br> 10/25/52<br>| 1737281 | 223359 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| \*•Series 2010-100 Class SV <br> 2.21% (6.52% minus 30 day <br> USD SOFR Average) <br> 9/25/40<br>| 196599 | 21174 |
| \*Series 2012-101 Class BI <br> 4.00% 9/25/27<br>| 44 | 0 |
| Series 2012-118 Class VZ <br> 3.00% 11/25/42<br>| 222200 | 200335 |
| \*•Series 2013-124 Class SB <br> 1.53% (5.84% minus 30 day <br> USD SOFR Average) <br> 12/25/43<br>| 33378 | 3595 |
| \*•Series 2013-54 Class BS <br> 1.73% (6.04% minus 30 day <br> USD SOFR Average) <br> 6/25/43<br>| 13803 | 1553 |
| Series 2015-65 Class CZ <br> 3.50% 9/25/45<br>| 282021 | 240573 |
| \*•Series 2016-61 Class BS <br> 1.68% (5.99% minus 30 day <br> USD SOFR Average) <br> 9/25/46<br>| 230006 | 15582 |
| \*•Series 2017-76 Class SB <br> 1.68% (5.99% minus 30 day <br> USD SOFR Average) <br> 10/25/57<br>| 231118 | 30016 |
| \*•Series 2017-85 Class SC <br> 1.78% (6.09% minus 30 day <br> USD SOFR Average) <br> 11/25/47<br>| 44648 | 4063 |
| Series 2020-47 Class GZ <br> 2.00% 7/25/50<br>| 221016 | 139871 |
| Series 2020-56 Class AQ <br> 2.00% 8/25/50<br>| 600000 | 471251 |
| \*Series 2020-56 Class DI <br> 2.50% 8/25/50<br>| 137288 | 22814 |
| Series 2020-57 Class TA <br> 2.00% 4/25/50<br>| 373342 | 329211 |
| \*Series 2020-61 Class NI <br> 3.50% 9/25/50<br>| 551597 | 92776 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2020-73 Class KI <br> 3.00% 10/25/50<br>| 125844 | $22639 |
| \*Series 2021-1 Class IG 2.50% <br> 2/25/51<br>| 369200 | 63822 |
| Series 2021-28 Class LB <br> 2.00% 4/25/51<br>| 333707 | 273170 |
| \*Series 2021-3 Class NI 2.50% <br> 2/25/51<br>| 645789 | 99475 |
| \*Series 2021-3 Class QI 2.50% <br> 2/25/51<br>| 483960 | 77650 |
| \*Series 2021-43 IO 2.50% <br> 6/25/51<br>| 817770 | 127262 |
| \*Series 2021-44 Class MI <br> 2.50% 7/25/51<br>| 169281 | 29946 |
| \*Series 2021-61 Class KI <br> 2.50% 4/25/49<br>| 813885 | 121322 |
| Series 2021-65 Class JA <br> 2.00% 1/25/46<br>| 126119 | 111841 |
| \*Series 2021-77 Class WI <br> 3.00% 8/25/50<br>| 612419 | 99844 |
| \*Series 2022-22 IO 2.50% <br> 10/25/51<br>| 1259095 | 217159 |
| Series 2022-29 Class KZ <br> 1.50% 6/25/42<br>| 418922 | 307250 |
| \*Series 2022-86 IO 2.50% <br> 5/25/50<br>| 506897 | 71585 |
| \*Series 2023-2 Class CI 2.00% <br> 10/25/50<br>| 1706261 | 217949 |
| \*Series 2024-5 Class DI 3.00% <br> 10/25/51<br>| 988600 | 177350 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| •Series 2013-107 Class AD <br> 2.79% 11/16/47<br>| 91465 | 84254 |
| \*•Series 2013-50 IO 0.06% <br> 10/16/48<br>| 941494 | 2452 |
| \*•Series 2013-74 IO 0.48% <br> 12/16/53<br>| 699952 | 7275 |
| \*•Series 2017-145 IO 0.50% <br> 4/16/57<br>| 368354 | 10026 |
| \*•Series 2017-157 IO 0.52% <br> 12/16/59<br>| 192795 | 5907 |
| \*•Series 2017-8 IO 0.44% <br> 8/16/58<br>| 274328 | 5847 |
| \*•Series 2020-109 Class AI <br> 0.84% 5/16/60<br>| 492113 | 28740 |
| \*•Series 2020-184 IO 0.91% <br> 11/16/60<br>| 628307 | 41364 |
| \*•Series 2020-68 IO 1.61% <br> 5/16/60<br>| 2478154 | 260178 |
| \*•Series 2021-110 IO 0.87% <br> 11/16/63<br>| 1097624 | 73604 |
| \*•Series 2021-133 IO 0.88% <br> 7/16/63<br>| 1199525 | 80394 |
| \*•Series 2021-37 IO 0.80% <br> 1/16/61<br>| 632062 | 36062 |

---

LVIP Western Asset Core Bond Fund-2

------

**LVIP Western Asset 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 (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| \*•Series 2021-60 IO 0.83% <br> 5/16/63<br>| 522943 | $29854 |
| \*•Series 2021-68 IO 0.87% <br> 10/16/62<br>| 602999 | 36233 |
| •Series 2022-196 Class BE <br> 3.00% 10/16/64<br>| 300000 | 204890 |
| \*•Series 2022-210 IO 0.70% <br> 7/16/64<br>| 377838 | 23811 |
| \*•Series 2022-216 IO 0.75% <br> 7/16/65<br>| 391386 | 23633 |
| •Series 2022-220 Class E <br> 3.00% 10/16/64<br>| 200000 | 138739 |
| \*•Series 2022-3 IO 0.64% <br> 2/16/61<br>| 1496983 | 73534 |
| \*•Series 2022-59 IO 0.57% <br> 2/16/62<br>| 753800 | 31631 |
| Series 2023-92 Class AH <br> 2.00% 6/16/64<br>| 1289035 | 966314 |
| \*•Series 2023-92 Class IA <br> 0.61% 6/16/64<br>| 1388191 | 76305 |
| Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
| \*•Series 2007-51 Class SG <br> 2.15% (6.47% minus 1 mo. <br> USD Term SOFR) 8/20/37<br>| 25182 | 2521 |
| \*Series 2013-53 Class OI <br> 3.50% 4/20/43<br>| 82060 | 10451 |
| \*•Series 2016-135 Class SB <br> 1.67% (5.99% minus 1 mo. <br> USD Term SOFR) 10/16/46<br>| 130994 | 18683 |
| \*•Series 2016-21 Class ST <br> 1.72% (6.04% minus 1 mo. <br> USD Term SOFR) 2/20/46<br>| 218233 | 26627 |
| \*Series 2016-84 Class IG <br> 4.50% 11/16/45<br>| 344288 | 66767 |
| \*•Series 2017-H11 IO 2.28% <br> 5/20/67<br>| 5623820 | 198671 |
| •Series 2017-H14 Class FK <br> 4.12% (1 yr. CMT + 0.20%) <br> 5/20/67<br>| 9235 | 9187 |
| \*•Series 2017-H22 Class IC <br> 2.94% 11/20/67<br>| 149539 | 5667 |
| •Series 2018-H13 Class FC <br> 4.75% (1 mo. USD Term <br> SOFR + 0.41%) 7/20/68<br>| 46576 | 46325 |
| •Series 2019-H13 Class FT <br> 4.37% (1 yr. CMT + 0.45%) <br> 8/20/69<br>| 9533 | 9513 |
| \*Series 2020-123 Class IL <br> 2.50% 8/20/50<br>| 56892 | 8061 |
| \*Series 2020-123 Class NI <br> 2.50% 8/20/50<br>| 261139 | 38015 |
| \*Series 2020-127 Class IN <br> 2.50% 8/20/50<br>| 125677 | 18563 |
| \*Series 2020-129 Class IE <br> 2.50% 9/20/50<br>| 65383 | 9441 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS (continued) | Government National Mortgage Association REMICS (continued) | Government National Mortgage Association REMICS (continued) |
| \*Series 2020-160 Class IH <br> 2.50% 10/20/50<br>| 68589 | $10210 |
| \*Series 2020-160 Class VI <br> 2.50% 10/20/50<br>| 67152 | 9719 |
| \*Series 2020-173 Class MI <br> 2.50% 11/20/50<br>| 1541530 | 224531 |
| \*Series 2020-181 Class WI <br> 2.00% 12/20/50<br>| 752550 | 89909 |
| \*Series 2020-47 Class MI <br> 3.50% 4/20/50<br>| 206417 | 38740 |
| \*Series 2020-47 Class NI <br> 3.50% 4/20/50<br>| 58490 | 11284 |
| •Series 2020-H13 Class FA <br> 4.90% (1 mo. USD Term <br> SOFR + 0.56%) 7/20/70<br>| 60973 | 60239 |
| \*•Series 2021-108 IO 0.97% <br> 6/16/61<br>| 3161120 | 227262 |
| \*Series 2021-138 Class IK <br> 3.00% 7/20/51<br>| 800332 | 115407 |
| \*Series 2021-191 Class NI <br> 3.00% 10/20/51<br>| 168366 | 33278 |
| Series 2021-223 Class P <br> 2.00% 6/20/51<br>| 293210 | 259353 |
| Series 2022-139 Class AL <br> 4.00% 7/20/51<br>| 500000 | 455019 |
| Series 2022-189 Class PT <br> 2.50% 10/20/51<br>| 249398 | 204685 |
| Series 2022-24 Class AH <br> 2.50% 2/20/52<br>| 146647 | 125509 |
| \*Series 2022-81 Class CI <br> 3.00% 9/20/50<br>| 690635 | 105511 |
| Series 2022-9 Class GA <br> 2.00% 1/20/52<br>| 288410 | 235551 |
| Series 2022-99 Class JW <br> 2.50% 1/20/52<br>| 100000 | 78150 |
| \*Series 2023-130 IO 4.00% <br> 8/20/47<br>| 1400888 | 255980 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $22,640,149)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $22,640,149)** | **22112027** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.48%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.48%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.48%** |
| \*♦•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>| 5926129 | 48683 |
| Series K094 Class X1 1.01% <br> 6/25/29<br>| 682235 | 20047 |
| Series K094 Class XAM <br> 1.28% 6/25/29<br>| 1150000 | 47150 |
| Series K095 Class XAM <br> 1.38% 6/25/29<br>| 300000 | 13577 |
| Series K101 Class X1 0.94% <br> 10/25/29<br>| 291968 | 8746 |

---

LVIP Western Asset Core Bond Fund-3

------

**LVIP Western Asset 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 K104 Class XAM <br> 1.50% 1/25/30<br>| 600000 | $33196 |
| Series K105 Class X1 1.64% <br> 1/25/30<br>| 1671765 | 94955 |
| Series K110 Class X1 1.76% <br> 4/25/30<br>| 1776996 | 112056 |
| Series K115 Class X1 1.42% <br> 6/25/30<br>| 690380 | 37258 |
| Series K116 Class X1 1.52% <br> 7/25/30<br>| 1275831 | 72681 |
| Series K124 Class X1 0.81% <br> 12/25/30<br>| 694110 | 22495 |
| Series K128 Class X1 0.61% <br> 3/25/31<br>| 1973417 | 46603 |
| Series K130 Class X1 1.14% <br> 6/25/31<br>| 2885151 | 144705 |
| Series K131 Class X1 0.83% <br> 7/25/31<br>| 2388167 | 87469 |
| Series K133 Class X1 0.44% <br> 9/25/31<br>| 3768248 | 69885 |
| Series K142 Class X1 0.40% <br> 3/25/32<br>| 1596247 | 28573 |
| Series K143 Class X1 0.45% <br> 4/25/55<br>| 1692564 | 35836 |
| Series K145 Class X1 0.43% <br> 5/25/32<br>| 1892399 | 38007 |
| Series K147 Class X1 0.49% <br> 6/25/32<br>| 2687359 | 63433 |
| Series K148 Class X1 0.39% <br> 7/25/32<br>| 5788916 | 100533 |
| Series K149 Class X1 0.40% <br> 8/25/32<br>| 2686158 | 50556 |
| Series K-151 Class X1 0.33% <br> 10/25/32<br>| 4790546 | 68513 |
| Series K-1511 Class X1 0.93% <br> 3/25/34<br>| 583296 | 26537 |
| Series K-1520 Class X1 0.58% <br> 2/25/36<br>| 1188953 | 41862 |
| Series K-157 Class X1 0.42% <br> 5/25/33<br>| 2199218 | 44672 |
| Series K737 Class X1 0.72% <br> 10/25/26<br>| 1708700 | 9838 |
| Series K741 Class X1 0.64% <br> 12/25/27<br>| 690266 | 7806 |
| Series K742 Class X1 0.86% <br> 3/25/28<br>| 1476018 | 16725 |
| Series K743 Class X1 1.01% <br> 5/25/28<br>| 982333 | 22426 |
| Series KC05 Class X1 1.34% <br> 6/25/27<br>| 324004 | 3823 |
| Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
| Series 2016-M11 Class AL <br> 2.94% 7/25/39<br>| 30212 | 28637 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| Federal National Mortgage Association-ACES (continued) | Federal National Mortgage Association-ACES (continued) | Federal National Mortgage Association-ACES (continued) |
| Series 2018-M15 Class 1A2 <br> 3.70% 1/25/36<br>| 300000 | $285409 |
| \*•Government National Mortgage Association | \*•Government National Mortgage Association | \*•Government National Mortgage Association |
| Series 2021-11 Class IX <br> 1.16% 12/16/62<br>| 3020279 | 248312 |
| Series 2021-63 IO 0.82% <br> 4/16/61<br>| 3351429 | 199437 |
| Series 2021-94 IO 0.83% <br> 2/16/63<br>| 3209295 | 202166 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $2,337,980)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $2,337,980)** | **2382607** |
| **AGENCY MORTGAGE-BACKED SECURITIES–29.24%** | **AGENCY MORTGAGE-BACKED SECURITIES–29.24%** | **AGENCY MORTGAGE-BACKED SECURITIES–29.24%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 1.50% 11/1/40 | 644643 | 537924 |
| 1.50% 5/1/41 | 719618 | 596019 |
| 1.50% 7/1/41 | 511510 | 424203 |
| 1.50% 10/1/41 | 722272 | 596631 |
| 1.50% 11/1/41 | 76070 | 62814 |
| 2.00% 9/1/40 | 106220 | 91982 |
| 2.00% 10/1/40 | 300296 | 260544 |
| 2.00% 3/1/41 | 528556 | 455271 |
| 2.00% 6/1/41 | 69717 | 60129 |
| 2.00% 7/1/41 | 275160 | 237349 |
| 2.00% 8/1/41 | 215882 | 186147 |
| 2.00% 9/1/41 | 790536 | 678382 |
| 2.00% 10/1/41 | 364742 | 313678 |
| 2.00% 11/1/41 | 210322 | 181287 |
| 2.00% 12/1/41 | 533884 | 458446 |
| 2.00% 1/1/42 | 1190476 | 1023432 |
| 2.00% 2/1/42 | 461822 | 396820 |
| 2.00% 4/1/42 | 816734 | 701839 |
| 2.00% 7/1/50 | 474576 | 378128 |
| 2.00% 11/1/50 | 204522 | 164681 |
| 2.00% 2/1/51 | 839543 | 674901 |
| 2.00% 3/1/51 | 394334 | 316795 |
| 2.00% 4/1/51 | 120696 | 97428 |
| 2.00% 5/1/51 | 1959127 | 1564527 |
| 2.00% 6/1/51 | 227217 | 182183 |
| 2.00% 11/1/51 | 81325 | 64958 |
| 2.50% 3/1/42 | 153055 | 136305 |
| 2.50% 4/1/42 | 78411 | 69489 |
| 2.50% 7/1/50 | 338696 | 285392 |
| 2.50% 10/1/50 | 297369 | 252114 |
| 2.50% 11/1/50 | 869403 | 734696 |
| 2.50% 12/1/50 | 932679 | 785642 |
| 2.50% 2/1/51 | 312334 | 265040 |
| 2.50% 7/1/51 | 70350 | 59310 |
| 2.50% 8/1/51 | 738198 | 620003 |
| 2.50% 9/1/51 | 77710 | 65340 |
| 2.50% 11/1/51 | 1706576 | 1441634 |
| 2.50% 1/1/52 | 2602300 | 2190347 |
| 2.50% 2/1/52 | 317235 | 266427 |

