# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001193125-26-100267
**Filing Date:** 2026-3
**Character Count:** 568581
**Document Hash:** 1c268a6b033a5f44764d496e0aeed124
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-100267.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001193125-26-100267

**CONFORMED SUBMISSION TYPE**: N-14

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**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-14
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294189
- **FILM NUMBER:** 26739966

**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
**CENTRAL INDEX KEY**: 0000914036

**CENTRAL INDEX KEY**: 0000914036

**CENTRAL INDEX KEY**: 0000914036

**CENTRAL INDEX KEY**: 0000914036

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on March 10, 2026** <br>**1933 Act Registration No. [__]**

------

**SECURITIES AND EXCHANGE COMMISSION** <br>**Washington, D.C. 20549** <br>**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**PRE-EFFECTIVE AMENDMENT NO. [__]**

**LINCOLN VARIABLE INSURANCE PRODUCTS TRUST** <br>(Exact Name of Registrant as Specified in Charter)

John Morriss, President <br>1301 South Harrison Street <br>Fort Wayne, Indiana 46802 <br>(Address of Principal Executive Offices)

Registrant's Telephone Number, Including Area Code: (260) 455-2000

Paul T. Chryssikos, Esquire <br>Lincoln Financial <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>(Name and Address of Agent for Service)

Copies of all communications to: <br>Robert A. Robertson, Esquire <br>Dechert, LLP <br>US Bank Tower <br>633 West 5th Street, Suite 4900 <br>Los Angeles, CA 90071-2013

Approximate Date of Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended.

Title of securities being registered: Shares of beneficial interest, without par value, of the Acquiring Fund, a series of the Registrant.

It is proposed that this Registration Statement will become effective on April 9, 2026, pursuant to Rule 488 under the Securities Act of 1933, as amended.

No filing fee is due because Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended.

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

------

##### [**Table of Contents**](#toc)
**PROXY MATERIALS** 

LVIP Multi-Manager Global Equity Managed Volatility Fund

**LINCOLN VARIABLE INSURANCE PRODUCTS TRUST** 

**1301 South Harrison Street** 

**Fort Wayne, Indiana 46802** 

[April 15], 2026

**<u>ACTION REQUIRED</u>**

Dear Contract Owners and Shareholders:

Enclosed is a notice and Proxy Statement/Prospectus relating to a Special Meeting of Shareholders of the LVIP Multi-Manager Global Equity Managed Volatility Fund (the "Acquired Fund").

The Acquired Fund is a series of Lincoln Variable Insurance Products Trust (the "Trust"). The Special Meeting of Shareholders, together with any postponements or adjournments thereof, (the "Meeting") of the Acquired Fund is scheduled to be held at the offices of the Trust located at 150 North Radnor-Chester Road, Radnor, Pennsylvania 19087 on [June 3], 2026 at [11:30] a.m., Eastern time. At the Meeting, the shareholders of the Acquired Fund who are entitled to vote at the Meeting will be asked to approve the proposal described below.

The Trust's Board of Trustees (the "Board") has called the Meeting to request shareholder approval of the reorganization of the Acquired Fund into the LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund), a series of the Trust (the "Acquiring Fund") (the "Reorganization"). Each series is managed by Lincoln Financial Investments Corporation.

As an owner of a variable life insurance policy and/or a variable annuity contract or certificate that participates in the Acquired Fund through the investment divisions of a separate account or accounts established by The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("Lincoln New York"), you are entitled to instruct Lincoln Life and Lincoln New York, as applicable, how to vote the Acquired Fund shares related to your interest in those accounts held as of the close of business on [February 27], 2026. (For convenience, contract owners and policy participants are referred to collectively as "Contract Owners.") The attached Notice of Special Meeting of Shareholders and Proxy Statement/Prospectus describe the matters to be considered at the Meeting. You should read the Proxy Statement/Prospectus prior to completing your voting instruction card.

The Board has approved the proposal and recommends that you vote "FOR" the proposal. Although the Board has determined that a vote "FOR" the proposal is in your best interest, the final decision belongs to the Contract Owners.

If the Reorganization is approved and implemented, each Contract Owner that invests indirectly in the Acquired Fund will automatically become a Contract Owner that invests indirectly in the Acquiring Fund. You are cordially invited to attend the Meeting. Since it is important that your vote be represented whether or not you are able to attend, you are urged to consider these matters and to exercise your voting instructions by completing, dating, and signing the enclosed voting instruction card and returning it in the accompanying return envelope at your earliest convenience or by relaying your voting instructions via telephone or the Internet by following the enclosed instructions. For further information on how to provide voting instructions, please see the Contract Owners Voting Instructions included herein. Please respond promptly in order to save additional costs of proxy solicitation and in order to make sure you are represented.

Very truly yours,

---

| |
|:---|
|  /s/ [ ]John Morriss |
|  [ ]John Morriss<br> President and Chairman<br> Lincoln Variable Insurance Products Trust |

---

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##### [**Table of Contents**](#toc)
**NOTICE OF SPECIAL MEETING OF SHAREHOLDERS** 

**To Be Held on [June 3], 2026** 

**LINCOLN VARIABLE INSURANCE PRODUCTS TRUST** 

LVIP Multi-Manager Global Equity Managed Volatility Fund

**1301 South Harrison Street** 

**Fort Wayne, Indiana 46802** 

**866-436-8717** 

Notice is hereby given that a Special Meeting of Shareholders (the "Meeting") of the LVIP Multi-Manager Global Equity Managed Volatility Fund (the "Acquired Fund"), a series of Lincoln Variable Insurance Products Trust (the "Trust"), will be held on [June 3], 2026 at [11:30] a.m., Eastern time, at the offices of the Trust located at 150 North Radnor-Chester Road, Radnor, Pennsylvania 19087.

The Meeting will be held to act on the following proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To approve the Agreement and Plan of Reorganization with respect to the reorganization of the LVIP
Multi-Manager Global Equity Managed Volatility Fund into the LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund), also a series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To transact other business that may properly come before the Meeting or any adjournments thereof.

**The Board unanimously recommends that you vote in favor of the proposal.** 

Only shareholders of record who owned shares of the Acquired Fund at the close of business on [February 27], 2026 (the "Record Date") are entitled to vote at the Meeting and at any adjournments or postponements thereof. If you are a shareholder of record of the Acquired Fund on the Record Date, you have the right, and are being asked, to direct the persons listed on the enclosed voting instruction card as to how your shares should be voted.

Shares of the Fund are sold directly or indirectly primarily to separate accounts of The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("Lincoln New York") that support certain variable annuity contracts and variable life insurance policies (the "Accounts") issued by such companies. (For convenience, contract owners and policy participants are referred to collectively as "Contract Owners.") Contract Owners have the right to instruct Lincoln Life and Lincoln New York, as applicable, as the record owners of shares of the Acquired Fund that are owned in the Accounts, how to vote the shares of the Fund that are attributable to those Accounts at the Meeting.

To assist you, a voting instruction card is enclosed. In addition, a Proxy Statement/Prospectus describing the matters to be voted on at the Meeting or any adjournment(s) thereof is included with this Notice. The enclosed voting instruction card is being solicited on behalf of the Board of Trustees of the Trust.

We realize that you may not be able to attend the Meeting. However, we do need your voting instructions. Whether or not you plan to attend the Meeting, please promptly complete, sign, and return each voting instruction card included with this Proxy Statement/Prospectus in the enclosed postage-paid envelope or provide your voting instructions by mail, telephone, or through the Internet as explained in the enclosed Proxy Statement. If you decide to attend the Meeting, you may revoke your prior voting instructions and provide voting instructions by attending the Meeting. The number of shares of the Acquired Fund attributable to you will be voted in accordance with your voting instruction card.

If you have any questions about the Meeting, please feel free to call 866-436-8717.

By Order of the Board of Trustees of the Trust,

---

| |
|:---|
|  /s/ Samuel K. Goldstein |
|  Samuel K. Goldstein<br> Secretary<br> [April 15], 2026 |

---

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##### [**Table of Contents**](#toc)
**Important notice regarding the availability of proxy materials for the shareholder Meeting to be held on [June 3], 2026: this Notice of Special Meeting of Shareholders, Proxy Statement/Prospectus, and the form of voting instruction card are available on the Internet at [<u>https://www.proxy-direct.com/lin-35024</u>].** 

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##### [**Table of Contents**](#toc)
**IMPORTANT INFORMATION TO HELP YOU UNDERSTAND** 

**AND VOTE ON THE PROPOSAL** 

We are providing you with this overview of the proposal on which your vote is requested. Please read the full text of the Proxy Statement/Prospectus, which contains additional information about the proposal, and keep it for future reference. Your vote is important.