---

LVIP Western Asset Core Bond Fund-4

------

**LVIP Western Asset 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) |
| 2.50% 4/1/52 | 1945251 | $1638103 |
| 3.00% 9/1/32 | 26245 | 25516 |
| 3.00% 10/1/32 | 13826 | 13432 |
| 3.00% 10/1/33 | 9687 | 9343 |
| 3.00% 7/1/42 | 159666 | 145308 |
| 3.00% 9/1/42 | 241304 | 219605 |
| 3.00% 1/1/47 | 470370 | 420419 |
| 3.00% 9/1/49 | 79930 | 70666 |
| 3.00% 11/1/49 | 78875 | 69782 |
| 3.00% 6/1/50 | 295043 | 255984 |
| 3.00% 6/1/51 | 126085 | 110831 |
| 3.00% 10/1/51 | 77453 | 68111 |
| 3.00% 11/1/51 | 40388 | 35179 |
| 3.00% 1/1/52 | 2775300 | 2436409 |
| 3.00% 2/1/52 | 83812 | 72723 |
| 3.00% 3/1/52 | 158130 | 138306 |
| 3.00% 4/1/52 | 313241 | 274023 |
| 3.00% 8/1/52 | 2379251 | 2094663 |
| •3.01% (1 yr. USD RFUCCT + <br> 1.63%) 11/1/48<br>| 598523 | 586877 |
| •3.10% (1 yr. USD RFUCCT + <br> 1.62%) 2/1/50<br>| 346583 | 346552 |
| 3.50% 1/1/38 | 229756 | 220922 |
| 3.50% 12/1/50 | 248693 | 228174 |
| 3.50% 1/1/52 | 71125 | 64525 |
| •3.52% (1 yr. USD RFUCCT + <br> 1.62%) 11/1/47<br>| 203501 | 206734 |
| 4.00% 7/1/49 | 952686 | 902040 |
| 4.00% 7/1/50 | 88143 | 83763 |
| 4.00% 4/1/52 | 615505 | 577133 |
| 4.00% 2/1/53 | 403709 | 380320 |
| 4.50% 10/1/35 | 28115 | 28028 |
| 4.50% 3/1/47 | 75787 | 74966 |
| 4.50% 1/1/51 | 144384 | 139529 |
| 4.50% 7/1/52 | 235169 | 226188 |
| 4.50% 10/1/52 | 16730 | 16036 |
| 4.50% 11/1/52 | 503010 | 483803 |
| 4.50% 12/1/52 | 160596 | 154462 |
| 5.00% 7/1/52 | 592458 | 583436 |
| 5.00% 9/1/52 | 80141 | 78932 |
| 5.00% 11/1/52 | 323309 | 318417 |
| 5.00% 12/1/52 | 78014 | 76674 |
| 5.00% 1/1/53 | 243216 | 240502 |
| 5.00% 3/1/53 | 242691 | 239583 |
| 5.00% 4/1/53 | 672470 | 665356 |
| 5.00% 2/1/55 | 3311235 | 3265585 |
| 5.50% 12/1/52 | 83182 | 83900 |
| 5.50% 1/1/53 | 71273 | 71888 |
| 5.50% 3/1/53 | 176654 | 177670 |
| 5.50% 4/1/53 | 155416 | 155849 |
| 5.50% 5/1/53 | 320012 | 321847 |
| 5.50% 6/1/53 | 255470 | 257674 |
| 5.50% 7/1/53 | 165922 | 166804 |
| 5.50% 8/1/53 | 427672 | 430315 |
| 5.50% 9/1/53 | 174129 | 175172 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 5.50% 4/1/54 | 2717426 | $2724187 |
| 6.00% 12/1/52 | 351232 | 358147 |
| 6.00% 8/1/53 | 3588486 | 3654091 |
| 6.00% 10/1/53 | 1535090 | 1572702 |
| 6.00% 4/1/54 | 177493 | 180751 |
| 6.50% 1/1/53 | 120949 | 125851 |
| 6.50% 2/1/53 | 206437 | 214982 |
| 6.50% 4/1/53 | 132683 | 138175 |
| 6.50% 5/1/53 | 295962 | 308531 |
| 6.50% 11/1/53 | 730997 | 760834 |
| 6.50% 2/1/54 | 238435 | 247188 |
| 6.50% 4/1/54 | 177617 | 183888 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 1.50% 11/1/41 | 455631 | 374540 |
| 1.50% 2/1/42 | 366422 | 303698 |
| 2.00% 10/1/40 | 1491770 | 1302642 |
| 2.00% 6/1/41 | 70501 | 60806 |
| 2.00% 9/1/41 | 285422 | 246019 |
| 2.00% 10/1/41 | 218610 | 188438 |
| 2.00% 11/1/41 | 219573 | 188127 |
| 2.00% 12/1/41 | 674813 | 581022 |
| 2.00% 1/1/42 | 908882 | 783217 |
| 2.00% 2/1/42 | 680778 | 585380 |
| 2.00% 3/1/42 | 76667 | 65852 |
| 2.00% 4/1/42 | 157983 | 135551 |
| 2.00% 5/1/42 | 177495 | 151329 |
| 2.00% 8/1/42 | 910294 | 782324 |
| 2.00% 8/1/50 | 53083 | 42653 |
| 2.00% 9/1/50 | 533244 | 426208 |
| 2.00% 10/1/50 | 321859 | 257511 |
| 2.00% 2/1/51 | 917117 | 736856 |
| 2.00% 3/1/51 | 768558 | 617221 |
| 2.00% 4/1/51 | 127495 | 102470 |
| 2.00% 5/1/51 | 673653 | 535935 |
| 2.00% 8/1/51 | 388296 | 310269 |
| 2.00% 10/1/51 | 1537466 | 1223562 |
| 2.00% 11/1/51 | 151906 | 122088 |
| 2.00% 1/1/52 | 577384 | 461451 |
| 2.00% 2/1/52 | 155631 | 125194 |
| 2.00% 3/1/52 | 426473 | 341889 |
| 2.50% 9/1/36 | 79847 | 74091 |
| 2.50% 3/1/38 | 224768 | 208651 |
| 2.50% 11/1/40 | 152513 | 138254 |
| 2.50% 3/1/41 | 129402 | 115995 |
| 2.50% 4/1/41 | 269022 | 241038 |
| 2.50% 5/1/41 | 281203 | 251600 |
| 2.50% 11/1/41 | 372777 | 332512 |
| 2.50% 2/1/42 | 213910 | 190701 |
| 2.50% 3/1/42 | 225402 | 200806 |
| 2.50% 4/1/42 | 232519 | 204483 |
| 2.50% 5/1/42 | 78655 | 69680 |
| 2.50% 9/1/42 | 84046 | 74988 |
| 2.50% 6/1/50 | 52846 | 44391 |
| 2.50% 10/1/50 | 495674 | 417223 |

---

LVIP Western Asset Core Bond Fund-5

------

**LVIP Western Asset 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% 11/1/50 | 141693 | $119314 |
| 2.50% 12/1/50 | 61178 | 51469 |
| 2.50% 1/1/51 | 330483 | 278043 |
| 2.50% 2/1/51 | 99930 | 84074 |
| 2.50% 3/1/51 | 63851 | 53825 |
| 2.50% 5/1/51 | 195079 | 164624 |
| 2.50% 6/1/51 | 187309 | 157840 |
| 2.50% 7/1/51 | 353939 | 299325 |
| 2.50% 8/1/51 | 208880 | 175914 |
| 2.50% 9/1/51 | 213988 | 180331 |
| 2.50% 10/1/51 | 584701 | 491722 |
| 2.50% 11/1/51 | 67228 | 56450 |
| 2.50% 12/1/51 | 598891 | 502738 |
| 2.50% 1/1/52 | 2329177 | 1943695 |
| 2.50% 2/1/52 | 1098494 | 923462 |
| 2.50% 3/1/52 | 235549 | 198178 |
| 2.50% 5/1/52 | 1978263 | 1655335 |
| 2.50% 9/1/61 | 304477 | 241695 |
| 2.95% 7/1/27 | 340852 | 332983 |
| 3.00% 7/1/35 | 54608 | 51795 |
| 3.00% 2/1/36 | 136798 | 129940 |
| 3.00% 4/1/36 | 100505 | 95502 |
| 3.00% 7/1/36 | 228102 | 216368 |
| 3.00% 8/1/36 | 376758 | 357243 |
| 3.00% 10/1/36 | 256316 | 242792 |
| 3.00% 4/1/38 | 85164 | 81934 |
| 3.00% 6/1/38 | 115771 | 109615 |
| 3.00% 9/1/40 | 36119 | 33654 |
| 3.00% 1/1/41 | 57693 | 54405 |
| 3.00% 3/1/42 | 70066 | 63192 |
| 3.00% 5/1/42 | 159452 | 145059 |
| 3.00% 6/1/42 | 239433 | 216529 |
| 3.00% 6/1/43 | 15449 | 13899 |
| 3.00% 7/1/43 | 50846 | 45746 |
| 3.00% 10/1/43 | 41816 | 37612 |
| 3.00% 1/1/45 | 70607 | 63623 |
| 3.00% 10/1/46 | 164080 | 146426 |
| 3.00% 12/1/46 | 93488 | 83553 |
| 3.00% 1/1/47 | 1301314 | 1166422 |
| 3.00% 2/1/47 | 511484 | 459816 |
| 3.00% 11/1/48 | 72456 | 65184 |
| 3.00% 4/1/50 | 313763 | 277029 |
| 3.00% 10/1/50 | 129657 | 113985 |
| 3.00% 11/1/50 | 310408 | 271570 |
| 3.00% 5/1/51 | 2649740 | 2335200 |
| 3.00% 6/1/51 | 61229 | 54188 |
| 3.00% 8/1/51 | 318736 | 281396 |
| 3.00% 10/1/51 | 67714 | 59748 |
| 3.00% 11/1/51 | 1952526 | 1715100 |
| 3.00% 12/1/51 | 142530 | 125066 |
| 3.00% 1/1/52 | 1505160 | 1315439 |
| 3.00% 2/1/52 | 151328 | 132874 |
| 3.00% 3/1/52 | 1406400 | 1237373 |
| 3.00% 4/1/52 | 315922 | 275943 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 5/1/52 | 416120 | $360692 |
| 3.50% 4/1/32 | 262688 | 258882 |
| 3.50% 12/1/34 | 71182 | 69202 |
| 3.50% 1/1/35 | 41356 | 40192 |
| 3.50% 2/1/37 | 33119 | 31991 |
| 3.50% 12/1/37 | 29885 | 28595 |
| 3.50% 8/1/39 | 39398 | 37973 |
| 3.50% 2/1/40 | 109721 | 105195 |
| 3.50% 12/1/42 | 27096 | 25416 |
| 3.50% 3/1/43 | 176972 | 166580 |
| 3.50% 11/1/44 | 1574860 | 1465282 |
| 3.50% 12/1/46 | 208676 | 195757 |
| 3.50% 12/1/47 | 457113 | 419637 |
| 3.50% 11/1/48 | 716210 | 661814 |
| 3.50% 12/1/51 | 71624 | 65543 |
| 3.50% 1/1/52 | 146404 | 133766 |
| 3.50% 3/1/52 | 74981 | 68094 |
| 3.50% 4/1/52 | 301690 | 273978 |
| 3.50% 5/1/52 | 1593927 | 1448522 |
| 4.00% 11/1/42 | 136715 | 131846 |
| 4.00% 4/1/44 | 275753 | 264990 |
| 4.00% 10/1/44 | 1562129 | 1486193 |
| 4.00% 12/1/44 | 78396 | 75369 |
| 4.00% 5/1/47 | 201527 | 190587 |
| 4.00% 10/1/48 | 123079 | 115962 |
| 4.00% 1/1/49 | 145857 | 138124 |
| 4.00% 4/1/52 | 463057 | 434188 |
| 4.00% 7/1/52 | 497725 | 464149 |
| 4.00% 6/1/57 | 213564 | 199075 |
| 4.27% 10/1/32 | 96010 | 94727 |
| 4.50% 6/1/39 | 112399 | 112144 |
| 4.50% 10/1/43 | 140052 | 139618 |
| 4.50% 3/1/46 | 189538 | 186535 |
| 4.50% 6/1/48 | 64793 | 63243 |
| 4.50% 7/1/48 | 94773 | 92158 |
| 4.50% 8/1/48 | 150385 | 146220 |
| 4.50% 11/1/48 | 85142 | 82784 |
| 4.50% 7/1/49 | 49381 | 47719 |
| 4.50% 9/1/49 | 461092 | 448350 |
| 4.50% 1/1/50 | 731904 | 722928 |
| 4.50% 3/1/50 | 76224 | 74825 |
| 4.50% 5/1/50 | 96472 | 93314 |
| 4.50% 9/1/51 | 59155 | 57101 |
| 4.50% 8/1/52 | 647522 | 620524 |
| 4.50% 9/1/52 | 242025 | 233322 |
| 4.50% 11/1/52 | 174798 | 167780 |
| 4.50% 1/1/53 | 157955 | 152019 |
| 4.50% 9/1/57 | 279880 | 267828 |
| 4.50% 8/1/58 | 276446 | 264544 |
| 4.50% 1/1/59 | 37660 | 35934 |
| 5.00% 9/1/48 | 157943 | 156303 |
| 5.00% 9/1/49 | 211474 | 211281 |
| 5.00% 6/1/52 | 150695 | 149083 |
| 5.00% 7/1/52 | 375679 | 373687 |