**<u>Questions and Answers</u>**

**Q.** **Why are you sending me the Proxy Statement/Prospectus?** 

**A.** You are receiving a Proxy Statement/Prospectus because you beneficially owned shares of the Acquired Fund noted in the chart below as of [February 27], 2026, and you have the right to vote on a very important proposal. The Proxy Statement/Prospectus contains information that you should know before voting on the proposal which, if approved and consummated, will result in important changes to your investment.

**Q.** **What am I being asked to vote upon?** 

**A.** You are being asked to approve an Agreement and Plan of Reorganization (the "Agreement") to effect the reorganization of the Acquired Fund into the Acquiring Fund as indicated in the table below.

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| LVIP Multi-Manager Global Equity Managed Volatility Fund | LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund) |

---

If shareholders of the Acquired Fund approve the Agreement and certain other closing conditions are satisfied or waived, the shares you currently own of the Acquired Fund would be exchanged for the same value of shares of the Acquiring Fund noted in the chart above. We refer to the transaction as a "Reorganization."

**Q.** **Why has the Board approved the Reorganization proposal?** 

**A.** The Board concluded that the Reorganization is in the best interests of the Acquiring Fund and the Acquired Fund. The Board based its approval on several factors, including that Lincoln Financial Investments Corporation ("LFI") recommended the Reorganization to the Board of Trustees (the "Board") and believes that the Reorganization is in the best interests of the LVIP Multi-Manager Global Equity Managed Volatility Fund (the "Acquired Fund") and the LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund) (the "Acquiring Fund" and together with the Acquired Fund, each a "Fund," and collectively, the "Funds"). The Funds have similar investment objectives in that the Acquiring Fund seeks to provide long-term capital growth through a flexible policy of investing primarily in stocks of companies organized in the United States or in any foreign nation, and may invest in debt obligations of companies and governments of any nation, and the Acquired Fund seeks long-term growth of capital. The Funds also have similar, but not identical, investment strategies. The Acquiring Fund recently modified its investment strategy to appoint Loomis, Sayles & Company, L.P. ("Loomis") as sub-adviser to the Acquiring Fund and to terminate two of the Fund's sub-advisers, Franklin Advisers, Inc. ("FA") and Templeton Investment Counsel, LLC ("TIC"). After the changes, the sub-advisers for the Acquiring Fund's underlying equity portion were Loomis and Franklin Mutual Advisers, LLC ("FMA"). The Acquiring Fund's managed volatility overlay is managed by Schroder Investment Management North America Inc. ("Schroders"). The Board considered that the Acquiring Fund's proposed contractual management fee is higher than that of the Acquired Fund and that the Acquiring Fund's proposed expense ratio is lower than that of the Acquired Fund. The Board further considered that LFI has agreed to reimburse expenses to the Acquiring Fund for at least two years after the closing of the Reorganization so that the Acquiring Fund's expense ratio will be no higher than that of the Acquired Fund. The Board considered LFI's belief that Acquired Fund shareholders would have similar investment experiences after the Reorganization. Further information on the Board's considerations is included under "Board Considerations."

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##### [**Table of Contents**](#toc)
**Q.** **What will happen to the existing shares?** 

**A.** Immediately after the Reorganization, you indirectly will own shares of the Acquiring Fund that are equal in total net asset value, as of the closing date of the Reorganization, to the shares of the Acquired Fund held as of such time. Therefore, your investment will not lose value as a result of the Reorganization.

**Q.** **Are there any significant differences between the investment objectives, principal investment strategies, and principal risks of the Acquired Fund and the Acquiring Fund?** 

**A.** The Acquired Fund has a similar investment objective and similar, though not identical, principal investment strategies and principal risks to the Acquiring Fund. See *"*Comparison of Investment Objectives, Policies and Strategies*"* section below for additional information.

**Q.** **How do the fees and expenses compare?** 

**A.** The annual fund operating expenses of the Acquiring Fund are lower than those of the Acquired Fund. LFI has contractually agreed to reimburse expenses to keep the Acquiring Fund's expenses at no more than the Acquired Fund's current expenses for at least two years following the closing date of the Reorganization. Operating expenses for the Acquiring Fund may increase after two years if this waiver is not renewed.

The section entitled "Comparison of Fees and Expenses" of the Proxy Statement/Prospectus compares the fees and expenses of the Funds in detail.

**Q.** **Will there be any sales load, commission or other transactional fee in connection with the Reorganization?** 

**A.** No. Your shares of the Acquired Fund will be exchanged for an equal value of shares of the same class of the Acquiring Fund without the imposition of any sales load, commission or other transactional fee.

**Q.** **What are the expected federal income tax consequences of the Reorganization?** 

**A.** The Funds are held only through tax-deferred insurance products. Therefore, the Acquired Fund and its shareholders are not expected to recognize any gain or loss for U.S. federal income tax purposes as a direct result of the Reorganization.

**Q.** **Has the Board considered the Agreement and the Reorganization, and how does it recommend that I vote?** 

**A.** The Board, including the Independent Trustees, has carefully considered the Agreement and the Reorganization and unanimously recommends that you vote "FOR" the Agreement.

**Q.** **What is the anticipated timing of the Reorganization?** 

**A.** The Reorganization is expected to occur on or about June [5], 2026 (the "Closing Date").

**Q.** **What will happen if shareholders of the Acquired Fund do not approve the Agreement?** 

**A.** If shareholders of the Acquired Fund do not approve the Agreement or if the Reorganization is not completed for any other reason, the Board, on behalf of the Acquired Fund, will consider other possible courses of action, including continuing to operate the Acquired Fund as a stand-alone fund, merging the Acquired Fund into another fund, or liquidating the Acquired Fund.

**Q.** **Will the Acquired Fund or Acquiring Fund pay the costs of this proxy solicitation or any direct costs in connection with the proposed Reorganization?** 

**A.** No. Neither of the Funds will bear these costs. LFI will bear all expenses of the Reorganization, as set forth in the Agreement, including the portfolio brokerage costs associated with repositioning the portfolio, whether or not the Reorganization is consummated. These costs of the Reorganization are estimated to be approximately $119,000. It is anticipated that approximately 55% of the Acquired Fund's holdings will be sold in advance of the Reorganization and the resulting proceeds will be invested in accordance with Acquiring Fund's principal investment strategies. The brokerage costs associated with portfolio repositioning for the Reorganization are expected to be approximately $40,000.

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##### [**Table of Contents**](#toc)
**Q.** **How do I vote my shares?** 

**A.** For your convenience, there are several ways you can vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *By telephone* (call the toll-free number listed on your proxy card or cards)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *By Internet* (log on to the website listed on your proxy card or cards)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *By mail* (using the enclosed postage prepaid envelope)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *By attending the virtual shareholder meeting* (using the instructions included with this Proxy
Statement/Prospectus)

We encourage you to vote as soon as possible so we can reach the needed quorum for the vote and avoid the cost of additional solicitation efforts. Please refer to the enclosed proxy card(s) for instructions for voting by telephone, Internet or mail.

**Q.** **How Can I Attend the Special Meeting?** 

**A.** If you attend the Meeting in person, you will be required to present a valid form of government-issued photo identification, such as a valid driver's license or passport, and proof of ownership of Acquired Fund shares as of [February 27], 2026, the Record Date for the Meeting. The [June 3], 2026 in-person Special Meeting will begin promptly at [11:30] a.m. Eastern time. We encourage you to arrive at the Meeting prior to the start time leaving ample time for check in.

**Q.** **Whom should I call if I have questions?** 

**A.** If you need any assistance, or have any questions regarding the Agreement, the Reorganization or how to vote your shares, please call Computershare at 1-800-337-3503.

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##### [**Table of Contents**](#toc)
***The information contained in this Joint Proxy Statement/Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Proxy Statement/Prospectus is not an offer to sell these securities, and it is not a solicitation of an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.***

**SUBJECT TO COMPLETION,** 

**DATED [MARCH 10, 2026]** 

**LINCOLN VARIABLE INSURANCE PRODUCTS TRUST** 

LVIP Multi-Manager Global Equity Managed Volatility Fund

**1301 South Harrison Street** 

**Fort Wayne, Indiana 46802** 

**866-436-8717** 

**PROXY STATEMENT/PROSPECTUS** 

**[ ], 2026** 

**Introduction** 

This proxy statement/prospectus (the "Proxy Statement/Prospectus") is being furnished to shareholders of the LVIP Multi-Manager Global Equity Managed Volatility Fund (the "Acquired Fund") and to annuity and insurance contract owners ("Contract Owner") who beneficially own shares of the Acquired Fund. The Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust"), of which the Acquired Fund is a series, is soliciting votes for a special meeting (together with any postponements or adjournments thereof, the "Meeting") of shareholders of the Acquired Fund. The Meeting will be held on [June 3], 2026 at [11:30] a.m., Eastern Time, at the offices of the Trust located at 150 North Radnor-Chester Road, Radnor, Pennsylvania 19087.