---

LVIP Western Asset Core Bond Fund-6

------

**LVIP Western Asset 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) |
| 5.00% 11/1/52 | 205719 | $202626 |
| 5.00% 1/1/53 | 82457 | 81708 |
| 5.00% 2/1/53 | 170567 | 168003 |
| 5.00% 4/1/53 | 78363 | 77625 |
| 5.50% 6/1/41 | 43341 | 44484 |
| 5.50% 5/1/44 | 662258 | 685400 |
| 5.50% 1/1/53 | 315029 | 315940 |
| 5.50% 2/1/53 | 78317 | 78993 |
| 5.50% 4/1/53 | 244580 | 246690 |
| 5.50% 5/1/53 | 338032 | 339407 |
| 5.50% 8/1/53 | 253596 | 255055 |
| 5.50% 9/1/53 | 699046 | 704661 |
| 5.50% 9/1/54 | 1937932 | 1940934 |
| 6.00% 10/1/39 | 75981 | 79264 |
| 6.00% 7/1/41 | 139993 | 146746 |
| 6.00% 1/1/53 | 74245 | 75465 |
| 6.00% 5/1/53 | 246340 | 252316 |
| 6.00% 6/1/53 | 1569716 | 1608347 |
| 6.00% 7/1/53 | 491708 | 504283 |
| 6.50% 11/1/52 | 69892 | 72942 |
| 6.50% 1/1/53 | 423897 | 442393 |
| 6.50% 2/1/53 | 63632 | 66130 |
| 6.50% 12/1/53 | 231711 | 240306 |
| 6.50% 1/1/54 | 162741 | 169161 |
| 6.50% 3/1/54 | 165065 | 171187 |
| 6.50% 6/1/54 | 322010 | 332685 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 8/20/50 | 108328 | 88262 |
| 2.00% 10/20/50 | 2031495 | 1654768 |
| 2.00% 12/20/50 | 1594710 | 1295680 |
| 2.00% 1/20/51 | 1541713 | 1255868 |
| 2.00% 2/20/51 | 1879256 | 1519810 |
| 2.00% 3/20/51 | 604877 | 484549 |
| 2.00% 4/20/51 | 567080 | 449968 |
| 2.50% 10/20/49 | 191473 | 163746 |
| 2.50% 12/20/50 | 195406 | 164448 |
| 2.50% 1/20/51 | 105668 | 89893 |
| 2.50% 2/20/51 | 75572 | 64267 |
| 2.50% 5/20/51 | 502600 | 426838 |
| 2.50% 6/20/51 | 72463 | 61147 |
| 2.50% 7/20/51 | 207516 | 174807 |
| 2.50% 8/20/51 | 141426 | 119382 |
| 2.50% 10/20/51 | 649356 | 548498 |
| 2.50% 11/20/51 | 72303 | 60969 |
| 2.50% 12/20/51 | 594311 | 498416 |
| 3.00% 9/15/42 | 89485 | 81131 |
| 3.00% 10/15/42 | 11833 | 10728 |
| 3.00% 1/20/46 | 12912 | 11597 |
| 3.00% 8/20/46 | 83748 | 75184 |
| 3.00% 11/20/46 | 45586 | 40877 |
| 3.00% 2/20/47 | 17412 | 15612 |
| 3.00% 9/20/47 | 58489 | 52352 |
| 3.00% 2/20/48 | 3788 | 3397 |
| 3.00% 1/20/50 | 214650 | 187032 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 3.00% 3/20/50 | 164025 | $143316 |
| 3.00% 2/20/51 | 1888983 | 1676270 |
| 3.00% 11/20/51 | 224589 | 197350 |
| 3.00% 2/20/52 | 607425 | 534108 |
| 3.00% 3/20/52 | 1940043 | 1705797 |
| 3.00% 4/20/52 | 543437 | 474944 |
| 3.50% 4/20/45 | 48860 | 45481 |
| 3.50% 11/20/45 | 54974 | 51160 |
| 3.50% 1/20/46 | 32819 | 30542 |
| 3.50% 3/20/46 | 151618 | 140727 |
| 3.50% 4/20/46 | 93066 | 86610 |
| 3.50% 5/20/46 | 35038 | 32608 |
| 3.50% 6/20/46 | 59920 | 55733 |
| 3.50% 7/20/46 | 36308 | 33754 |
| 3.50% 9/20/46 | 13281 | 12332 |
| 3.50% 9/20/47 | 522577 | 481091 |
| 3.50% 10/20/47 | 83515 | 76636 |
| 3.50% 2/20/48 | 321050 | 292840 |
| 3.50% 9/20/48 | 1431432 | 1320694 |
| 3.50% 10/20/48 | 24163 | 22271 |
| 3.50% 11/20/48 | 298415 | 274878 |
| 3.50% 10/20/49 | 21567 | 19617 |
| 3.50% 2/20/50 | 25845 | 23509 |
| 3.50% 5/15/50 | 67942 | 62053 |
| 3.50% 3/20/52 | 84653 | 75742 |
| 3.50% 6/20/52 | 65429 | 58703 |
| 4.00% 10/20/44 | 7019 | 6668 |
| 4.00% 8/20/46 | 127820 | 121081 |
| 4.00% 2/20/47 | 49951 | 47068 |
| 4.00% 6/20/47 | 307356 | 289723 |
| 4.00% 9/20/47 | 195900 | 184661 |
| 4.00% 11/20/47 | 94193 | 88789 |
| 4.00% 12/20/47 | 46773 | 44043 |
| 4.00% 2/20/48 | 130030 | 121323 |
| 4.00% 3/20/48 | 420350 | 396228 |
| 4.00% 4/20/48 | 25933 | 24381 |
| 4.00% 5/20/48 | 46608 | 44048 |
| 4.00% 8/20/48 | 121624 | 114607 |
| 4.00% 9/20/48 | 30450 | 28703 |
| 4.00% 2/20/49 | 230974 | 217722 |
| 4.00% 3/20/49 | 70782 | 66720 |
| 4.00% 4/20/49 | 59242 | 56227 |
| 4.00% 10/20/49 | 25275 | 23731 |
| 4.00% 11/20/49 | 174306 | 163658 |
| 4.00% 1/20/50 | 30017 | 27629 |
| 4.00% 2/20/50 | 135249 | 127148 |
| 4.00% 4/20/50 | 75561 | 70586 |
| 4.00% 6/20/52 | 159107 | 148551 |
| 4.00% 8/20/52 | 162722 | 152045 |
| 4.00% 10/20/52 | 331329 | 310253 |
| 4.50% 7/20/32 | 2322 | 2295 |
| 4.50% 6/20/34 | 424 | 420 |
| 4.50% 2/20/40 | 1984 | 1969 |
| 4.50% 8/20/45 | 2695 | 2634 |

---

LVIP Western Asset Core Bond Fund-7

------

**LVIP Western Asset 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% 8/20/47 | 55301 | $53986 |
| 4.50% 4/20/48 | 89274 | 87149 |
| 4.50% 5/20/48 | 7889 | 7701 |
| 4.50% 6/20/48 | 114909 | 112079 |
| 4.50% 8/20/48 | 411443 | 400801 |
| 4.50% 10/20/48 | 81029 | 78867 |
| 4.50% 12/20/48 | 156823 | 153258 |
| 4.50% 1/20/49 | 166432 | 162591 |
| 4.50% 2/20/49 | 145952 | 142530 |
| 4.50% 3/20/49 | 307566 | 300356 |
| 4.50% 2/20/50 | 226902 | 220478 |
| 4.50% 3/20/50 | 28902 | 28063 |
| 4.50% 5/20/50 | 328059 | 318432 |
| 4.50% 11/20/50 | 156653 | 152475 |
| 4.50% 12/20/50 | 29206 | 28352 |
| 4.50% 8/20/52 | 244404 | 234805 |
| 4.50% 9/20/52 | 312237 | 300164 |
| 4.50% 11/20/52 | 82393 | 79514 |
| 5.00% 5/20/48 | 31029 | 30972 |
| 5.00% 6/20/48 | 23354 | 23386 |
| 5.00% 9/20/48 | 39630 | 39552 |
| 5.00% 10/20/48 | 169471 | 169507 |
| 5.00% 11/20/48 | 74477 | 74328 |
| 5.00% 12/20/48 | 107682 | 107672 |
| 5.00% 1/20/49 | 115815 | 115959 |
| 5.00% 4/20/49 | 69098 | 69080 |
| 5.00% 9/20/49 | 64838 | 64718 |
| 5.00% 11/20/49 | 41224 | 41148 |
| 5.00% 1/20/50 | 60331 | 60220 |
| 5.00% 8/20/52 | 1709071 | 1688021 |
| 5.00% 9/20/52 | 160826 | 159138 |
| 5.00% 10/20/52 | 236438 | 233526 |
| 5.00% 12/20/52 | 80363 | 79411 |
| 5.00% 1/20/53 | 239528 | 237168 |
| 5.00% 5/20/53 | 1067341 | 1056823 |
| 5.00% 8/20/53 | 1009616 | 998173 |
| 5.50% 11/20/52 | 148737 | 150342 |
| 5.50% 1/20/53 | 579898 | 583980 |
| 5.50% 2/20/53 | 309571 | 311290 |
| 5.50% 3/20/53 | 630602 | 634916 |
| 5.50% 5/20/53 | 1404956 | 1408959 |
| 5.50% 7/20/53 | 167968 | 169642 |
| 5.50% 8/20/53 | 689690 | 696131 |
| 6.00% 7/20/53 | 86467 | 88769 |
| 6.00% 9/20/53 | 863661 | 888295 |
| 6.00% 1/20/54 | 2039845 | 2107036 |
| 6.00% 2/20/54 | 2078198 | 2141871 |
| 6.50% 9/20/53 | 142141 | 148166 |
| 6.50% 11/20/53 | 69178 | 72015 |
| 6.50% 1/20/54 | 2279185 | 2372256 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $151,977,739)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $151,977,739)** | **146027815** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS–29.00%** | **CORPORATE BONDS–29.00%** | **CORPORATE BONDS–29.00%** |
| **Aerospace & Defense–1.05%** | **Aerospace & Defense–1.05%** | **Aerospace & Defense–1.05%** |
| Boeing Co. |  |  |
| 2.70% 2/1/27 | 210000 | $204108 |
| 2.80% 3/1/27 | 80000 | 77661 |
| 3.10% 5/1/26 | 60000 | 59203 |
| 3.20% 3/1/29 | 200000 | 190379 |
| 3.25% 2/1/35 | 320000 | 269515 |
| 3.75% 2/1/50 | 30000 | 21186 |
| 5.15% 5/1/30 | 260000 | 264706 |
| 6.86% 5/1/54 | 80000 | 87577 |
| General Dynamics Corp. |  |  |
| 4.25% 4/1/40 | 10000 | 8982 |
| 4.25% 4/1/50 | 160000 | 134601 |
| L3Harris Technologies, Inc. <br> 4.85% 4/27/35<br>| 140000 | 136966 |
| Lockheed Martin Corp. |  |  |
| 4.15% 6/15/53 | 920000 | 730105 |
| 4.50% 5/15/36 | 200000 | 192251 |
| 5.20% 2/15/64 | 90000 | 83093 |
| Northrop Grumman Corp. |  |  |
| 3.25% 1/15/28 | 160000 | 156313 |
| 5.25% 5/1/50 | 1060000 | 993358 |
| RTX Corp. |  |  |
| 2.25% 7/1/30 | 180000 | 162651 |
| 3.13% 7/1/50 | 480000 | 318210 |
| 3.95% 8/16/25 | 230000 | 229721 |
| 4.13% 11/16/28 | 310000 | 308749 |
| 4.50% 6/1/42 | 120000 | 106215 |
| 6.00% 3/15/31 | 460000 | 494238 |
|  |  | **5229788** |
| **Agriculture–0.74%** | **Agriculture–0.74%** | **Agriculture–0.74%** |
| Altria Group, Inc. |  |  |
| 2.45% 2/4/32 | 410000 | 353616 |
| 3.40% 2/4/41 | 190000 | 140946 |
| 4.80% 2/14/29 | 27000 | 27299 |
| 5.80% 2/14/39 | 130000 | 131712 |
| 5.95% 2/14/49 | 370000 | 367948 |
| 6.20% 2/14/59 | 158000 | 158146 |
| 6.88% 11/1/33 | 650000 | 725475 |
| BAT Capital Corp. |  |  |
| 3.56% 8/15/27 | 185000 | 182033 |
| 3.73% 9/25/40 | 180000 | 142086 |
| 4.54% 8/15/47 | 270000 | 218112 |
| 6.25% 8/15/55 | 130000 | 131667 |
| 7.08% 8/2/53 | 70000 | 77970 |
| Philip Morris International, <br> Inc.<br>|  |  |
| 2.10% 5/1/30 | 250000 | 225213 |
| 4.50% 3/20/42 | 560000 | 493334 |
| 4.88% 2/13/29 | 130000 | 132294 |
| 5.13% 2/13/31 | 30000 | 30898 |
| 5.25% 2/13/34 | 100000 | 101994 |

---

LVIP Western Asset Core Bond Fund-8

------

**LVIP Western Asset 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)** |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| Reynolds American, Inc. <br> 5.85% 8/15/45<br>| 50000 | $48240 |
|  |  | **3688983** |
| **Airlines–0.11%** | **Airlines–0.11%** | **Airlines–0.11%** |
| Delta Air Lines, Inc./SkyMiles <br> IP Ltd.<br>|  |  |
| 4.50% 10/20/25 | 56668 | 56531 |
| 4.75% 10/20/28 | 500000 | 501159 |
|  |  | **557690** |
| **Apparel–0.09%** | **Apparel–0.09%** | **Apparel–0.09%** |
| NIKE, Inc. |  |  |
| 2.85% 3/27/30 | 380000 | 357982 |
| 3.25% 3/27/40 | 100000 | 79834 |
|  |  | **437816** |
| **Auto Manufacturers–0.08%** | **Auto Manufacturers–0.08%** | **Auto Manufacturers–0.08%** |
| Ford Motor Co. 6.10% 8/19/32 | 270000 | 269621 |
| General Motors Co. |  |  |
| 5.60% 10/15/32 | 70000 | 71125 |
| 6.75% 4/1/46 | 41000 | 41864 |
|  |  | **382610** |
| **Banks–8.56%** | **Banks–8.56%** | **Banks–8.56%** |
| Bank of America Corp. |  |  |
| μ1.90% 7/23/31 | 410000 | 360256 |
| μ2.57% 10/20/32 | 670000 | 590512 |
| μ2.59% 4/29/31 | 240000 | 219408 |
| μ2.97% 2/4/33 | 1070000 | 958171 |
| μ3.59% 7/21/28 | 890000 | 876338 |
| μ3.97% 3/5/29 | 480000 | 474690 |
| μ3.97% 2/7/30 | 280000 | 275606 |
| μ4.08% 3/20/51 | 1160000 | 921210 |
| 4.25% 10/22/26 | 810000 | 808525 |
| μ4.33% 3/15/50 | 230000 | 191012 |
| 4.45% 3/3/26 | 1221000 | 1219702 |
| 5.00% 1/21/44 | 40000 | 37793 |
| μBank of Montreal 3.80% <br> 12/15/32<br>| 70000 | 68180 |
| μBank of Nova Scotia 4.59% <br> 5/4/37<br>| 180000 | 170358 |
| μBarclays PLC 4.97% 5/16/29 | 450000 | 454704 |
| BNP Paribas SA |  |  |
| 4.40% 8/14/28 | 430000 | 428610 |
| μ5.13% 1/13/29 | 650000 | 659786 |
| μ5.20% 1/10/30 | 300000 | 305114 |
| μ5.89% 12/5/34 | 790000 | 837244 |
| μCaixaBank SA 4.89% 7/3/31 | 500000 | 501968 |
| Citigroup, Inc. |  |  |
| μ2.52% 11/3/32 | 240000 | 209842 |
| μ2.57% 6/3/31 | 1010000 | 915981 |
| μ3.79% 3/17/33 | 390000 | 364562 |
| 4.45% 9/29/27 | 2380000 | 2382284 |
| 4.65% 7/23/48 | 490000 | 423729 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. (continued) |  |  |
| μ4.66% 5/24/28 | 90000 | $90331 |
| 4.75% 5/18/46 | 150000 | 128022 |
| μ4.91% 5/24/33 | 620000 | 618611 |
| 6.13% 8/25/36 | 250000 | 258624 |
| 8.13% 7/15/39 | 10000 | 12592 |
| Cooperatieve Rabobank UA |  |  |
| μ3.65% 4/6/28 | 250000 | 246708 |
| μ3.76% 4/6/33 | 250000 | 233309 |
| 4.38% 8/4/25 | 860000 | 859583 |
| Goldman Sachs Group, Inc. |  |  |
| μ2.65% 10/21/32 | 950000 | 839468 |
| μ2.91% 7/21/42 | 180000 | 128886 |
| μ3.21% 4/22/42 | 80000 | 59832 |
| 3.50% 11/16/26 | 840000 | 830174 |
| μ3.62% 3/15/28 | 90000 | 88743 |
| μ3.69% 6/5/28 | 720000 | 709766 |
| μ4.22% 5/1/29 | 560000 | 556808 |
| 4.25% 10/21/25 | 500000 | 499387 |
| 4.75% 10/21/45 | 260000 | 231133 |
| 5.15% 5/22/45 | 190000 | 170680 |
| 6.25% 2/1/41 | 400000 | 427609 |
| 6.75% 10/1/37 | 180000 | 197600 |
| μHSBC Holdings PLC 4.04% <br> 3/13/28<br>| 630000 | 624816 |
| JPMorgan Chase & Co. |  |  |
| μ2.52% 4/22/31 | 970000 | 886866 |
| μ2.55% 11/8/32 | 1040000 | 915558 |
| μ3.11% 4/22/51 | 240000 | 161494 |
| 3.63% 12/1/27 | 130000 | 128172 |
| μ4.20% 7/23/29 | 290000 | 288775 |
| 4.25% 10/1/27 | 1148000 | 1152780 |
| μ4.45% 12/5/29 | 460000 | 460863 |
| Lloyds Banking Group PLC <br> 4.65% 3/24/26<br>| 340000 | 339691 |
| μMitsubishi UFJ Financial <br> Group, Inc. 4.08% 4/19/28<br>| 200000 | 198847 |
| μMorgan Stanley |  |  |
| 2.70% 1/22/31 | 540000 | 497943 |
| 3.62% 4/1/31 | 1110000 | 1064443 |
| 3.77% 1/24/29 | 390000 | 384432 |
| 4.43% 1/23/30 | 20000 | 19972 |
| 5.32% 7/19/35 | 680000 | 688301 |
| 5.47% 1/18/35 | 160000 | 163688 |
| μNatWest Group PLC 4.89% <br> 5/18/29<br>| 200000 | 202002 |
| μPNC Financial Services <br> Group, Inc. 5.58% 6/12/29<br>| 370000 | 383180 |
| Royal Bank of Canada |  |  |
| 3.88% 5/4/32 | 600000 | 573848 |
| 5.15% 2/1/34 | 80000 | 81953 |
| Toronto-Dominion Bank <br> 4.46% 6/8/32<br>| 170000 | 166871 |
| μTruist Bank 4.63% 9/17/29 | 320000 | 316205 |

---

LVIP Western Asset Core Bond Fund-9

------

**LVIP Western Asset 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)** |
| μTruist Financial Corp. 6.05% <br> 6/8/27<br>| 250000 | $253359 |
| μU.S. Bancorp |  |  |
| 2.22% 1/27/28 | 40000 | 38657 |
| 5.78% 6/12/29 | 270000 | 280371 |
| 5.84% 6/12/34 | 100000 | 105041 |
| UBS AG |  |  |
| 5.00% 7/9/27 | 490000 | 497568 |
| 7.50% 2/15/28 | 820000 | 884585 |
| UBS Group AG |  |  |
| 4.13% 4/15/26 | 286000 | 285188 |
| μ4.19% 4/1/31 | 400000 | 391696 |
| 4.25% 3/23/28 | 890000 | 885193 |
| 4.55% 4/17/26 | 271000 | 271049 |
| μ4.75% 5/12/28 | 410000 | 412392 |
| μ9.02% 11/15/33 | 750000 | 927285 |
| Wells Fargo & Co. |  |  |
| μ2.39% 6/2/28 | 230000 | 221585 |
| μ2.88% 10/30/30 | 430000 | 401762 |
| 3.00% 10/23/26 | 330000 | 324344 |
| μ3.35% 3/2/33 | 640000 | 584480 |
| 4.15% 1/24/29 | 410000 | 408446 |
| 4.30% 7/22/27 | 204000 | 204040 |
| 4.40% 6/14/46 | 610000 | 497659 |
| μ4.48% 4/4/31 | 390000 | 388160 |
| 4.65% 11/4/44 | 10000 | 8560 |
| 4.75% 12/7/46 | 580000 | 497062 |
| 4.90% 11/17/45 | 360000 | 316655 |
| μ5.01% 4/4/51 | 2310000 | 2103295 |
|  |  | **42732583** |
| **Beverages–0.41%** | **Beverages–0.41%** | **Beverages–0.41%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. 4.90% <br> 2/1/46<br>| 750000 | 687480 |
| Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |
| 3.50% 6/1/30 | 680000 | 656033 |
| 5.55% 1/23/49 | 510000 | 506132 |
| Constellation Brands, Inc. |  |  |
| 2.25% 8/1/31 | 30000 | 25989 |
| 4.35% 5/9/27 | 160000 | 160014 |
|  |  | **2035648** |
| **Biotechnology–0.03%** | **Biotechnology–0.03%** | **Biotechnology–0.03%** |
| Gilead Sciences, Inc. 4.75% <br> 3/1/46<br>| 160000 | 143220 |
|  |  | **143220** |
| **Building Materials–0.04%** | **Building Materials–0.04%** | **Building Materials–0.04%** |
| Amrize Finance U.S. LLC |  |  |
| 4.95% 4/7/30 | 70000 | 70938 |
| 5.40% 4/7/35 | 120000 | 121760 |
|  |  | **192698** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals–0.30%** | **Chemicals–0.30%** | **Chemicals–0.30%** |
| EQUATE Petrochemical Co. <br> KSC 4.25% 11/3/26<br>| 510000 | $504903 |
| MEGlobal BV 2.63% 4/28/28 | 770000 | 724872 |
| OCP SA 4.50% 10/22/25 | 297000 | 295679 |
|  |  | **1525454** |
| **Commercial Services–0.39%** | **Commercial Services–0.39%** | **Commercial Services–0.39%** |
| Cintas Corp. No. 2 |  |  |
| 3.70% 4/1/27 | 160000 | 158842 |
| 4.00% 5/1/32 | 100000 | 96649 |
| DP World Ltd. |  |  |
| 4.70% 9/30/49 | 630000 | 516569 |
| 5.63% 9/25/48 | 970000 | 903628 |
| PayPal Holdings, Inc. |  |  |
| 2.30% 6/1/30 | 120000 | 109164 |
| 4.40% 6/1/32 | 70000 | 69176 |
| 5.15% 6/1/34 | 80000 | 81258 |
|  |  | **1935286** |
| **Cosmetics & Personal Care–0.18%** | **Cosmetics & Personal Care–0.18%** | **Cosmetics & Personal Care–0.18%** |
| Haleon U.S. Capital LLC |  |  |
| 3.38% 3/24/27 | 250000 | 246346 |
| 3.63% 3/24/32 | 250000 | 233895 |
| Kenvue, Inc. 4.90% 3/22/33 | 290000 | 294290 |
| Procter & Gamble Co. 3.00% <br> 3/25/30<br>| 120000 | 114509 |
|  |  | **889040** |
| **Diversified Financial Services–0.76%** | **Diversified Financial Services–0.76%** | **Diversified Financial Services–0.76%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 370000 | 360482 |
| 3.00% 10/29/28 | 1070000 | 1019362 |
| Air Lease Corp. |  |  |
| 3.38% 7/1/25 | 130000 | 130000 |
| 5.30% 2/1/28 | 180000 | 183950 |
| American Express Co. 4.05% <br> 5/3/29<br>| 250000 | 249900 |
| μCharles Schwab Corp. 6.14% <br> 8/24/34<br>| 110000 | 119018 |
| CI Financial Corp. 7.50% <br> 5/30/29<br>| 560000 | 590907 |
| Intercontinental Exchange, <br> Inc. 4.60% 3/15/33<br>| 80000 | 79637 |
| Mastercard, Inc. 3.85% <br> 3/26/50<br>| 660000 | 521118 |
| Visa, Inc. 4.30% 12/14/45 | 610000 | 530258 |
|  |  | **3784632** |
| **Electric–1.00%** | **Electric–1.00%** | **Electric–1.00%** |
| American Transmission <br> Systems, Inc. 2.65% 1/15/32<br>| 80000 | 70385 |

---

LVIP Western Asset Core Bond Fund-10

------

**LVIP Western Asset 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)** |
| Cleveland Electric <br> Illuminating Co. 3.50% <br> 4/1/28<br>| 70000 | $68097 |
| Comision Federal de <br> Electricidad 3.88% 7/26/33<br>| 1220000 | 1037517 |
| Consolidated Edison Co. of <br> New York, Inc.<br>|  |  |
| 3.35% 4/1/30 | 80000 | 76885 |
| 3.95% 4/1/50 | 60000 | 46773 |
| FirstEnergy Corp. |  |  |
| 1.60% 1/15/26 | 80000 | 78528 |
| 3.90% 7/15/27 | 510000 | 504282 |
| Florida Power & Light Co. <br> 5.70% 3/15/55<br>| 240000 | 242744 |
| Georgia Power Co. 5.20% <br> 3/15/35<br>| 210000 | 212922 |
| MidAmerican Energy Co. <br> 3.65% 4/15/29<br>| 260000 | 254989 |
| Mid-Atlantic Interstate <br> Transmission LLC 4.10% <br> 5/15/28<br>| 200000 | 198515 |
| Oglethorpe Power Corp. <br> 5.90% 2/1/55<br>| 240000 | 235852 |
| Oncor Electric Delivery Co. <br> LLC<br>|  |  |
| 5.35% 4/1/35 | 120000 | 122245 |
| 5.80% 4/1/55 | 150000 | 150649 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 50000 | 47355 |
| 2.50% 2/1/31 | 110000 | 95486 |
| 3.30% 8/1/40 | 230000 | 164541 |
| 3.50% 8/1/50 | 50000 | 32059 |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 4.13% 5/15/27 | 310000 | 306938 |
| 5.45% 5/21/28 | 200000 | 203703 |
| 6.15% 5/21/48 | 890000 | 866724 |
|  |  | **5017189** |
| **Electrical Components & Equipment–0.04%** | **Electrical Components & Equipment–0.04%** | **Electrical Components & Equipment–0.04%** |
| Emerson Electric Co. 2.80% <br> 12/21/51<br>| 350000 | 220671 |
|  |  | **220671** |
| **Electronics–0.08%** | **Electronics–0.08%** | **Electronics–0.08%** |
| Honeywell International, Inc. <br> 5.00% 3/1/35<br>| 400000 | 402575 |
|  |  | **402575** |
| **Entertainment–0.04%** | **Entertainment–0.04%** | **Entertainment–0.04%** |
| Warnermedia Holdings, Inc. |  |  |
| 4.05% 3/15/29 | 130000 | 130000 |
| 4.28% 3/15/32 | 68000 | 59679 |
|  |  | **189679** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Environmental Control–0.05%** | **Environmental Control–0.05%** | **Environmental Control–0.05%** |
| Waste Connections, Inc. 5.00% <br> 3/1/34<br>| 240000 | $242503 |
|  |  | **242503** |
| **Food–0.34%** | **Food–0.34%** | **Food–0.34%** |
| Kroger Co. 5.00% 9/15/34 | 220000 | 218426 |
| Mars, Inc. |  |  |
| 2.38% 7/16/40 | 300000 | 209528 |
| 3.20% 4/1/30 | 250000 | 237112 |
| 5.00% 3/1/32 | 70000 | 70931 |
| 5.20% 3/1/35 | 170000 | 172036 |
| 5.70% 5/1/55 | 800000 | 798047 |
|  |  | **1706080** |
| **Forest Products & Paper–0.14%** | **Forest Products & Paper–0.14%** | **Forest Products & Paper–0.14%** |
| Georgia-Pacific LLC 4.95% <br> 6/30/32<br>| 370000 | 374441 |
| Suzano Austria GmbH 3.13% <br> 1/15/32<br>| 380000 | 334882 |
|  |  | **709323** |
| **Health Care Products–0.38%** | **Health Care Products–0.38%** | **Health Care Products–0.38%** |
| Abbott Laboratories 4.75% <br> 11/30/36<br>| 160000 | 159245 |
| Solventum Corp. |  |  |
| 5.40% 3/1/29 | 310000 | 319227 |
| 5.45% 3/13/31 | 310000 | 321889 |
| 5.60% 3/23/34 | 630000 | 648362 |
| 5.90% 4/30/54 | 450000 | 449851 |
|  |  | **1898574** |
| **Health Care Services–0.75%** | **Health Care Services–0.75%** | **Health Care Services–0.75%** |
| Cigna Group |  |  |
| 4.38% 10/15/28 | 600000 | 600722 |
| 4.80% 8/15/38 | 130000 | 122217 |
| Elevance Health, Inc. |  |  |
| 3.65% 12/1/27 | 100000 | 98813 |
| 4.10% 5/15/32 | 190000 | 182420 |
| 4.55% 5/15/52 | 160000 | 130846 |
| Humana, Inc. |  |  |
| 3.13% 8/15/29 | 260000 | 245031 |
| 3.70% 3/23/29 | 420000 | 407026 |
| 3.95% 3/15/27 | 290000 | 288921 |
| Roche Holdings, Inc. 2.61% <br> 12/13/51<br>| 300000 | 183391 |
| UnitedHealth Group, Inc. |  |  |
| 1.25% 1/15/26 | 70000 | 68758 |
| 2.00% 5/15/30 | 230000 | 205819 |
| 2.30% 5/15/31 | 40000 | 35252 |
| 2.90% 5/15/50 | 120000 | 74670 |
| 3.13% 5/15/60 | 20000 | 11971 |
| 3.70% 8/15/49 | 560000 | 407678 |
| 3.88% 12/15/28 | 70000 | 69095 |
| 3.88% 8/15/59 | 160000 | 112745 |
| 4.00% 5/15/29 | 200000 | 197731 |

---

LVIP Western Asset Core Bond Fund-11

------

**LVIP Western Asset 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, <br> Inc. (continued)<br>|  |  |
| 4.20% 5/15/32 | 240000 | $232324 |
| 4.25% 6/15/48 | 50000 | 40176 |
| 4.45% 12/15/48 | 40000 | 33117 |
|  |  | **3748723** |
| **Insurance–0.27%** | **Insurance–0.27%** | **Insurance–0.27%** |
| Aon North America, Inc. <br> 5.45% 3/1/34<br>| 540000 | 554682 |
| Berkshire Hathaway Finance <br> Corp. 4.25% 1/15/49<br>| 280000 | 236864 |
| Chubb INA Holdings LLC <br> 3.35% 5/3/26<br>| 140000 | 138923 |
| MetLife, Inc. 6.40% 12/15/66 | 380000 | 397924 |
|  |  | **1328393** |
| **Internet–0.67%** | **Internet–0.67%** | **Internet–0.67%** |
| Alphabet, Inc. |  |  |
| 1.10% 8/15/30 | 360000 | 310997 |
| 1.90% 8/15/40 | 150000 | 100742 |
| 4.50% 5/15/35 | 100000 | 98687 |
| 5.25% 5/15/55 | 140000 | 137882 |
| 5.30% 5/15/65 | 150000 | 146871 |
| Amazon.com, Inc. |  |  |
| 2.50% 6/3/50 | 1750000 | 1051765 |
| 3.88% 8/22/37 | 120000 | 108546 |
| 4.25% 8/22/57 | 50000 | 40925 |
| 4.95% 12/5/44 | 150000 | 145535 |
| Meta Platforms, Inc. 4.75% <br> 8/15/34<br>| 430000 | 432012 |
| Prosus NV |  |  |
| 3.68% 1/21/30 | 200000 | 188548 |
| 4.03% 8/3/50 | 850000 | 568344 |
|  |  | **3330854** |
| **Leisure Time–0.13%** | **Leisure Time–0.13%** | **Leisure Time–0.13%** |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63% 9/30/31 | 340000 | 342077 |
| 6.00% 2/1/33 | 290000 | 295590 |
|  |  | **637667** |
| **Lodging–0.29%** | **Lodging–0.29%** | **Lodging–0.29%** |
| Las Vegas Sands Corp. |  |  |
| 5.63% 6/15/28 | 630000 | 642622 |
| 6.00% 8/15/29 | 140000 | 143892 |
| 6.00% 6/14/30 | 110000 | 113484 |
| Sands China Ltd. 4.38% <br> 6/18/30<br>| 600000 | 573534 |
|  |  | **1473532** |
| **Machinery Diversified–0.04%** | **Machinery Diversified–0.04%** | **Machinery Diversified–0.04%** |
| Deere & Co. |  |  |
| 3.10% 4/15/30 | 150000 | 142674 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Machinery Diversified (continued)** | **Machinery Diversified (continued)** | **Machinery Diversified (continued)** |
| Deere & Co. (continued) |  |  |
| 3.75% 4/15/50 | 100000 | $77671 |
|  |  | **220345** |
| **Media–1.42%** | **Media–1.42%** | **Media–1.42%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 3.50% 3/1/42 | 90000 | 64174 |
| 4.20% 3/15/28 | 420000 | 416324 |
| 4.40% 4/1/33 | 540000 | 508449 |
| 4.80% 3/1/50 | 230000 | 184016 |
| 4.91% 7/23/25 | 164000 | 163988 |
| 5.05% 3/30/29 | 410000 | 413908 |
| 5.13% 7/1/49 | 370000 | 307641 |
| 5.38% 4/1/38 | 400000 | 376978 |
| 5.38% 5/1/47 | 200000 | 173582 |
| 5.50% 4/1/63 | 150000 | 126836 |
| 6.48% 10/23/45 | 290000 | 287344 |
| 6.55% 6/1/34 | 120000 | 128035 |
| Comcast Corp. |  |  |
| 2.80% 1/15/51 | 290000 | 173888 |
| 2.89% 11/1/51 | 320000 | 194745 |
| 2.94% 11/1/56 | 54000 | 31706 |
| 3.40% 4/1/30 | 180000 | 172593 |
| 3.45% 2/1/50 | 120000 | 82285 |
| 3.75% 4/1/40 | 100000 | 83009 |
| 3.97% 11/1/47 | 350000 | 269863 |
| 4.05% 11/1/52 | 590000 | 443839 |
| 4.15% 10/15/28 | 730000 | 728618 |
| 4.25% 10/15/30 | 570000 | 567114 |
| 4.95% 10/15/58 | 30000 | 25712 |
| Fox Corp. 5.48% 1/25/39 | 710000 | 694893 |
| Time Warner Cable LLC |  |  |
| 6.55% 5/1/37 | 60000 | 61969 |
| 7.30% 7/1/38 | 270000 | 294433 |
| Walt Disney Co. 6.65% <br> 11/15/37<br>| 110000 | 125801 |
|  |  | **7101743** |
| **Mining–0.64%** | **Mining–0.64%** | **Mining–0.64%** |
| Barrick PD Australia Finance <br> Pty. Ltd. 5.95% 10/15/39<br>| 390000 | 403939 |
| BHP Billiton Finance USA <br> Ltd. 5.00% 9/30/43<br>| 220000 | 208482 |
| Freeport-McMoRan, Inc. |  |  |
| 5.40% 11/14/34 | 270000 | 274222 |
| 5.45% 3/15/43 | 180000 | 170103 |
| Glencore Funding LLC |  |  |
| 3.88% 10/27/27 | 30000 | 29612 |
| 4.00% 3/27/27 | 130000 | 128936 |
| 5.67% 4/1/35 | 480000 | 489676 |
| 6.14% 4/1/55 | 210000 | 212279 |