The purpose of the Meeting is for shareholders of the Acquired Fund to consider and vote upon the following proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To approve an Agreement and Plan of Reorganization (the "Agreement") providing for the reorganization of the LVIP Multi-Manager Global Equity Managed Volatility Fund into the LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund) , also a series of the Trust (the "Acquiring Fund"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To transact other business that may properly come before the Meeting.

Only shareholders of record who owned shares of the Acquired Fund at the close of business on [February 27], 2026 (the "Record Date") are entitled to vote at the Meeting and at any adjournments or postponements thereof.

We sometimes refer to the Acquired Fund and the Acquiring Fund collectively as the "Funds" and to a fund individually as a "Fund." Shares of the Funds are sold directly or indirectly to separate accounts of The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("Lincoln New York") that support certain variable annuity contracts and variable life insurance policies (the "Accounts") issued by such insurance companies. (For convenience, contract owners and policy participants are referred to collectively as "Contract Owners"). Contract Owners have the right to instruct Lincoln Life and Lincoln New York, as applicable, as the record owners of shares of the Acquired Fund that are owned in the Accounts, how to vote the shares that are attributable to those Accounts at the Meeting.

**This Proxy Statement/Prospectus contains information that shareholders of the Acquired Fund should know before voting on the Agreement that is described herein and sets forth concisely the information about the Acquiring Fund that a prospective investor ought to know before investing in the Acquiring Fund. This Proxy Statement/Prospectus should be retained for future reference. It is both the proxy statement of the Acquired Fund and also a prospectus for the Acquiring Fund. Each Fund is a registered open-end management investment company.** 

In the Reorganization, the value of the Acquiring Fund shares that you will receive will be the same as the value of the shares of the Acquired Fund that you held immediately prior to the Reorganization. The Reorganization is intended to be a tax-free reorganization for federal income tax purposes, meaning that you should not be required to pay any federal income tax as a direct result of the Reorganization. No sales load, commission, or other transactional fee will be imposed in connection with the Reorganization.

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##### [**Table of Contents**](#toc)
The Board has fixed the close of business on [February 27], 2026 as the record date ("Record Date") for the determination of shareholders entitled to notice of, and to vote at, the Meeting. Each shareholder of the Acquired Fund shall be entitled to one vote for each full share owned, and a fractional vote for each fractional share owned. Shareholders of all classes of the Acquired Fund will vote as a single class on the Agreement. We intend to mail this Proxy Statement/Prospectus, the enclosed Notice of Special Meeting of Shareholders and the enclosed proxy card on or about [April 15], 2026, to all shareholders entitled to vote at the Meeting.

After careful consideration of the proposed Agreement, the Board has unanimously approved the Agreement. If shareholders of the Acquired Fund do not approve the Agreement, the Board will consider what further action is appropriate.

The following are incorporated by reference into this Proxy Statement/Prospectus and contain additional information about the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The prospectus and statement of additional information for the Acquired Fund, dated May 1, 2025 (File No. 033-70742; Accession No. 0001193125-25-107080);](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000119312525107080/d943379d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The supplement for the Acquired Fund, dated January 9, 2026 (File No. 033-70742; Accession No. 0001193125-26-008870);](http://www.sec.gov/Archives/edgar/data/914036/000119312526008870/d10265d497.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The prospectus and statement of additional information for the Acquiring Fund, dated May 1, 2025 (File No. 033-70742; Accession No. 0001193125-25-107080);](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000119312525107080/d943379d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Annual Reports to shareholders of the Acquired Fund for the fiscal year ended December 31, 2025 (Accession No. 0001398344-26-004779);](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000139834426004779/fp0097560-1_ncsrixbrl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Annual Reports to shareholders of the Acquiring Fund for the fiscal year ended December 31, 2025 (Accession No. 0001398344-26-004775);](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000139834426004775/fp0097558-1_ncsrixbrl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Semi-Annual Reports to shareholders of the Acquired Fund for the six months ended June 30, 2025 (Accession No. 0001398344-25-017125); and,](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000139834425017125/fp0095164-1_ncsrsixbrl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Semi-Annual Reports to shareholders of the Acquiring Fund for the six months ended June 30, 2025 (Accession No. 0001398344-25-017117).](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000139834425017117/fp0095143-1_ncsrsixbrl.htm)

The above documents are on file with the Securities and Exchange Commission (the "SEC"). The prospectuses of the Acquired Fund and the Acquiring Fund and supplements thereto are incorporated herein by reference and are legally deemed to be part of this Proxy Statement/Prospectus. The Statement of Additional Information to this Proxy Statement/Prospectus ("SAI"), dated the same date as this Proxy Statement/Prospectus, is incorporated by reference, is deemed to be part of this Proxy Statement/Prospectus, and is available upon oral or written request from the Trust, at the address and toll-free telephone number noted below. The Funds' prospectuses, statements of additional information, most recent Annual Report to Shareholders containing audited financial statements for the most recent fiscal year, and most recent Semi-Annual Report to Shareholders are available on the Funds' website at http://www.lincolnfinancial.com/lvip.

Copies of all of these documents are available upon request without charge by visiting, writing to, or calling Lincoln Variable Insurance Products Trust, 1301 South Harrison Street, Fort Wayne, IN 46802, (800) 454-6265.

You also may view or obtain these documents from the SEC's website at www.sec.gov.

**These securities have not been approved or disapproved by the SEC nor has the SEC passed upon the accuracy or adequacy of this Proxy Statement/Prospectus. Any representation to the contrary is a criminal offense.** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [SUMMARY](#pro35318_1) | 1 |
|  [Management and Administrative Fees](#pro35318_2) | 17 |
|  [Share Classes and Distribution Arrangements](#pro35318_3) | 19 |
|  [Payments to Broker-Dealers and other Financial Intermediaries](#pro35318_4) | 20 |
|  [Pricing of Fund Shares](#pro35318_5) | 20 |
|  [Buying and Selling Shares](#pro35318_6) | 21 |
|  [Market Timing](#pro35318_7) | 21 |
|  [Distribution Policy and Federal Tax Consequences](#pro35318_8) | 22 |
|  [Comparison of Business Structures, Shareholder Rights, and Applicable Law](#pro35318_9) | 22 |
|  [Description of the Securities to be Issued](#pro35318_10) | 23 |
|  [Security Ownership of Certain Beneficial Owners](#pro35318_11) | 23 |
|  [Potential Benefits of the Reorganization to LFI and its Affiliates](#pro35318_12) | 23 |
|  [CAPITALIZATION](#pro35318_13) | 24 |
|  [TERMS OF THE AGREEMENT AND PLAN OF REORGANIZATION](#pro35318_14) | 24 |
|  [INFORMATION ON VOTING](#pro35318_15) | 25 |
|  [Voting Information](#pro35318_16) | 25 |
|  [Revocation of Voting Instructions and Proxies](#pro35318_17) | 26 |
|  [Quorum](#pro35318_18) | 26 |
|  [Effect of Abstentions and Broker Non-Votes](#pro35318_19) | 26 |
|  [Adjournment](#pro35318_20) | 26 |
|  [Other Business](#pro35318_21) | 27 |
|  [Contract Owner and Shareholder Proposals](#pro35318_22) | 27 |
|  [EXHIBIT A – FORM OF AGREEMENT AND PLAN OF REORGANIZATION](#pro35318_23) | A-1 |
|  [EXHIBIT B – FINANCIAL HIGHLIGHTS](#pro35318_24) | B-1 |
|  [EXHIBIT C – SAMPLE PROXY CARDS](#pro35318_25) |  |
|  [STATEMENT OF ADDITIONAL INFORMATION](#pro35318_26) |  |

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**SUMMARY** 

**OVERVIEW** 

On December 8-9, 2025, the Board, on behalf of the Acquiring Fund and the Acquired Fund, unanimously voted to approve the Agreement subject to approval by shareholders of the Acquired Fund and other closing conditions.

In the Reorganization, the Acquired Fund will transfer all of its assets and liabilities to the Acquiring Fund. The Acquiring Fund will then issue shares to the Acquired Fund, which will distribute such shares pro rata to shareholders of the Acquired Fund. Any shares you beneficially own of the Acquired Fund at the time of the Reorganization will be cancelled and you will receive shares, in the same share class, of the Acquiring Fund having a value equal to the net asset value of your shares of the Acquired Fund. No gain or loss for federal income tax purposes is expected to be recognized by any shareholder of the Acquired Fund as a direct result of the Reorganization, as discussed below under "Federal Income Tax Consequences." If the Agreement is approved by shareholders and certain other conditions are met, the Reorganization is expected to occur on or about June [5], 2026.

We recommend that you read the enclosed Proxy Statement/Prospectus. In addition to the detailed information in the Proxy Statement/Prospectus, the following discussion provides an overview of key information about the Reorganization.