---

LVIP Western Asset Core Bond Fund-12

------

**LVIP Western Asset 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)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Southern Copper Corp. 5.25% <br> 11/8/42<br>| 1390000 | $1291588 |
|  |  | **3208837** |
| **Miscellaneous Manufacturing–0.09%** | **Miscellaneous Manufacturing–0.09%** | **Miscellaneous Manufacturing–0.09%** |
| Eaton Corp. 4.15% 11/2/42 | 250000 | 215155 |
| Siemens Funding BV 5.90% <br> 5/28/65<br>| 220000 | 227884 |
|  |  | **443039** |
| **Oil & Gas–2.42%** | **Oil & Gas–2.42%** | **Oil & Gas–2.42%** |
| APA Corp. 6.00% 1/15/37 | 533000 | 483626 |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 2.77% 11/10/50 | 70000 | 42711 |
| 2.94% 6/4/51 | 50000 | 31378 |
| 3.00% 2/24/50 | 440000 | 282543 |
| 3.41% 2/11/26 | 50000 | 49667 |
| 3.63% 4/6/30 | 140000 | 135821 |
| Chevron Corp. 3.08% 5/11/50 | 150000 | 101017 |
| Chevron USA, Inc. 3.25% <br> 10/15/29<br>| 490000 | 475267 |
| Continental Resources, Inc. |  |  |
| 4.38% 1/15/28 | 480000 | 473284 |
| 4.90% 6/1/44 | 70000 | 54996 |
| 5.75% 1/15/31 | 10000 | 10096 |
| Coterra Energy, Inc. |  |  |
| 3.90% 5/15/27 | 300000 | 296240 |
| 4.38% 3/15/29 | 850000 | 841779 |
| Devon Energy Corp. |  |  |
| 5.60% 7/15/41 | 277000 | 256233 |
| 5.85% 12/15/25 | 150000 | 150401 |
| Diamondback Energy, Inc. |  |  |
| 3.13% 3/24/31 | 360000 | 329740 |
| 3.25% 12/1/26 | 110000 | 108372 |
| 3.50% 12/1/29 | 440000 | 420912 |
| Ecopetrol SA 5.88% 5/28/45 | 970000 | 669483 |
| EOG Resources, Inc. 4.38% <br> 4/15/30<br>| 190000 | 189906 |
| EQT Corp. 7.00% 2/1/30 | 220000 | 238489 |
| Exxon Mobil Corp. |  |  |
| 3.45% 4/15/51 | 180000 | 127599 |
| 3.48% 3/19/30 | 220000 | 213848 |
| 4.11% 3/1/46 | 180000 | 147761 |
| 4.33% 3/19/50 | 30000 | 24862 |
| KazMunayGas National Co. <br> JSC<br>|  |  |
| 5.38% 4/24/30 | 250000 | 251730 |
| 5.75% 4/19/47 | 1810000 | 1571349 |
| Occidental Petroleum Corp. |  |  |
| 3.00% 2/15/27 | 200000 | 194305 |
| 3.50% 8/15/29 | 120000 | 111547 |
| 4.20% 3/15/48 | 40000 | 27223 |
| 4.40% 4/15/46 | 90000 | 65988 |
| 4.50% 7/15/44 | 560000 | 409578 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Pertamina Persero PT 6.00% <br> 5/3/42<br>| 430000 | $423915 |
| Petroleos del Peru SA 4.75% <br> 6/19/32<br>| 670000 | 518020 |
| Petroleos Mexicanos 6.88% <br> 8/4/26<br>| 85000 | 85019 |
| Pioneer Natural Resources <br> Co.<br>|  |  |
| 1.13% 1/15/26 | 50000 | 49131 |
| 1.90% 8/15/30 | 200000 | 177277 |
| 2.15% 1/15/31 | 440000 | 390817 |
| Reliance Industries Ltd. |  |  |
| 2.88% 1/12/32 | 360000 | 319624 |
| 3.63% 1/12/52 | 630000 | 433485 |
| Shell Finance U.S., Inc. |  |  |
| 2.38% 11/7/29 | 50000 | 46492 |
| 2.75% 4/6/30 | 100000 | 93774 |
| 3.25% 4/6/50 | 380000 | 259878 |
| 4.00% 5/10/46 | 660000 | 524697 |
|  |  | **12109880** |
| **Oil & Gas Services–0.03%** | **Oil & Gas Services–0.03%** | **Oil & Gas Services–0.03%** |
| Halliburton Co. 5.00% <br> 11/15/45<br>| 70000 | 61934 |
| Schlumberger Holdings Corp. <br> 3.90% 5/17/28<br>| 75000 | 74244 |
|  |  | **136178** |
| **Pharmaceuticals–1.51%** | **Pharmaceuticals–1.51%** | **Pharmaceuticals–1.51%** |
| AbbVie, Inc. |  |  |
| 2.95% 11/21/26 | 160000 | 157348 |
| 3.20% 11/21/29 | 1200000 | 1147803 |
| 4.25% 11/21/49 | 380000 | 313048 |
| 4.55% 3/15/35 | 20000 | 19418 |
| 4.80% 3/15/29 | 300000 | 305883 |
| 4.88% 11/14/48 | 30000 | 27162 |
| 4.95% 3/15/31 | 130000 | 133462 |
| 5.05% 3/15/34 | 180000 | 183269 |
| Becton Dickinson & Co. 4.69% <br> 12/15/44<br>| 93000 | 80933 |
| Bristol-Myers Squibb Co. |  |  |
| 3.40% 7/26/29 | 81000 | 78479 |
| 5.10% 2/22/31 | 160000 | 165699 |
| 5.20% 2/22/34 | 450000 | 460864 |
| 5.55% 2/22/54 | 90000 | 87803 |
| 5.65% 2/22/64 | 60000 | 58254 |
| CVS Health Corp. |  |  |
| 1.88% 2/28/31 | 50000 | 42799 |
| 2.13% 9/15/31 | 180000 | 153975 |
| 3.63% 4/1/27 | 70000 | 69120 |
| 3.75% 4/1/30 | 230000 | 220639 |
| 3.88% 7/20/25 | 450000 | 449656 |
| 4.13% 4/1/40 | 30000 | 25046 |
| 4.30% 3/25/28 | 392000 | 390392 |
| 5.13% 7/20/45 | 270000 | 239116 |

---

LVIP Western Asset Core Bond Fund-13

------

**LVIP Western Asset 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)** |
| Eli Lilly & Co. |  |  |
| 4.60% 8/14/34 | 190000 | $188275 |
| 4.70% 2/9/34 | 420000 | 419757 |
| 5.00% 2/9/54 | 40000 | 37380 |
| 5.10% 2/9/64 | 330000 | 306576 |
| Johnson & Johnson 2.10% <br> 9/1/40<br>| 440000 | 302296 |
| Merck & Co., Inc. |  |  |
| 1.45% 6/24/30 | 600000 | 524868 |
| 2.75% 12/10/51 | 50000 | 30725 |
| Pfizer, Inc. 1.70% 5/28/30 | 1030000 | 912182 |
|  |  | **7532227** |
| **Pipelines–2.03%** | **Pipelines–2.03%** | **Pipelines–2.03%** |
| Cameron LNG LLC 3.30% <br> 1/15/35<br>| 760000 | 651552 |
| Cheniere Energy Partners LP <br> 5.55% 10/30/35<br>| 220000 | 221730 |
| Columbia Pipelines Holding <br> Co. LLC 6.04% 8/15/28<br>| 220000 | 229066 |
| Energy Transfer LP |  |  |
| 3.75% 5/15/30 | 1240000 | 1189729 |
| 4.95% 6/15/28 | 80000 | 81188 |
| 5.25% 4/15/29 | 250000 | 256028 |
| 5.40% 10/1/47 | 210000 | 187009 |
| 5.50% 6/1/27 | 170000 | 173038 |
| 5.55% 5/15/34 | 210000 | 212598 |
| 6.25% 4/15/49 | 410000 | 404414 |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 2.80% 1/31/30 | 470000 | 440478 |
| 3.13% 7/31/29 | 50000 | 47797 |
| 3.70% 1/31/51 | 320000 | 231056 |
| 3.95% 2/15/27 | 303000 | 301903 |
| 3.95% 1/31/60 | 90000 | 65482 |
| 4.15% 10/16/28 | 260000 | 259821 |
| 4.85% 1/31/34 | 480000 | 478069 |
| 4.85% 3/15/44 | 40000 | 36035 |
| 5.10% 2/15/45 | 180000 | 167245 |
| μ5.38% 2/15/78 | 70000 | 68852 |
| 5.55% 2/16/55 | 40000 | 38589 |
| 6.65% 10/15/34 | 110000 | 122119 |
| 7.55% 4/15/38 | 40000 | 47566 |
| Florida Gas Transmission Co. <br> LLC 5.75% 7/15/35<br>| 420000 | 429799 |
| Kinder Morgan Energy <br> Partners LP 5.50% 3/1/44<br>| 140000 | 131944 |
| Kinder Morgan, Inc. 4.30% <br> 3/1/28<br>| 220000 | 220180 |
| MPLX LP |  |  |
| 4.50% 4/15/38 | 230000 | 203418 |
| 4.80% 2/15/29 | 310000 | 312966 |
| 5.20% 3/1/47 | 100000 | 87234 |
| 5.20% 12/1/47 | 50000 | 43547 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| ONEOK, Inc. |  |  |
| 5.55% 11/1/26 | 100000 | $101376 |
| 5.80% 11/1/30 | 160000 | 167487 |
| 6.63% 9/1/53 | 150000 | 155890 |
| Targa Resources Corp. 4.95% <br> 4/15/52<br>| 70000 | 58395 |
| Tennessee Gas Pipeline Co. <br> LLC 2.90% 3/1/30<br>| 210000 | 193957 |
| Transcontinental Gas Pipe <br> Line Co. LLC<br>|  |  |
| 3.25% 5/15/30 | 180000 | 169772 |
| 7.85% 2/1/26 | 930000 | 939534 |
| Western Midstream <br> Operating LP 4.05% 2/1/30<br>| 40000 | 38469 |
| Williams Cos., Inc. |  |  |
| 4.85% 3/1/48 | 50000 | 43307 |
| 4.90% 1/15/45 | 270000 | 237138 |
| 5.10% 9/15/45 | 190000 | 172091 |
| 5.15% 3/15/34 | 380000 | 379127 |
| 8.75% 3/15/32 | 120000 | 144399 |
|  |  | **10141394** |
| **Retail–0.48%** | **Retail–0.48%** | **Retail–0.48%** |
| Home Depot, Inc. |  |  |
| 1.38% 3/15/31 | 260000 | 220569 |
| 2.50% 4/15/27 | 100000 | 97336 |
| 2.70% 4/15/30 | 150000 | 140072 |
| 3.25% 4/15/32 | 270000 | 249590 |
| 3.30% 4/15/40 | 160000 | 127739 |
| 3.35% 4/15/50 | 210000 | 147183 |
| 3.90% 6/15/47 | 30000 | 23635 |
| Lowe's Cos., Inc. |  |  |
| 1.70% 9/15/28 | 250000 | 231240 |
| 4.50% 4/15/30 | 240000 | 241831 |
| McDonald's Corp. |  |  |
| 2.13% 3/1/30 | 220000 | 199643 |
| 3.60% 7/1/30 | 140000 | 135430 |
| 3.63% 9/1/49 | 30000 | 21760 |
| 4.20% 4/1/50 | 160000 | 127029 |
| 4.88% 12/9/45 | 330000 | 297611 |
| Walmart, Inc. |  |  |
| 1.50% 9/22/28 | 80000 | 74153 |
| 1.80% 9/22/31 | 50000 | 43559 |
| 2.38% 9/24/29 | 30000 | 28129 |
|  |  | **2406509** |
| **Semiconductors–0.96%** | **Semiconductors–0.96%** | **Semiconductors–0.96%** |
| Applied Materials, Inc. 1.75% <br> 6/1/30<br>| 90000 | 79985 |
| Broadcom, Inc. |  |  |
| 3.14% 11/15/35 | 380000 | 320507 |
| 3.19% 11/15/36 | 8000 | 6632 |
| 4.15% 11/15/30 | 72000 | 70847 |
| 4.93% 5/15/37 | 199000 | 193134 |