**Reasons for the Reorganization** 

The proposed Reorganization is part of the continuing effort of Lincoln Financial Investments Corporation ("LFI" or the "Adviser"), the Funds' investment adviser, to reduce redundancy and maintain a streamlined Fund lineup that includes investment strategies with solid performance, the potential to garner significant assets, and reasonable fees. The Funds' have similar equity strategies that use managed volatility overlays and behave similarly. The Acquiring Fund has greater prospects for distribution and consequent economies of scale. In addition, LFI intends to streamline the LVIP fund lineup by reducing duplication with respect to its managed volatility offerings. The Funds have similar investment objectives. The Acquiring Fund seeks to provide long-term capital growth, which it seeks to achieve through a flexible policy of investing primarily in stocks of companies organized in the United States or in any foreign nation. A portion of the Fund may also be invested in debt obligations of companies and governments of any nation. Any income realized will be incidental. The Acquired Fund also seeks long-term growth of capital. The Funds have similar, though not identical, investment strategies and risks (as described below under "Comparison of Investment Objectives, Policies and Strategies"), which would allow shareholders of the Acquired Fund to have a reasonably similar investment experience after the Reorganizations. The Acquiring Fund recently modified its investment strategy to appoint Loomis, Sayles & Company, L.P. ("Loomis") as sub-adviser to the Acquiring Fund and to terminate two of the Fund's sub-advisers, Franklin Advisers, Inc. ("FA") and Templeton Investment Counsel, LLC ("TIC"). After the changes, the sub-advisers for the Acquiring Fund's underlying equity portion were Loomis and Franklin Mutual Advisers, LLC ("FMA"). The Acquiring Fund's managed volatility overlay is managed by Schroder Investment Management North America Inc. ("Schroders"). The Acquiring Fund expense ratio and 12b-1 fee for its Service Class are each lower than that of the Acquired Fund (as described below under "Comparative Fee and Expense Tables"). LFI has contractually agreed to reimburse expenses to keep the Acquiring Fund's expenses at no more than the Acquired Fund's current level for at least two years following the closing date of the Reorganization. Operating expenses for the Acquiring Fund may increase after two years if this waiver is not renewed. LFI believes that Acquired Fund investors will have reasonably similar investment experiences, at a lower cost, after the Reorganization. Management believes that the Acquiring Fund will meet the investment expectations of investors in the Acquired Fund.

LFI considered other options for action, including liquidating the Acquired Fund or restructuring it. Liquidating the Acquired Fund is less desirable because the Acquiring Fund is a suitable investment option for Acquired Fund investors, while a liquidation would force Acquired Fund investors to transfer to a money market fund and to be uninvested while they choose another suitable investment. Restructuring the Acquired Fund is not as useful an option for Acquired Fund investors because no viable restructuring of the Acquired Fund would address

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the Fund's redundancy in strategy within the LVIP Fund lineup. In contrast, the Reorganization allows investors to continue investing in an equity fund with a managed volatility overlay.

**Comparison of Investment Objectives, Policies and Strategies** 

As shown in the section entitled *"Comparison of Investment Objectives, Policies and Strategies"* in this Proxy Statement/Prospectus, the Acquiring Fund has an investment objective which is similar to that of the Acquired Fund. The Funds have the same fundamental investment policies and restrictions. A description of such policies and restrictions can be found in the section of the Funds' statements of additional information entitled "Fundamental Investment Restrictions."

The Acquiring Fund has similar, though not identical, principal investment strategies to the Acquired Fund. Please see the section entitled *"Comparison of Investment Objectives, Policies and Strategies"* in this Proxy Statement/Prospectus for a comparison of the principal investment strategies of the Funds and a description of the differences in the principal investment strategies between the Acquired Fund and the Acquiring Fund.

**Comparison of Principal Risks** 

Because the Acquiring Fund has a similar investment objective, principal investment strategies and principal risks to the Acquired Fund, the Reorganization should not materially change the risk/return profile for Acquired Fund shareholders.

The section entitled *"Comparison of Principal Risks"* in this Proxy Statement/Prospectus shows a comparison of these risks and highlights any material differences. In addition, the prospectus of the Acquiring Fund contains a discussion of its risks. For more information on the risks associated with the Acquiring Fund, see the "Additional Investment Strategies and Risks" section of the Acquiring Fund's statement of additional information. The cover page of this Proxy Statement/Prospectus describes how you can obtain a copy of each Fund's statement of additional information.

The full list of the Acquired Fund's and the Acquiring Fund's investment restrictions may be found in each Fund's respective statement of additional information. See the cover page of this Proxy Statement/Prospectus for a description of how you can obtain a copy of the Acquired Fund's and Acquiring Fund's statement of additional information.

**Comparison of Fees and Expenses** 

The following table compares the shareholder fees and annual fund operating expenses, expressed as a percentage of net assets ("expense ratios"), of the Funds with the shareholder fees and *pro forma* expense ratios of the Acquiring Fund. *Pro forma* expense ratios of the Acquiring Fund show the expected effect of the Reorganization on the Acquiring Fund, but actual expenses may be greater or less than those shown. The table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher.

The Acquiring Fund will implement expense limitations for two years from the closing date of the Reorganization as necessary to ensure that the total expense ratio for the Acquiring Fund, excluding interest, taxes, brokerage commissions, underlying fund fees and expenses ("AFFE"), extraordinary expenses such as litigation, and other expenses not incurred in the ordinary course of such Fund's business, does not exceed 0.70% of the Fund's average daily net assets for the Standard Class or 0.95% of the Fund's average daily net assets for the Service Class. If the current expense limitation is not renewed upon the end of the two years after the closing date of the Reorganization, the expense ratio of the Acquiring Fund after two years from the closing date of the Reorganization may be higher than the expenses shown below.

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|:---|:---|:---|:---|
|  | ***Acquired Fund*** | ***Acquiring Fund*** | ***Acquiring Fund*** |
|  | **LVIP Multi-Manager<br>Global Equity<br>Managed Volatility<br>Fund** | **LVIP Global<br>Equity Managed<br>Volatility Fund<br>(formerly, the<br>LVIP Franklin<br>Templeton Global<br>Equity Managed<br>Volatility Fund)** | **LVIP Global<br>Equity Managed<br>Volatility Fund<br>(formerly, the<br>LVIP Franklin<br>Templeton<br>Global Equity<br>Managed<br>Volatility Fund)<br>*Pro Forma*<br>Combined** |
| **Standard Class** | | | |
|  **Annual Fund Operating Expenses** *(expenses that are deducted from fund assets)* |  |  |  |
|  Management Fees | 0.20% | 0.65% | 0.65% |
|  Distribution and/or Service (12b-1) Fees | 0.00% | 0.00% | 0.00% |
|  Other Expenses1 | 0.15% | 0.08% | 0.08% |
|  Acquired Fund Fees and Expenses (AFFE)<sup>2</sup> | 0.58% | 0.00% | 0.00% |
|  **Total Annual Fund Operating Expenses<sup>3</sup>** | 0.93% | 0.73% | 0.73% |
|  Less Fee Waiver and Expense Reimbursement | (0.14%)<sup>4</sup> | (0.03%)<sup>5</sup> | (0.03%)<sup>5</sup> |
|  **Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement** | 0.79% | 0.70% | 0.70% |
| **Service Class** |  |  |  |
|  **Annual Fund Operating Expenses** *(expenses that are deducted from fund assets)* |  |  |  |
|  Management Fees | 0.20% | 0.65% | 0.65% |
|  Distribution and/or Service (12b-1) Fees | 0.35% | 0.25% | 0.25% |
|  Other Expenses1 | 0.15% | 0.08% | 0.08% |
|  Acquired Fund Fees and Expenses (AFFE)2 | 0.58% | 0.00% | 0.00% |
|  **Total Annual Fund Operating Expenses (including AFFE)3** | 1.28% | 0.98% | 0.98% |
|  Less Fee Waiver and Expense Reimbursement | (0.14%)<sup>4</sup> | (0.03%)<sup>5</sup> | (0.03%)<sup>5, 6</sup> |
|  **Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement** | 1.14% | 0.95% | 0.95% |

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| <sup>1.</sup> | Fees and expenses for the Acquired and Acquiring Fund are based on those incurred by it for the fiscal year ended September 30, 2025. The *pro forma* fees and expenses of the Acquiring Fund are estimates, calculated as if the Reorganization were in effect for the fiscal year ended September 30, 2025.  |

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|:---|:---|
| <sup>2.</sup> | AFFE is estimated based on amounts for the current fiscal year.  |

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<sup>3</sup> The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to the average net assets appearing in the Financial Highlights table, which reflects only the operating expenses of the Fund and does not include AFFE. 

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| <sup>4.</sup> | Lincoln Financial Investments Corporation (the "Adviser") has contractually agreed to reimburse the Fund to the extent that the Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses) exceed 0.21% of the Fund's average daily net assets for the Standard Class (and 0.56% for the Service Class). Any reimbursements made by the Adviser are subject to recoupment from the Fund within three years after the occurrence of the reimbursement, provided that such recoupment shall not be made if it would cause annual Fund operating expenses of a class of the Fund to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the current expense limitation in effect, if any. The agreement will continue through at least April 30, 2027, and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.  |

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| <sup>5.</sup> | The Adviser has contractually agreed to waive the following portion of its advisory fee: 0.03% of the Fund's average daily net assets. The agreement will continue through at least April 30, 2027, and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.  |

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| <sup>6.</sup> | The Adviser has contractually agreed to reimburse the Acquiring Fund to the extent that the Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, underlying fund fees and expenses AFFE, extraordinary expenses such as litigation, and other expenses not incurred in the ordinary course of such Fund's business) exceed 0.70% of the Fund's average daily net assets for the Standard Class and 0.95% of the Fund's average daily net assets for the Service Class. Any reimbursements made by LFI are subject to recoupment from the Acquiring Fund within three years after the occurrence of the reimbursement, provided that such recoupment shall not be made if it would cause annual Fund operating expenses of a class of the Acquiring Fund to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the current expense limitation in effect, if any. The agreement will continue through at least two years from the closing of the Reorganization and cannot be terminated before that date without the mutual agreement of the Acquired Fund's Board of Trustees and the Adviser.  |

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**Expense Examples** 

The Examples are intended to help you compare the costs of investing in different classes of the Acquired Fund and the Acquiring Fund with the cost of investing in other mutual funds. *Pro forma* combined costs of investing in different classes of the Acquiring Fund after giving effect to the Reorganization are also provided. All costs are based upon the information set forth in the tables above.

The Examples assume that you invest $10,000 for the time periods indicated and show the expenses that you would have paid if you redeem all of your shares at the end of those time periods. The Examples also assume that your investment has a 5% return each year and that the operating expenses remain the same.

Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the first year only for the Acquired Fund, and the first two years for the Acquiring Fund, as LFI has contractually agreed to reimburse expenses through two years from the closing date of the Reorganization. Accordingly, the expense reimbursements applicable to the Acquiring Fund are not reflected in years three through ten of the table. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any), applicable at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. The results apply whether or not you redeem your investment at the end of the given period. Although your actual returns and costs may be higher or lower, based on these assumptions your costs would be:

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|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  **LVIP Multi-Manager Global Equity Managed Volatility Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class | $[81] | $[282] | $[501] | $[1,130] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | $[116] | $[392] | $[689] | $[1,533] |
|  **LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class | $[72] | $[230] | $[403] | $[904] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | $[97] | $[309] | $[539] | $[1,199] |
|  **LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund)** *(Pro Forma Combined)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class | $[72] | $[227] | $[400] | $[901] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | $[97] | $[306] | $[536] | $[1,196] |

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The examples are not a representation of past or future expenses. The Funds' actual expenses, and an investor's direct and indirect expenses, may be more or less than those shown. The table and the assumption in the Example of a 5% annual return are required by regulations of the SEC applicable to all mutual funds. The 5% annual return is not a prediction of and does not represent a Fund's projected or actual performance.

For further discussion regarding the Board's consideration of the fees and expenses of the Funds in approving the Agreement, see the section entitled "*BOARD CONSIDERATIONS*" in this Proxy Statement/Prospectus.

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**Portfolio Turnover** 

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect a Fund's performance. During the fiscal year ended December 31, 2025, the portfolio turnover rate for the Acquired Fund was 20%. The portfolio turnover rate for the Acquiring Fund was 36%.

**BOARD CONSIDERATIONS** 

On December 8-9, 2025, the Board of Lincoln Variable Insurance Products Trust (the "Trust") met to consider the proposed Reorganization of the Acquired Fund into the Acquiring Fund. The Board reviewed and evaluated such information as it deemed necessary to consider the Reorganization, including the information presented by LFI. The Independent Trustees were assisted in their review of the information by independent legal counsel. In determining whether to approve the Reorganization, the Board made inquiry into and considered, among others, the following factors, in no order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the investment objective and principal investment strategies of the Acquiring Fund that would allow
shareholders of the Acquired Fund to have a reasonably similar investment experience, at a lower cost, after the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Acquiring Fund's current net advisory fee rate and proposed net advisory fee rate
post-Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Acquiring Fund's current net annual operating expense ratio and expected net annual operating expense
ratio post-Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. LFI's agreement to cap the Acquiring Fund's expenses for at least two years following the closing
of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the comparative investment performance of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the reasonable prospects for garnering additional assets for the Acquiring Fund to achieve economies of scale
post-Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the absence of any material differences in the rights of shareholders of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. any direct or indirect benefits expected to be derived by LFI and its affiliates from the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the expected tax-free nature of the Reorganization to contract holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. the estimated legal, proxy, and portfolio transitioning costs in connection with the Reorganization and
LFI's representation that it will pay the costs of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. LFI's representation that the Reorganization will not result in any dilution of the shareholders of the
Acquired Fund or the Acquiring Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. the terms and conditions of the Agreement and Plan of Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. possible alternatives to the Reorganization, including liquidating or restructuring the Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. the impact of the implementation of the proposed sub-adviser change for
the Acquiring Fund also considered by the Board at the December meeting on the closing of the Reorganization.

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At the meeting, the Board, including a majority of the Independent Trustees, approved the Reorganization after carefully considering the above factors and concluding that participation in the Reorganization is in the best interests of the Acquired Fund and the Acquiring Fund and that the interests of existing shareholders of the Funds will not be diluted as a result of the Reorganization.

**OTHER IMPORTANT INFORMATION ABOUT THE REORGANIZATION** 

**Comparison of Investment Objectives, Policies and Strategies** 

The Funds have similar investment objectives. The Acquiring Fund seeks to provide long-term capital growth, which it seeks to achieve through a flexible policy of investing primarily in stocks of companies organized in the United States or in any foreign nation. A portion of the Fund may also be invested in debt obligations of companies and governments of any nation. Any income realized will be incidental. The Acquired Fund also seeks long-term growth of capital.

The Funds have similar investment strategies. The Funds' have similar equity strategies that use managed volatility overlays. The Acquired Fund is a fund of funds that invests substantially all of its assets in underlying mutual funds. The Acquired Fund indirectly invests at least 80% of its assets in the equity securities of U.S. and non-U.S. companies. The Acquired Fund uses a managed volatility overlay in the portfolio, which is managed by Schroders, in order to manage overall portfolio volatility. The Acquiring Fund is also a global equity fund which primarily invests equity securities issued by companies of any nation, including countries in emerging markets. The Acquiring Fund will be sub-advised by FMA and Loomis and also uses a managed volatility overlay in the portfolio, which is managed by Schroders.

The following table compares the investment objectives and the principal investment strategies of the Funds. The Board may change the investment objective of a Fund without a vote of that Fund's shareholders. For more detailed information about each Fund's investment strategies and risks, see each Fund's prospectus.

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|  | ***Acquired Fund*** | ***Acquiring Fund*** |
|  | **LVIP Multi-Manager Global Equity Managed<br>Volatility Fund** | **LVIP Global Equity Managed Volatility Fund<br>(formerly, the LVIP Franklin Templeton Global<br>Equity Managed Volatility Fund)** |
| **Investment Objective** | The investment objective of the Fund is to seek long-term growth of capital.<br>This objective is non-fundamental and may be changed without shareholder approval. | The investment objective of the Fund is to seek to provide long-term capital growth, which it seeks to achieve through a flexible policy of investing primarily in stocks of companies organized in the United States or in any foreign nation. A portion of the Fund may also be invested in debt obligations of companies and governments of any nation. Any income realized will be incidental.<br>This objective is non-fundamental and may be changed without shareholder approval. |