---

LVIP Western Asset Core Bond Fund-14

------

**LVIP Western Asset 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)** |
| Foundry JV Holdco LLC |  |  |
| 5.88% 1/25/34 | 300000 | $304838 |
| 5.90% 1/25/30 | 460000 | 480691 |
| Intel Corp. |  |  |
| 1.60% 8/12/28 | 120000 | 110263 |
| 3.05% 8/12/51 | 60000 | 35645 |
| 4.75% 3/25/50 | 200000 | 163164 |
| 5.13% 2/10/30 | 170000 | 173831 |
| 5.20% 2/10/33 | 120000 | 121014 |
| 5.70% 2/10/53 | 50000 | 46532 |
| KLA Corp. 4.65% 7/15/32 | 160000 | 161052 |
| Micron Technology, Inc. |  |  |
| 5.30% 1/15/31 | 190000 | 194572 |
| 5.88% 2/9/33 | 190000 | 198140 |
| 5.88% 9/15/33 | 20000 | 20894 |
| 6.05% 11/1/35 | 170000 | 177916 |
| NVIDIA Corp. 3.70% 4/1/60 | 210000 | 154419 |
| QUALCOMM, Inc. 5.00% <br> 5/20/35<br>| 260000 | 261801 |
| Texas Instruments, Inc. |  |  |
| 1.75% 5/4/30 | 130000 | 115920 |
| 3.88% 3/15/39 | 70000 | 61857 |
| TSMC Arizona Corp. |  |  |
| 1.75% 10/25/26 | 210000 | 203198 |
| 2.50% 10/25/31 | 1250000 | 1120064 |
|  |  | **4776916** |
| **Software–0.38%** | **Software–0.38%** | **Software–0.38%** |
| Adobe, Inc. 2.30% 2/1/30 | 260000 | 239756 |
| Oracle Corp. |  |  |
| 2.88% 3/25/31 | 510000 | 465130 |
| 2.95% 4/1/30 | 40000 | 37354 |
| 3.60% 4/1/50 | 90000 | 62941 |
| 4.65% 5/6/30 | 170000 | 171550 |
| 5.38% 9/27/54 | 330000 | 301665 |
| Synopsys, Inc. |  |  |
| 4.85% 4/1/30 | 160000 | 162219 |
| 5.00% 4/1/32 | 130000 | 131682 |
| 5.15% 4/1/35 | 110000 | 110873 |
| 5.70% 4/1/55 | 210000 | 208794 |
|  |  | **1891964** |
| **Telecommunications–1.98%** | **Telecommunications–1.98%** | **Telecommunications–1.98%** |
| AT&T, Inc. |  |  |
| 2.25% 2/1/32 | 330000 | 284014 |
| 2.55% 12/1/33 | 340000 | 284548 |
| 3.55% 9/15/55 | 408000 | 275297 |
| 3.65% 9/15/59 | 50000 | 33545 |
| 3.80% 12/1/57 | 60000 | 41982 |
| 4.35% 3/1/29 | 1300000 | 1302727 |
| 4.35% 6/15/45 | 58000 | 48084 |
| 5.38% 8/15/35 | 650000 | 661865 |
| Telefonica Emisiones SA <br> 5.21% 3/8/47<br>| 150000 | 132711 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| T-Mobile USA, Inc. |  |  |
| 2.25% 11/15/31 | 220000 | $190758 |
| 2.55% 2/15/31 | 130000 | 116380 |
| 2.63% 2/15/29 | 450000 | 422170 |
| 3.00% 2/15/41 | 250000 | 182939 |
| 3.30% 2/15/51 | 60000 | 39824 |
| 3.75% 4/15/27 | 40000 | 39582 |
| 3.88% 4/15/30 | 1910000 | 1855026 |
| 5.15% 4/15/34 | 190000 | 192423 |
| 5.88% 11/15/55 | 340000 | 339860 |
| Verizon Communications, Inc. |  |  |
| 1.75% 1/20/31 | 840000 | 723809 |
| 2.55% 3/21/31 | 398000 | 356962 |
| 2.65% 11/20/40 | 100000 | 70547 |
| 3.15% 3/22/30 | 170000 | 161127 |
| 3.40% 3/22/41 | 60000 | 46280 |
| 3.85% 11/1/42 | 530000 | 422949 |
| 4.00% 3/22/50 | 210000 | 159924 |
| 4.40% 11/1/34 | 220000 | 208796 |
| 4.50% 8/10/33 | 840000 | 816516 |
| 4.78% 2/15/35 | 296000 | 288363 |
| 4.86% 8/21/46 | 20000 | 17851 |
| 5.25% 3/16/37 | 130000 | 129379 |
| 5.50% 3/16/47 | 30000 | 29163 |
|  |  | **9875401** |
| **Transportation–0.10%** | **Transportation–0.10%** | **Transportation–0.10%** |
| Union Pacific Corp. |  |  |
| 2.15% 2/5/27 | 170000 | 165041 |
| 2.40% 2/5/30 | 160000 | 147522 |
| 3.75% 2/5/70 | 220000 | 148975 |
| 3.84% 3/20/60 | 90000 | 64769 |
|  |  | **526307** |
| **Total Corporate Bonds** <br>**(Cost $153,922,197)** | **Total Corporate Bonds** <br>**(Cost $153,922,197)** | **144811951** |
| **NON-AGENCY ASSET-BACKED SECURITIES–9.34%** | **NON-AGENCY ASSET-BACKED SECURITIES–9.34%** | **NON-AGENCY ASSET-BACKED SECURITIES–9.34%** |
| •AGL CLO 13 Ltd. Series <br> 2021-13A Class A1 5.69% (3 <br> mo. USD Term SOFR + <br> 1.42%) 10/20/34<br>| 260000 | 260327 |
| •AIMCO CLO 15 Ltd. Series <br> 2021-15A Class AR 5.48% (3 <br> mo. USD Term SOFR + <br> 1.20%) 4/17/38<br>| 1070000 | 1069961 |
| •Apex Credit CLO Ltd. Series <br> 2020-1A Class A1RR 5.72% <br> (3 mo. USD Term SOFR + <br> 1.45%) 4/20/35<br>| 680000 | 680205 |
| •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>| 301519 | 301519 |

---

LVIP Western Asset Core Bond Fund-15

------

**LVIP Western Asset Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •ARES Loan Funding IV Ltd. <br> Series 2023-ALF4A Class A1 <br> 6.01% (3 mo. USD Term <br> SOFR + 1.75%) 10/15/36<br>| 710000 | $711633 |
| Avis Budget Rental Car <br> Funding AESOP LLC Series <br> 2024-1A Class A 5.36% <br> 6/20/30<br>| 500000 | 513020 |
| •Battery Park CLO Ltd. Series <br> 2019-1A Class AR 5.66% (3 <br> mo. USD Term SOFR + <br> 1.40%) 7/15/36<br>| 370000 | 370629 |
| •Birch Grove CLO 4 Ltd. Series <br> 2022-4A Class A1R 5.74% (3 <br> mo. USD Term SOFR + <br> 1.48%) 7/15/37<br>| 410000 | 411365 |
| •Birch Grove CLO 7 Ltd. Series <br> 2023-7A Class A1 6.07% (3 <br> mo. USD Term SOFR + <br> 1.80%) 10/20/36<br>| 1760000 | 1763960 |
| •Birch Grove CLO 8 Ltd. Series <br> 2024-8A Class A1 5.90% (3 <br> mo. USD Term SOFR + <br> 1.63%) 4/20/37<br>| 240000 | 241073 |
| •Black Diamond CLO Ltd. <br> Series 2024-1A Class A1 <br> 5.93% (3 mo. USD Term <br> SOFR + 1.65%) 10/25/37<br>| 1360000 | 1365945 |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 192560 | 180562 |
| •BlueMountain CLO XXXI Ltd. <br> Series 2021-31A Class A1 <br> 5.68% (3 mo. USD Term <br> SOFR + 1.41%) 4/19/34<br>| 440000 | 440306 |
| •CarVal CLO XI C Ltd. Series <br> 2024-3A Class A1 5.66% (3 <br> mo. USD Term SOFR + <br> 1.39%) 10/20/37<br>| 970000 | 972307 |
| •Cayuga Park CLO Ltd. Series <br> 2020-1A Class AR 5.66% (3 <br> mo. USD Term SOFR + <br> 1.38%) 7/17/34<br>| 620000 | 620633 |
| •CIFC Funding Ltd. | •CIFC Funding Ltd. | •CIFC Funding Ltd. |
| Series 2015-4A Class A1A2 <br> 5.60% (3 mo. USD Term <br> SOFR + 1.33%) 4/20/34<br>| 440000 | 440653 |
| Series 2018-1A Class A1R <br> 5.59% (3 mo. USD Term <br> SOFR + 1.32%) 1/18/38<br>| 440000 | 441210 |
| CLI Funding IX LLC Series <br> 2024-1A Class A 5.63% <br> 7/20/49<br>| 650094 | 655117 |
| DLLMT LLC Series 2024-1A <br> Class A4 4.98% 4/20/32<br>| 320000 | 325885 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Driven Brands Funding LLC <br> Series 2024-1A Class A2 <br> 6.37% 10/20/54<br>| 843625 | $873167 |
| •Elmwood CLO 26 Ltd. Series <br> 2024-1A Class A1 5.77% (3 <br> mo. USD Term SOFR + <br> 1.50%) 4/18/37<br>| 200000 | 200581 |
| •Elmwood CLO I Ltd. Series <br> 2019-1A Class A1RR 5.79% <br> (3 mo. USD Term SOFR + <br> 1.52%) 4/20/37<br>| 670000 | 671816 |
| •Empower CLO Ltd. Series <br> 2024-1A Class A1 5.88% (3 <br> mo. USD Term SOFR + <br> 1.60%) 4/25/37<br>| 250000 | 250752 |
| •Golub Capital Partners CLO <br> 57M Ltd. Series 2021-57A <br> Class A1 6.03% (3 mo. USD <br> Term SOFR + 1.75%) <br> 10/25/34<br>| 950000 | 950000 |
| GoodLeap Sustainable Home <br> Solutions Trust Series <br> 2022-1GS Class A 2.70% <br> 1/20/49<br>| 351611 | 303403 |
| •Greystone CRE Notes LLC <br> Series 2025-FL4 Class A <br> 5.79% (1 mo. USD Term <br> SOFR + 1.48%) 1/15/43<br>| 1240000 | 1240774 |
| •HalseyPoint CLO 3 Ltd. Series <br> 2020-3A Class A1R 5.76% (3 <br> mo. USD Term SOFR + <br> 1.48%) 7/30/37<br>| 510000 | 511314 |
| Hardee's Funding LLC Series <br> 2021-1A Class A2 2.87% <br> 6/20/51<br>| 691200 | 630167 |
| Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
| Series 2023-3A Class A 5.94% <br> 2/25/28<br>| 250000 | 254004 |
| Series 2023-4A Class A 6.15% <br> 3/25/30<br>| 400000 | 417085 |
| Series 2025-1A Class A 4.91% <br> 9/25/29<br>| 780000 | 782619 |
| Series 2025-2A Class A 5.13% <br> 9/25/31<br>| 780000 | 782265 |
| •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>| 118146 | 117847 |
| Hildene Community Funding <br> CDO Ltd. Series 2015-1A <br> Class ARR 2.60% 11/1/35<br>| 451609 | 398184 |
| •HPS Loan Management Ltd. <br> Series 2021-16A Class A1 <br> 5.68% (3 mo. USD Term <br> SOFR + 1.40%) 1/23/35<br>| 360000 | 360487 |

---

LVIP Western Asset Core Bond Fund-16

------

**LVIP Western Asset 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)** |
| Huntington Bank Auto <br> Credit-Linked Notes Series <br> 2024-2 Class B1 5.44% <br> 10/20/32<br>| 926412 | $935113 |
| •Kings Park CLO Ltd. Series <br> 2021-1A Class A 5.66% (3 <br> mo. USD Term SOFR + <br> 1.39%) 1/21/35<br>| 880000 | 880246 |
| •Magnetite XXIX Ltd. Series <br> 2021-29A Class BR 6.01% (3 <br> mo. USD Term SOFR + <br> 1.75%) 7/15/37<br>| 690000 | 691715 |
| •MF1 LLC Series 2025-FL19 <br> Class A 5.80% (1 mo. USD <br> Term SOFR + 1.49%) <br> 5/18/42<br>| 1330000 | 1331661 |
| MMAF Equipment <br> Finance LLC Series 2024-A <br> Class A4 5.10% 7/13/49<br>| 520000 | 532868 |
| MVW LLC Series 2023-2A <br> Class A 6.18% 11/20/40<br>| 172256 | 176212 |
| •Myers Park CLO Ltd. Series <br> 2018-1A Class B1 6.13% (3 <br> mo. USD Term SOFR + <br> 1.86%) 10/20/30<br>| 250000 | 250454 |
| •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>| 278442 | 283157 |
| •Nelnet Student Loan Trust <br> Series 2021-BA Class AFL <br> 5.21% (1 mo. USD Term <br> SOFR + 0.89%) 4/20/62<br>| 523362 | 520626 |
| NMEF Funding LLC Series <br> 2025-A Class A2 4.72% <br> 7/15/32<br>| 1040000 | 1040411 |
| NP SPE X LP Series 2021-1A <br> Class A1 2.23% 3/19/51<br>| 537149 | 513609 |
| •Oaktree CLO Ltd. Series <br> 2024-25A Class A 5.82% (3 <br> mo. USD Term SOFR + <br> 1.55%) 4/20/37<br>| 750000 | 751983 |
| •Ocean Trails CLO X Series <br> 2020-10A Class AR2 5.56% (3 <br> mo. USD Term SOFR + <br> 1.30%) 10/15/34<br>| 690000 | 690317 |
| •OHA Credit Funding 7 Ltd. <br> Series 2020-7A Class AR <br> 5.57% (3 mo. USD Term <br> SOFR + 1.30%) 2/24/37<br>| 590000 | 590000 |
| •OHA Loan Funding Ltd. <br> Series 2013-2A Class AR <br> 5.63% (3 mo. USD Term <br> SOFR + 1.30%) 5/23/31<br>| 183411 | 183530 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Palmer Square CLO Ltd. | •Palmer Square CLO Ltd. | •Palmer Square CLO Ltd. |
| Series 2019-1A Class A1R <br> 5.72% (3 mo. USD Term <br> SOFR + 1.41%) 11/14/34<br>| 440000 | $440310 |
| Series 2021-1A Class A1AR <br> 5.42% (3 mo. USD Term <br> SOFR + 1.15%) 4/20/38<br>| 890000 | 889786 |
| •Parallel Ltd. | •Parallel Ltd. | •Parallel Ltd. |
| Series 2020-1A Class A1R <br> 5.75% (3 mo. USD Term <br> SOFR + 1.48%) 7/20/34<br>| 520000 | 520751 |
| Series 2023-1A Class A1R <br> 5.71% (3 mo. USD Term <br> SOFR + 1.39%) 7/20/36<br>| 1070000 | 1070000 |
| •Park Blue CLO Ltd. | •Park Blue CLO Ltd. | •Park Blue CLO Ltd. |
| Series 2022-2A Class A1R <br> 5.69% (3 mo. USD Term <br> SOFR + 1.42%) 7/20/37<br>| 770000 | 771713 |
| Series 2024-5A Class A1 <br> 5.76% (3 mo. USD Term <br> SOFR + 1.48%) 7/25/37<br>| 620000 | 621493 |
| •Point Au Roche Park CLO <br> Ltd. Series 2021-1A Class A <br> 5.61% (3 mo. USD Term <br> SOFR + 1.34%) 7/20/34<br>| 2050000 | 2050426 |
| •Rad CLO 22 Ltd. Series <br> 2023-22A Class A1 6.10% (3 <br> mo. USD Term SOFR + <br> 1.83%) 1/20/37<br>| 1500000 | 1504895 |
| •Recette CLO Ltd. Series <br> 2015-1A Class ARR 5.61% (3 <br> mo. USD Term SOFR + <br> 1.34%) 4/20/34<br>| 250000 | 250600 |
| •Sagard-Halseypoint CLO 8 <br> Ltd. Series 2024-8A Class A1 <br> 5.70% (3 mo. USD Term <br> SOFR + 1.39%) 1/30/38<br>| 460000 | 460812 |
| SCF Equipment Trust LLC <br> Series 2025-1A Class A3 <br> 5.11% 11/21/33<br>| 1030000 | 1050680 |
| •Silver Point CLO 8 Ltd. Series <br> 2025-8A Class A1 5.43% (3 <br> mo. USD Term SOFR + <br> 1.21%) 4/15/38<br>| 500000 | 499262 |
| •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>| 229418 | 230703 |
| •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>| 135105 | 131675 |
| Series 2006-A Class A5 4.87% <br> (3 mo. USD Term SOFR + <br> 0.55%) 6/15/39<br>| 133900 | 130240 |