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| **Principal Investment Strategies** | The Fund operates under a "fund of funds" structure. The Fund, under normal circumstances, invests substantially all of its assets in mutual funds (the "Underlying Funds") which, in turn, invest at least 80% of their assets in equity securities of U.S. and non-U.S. companies. The Underlying Funds invest in a broad and diverse group of global stocks of companies from both developed and developing markets, including the U.S. The Underlying Funds include funds advised by the Adviser. The Fund also seeks to manage its overall portfolio volatility with a managed volatility strategy. This is a type of risk management sometimes referred to as an "overlay" because the risk management portion of the portfolio supplements the Fund's main investment portfolio.<br>The Adviser develops the Fund's asset allocation strategy based on the Fund's investment strategy. Through its investment in Underlying Funds, the Fund allocates assets across a broad and diverse range of U.S. and foreign equity securities with growth and value styles, including large-cap, mid-cap, small-cap and emerging market stocks. The Fund may also allocate a smaller percentage of assets to Underlying Funds that invest in real estate securities (principally, readily marketable equity securities of companies in the following sectors of the real estate industry: certain real estate investment trusts and companies engaged in residential construction and firms, except partnerships, whose principal business is to develop commercial property). The Underlying Funds may include index funds.<br>Foreign equity securities are securities of companies organized, or having a majority of their assets, or earning a majority of their operating income outside of the U.S. or determined to be a foreign equity security in accordance with factors deemed appropriate by the adviser to the Underlying Funds. Foreign equity securities may trade on U.S. or foreign markets. An emerging market country is generally considered to be one that is in the initial stages of its industrialization cycle and has a lower per capita gross national product.The Fund invests in Underlying Funds which hold foreign equity securities of companies in developing and less developed foreign countries ("emerging markets"). The Fund, through Underlying Funds, may invest a large | The Fund pursues its objective through investing primarily in equity securities, including common stocks and depositary <br>receipts. Along with pursuing its investment objective, the Fund seeks to manage its overall portfolio volatility with a managed volatility strategy. This is a type of risk management sometimes referred to as an "overlay" because the risk management portion supplements the Fund's main investment portfolio.<br>Lincoln Financial Investments Corporation (the "Adviser") serves as the Fund's investment adviser. Loomis, Sayles & Company, L.P. ("Loomis") and Franklin Mutual Advisers, LLC ("FMA") serve as the Fund's sub-advisers. Each sub-adviser is responsible for the day-to-day management of the portion of the Fund's assets that the Adviser allocates to such sub-adviser. The Adviser intends to allocate approximately 50% of the portion of the Fund's assets not subject to the overlay to Loomis and approximately 50% of the portion of the Fund's assets not subject to the overlay to FMA. Such allocations are subject to change at the discretion of the Adviser.<br>The Fund, under normal circumstances, invests at least 80% of its assets in equity securities issued by companies of any nation, including countries in emerging markets. Investments are primarily made in common stocks and may include those of companies of any size. The Fund's investments will generally be selected from among many different industries. As a general matter, the Fund will invest in a minimum of five different foreign countries.Loomis employs a growth style of equity management, seeking to invest in companies with sustainable competitive advantages as compared to other companies, long-term structural growth drivers that may lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders.<br>Loomis also aims to invest in companies when they trade at a significant discount to the estimate of intrinsic value (i.e., companies with share prices trading significantly below what the portfolio manager believes the share price should be). The Fund will consider selling a security when Loomis believes an unfavorable structural change |

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| percentage of its assets in issuers located in a single country, a small number of countries, or a particular geographic region. The Fund normally maintains investment exposure to at least three countries outside of the U.S. Typically, the Fund invests in a large number of different countries. The Fund is not required to allocate its investments in any set percentages in any particular countries.<br>Certain Underlying Funds may use derivatives, such as futures contracts and options on futures contracts for equity securities and indices, to gain market exposure on their uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. Also, the Underlying Funds may lend their portfolio securities to generate additional income.<br>On at least an annual basis, the Adviser will reassess and may make revisions in the Fund's asset allocation strategy consistent with the Fund's investment strategy and objective, including revising the weightings among the investments described above and adding Underlying Funds to or removing Underlying Funds from the asset allocation strategy. The Adviser will also periodically rebalance the weightings in the Underlying Funds held by the Fund to the current asset allocation strategy. In general, the Adviser does not anticipate making frequent changes in the asset allocation strategy and will not attempt to time the market.<br>The Adviser uses various analytical tools and proprietary and third-party research to construct the portfolio. The Underlying Fund allocation is made based on the Fund's particular asset allocation strategy, the Adviser's desired asset class exposures, country and regional exposure, and the investment styles and performance of the Underlying Funds. The Adviser also considers the portfolio characteristics and risk profile for each Underlying Fund over various periods and market environments to assess each Underlying Fund's suitability as an investment for the Fund.<br>The full list of Underlying Funds used by the Fund is included in the Fund's annual and semi-annual reports, Form N-CSR and quarterly holdings disclosures.<br>*Managed Volatility Strategy.* Schroder Investment Management North America Inc. | occurs within a given business or the markets in which it operates, a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects intrinsic value, or for other investment reasons which Loomis deems appropriate. The Fund may also engage in foreign currency transactions (including foreign currency forwards and foreign currency futures) for hedging purposes, invest in options for hedging and investment purposes and invest in securities issued pursuant to Rule 144A under the Securities Act of 1933. Under normal market conditions, Loomis does not intend to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged. Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments.<br>FMA employs a research-driven, fundamental value strategy for the Fund. FMA invests primarily in undervalued securities (securities trading at a discount to fundamental value), including convertible securities. Investments are generally selected based on FMA's own analysis of the security's fundamental value, including an analysis of book value, cash flow potential, long-term earnings and multiples of earnings. FMA examines each investment separately and there are no set criteria as to specific value parameters, asset size, earnings or industry type.<br>*Managed Volatility Strategy.* Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (collectively, Schroders" or "overlay manager") serve as sub-adviser and sub-sub-adviser to the Fund, respectively, to implement the managed volatility strategy. This managed volatility strategy consists of selling (short) positions in exchange-traded equity futures contracts to manage overall portfolio volatility and seeks to reduce the impact on the Fund's portfolio of significant market downturns during periods of high volatility. Schroders buys or sells (shorts) individual futures contracts on equity indices of domestic and foreign markets that it believes are highly correlated to the Fund's equity exposure. Schroders may also buy and sell fixed income futures and foreign currency derivatives (futures and/or forwards) as |

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| | |
|:---|:---|
| and Schroder Investment Management North America Limited (collectively, "Schroders" or "overlay manager") serve as sub-adviser and sub-sub-adviser to the Fund, respectively, to implement the managed volatility strategy. This managed volatility strategy consists of selling (short) positions in exchange-traded equity futures contracts to manage overall portfolio volatility and seeks to reduce the impact on the Fund's portfolio of significant market downturns during periods of high volatility. Schroders buys or sells (shorts) individual futures contracts on equity indices of domestic and foreign markets that it believes are highly correlated to the Fund's equity exposure. Schroders may also buy and sell fixed income futures and foreign currency derivatives (futures and/or forwards) as part of this strategy. Although up to 20% of the Fund's net assets may be used by Schroders to implement the managed volatility strategy, under normal market conditions, it is expected that less than 10% of the Fund's net assets will be used for this strategy. Schroders uses a proprietary volatility forecasting model to manage the assets allocated to this strategy. The managed volatility strategy is separate and distinct from any riders or features of your insurance contract.<br>Schroders will regularly adjust the level of exchange-traded futures contracts and/or foreign currency derivatives to seek to manage the Fund's overall net risk level, i.e., volatility. "Volatility" is a statistical measure of the dispersion of the Fund's investment returns. Schroders will seek to manage currency risk involved in foreign futures contracts by buying or selling (shorting) foreign currency derivatives (futures and/or forwards). Schroders' investment in exchange-traded futures and their resulting costs could limit the upside participation of the Fund in strong appreciating markets relative to unhedged funds. In situations of extreme market volatility, the exchange-traded futures could potentially reduce the Fund's net economic exposure to equity securities and foreign currency or increase the Fund's net economic exposure to fixed income securities to a substantial degree. The amount of exchange-traded futures may fluctuate frequently based upon market conditions. | part of this strategy. Although up to 20% of the Fund's net assets may be used by Schroders to implement the managed volatility strategy, under normal market conditions, it is expected that less than 10% of the Fund's net assets will be used for this strategy. Schroders uses a proprietary volatility forecasting model to manage the assets allocated to this strategy. The managed volatility strategy is separate and distinct from any riders or features of your insurance contract.<br>Schroders will regularly adjust the level of exchange-traded futures contracts and/or foreign currency derivatives to seek to manage the Fund's overall net risk level, i.e., volatility. "Volatility" is a statistical measure of the dispersion of the Fund's investment returns. Schroders will seek to manage currency risk involved in foreign futures contracts by buying or selling (shorting) foreign currency derivatives (futures and/or forwards). Schroders' investment in exchange-traded futures and their resulting costs could limit the upside participation of the Fund in strong appreciating markets relative to unhedged funds. In situations of extreme market volatility, the exchange-traded futures could potentially reduce the Fund's net economic exposure to equity securities and foreign currency or increase the Fund's net economic exposure to fixed income securities to a substantial degree. The amount of exchange-traded futures may fluctuate frequently based upon market conditions.<br>Schroders may take a long position in equity index futures and/or foreign currency derivatives for the purpose of providing an equity and/or currency exposure generally comparable to the holdings of cash. This allows the Fund to be fully invested in the market by turning cash into an equity and/or currency position while still maintaining the liquidity provided by the cash. |

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<br> Schroders may take a long position in equity index futures and/or foreign currency derivatives for the purpose of providing an equity and/or currency exposure generally comparable to the holdings of cash. This allows the Fund to be fully invested in the market by turning cash into an equity and/or currency position while still maintaining the liquidity provided by the cash.<br>

**Comparison of Principal Risks** 

The table below compares the principal risks of investing in each Fund, and the discussion below the table provides additional information on the risks that apply to the Acquiring Fund. In addition, the prospectus of the Acquiring Fund contains a discussion of its risks.

The principal risks associated with the Funds are similar, however, there are some differences. Notably, the following are risk that are present in the Acquiring Fund but not in the Acquired Fund: Active Management Risk, Income Stocks Risk, Convertible Securities Risk, Large Position Risk, ESG Integration Risk, and Rule 144A Securities Risk. For more information on the risks associated with the Acquiring Fund, see the "Investment Strategies and Risks" section of the Acquiring Fund's statement of additional information. The cover page of this Proxy Statement/Prospectus describes how you can obtain a copy of the statements of additional information.

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| | | |
|:---|:---|:---|
| **Principal Risks** | **LVIP Multi-Manager Global Equity Managed<br>Volatility Fund**<br> **(Acquired Fund)** | **LVIP Global Equity Managed Volatility**<br> **Fund (formerly, the LVIP Franklin Templeton<br>Global Equity Managed Volatility Fund)**<br> **(Acquiring Fund)** |
|  Market Risk | ✓ | ✓ |
|  Stock/Equity Investing Risk | ✓ | ✓ |
|  Fund of Funds Risk | ✓ |  |
|  Investments in Affiliated Funds Risk | ✓ |  |
|  Issuer Risk | ✓ | ✓ |
|  Asset Allocation Risk | ✓ |  |
|  Passive Management Risk | ✓ |  |
|  Active Management Risk |  | ✓ |
|  Value Stocks Risk | ✓ | ✓ |
|  Growth Stocks Risk | ✓ | ✓ |
|  Income Stocks Risk |  | ✓ |
|  Convertible Securities Risk |  | ✓ |
|  Regional Risk | ✓ | ✓ |
|  Foreign Investments Risk | ✓ | ✓ |
|  Emerging Markets Risk | ✓ | ✓ |
|  Foreign Currency Risk | ✓ | ✓ |
|  Depositary Receipts Risk | ✓ | ✓ |
|  Real Estate and Real Estate Investment Trust (REIT) Risk | ✓ |  |
|  Securities Lending Risk | ✓ |  |
|  Derivatives Risk | ✓ | ✓ |
|  Large Position Risk |  | ✓ |

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| | | |
|:---|:---|:---|
| **Principal Risks** | **LVIP Multi-Manager Global Equity Managed<br>Volatility Fund**<br> **(Acquired Fund)** | **LVIP Global Equity Managed Volatility Fund<br>(formerly, the LVIP Franklin Templeton Global<br>Equity Managed Volatility Fund)**<br> **(Acquiring Fund)** |
|  Leverage Risk | ✓ | ✓ |
|  Futures Risk | ✓ | ✓ |
|  Small-and Medium-Cap Company Risk | ✓ | ✓ |
|  Managed Volatility Strategy Risk | ✓ | ✓ |
|  Hedging Risk | ✓ | ✓ |
|  ESG Integration Risk |  | ✓ |
|  Rule 144A Securities Risk |  | ✓ |
|  Liquidity Risk | ✓ | ✓ |

---

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following is a description of the principal risks for the Acquiring Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Market Risk**. The value of portfolio investments may decline. As a result, your investment in the Fund may
decline in value and you could lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Stock/Equity Investing Risk.** Equities generally fluctuate in value more than bonds and may decline
significantly over short time periods. Equity prices overall may decline because stock markets tend to move in cycles, with periods of rising and falling prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer Risk**. The prices of, and the income generated by, portfolio securities may decline in response to
various factors directly related to the issuers of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Active Management Risk**. The portfolio investments are actively-managed, rather than tracking an index or
rigidly following certain rules, which may negatively affect investment performance. Consequently, there is the risk that the methods and analyses, including models, tools and data, employed in this process may be flawed or incorrect and may not
produce desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Value Stocks Risk**. Value stocks tend to be inexpensive relative to their earnings or assets compared to
other types of stocks, such as growth stocks. Value stocks can continue to be inexpensive for long periods of time, may not ever realize their potential value, and may even go down in price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Growth Stocks Risk**. Growth stocks, due to their relatively high market valuations, typically have been
more volatile than value stocks. Growth stocks may not pay dividends, or may pay lower dividends, than value stocks and may be more adversely affected in a down market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income Stocks Risk**. Income from stocks may be reduced by changes in the dividend policies of companies and
the capital resources available for such payments at such companies. Depending upon market conditions, income producing common stock may not be widely available and/or may be highly concentrated in only a few market sectors, thereby limiting the
ability to produce current income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Convertible Securities Risk**. Convertible securities share investment characteristics of both fixed income
and equity securities. The value of these securities may vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also may be less volatile than the
underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The Fund could lose money if the issuer of a convertible
security is unable to meet its financial obligations or goes bankrupt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regional Risk**. The Fund will generally have more exposure to the specific market, currency, economic,
political, regulatory, geopolitical, or other risks in the regions or countries in which it

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invests. As a result, the Fund could experience substantial illiquidity, volatility or reduction in the value of its investments, as compared to a more geographically-diversified fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investments Risk**. 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. The value of foreign investments may be reduced by foreign taxes, such as foreign taxes 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. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers. Foreign
investments may be less liquid and their prices more volatile than comparable investments in U.S. issuers. In addition, certain foreign countries may be subject to terrorism, governmental collapse, regional conflicts and war, which could negatively
impact investments in those countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk**. Companies located in emerging markets tend to be less liquid, have more volatile
prices, and have significant potential for loss in comparison to investments in developed markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Depositary Receipts Risk.** Depositary receipts are receipts issued by a bank or trust company and evidence
ownership of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American Depositary Receipts or Global Depositary Receipts. Depositary receipts are subject to the risks usually associated with
foreign securities, including risks associated with investing in the particular country, including the political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in its currency. In
addition, depositary receipt holders may not have all the legal rights of shareholders and may experience difficulty in receiving shareholder communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Currency Risk**. Foreign currency risk is the risk that the U.S. dollar value of investments in
foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Risk**. Derivatives or other similar instruments (referred to collectively as
"derivatives"), such as futures, forwards, options, swaps, structured securities and other similar instruments, are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or
index. Derivatives may involve costs and risks that are different from, or possibly greater than, the costs and risks associated with investing directly in securities and other traditional investments. Derivatives prices can be volatile, may
correlate imperfectly with price of the applicable underlying asset, reference rate or index and may move in unexpected ways, especially in unusual market conditions, such as markets with high volatility or large market declines. Some derivatives
are particularly sensitive to changes in interest rates. Other risks include liquidity risk, which refers to the potential inability to terminate or sell derivative positions and for derivatives to create margin delivery or settlement payment
obligations for the Fund. Further, losses could result if the counterparty to a transaction does not perform as promised. Derivatives that involve a small initial investment relative to the investment risk assumed can magnify or otherwise increase
investment losses. This is referred to as financial "leverage" due to the potential for greater investment loss. Derivatives are also subject to operational and legal risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Large Position Risk.** Holding relatively large positions in companies may result in holding a significant
part of a company's total outstanding stock. Accordingly, sales of the stock, by the fund or others, could adversely affect the stock's price, leading to greater volatility for the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk**. Investment in certain derivatives, including certain futures contracts, may have the
economic effect of creating financial leverage by creating additional investment exposure, as well as