---

LVIP Western Asset Core Bond Fund-17

------

**LVIP Western Asset 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)** |
| 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>| 107257 | $103298 |
| Series 2021-C Class APT1 <br> 1.39% 1/15/53<br>| 427320 | 390384 |
| Series 2021-C Class B 2.30% <br> 1/15/53<br>| 211612 | 204616 |
| Series 2022-C Class A1A <br> 4.48% 5/16/50<br>| 800304 | 795420 |
| •Series 2024-C Class A1B <br> 5.40% (30 day USD SOFR <br> Average + 1.10%) 6/17/52<br>| 355739 | 353192 |
| Series 2024-E Class A1A <br> 5.09% 10/16/56<br>| 561492 | 566953 |
| •Sycamore Tree CLO Ltd. <br> Series 2025-6A Class A1 <br> 5.48% (3 mo. USD Term <br> SOFR + 1.20%) 4/20/38<br>| 800000 | 799682 |
| •Trestles CLO VII Ltd. Series <br> 2024-7A Class A1 5.66% (3 <br> mo. USD Term SOFR + <br> 1.38%) 10/25/37<br>| 650000 | 651452 |
| Triumph Rail Holdings LLC <br> Series 2021-2 Class A 2.15% <br> 6/19/51<br>| 417058 | 395037 |
| U.S. Bank NA Series 2023-1 <br> Class B 6.79% 8/25/32<br>| 171341 | 173367 |
| •Whitebox CLO I Ltd. Series <br> 2019-1A Class A1RR 5.60% <br> (3 mo. USD Term SOFR + <br> 1.32%) 7/24/36<br>| 680000 | 680233 |
| •Woodmont Trust Series <br> 2023-12A Class A1R 5.68% (3 <br> mo. USD Term SOFR + <br> 1.40%) 10/25/32<br>| 1016990 | 1019015 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $46,690,532)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $46,690,532)** | **46638672** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–4.40%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–4.40%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–4.40%** |
| Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
| •Series 2021-7 Class A3 2.34% <br> 10/25/66<br>| 176670 | 153320 |
| Series 2022-3 Class A1 4.00% <br> 1/25/67<br>| 380898 | 366156 |
| BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust |
| •Series 2022-NQM3 Class A1 <br> 5.11% 7/25/62<br>| 643909 | 649369 |
| φSeries 2024-NQM3 Class A1 <br> 6.19% 3/25/64<br>| 390147 | 393715 |
| φSeries 2024-NQM5 Class A1 <br> 5.80% 6/25/64<br>| 208724 | 209992 |
| φSeries 2024-NQM5 Class A3 <br> 6.16% 6/25/64<br>| 297030 | 298557 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •CENT Trust Series 2023-CITY <br> Class A 6.93% (1 mo. USD <br> Term SOFR + 2.62%) <br> 9/15/38<br>| 870000 | $870001 |
| •CIM Trust Series 2024-R1 <br> Class A1 4.75% 6/25/64<br>| 876795 | 859981 |
| •CRSO Trust Series 2023 7.12% <br> 7/10/40<br>| 1280000 | 1319213 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| •Series 2020-RPL4 Class A1 <br> 2.00% 1/25/60<br>| 223716 | 200275 |
| •Series 2021-AFC1 Class A1 <br> 0.83% 3/25/56<br>| 198085 | 165258 |
| •Series 2021-AFC1 Class A3 <br> 1.17% 3/25/56<br>| 265613 | 223706 |
| •Series 2021-NQM3 Class A3 <br> 1.63% 4/25/66<br>| 460012 | 404916 |
| •Series 2021-NQM7 Class A1 <br> 1.76% 10/25/66<br>| 148956 | 131038 |
| •Series 2021-NQM8 Class A1 <br> 1.84% 10/25/66<br>| 769880 | 703849 |
| Series 2021-RPL2 Class A1 <br> 2.00% 1/25/60<br>| 137021 | 120605 |
| •Series 2022-NQM1 Class A1 <br> 2.27% 11/25/66<br>| 792059 | 718330 |
| •Deephaven Residential <br> Mortgage Trust Series <br> 2022-1 Class A1 2.21% <br> 1/25/67<br>| 532157 | 490542 |
| •Ellington Financial Mortgage <br> Trust Series 2021-2 Class A1 <br> 0.93% 6/25/66<br>| 210978 | 177336 |
| φGCAT Trust Series <br> 2020-NQM1 Class A3 3.55% <br> 1/25/60<br>| 461946 | 448065 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| •Series 2017-5 Class A2 4.92% <br> 10/26/48<br>| 768107 | 772365 |
| φSeries 2025-NQM1 Class A3 <br> 5.97% 6/25/65<br>| 1233673 | 1240630 |
| •MFA Trust Series 2020-NQM1 <br> Class A3 3.30% 8/25/49<br>| 108790 | 104104 |
| •Morgan Stanley Residential <br> Mortgage Loan Trust Series <br> 2024-INV2 Class A1 6.50% <br> 2/25/54<br>| 610089 | 621386 |
| •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>| 139612 | 132896 |
| Series 2015-2A Class A1 <br> 3.75% 8/25/55<br>| 471953 | 456727 |
| Series 2015-2A Class A2 <br> 3.75% 8/25/55<br>| 268639 | 258323 |
| Series 2016-3A Class A1B <br> 3.25% 9/25/56<br>| 150405 | 140292 |

---

LVIP Western Asset Core Bond Fund-18

------

**LVIP Western Asset Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •New Residential Mortgage Loan Trust (continued) | •New Residential Mortgage Loan Trust (continued) | •New Residential Mortgage Loan Trust (continued) |
| Series 2017-2A Class B2 <br> 4.75% 3/25/57<br>| 323653 | $321256 |
| Series 2017-4A Class A1 <br> 4.00% 5/25/57<br>| 355973 | 340549 |
| Series 2017-6A Class A1 <br> 4.00% 8/27/57<br>| 764015 | 732937 |
| Series 2022-NQM2 Class A1 <br> 3.08% 3/27/62<br>| 791647 | 751481 |
| OBX Trust | OBX Trust | OBX Trust |
| •Series 2021-NQM2 Class A1 <br> 1.10% 5/25/61<br>| 147308 | 121143 |
| •Series 2021-NQM3 Class A1 <br> 1.05% 7/25/61<br>| 222485 | 181920 |
| •Series 2021-NQM4 Class A1 <br> 1.96% 10/25/61<br>| 491355 | 417388 |
| •Series 2022-NQM1 Class A1 <br> 2.31% 11/25/61<br>| 756805 | 678561 |
| φSeries 2024-NQM1 Class A1 <br> 5.93% 11/25/63<br>| 793028 | 797093 |
| φSeries 2024-NQM11 Class A1 <br> 5.88% 6/25/64<br>| 202908 | 204393 |
| φSeries 2024-NQM17 Class A3 <br> 6.02% 11/25/64<br>| 958769 | 963151 |
| φSeries 2025-NQM4 Class A3 <br> 5.76% 2/25/55<br>| 1088514 | 1090074 |
| PRKCM Trust | PRKCM Trust | PRKCM Trust |
| •Series 2021-AFC2 Class A1 <br> 2.07% 11/25/56<br>| 212423 | 186939 |
| φSeries 2024-HOME1 Class A1 <br> 6.43% 5/25/59<br>| 508205 | 514932 |
| φPRPM LLC Series 2024-RCF1 <br> Class A1 4.00% 1/25/54<br>| 210992 | 206422 |
| •RCKT Mortgage Trust Series <br> 2024-INV1 Class A1 6.50% <br> 6/25/54<br>| 255134 | 260176 |
| •SG Residential Mortgage <br> Trust Series 2022-1 Class A1 <br> 3.17% 3/27/62<br>| 767701 | 721254 |
| •Towd Point Mortgage Trust <br> Series 2019-HY2 Class M2 <br> 6.33% (1 mo. USD Term <br> SOFR + 2.01%) 5/25/58<br>| 300000 | 303641 |
| φVerus Securitization Trust | φVerus Securitization Trust | φVerus Securitization Trust |
| Series 2024-6 Class A3 6.15% <br> 7/25/69<br>| 211006 | 212486 |
| Series 2025-1 Class A3 5.98% <br> 1/25/70<br>| 323135 | 324463 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $22,837,693)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $22,837,693)** | **21961206** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.68%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.68%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.68%** |
| •AREIT Trust Series <br> 2022-CRE6 Class A 5.55% <br> (30 day USD SOFR Average <br> + 1.25%) 1/20/37<br>| 307287 | $306711 |
| BBCMS Mortgage Trust Series <br> 2025-5C34 Class A3 5.66% <br> 5/15/58<br>| 400000 | 415718 |
| •BMP Trust Series 2024-MF23 <br> Class A 5.68% (1 mo. USD <br> Term SOFR + 1.37%) <br> 6/15/41<br>| 1000000 | 1001250 |
| •BOCA Commercial Mortgage <br> Trust Series 2024-BOCA <br> Class A 6.23% (1 mo. USD <br> Term SOFR + 1.92%) <br> 8/15/41<br>| 940000 | 942352 |
| •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>| 350695 | 350586 |
| Series 2021-XL2 Class A <br> 5.12% (1 mo. USD Term <br> SOFR + 0.80%) 10/15/38<br>| 428383 | 428249 |
| Series 2023-XL3 Class A <br> 6.07% (1 mo. USD Term <br> SOFR + 1.76%) 12/9/40<br>| 336524 | 337050 |
| Series 2024-XL5 Class A <br> 5.70% (1 mo. USD Term <br> SOFR + 1.39%) 3/15/41<br>| 303062 | 303346 |
| BX Trust | BX Trust | BX Trust |
| Series 2019-OC11 Class A <br> 3.20% 12/9/41<br>| 270000 | 251842 |
| •Series 2021-BXMF Class A <br> 5.06% (1 mo. USD Term <br> SOFR + 0.75%) 10/15/26<br>| 509056 | 508420 |
| •Series 2022-LBA6 Class A <br> 5.31% (1 mo. USD Term <br> SOFR + 1.00%) 1/15/39<br>| 530000 | 529669 |
| •Series 2024-PALM Class A <br> 5.85% (1 mo. USD Term <br> SOFR + 1.54%) 6/15/37<br>| 216346 | 216346 |
| •Series 2024-VLT4 Class B <br> 6.25% (1 mo. USD Term <br> SOFR + 1.94%) 7/15/29<br>| 750000 | 749532 |
| CD Mortgage Trust Series <br> 2016-CD1 Class A4 2.72% <br> 8/10/49<br>| 610000 | 588616 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| Series 2016-P3 Class A4 <br> 3.33% 4/15/49<br>| 178000 | 175252 |
| Series 2016-P6 Class A4 <br> 3.46% 12/10/49<br>| 88681 | 87364 |
| DB-JPM Mortgage Trust <br> Series 2016-C1 Class A4 <br> 3.28% 5/10/49<br>| 225000 | 221953 |

---

LVIP Western Asset Core Bond Fund-19

------

**LVIP Western Asset 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)** |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust <br> Series 2015-JP1 Class A5 <br> 3.91% 1/15/49<br>| 308000 | $305338 |
| JPM-BB Commercial <br> Mortgage Securities Trust <br> Series 2015-C33 Class A4 <br> 3.77% 12/15/48<br>| 410020 | 407715 |
| JPM-DB Commercial <br> Mortgage Securities Trust <br> Series 2016-C2 Class A4 <br> 3.14% 6/15/49<br>| 404000 | 396668 |
| •MHC Commercial Mortgage <br> Trust Series 2021-MHC <br> Class A 5.23% (1 mo. USD <br> Term SOFR + 0.92%) <br> 4/15/38<br>| 43188 | 43188 |
| 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 2015-C26 Class A5 <br> 3.53% 10/15/48<br>| 300040 | 297819 |
| Series 2016-C29 Class A4 <br> 3.33% 5/15/49<br>| 170000 | 167648 |
| •MSWF Commercial Mortgage <br> Trust Series 2023-2 Class A5 <br> 6.01% 12/15/56<br>| 540000 | 577871 |
| •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>| 320000 | 319800 |
| •NJ Trust Series 2023-GSP <br> Class A 6.70% 1/6/29<br>| 420000 | 440920 |
| •NYCT Trust Series 2024-3ELV <br> Class A 6.30% (1 mo. USD <br> Term SOFR + 1.99%) <br> 8/15/29<br>| 310000 | 310383 |
| •PFP Ltd. Series 2024-11 <br> Class A 6.14% (1 mo. USD <br> Term SOFR + 1.83%) <br> 9/17/39<br>| 229150 | 229795 |
| •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>| 540000 | 537975 |
| VLS Commercial Mortgage <br> Trust Series 2020-LAB <br> Class A 2.13% 10/10/42<br>| 480000 | 406469 |
| VNDO Trust Series 2016-350P <br> Class A 3.81% 1/10/35<br>| 1080000 | 1063600 |
| 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>| 3741627 | 35092 |
| \*•Series 2016-C36 Class XA <br> 1.29% 11/15/59<br>| 7624787 | 71174 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| Wells Fargo Commercial Mortgage Trust (continued) | Wells Fargo Commercial Mortgage Trust (continued) | Wells Fargo Commercial Mortgage Trust (continued) |
| Series 2024-C63 Class A5 <br> 5.31% 8/15/57<br>| 350000 | $357964 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $13,704,313)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $13,704,313)** | **13383675** |
| **ΔSOVEREIGN BONDS–0.85%** | **ΔSOVEREIGN BONDS–0.85%** | **ΔSOVEREIGN BONDS–0.85%** |
| **Chile—0.03%** | **Chile—0.03%** | **Chile—0.03%** |
| Chile Government <br> International Bonds 3.10% <br> 1/22/61<br>| 290000 | 175386 |
|  |  | **175386** |
| **Colombia—0.36%** | **Colombia—0.36%** | **Colombia—0.36%** |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| 3.13% 4/15/31 | 280000 | 229633 |
| 3.88% 4/25/27 | 420000 | 410046 |
| 5.00% 6/15/45 | 650000 | 437940 |
| 5.20% 5/15/49 | 210000 | 140458 |
| 5.63% 2/26/44 | 760000 | 560728 |
|  |  | **1778805** |
| **Israel—0.08%** | **Israel—0.08%** | **Israel—0.08%** |
| Israel Government <br> International Bonds 3.25% <br> 1/17/28<br>| 400000 | 386206 |
|  |  | **386206** |
| **Mexico—0.34%** | **Mexico—0.34%** | **Mexico—0.34%** |
| Mexico Government <br> International Bonds 3.50% <br> 2/12/34<br>| 2010000 | 1684380 |
|  |  | **1684380** |
| **Peru—0.02%** | **Peru—0.02%** | **Peru—0.02%** |
| Peru Government <br> International Bonds 3.55% <br> 3/10/51<br>| 160000 | 109675 |
|  |  | **109675** |
| **Uruguay—0.02%** | **Uruguay—0.02%** | **Uruguay—0.02%** |
| Uruguay Government <br> International Bonds 7.63% <br> 3/21/36<br>| 80000 | 95343 |
|  |  | **95343** |
| **Total Sovereign Bonds** <br>**(Cost $5,068,970)** | **Total Sovereign Bonds** <br>**(Cost $5,068,970)** | **4229795** |
| **U.S. TREASURY OBLIGATIONS–16.61%** | **U.S. TREASURY OBLIGATIONS–16.61%** | **U.S. TREASURY OBLIGATIONS–16.61%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| #3.38% 11/15/48 | 22500000 | 17798730 |
| 4.38% 5/15/41 | 1000000 | 969102 |
| 4.50% 8/15/39 | 14000000 | 13947500 |
| 4.63% 2/15/55 | 270000 | 262828 |

---

LVIP Western Asset Core Bond Fund-20

------

**LVIP Western Asset 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 Bonds (continued) | U.S. Treasury Bonds (continued) | U.S. Treasury Bonds (continued) |
| 5.00% 5/15/45 | 30000 | $30816 |
| U.S. Treasury Inflation <br> Indexed Bonds 1.88% <br> 7/15/34<br>| 3025830 | 3028150 |
| U.S. Treasury Inflation <br> Indexed Notes 2.13% <br> 1/15/35<br>| 2845920 | 2892348 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.88% 4/30/30 | 250000 | 250977 |
| 3.88% 8/15/33 | 26000000 | 25603906 |
| 4.25% 11/15/34 | 3470000 | 3481386 |
| 4.25% 5/15/35 | 140000 | 140219 |
| 4.63% 5/31/31 | 14000000 | 14534297 |
| **Total U.S. Treasury Obligations** <br>**(Cost $81,855,023)** | **Total U.S. Treasury Obligations** <br>**(Cost $81,855,023)** | **82940259** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–3.33%** | **MONEY MARKET FUND–3.33%** | **MONEY MARKET FUND–3.33%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 16618663 | 16618663 |
| **Total Money Market Fund** <br>**(Cost $16,618,663)** | **Total Money Market Fund** <br>**(Cost $16,618,663)** | **16618663** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED–0.04%** | **OPTIONS PURCHASED–0.04%** | **OPTIONS PURCHASED–0.04%** |
| **Centrally Cleared–0.04%** | **Centrally Cleared–0.04%** | **Centrally Cleared–0.04%** |
| **Call Options–0.04%** | **Call Options–0.04%** | **Call Options–0.04%** |
| 3 Month SOFR Strike price <br> $96.75, expiration date <br> 6/12/26, notional amount <br> $50,310,000<br>| 208 | $209300 |
|  |  | **209300** |
| **Total Options Purchased** <br>**(Cost $182,437)** | **Total Options Purchased** <br>**(Cost $182,437)** | **209300** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.40% (Cost $517,835,696)** | **501315970** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.40%)** | **(2017053)**<br>|
| **NET ASSETS APPLICABLE TO 64,644,977 SHARES OUTSTANDING–100.00%** | **$499298917** |
| **NET ASSET VALUE PER SHARE–LVIP WESTERN ASSET CORE BOND FUND STANDARD CLASS** <br>**($13,611,238 / 1,766,404 Shares)** | **$7.706** |
| **NET ASSET VALUE PER SHARE–LVIP WESTERN ASSET CORE BOND FUND SERVICE CLASS** <br>**($485,687,679 / 62,878,573 Shares)** | **$7.724** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$731488245** |
| Distributable earnings/(accumulated loss) | **(232189328)**<br>|
| **TOTAL NET ASSETS** | **$499298917** |

---

&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. |

---

LVIP Western Asset Core Bond Fund-21

------

**LVIP Western Asset Core Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| ♦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. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2025. |
| ΔSecurities have been classified by country of origin. |
| #Fully or partially pledged as collateral for derivatives. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,068,970 cash collateral held at broker for futures contracts, $38,285 cash collateral held at brokers for centrally cleared swap <br> contracts, $269,576 variation margin due from broker on futures contracts, $7,501,801 payable for securities purchased, $78,722 payable for <br> fund shares redeemed, $165,604 variation margin due to brokers on centrally cleared swap contracts, $57,255 other accrued expenses <br> payable, $292,611 due to manager and affiliates, $40,405 due to custodian, $26,120 payable for audit fee and $17,813 payable for fund <br> 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 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:** |
| 568 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $63687000 | &nbsp;&nbsp; $62656913 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $1030087 | &nbsp;&nbsp; $— |
| 701 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 76409000 | &nbsp;&nbsp; 75708171 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 700829 | &nbsp;&nbsp; — |
| (2) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (228531)<br>| &nbsp;&nbsp; (227340)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1191)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $1730916 | &nbsp;&nbsp; $(1191)<br>|

---

**Swap Contract**<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 Sold** <br>|  |  |  |  |  |  |  |
| CDX.NA.IG.44- Quarterly<sup>4</sup> <br>| 63113000 | (1.00%) | 6/20/30 | $1417086 | $1178104 | $238983 | $— |

---

**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>|  |  |  |  |  |  |  |  |  |
| 58222000 | 3.73 | SOFR12M | Receive | Annual | 1/31/32 | $(742500) | $(224238) | $— | $(518262) |
| 13241000 | 3.85 | SOFR12M | Receive | Annual | 4/28/36 | (153361) | (30276) |  | (123085) |
| 6788000 | 3.78 | SOFR12M | Receive | Annual | 3/15/27 | (22154) | 2090 |  | (24244) |
| 56693000 | 3.30 | SOFR12M | Pay | Annual | 4/28/28 | 141421 | (2103) | 143524 |  |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $(254527) | $143524 | $(665591) |

---

&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. |

---

LVIP Western Asset Core Bond Fund-22

------

**LVIP Western Asset Core Bond Fund**

**Statement of Net Assets (continued)**

<sup>4</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.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CBOT–Chicago Board of Trade |
| CDX.NA.IG–Credit Default Swap Index North American Investment Grade |
| CLO–Collateralized Loan Obligation |
| CMT–Constant Maturity Treasury |
| DB-JPM–Deutsche Bank JPMorgan |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| IRS–Interest Rate Swap |
| JPM-BB–JPMorgan Barclays Bank |
| JPM-DB–JPMorgan Deutsche Bank |
| LNG–Liquefied Natural Gas |
| REMIC–Real Estate Mortgage Investment Conduits |
| RFUCCT–Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| SOFR–Secured Overnight Financing Rate |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| STACR–Structured Agency Credit Risk |
| yr.–Year |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Western Asset Core Bond Fund-23

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Western Asset Core Bond Fund** | **LVIP Western Asset 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 | $11896080 |
| **EXPENSES:** |  |
| Management fees | 1134493 |
| Distribution fees-Service Class | 611157 |
| Shareholder servicing fees | 73112 |
| Accounting and administration expenses | 53414 |
| Pricing fees | 46999 |
| Professional fees | 37296 |
| Custodian fees | 17856 |
| Trustees' fees and expenses | 7525 |
| Reports and statements to shareholders | 6513 |
| Consulting fees | 6406 |
| Other | 9167 |
| Total operating expenses | 2003938 |
| **NET INVESTMENT INCOME**  | 9892142 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (4541337)<br>|
| Futures contracts | 304881 |
| Options purchased | (25421)<br>|
| Options written | (13971)<br>|
| Swap contracts | 1755912 |
| Net realized loss | (2519936)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 13599307 |
| Futures contracts | 2921003 |
| Options purchased | 26863 |
| Swap contracts | (2799429)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 13747744 |
| **NET REALIZED AND UNREALIZED GAIN** | 11227808 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $21119950 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Western Asset Core Bond Fund** | **LVIP Western Asset Core Bond Fund** | **LVIP Western Asset 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 NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $9892142 | $19245264 |
| Net realized loss | (2519936)<br>| (16295951)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 13747744 | 60779 |
| Net increase in net assets resulting <br> from operations<br>| 21119950 | 3010092 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (1244082)<br>|
| Service Class |  | (31219377)<br>|
|  |  | (32463459)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 870696 | 6781529 |
| Service Class | 25034152 | 91288090 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 1244082 |
| Service Class |  | 31219377 |
|  | 25904848 | 130533078 |
| Cost of shares redeemed: |  |  |
| Standard Class | (4658999)<br>| (12164784)<br>|
| Service Class | (57952155)<br>| (60062160)<br>|
|  | (62611154)<br>| (72226944)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (36706306)<br>| 58306134 |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (15586356)<br>| 28852767 |
| **NET ASSETS:** |  |  |
| Beginning of period | 514885273 | 486032506 |
| End of period | $499298917 | $514885273 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Western Asset Core Bond Fund-24

------

**LVIP Western Asset Core Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Western Asset Core Bond Fund Standard Class** | **LVIP Western Asset Core Bond Fund Standard Class** | **LVIP Western Asset Core Bond Fund Standard Class** | **LVIP Western Asset Core Bond Fund Standard Class** | **LVIP Western Asset Core Bond Fund Standard Class** | **LVIP Western Asset 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** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.382 | &nbsp;&nbsp; $7.827 | &nbsp;&nbsp; $8.261 | &nbsp;&nbsp; $10.197 | &nbsp;&nbsp; $10.782 | &nbsp;&nbsp; $10.116 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.155 | 0.316 | 0.307 | 0.228 | 0.169 | 0.217 |
| Net realized and unrealized gain (loss) | 0.169 | &nbsp;&nbsp; (0.248)<br>| 0.172 | &nbsp;&nbsp; (1.893)<br>| &nbsp;&nbsp; (0.352)<br>| 0.692 |
| Total from investment operations | 0.324 | 0.068 | 0.479 | &nbsp;&nbsp; (1.665)<br>| &nbsp;&nbsp; (0.183)<br>| 0.909 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.513)<br>| &nbsp;&nbsp; (0.913)<br>| &nbsp;&nbsp; (0.271)<br>| &nbsp;&nbsp; (0.235)<br>| &nbsp;&nbsp; (0.243)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.159)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.513)<br>| &nbsp;&nbsp; (0.913)<br>| &nbsp;&nbsp; (0.271)<br>| &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.243)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $7.706 | &nbsp;&nbsp; $7.382 | &nbsp;&nbsp; $7.827 | &nbsp;&nbsp; $8.261 | &nbsp;&nbsp; $10.197 | &nbsp;&nbsp; $10.782 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.38% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 5.93% | &nbsp;&nbsp; (16.42%)<br>| &nbsp;&nbsp; (1.72%)<br>| &nbsp;&nbsp; 9.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $13611 | &nbsp;&nbsp; $16746 | &nbsp;&nbsp; $21725 | &nbsp;&nbsp; $1494224 | &nbsp;&nbsp; $1971350 | &nbsp;&nbsp; $1868293 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.51% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.17% | &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 3.61% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 2.06% |
| Portfolio turnover | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 95% | &nbsp;&nbsp; 207% <br><sup>4</sup><br>| &nbsp;&nbsp; 128% | &nbsp;&nbsp; 129% | &nbsp;&nbsp; 225% |

---

&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> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes, which are an integral part of the financial statements.

LVIP Western Asset Core Bond Fund-25

------

**LVIP Western Asset Core Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Western Asset Core Bond Fund Service Class** | **LVIP Western Asset Core Bond Fund Service Class** | **LVIP Western Asset Core Bond Fund Service Class** | **LVIP Western Asset Core Bond Fund Service Class** | **LVIP Western Asset Core Bond Fund Service Class** | **LVIP Western Asset 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** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.409 | &nbsp;&nbsp; $7.855 | &nbsp;&nbsp; $8.249 | &nbsp;&nbsp; $10.181 | &nbsp;&nbsp; $10.768 | &nbsp;&nbsp; $10.107 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.146 | 0.297 | 0.280 | 0.205 | 0.143 | 0.190 |
| Net realized and unrealized gain (loss) | 0.169 | &nbsp;&nbsp; (0.249)<br>| 0.218 | &nbsp;&nbsp; (1.889)<br>| &nbsp;&nbsp; (0.352)<br>| 0.691 |
| Total from investment operations | 0.315 | 0.048 | 0.498 | &nbsp;&nbsp; (1.684)<br>| &nbsp;&nbsp; (0.209)<br>| 0.881 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.494)<br>| &nbsp;&nbsp; (0.892)<br>| &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.220)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.159)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.007)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.494)<br>| &nbsp;&nbsp; (0.892)<br>| &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.378)<br>| &nbsp;&nbsp; (0.220)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $7.724 | &nbsp;&nbsp; $7.409 | &nbsp;&nbsp; $7.855 | &nbsp;&nbsp; $8.249 | &nbsp;&nbsp; $10.181 | &nbsp;&nbsp; $10.768 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.24% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 6.19% | &nbsp;&nbsp; (16.62%)<br>| &nbsp;&nbsp; (1.97%)<br>| &nbsp;&nbsp; 8.73% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $485688 | &nbsp;&nbsp; $498139 | &nbsp;&nbsp; $464308 | &nbsp;&nbsp; $397081 | &nbsp;&nbsp; $498962 | &nbsp;&nbsp; $404800 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.92% | &nbsp;&nbsp; 3.81% | &nbsp;&nbsp; 3.36% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.81% |
| Portfolio turnover | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 95% | &nbsp;&nbsp; 207% <br><sup>4</sup><br>| &nbsp;&nbsp; 128% | &nbsp;&nbsp; 129% | &nbsp;&nbsp; 225% |

---

&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> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes, which are an integral part of the financial statements.

LVIP Western Asset Core Bond Fund-26

------

**LVIP Western Asset 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 Western Asset 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 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 maximize total return, consistent with prudent investment management and liquidity needs.

**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 and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Swap contracts are valued based upon valuations provided by an independent pricing service or broker 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.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a

LVIP Western Asset Core Bond Fund-27

------

**LVIP Western Asset 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)**

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.

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 $2 billion of the Fund's average daily net assets; and 0.35% of the Fund's average daily net assets in excess of $2 billion. The management fee is calculated daily and paid monthly.

Western Asset Management Company (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $21577 |
| Legal | &nbsp;&nbsp; 3288 |

---

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 $2,905 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 Western Asset Core Bond Fund-28

------

**LVIP Western Asset Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $182398 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 98423 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 35 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 11755 |

---

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; $34299918 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 158325295 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 43434125 |
| Sales of U.S. government securities | &nbsp;&nbsp; 171956223 |

---

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; $517835696 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $6119138 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (21192223)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(15073085)<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 Western Asset Core Bond Fund-29

------

**LVIP Western Asset Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22112027 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22112027 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2382607 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2382607 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 146027815 | &nbsp;&nbsp; — | &nbsp;&nbsp; 146027815 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 144811951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144811951 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 46638672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46638672 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 21961206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21961206 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13383675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13383675 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 4229795 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4229795 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 82940259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82940259 |
| Money Market Fund | &nbsp;&nbsp; 16618663 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16618663 |
| Options Purchased | &nbsp;&nbsp; 209300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 209300 |
| **Total Investments** | &nbsp;&nbsp; $16827963 | &nbsp;&nbsp; $484488007 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $501315970 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $1730916 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1730916 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382507 |
| **Liabilities:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(1191)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1191)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(665591)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(665591)<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; 115652 | &nbsp;&nbsp; 874900 |
| Service Class | &nbsp;&nbsp; 3325232 | &nbsp;&nbsp; 11760608 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 160796 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 4039100 |
|  | &nbsp;&nbsp; 3440884 | &nbsp;&nbsp; 16835404 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (617639)<br>| &nbsp;&nbsp; (1543019)<br>|
| Service Class | &nbsp;&nbsp; (7679380)<br>| &nbsp;&nbsp; (7679334)<br>|
|  | &nbsp;&nbsp; (8297019)<br>| &nbsp;&nbsp; (9222353)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (4856135)<br>| &nbsp;&nbsp; 7613051 |

---

**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 Western Asset Core Bond Fund-30

------

**LVIP Western Asset Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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 facilitate investments in portfolio securities and to reduce transaction costs.

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 manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions; to adjust the Fund's overall exposure to certain markets; to protect the value of portfolio securities and to facilitate investments in portfolio securities.

Swap Contracts–The Fund enters into inflation swap contracts, interest rate swap contracts and CDS 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. The Fund may use interest rate swaps to manage the Fund's sensitivity to interest rates or hedge against changes in interest rates. 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 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

LVIP Western Asset Core Bond Fund-31

------

**LVIP Western Asset Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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 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 counterparty for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

As disclosed in the footnotes to the Statement of Net Assets, at June 30, 2025, the notional value of the protection sold was USD 63,113,000, 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 has 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. At June 30, 2025, net unrealized appreciation of the protection sold was $238,983.

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.

LVIP Western Asset Core Bond Fund-32

------

**LVIP Western Asset Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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** |
| Futures contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| $1730916 | Liabilities net of receivables and other <br> assets<br>| $(1191)<br>|
| Options purchased <br> (Equity contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 209300 | Liabilities net of receivables and other <br> assets<br>|  |
| Swap contracts <br> (Credit contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 238983 | Liabilities net of receivables and other <br> assets<br>|  |
| Swap contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 143524 | Liabilities net of receivables and other <br> assets<br>| (665591)<br>|
| Total |  | $2322723 |  | $(666782)<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; $304881 | &nbsp;&nbsp; $2921003 |
| 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; 46925 | &nbsp;&nbsp; 26863 |
| 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; (72346)<br>| &nbsp;&nbsp; — |
| Options written (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; (13971)<br>| &nbsp;&nbsp; — |
| Swap contracts (Credit <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; 12658 | &nbsp;&nbsp; 225088 |
| 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; 1743254 | &nbsp;&nbsp; (3024517)<br>|
| Total |  | &nbsp;&nbsp; $2021401 | &nbsp;&nbsp; $148437 |

---

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) | $124630145 | $460300 |
| Options contracts (average value) | 202269 | 2288 |
| CDS contracts (average notional value)\*\* | 47156000 | 35294143 |
| Interest rate swap contracts (average notional value)\*\*\* | 53140286 | 45531429 |

---

&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

LVIP Western Asset Core Bond Fund-33

------

**LVIP Western Asset Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At June 30, 2025, the Fund had no assets and liabilities subject to offsetting provisions.

**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.

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

LVIP Western Asset Core Bond Fund-34

------

**LVIP Western Asset 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)**

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 June 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 Franklin Templeton Core Bond Fund, formerly known as LVIP Macquarie Bond 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 July 31, 2025 ("Record Date"). A meeting of shareholders, as of the Record Date, to consider the Reorganization is scheduled to be held on or about October 30, 2025, and the Fund's Reorganization is expected to be completed on or about October 31, 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 Western Asset Core Bond Fund-35

------

&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.](fp0095164-1_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.](fp0095164-1_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.

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| | |
|:---|:---|
| (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.

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| | | |
|:---|:---|:---|
| Date: | August 21, 2025 | /s/ James Hoffmayer |
|  |  | James Hoffmayer, Chief Accounting Officer |
|  |  | (principal financial officer) |

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## 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.

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| | | |
|:---|:---|:---|
| 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) |

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