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the potential for greater loss. Losses on derivatives may exceed the amount invested. The use of leverage may also increase the Fund's duration and sensitivity to interest rate environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small- and Medium-Cap Company Risk.** The value of securities issued
by small- and medium-sized companies may be subject to more abrupt market movements and may involve greater risks than investments in larger companies. These less developed, lesser-known companies may
experience greater risks than those normally associated with larger companies. Small- and medium-sized companies also may be subject to interest rate risk, which is generally associated with fixed income
securities, because these companies often borrow money to finance their operations; therefore, they may be adversely affected by rising interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures Risk**. A futures contract is considered a derivative because it derives its value from the price of
the underlying security or financial index. The prices of futures contracts can be volatile, and futures contracts may be illiquid. In addition, there may be imperfect or even negative correlation between the price of the futures contracts and the
price of the underlying securities. Losses on futures contracts may exceed the amount invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Managed Volatility Strategy Risk**. The success of the Fund's managed volatility strategy depends in
part on Schroders' ability, as the overlay manager, to effectively and efficiently implement its risk forecasts and to manage the strategy for the Fund's benefit. The managed volatility strategy may depend upon one or more of the overlay
manager's proprietary forecasting models and information and data from one or more third parties to support the proprietary forecasting models. There is no guarantee that the models or the data the models are based on will be accurate or that
the Fund can achieve or maintain optimal risk targets. The Fund's performance may be negatively impacted in certain underlying markets as a result of reliance on these models. The Fund's performance also may be impacted by the
Fund's use of short or long futures positions to implement the managed volatility strategy. Certain markets could negatively impact the success of the risk management strategy, such as rapidly and unpredictably changing markets, "v-shaped" markets (a sharp market sell-off followed by a strong rally retracing such sell-off), or other extreme or
disrupted markets, each of which could cause the Fund to be invested in the underlying market when it declines or to be uninvested when the underlying market appreciates. Schroders seeking to manage currency risk could result in losses if currencies
do not perform as expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Hedging Risk**. The success of a hedging strategy cannot be guaranteed. Effective hedging requires correctly
assessing the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged, as well as continual recalculation, readjustment, and execution of
hedges in an efficient and timely manner. For example, futures contract short positions may not provide an effective hedge because changes in futures contract prices may not track those of the underlying securities or indices they are intended to
hedge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **ESG Integration Risk**. The investment process for the Fund may incorporate a wide range of considerations,
which may include certain environmental, social and governance ("ESG") factors. While the integration of ESG factors into the investment process has the potential to identify financial risks and contribute to long-term performance, ESG
factors may not be considered for every investment decision. There is no guarantee that the integration of ESG factors will result in better performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Rule 144A Securities Risk.** Securities sold pursuant to Rule 144A under the Securities Act of 1933 are
commonly known as "144A securities" and only may be resold under certain circumstances to other institutional buyers. As a result of the resale restrictions on 144A securities, there is a greater risk that they will be less liquid than SEC-registered securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk**. Liquidity risk is the risk that the Fund cannot meet requests to redeem Fund-issued shares
without significantly diluting the remaining investors' interest in the Fund. This may result

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when portfolio holdings may be difficult to value and may be difficult to sell, both at the time or price desired. Liquidity risk also may result from increased shareholder redemptions in the Fund. Actions by governments and regulators may have the effect of reducing market liquidity, market resiliency and money supply. Liquidity risk also refers to the risk that the Fund may be required to hold additional cash or sell other investments in order to obtain cash to close out derivatives or meet the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties. The Fund may have to sell a security at a disadvantageous time or price to meet such obligations. The Fund's liquidity risk management program requires that the Fund invest no more than 15% of its net assets in illiquid investments

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**Comparison of Investment Advisers and Sub-Advisers** 

The below table compares the investment advisers, sub-adviser and portfolio managers of the Acquired Fund and the Acquiring Fund. Lincoln Financial Investments Corporation, the Investment Adviser for the Funds, will continue to serve as Adviser to the Acquiring Fund after the Reorganization.

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| | | |
|:---|:---|:---|
|  | **LVIP Multi-Manager Global Equity Managed<br>Volatility Fund**<br> **(Acquired Fund)** | **LVIP Global Equity Managed Volatility Fund<br>(formerly, the LVIP Franklin Templeton Global<br>Equity Managed Volatility Fund)**<br> **(Acquiring Fund)** |
| **Investment Adviser** | Lincoln Financial Investments Corporation | Lincoln Financial Investments<br> Corporation |
| **Sub-Adviser** | Schroder Investment Management North America Inc. | Loomis, Sayles & Company, L.P.<br> Franklin Mutual Advisers, LLC<br> Schroder Investment Management North America Inc |
| **Portfolio Manager(s)** | <u>LFI</u><br>Michael Hoppe, CFA, CFP; has managed the Acquired Fund since 2018.<br> Alex Zeng, Ph.D., CFA, CAIA; has managed the Acquired Fund since 2016. | <u>LFI</u><br>Michael Hoppe, CFA, CFP; has managed the Acquiring Fund since 2018.<br> Alex Zeng, Ph.D., CFA, CAIA; has managed the Acquiring Fund since 2016. |
| **Portfolio Manager(s)** |  | <u>Loomis</u><br> Aziz V. Hamzaogullari, CFA; has managed the Acquiring Fund since 2026. |
| **Portfolio Manager(s)** | <u>Schroders</u><br>Marcus Durell; has managed the Acquired Fund since 2020.<br> Mallory Timmermans; has managed the Acquired Fund since 2024. | <u>FMA</u><br>Christian Correa, CFA; has managed the Acquiring Fund since 2018.<br> Timothy Rankin, CFA; has managed the Acquiring Fund since 2016. |
| **Portfolio Manager(s)** |  | <u>Schroders</u><br>Marcus Durell; has managed the Acquired Fund since 2020.<br> Mallory Timmermans; has managed the Acquired Fund since 2024. |

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**The Adviser** 

LFI is the investment adviser to the Funds. Pursuant to an investment management agreement, LFI manages the portfolio investments for each series of the Trust and reports to the Board of Trustees. LFI is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LFI's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LFI (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. Lincoln Life is an insurance company organized under Indiana Law and is a wholly-owned subsidiary of Lincoln National Corporation, a publicly-held insurance holding company organized under Indiana law which, through its subsidiaries, provides insurance and financial services nationwide. As of December 31, 2025, LFI had approximately $121.1 billion in assets under management.

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The Acquiring Fund employs a "manager of managers" structure, which means that LFI may delegate the management of some or all of the Acquiring Fund's investment portfolio to one or more sub-advisers. To use this structure, the Trust has received an exemptive order from the SEC (Release Nos. 29170 and 29197) to permit the Acquiring Fund's investment adviser – with the Board's approval – to enter into and amend a sub-advisory agreement for the Acquiring Fund without shareholder approval, subject to certain conditions. In addition, the Acquiring Fund's investment adviser is not permitted to hire affiliated sub-advisers without shareholder approval. The sub-advisers are paid by LFI from its management fee.

A description of the Acquiring Fund's portfolio managers is shown below. The Statement of Additional Information provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

***The Acquiring Fund's Sub-Advisers***

Loomis is located at One Financial Center, Boston, Massachusetts 02111. Founded in 1926, Loomis Sayles is one of the oldest investment advisory firms in the United States with over $431.4 billion in assets under management as of December 31, 2025.

**Aziz V. Hamzaogullari, CFA**, is the Chief Investment Officer and Founder of the Growth Equity Strategies Team at Loomis Sayles and portfolio manager of the Loomis Sayles Large Cap Growth, Global Growth, All Cap Growth and International Growth strategies, including the Loomis Sayles Growth, Global Growth and International Growth mutual funds and products outside the U.S. Mr. Hamzaogullari is also a member of Loomis Sayles' Board of Directors. Mr. Hamzaogullari joined Loomis Sayles in 2010 from Evergreen Investments where he was a senior portfolio manager and managing director. Mr. Hamzaogullari received a B.S. from Bilkent University in Turkey and an M.B.A. from George Washington University. He has 32 years of investment industry experience. Mr. Hamzaogullari holds the designation of Chartered FinancialAnalyst<sup>®</sup> (CFA) and is a member of CFA Society Boston. FMA, 101 John F. Kennedy Parkway, Short Hills, NJ 07078, is a sub-adviser to the Fund. FMA is a wholly owned subsidiary of Franklin Resources, Inc. Together, the Franklin organization and its affiliates manage, as of December 31, 2025, over $1.68 trillion in assets, and have been in the investment management business since 1947.

**Christian Correa, CFA**, is President and Chief Investment Officer for Franklin Mutual Series. Mr. Correa is portfolio manager on the Franklin Mutual Shares and Franklin Mutual Global Discovery. He previously served as Director of Research for Franklin Mutual Series from 2010 to 2020. Prior to joining Franklin Mutual Series in 2003, he covered merger arbitrage and special situations at Lehman Brothers Holdings Inc. Mr. Correa began his career writing software for SPL WorldGroup (later acquired by Oracle). Mr. Correa earned a B.A. in philosophy, politics and economics from Claremont McKenna College, an M.A. in economics from Northwestern University and is a graduate of Harvard Law School. Mr. Correa is a Chartered Financial Analyst (CFA) charterholder.

**Timothy M. Rankin, CFA**, is a Portfolio Manager and Research Analyst Franklin Mutual Series. He is a Portfolio Manager for the Franklin Mutual Global Discovery, International, and European strategies and has global research responsibilities for the energy and chemicals industries. Mr. Rankin also serves as the investment team's dedicated Head of Sustainability & Stewardship, a role focused on ensuring effective integration of ESG into the team's fundamental, bottom-up analysis to provide a more comprehensive view of the potential risks and rewards of an investment. Mr. Rankin previously worked at Franklin Mutual Series from 1997 through 2004, and he rejoined the investment group in 2010. Prior to rejoining Franklin Mutual Series, he was managing director of Blue Harbour Group, LLC, a private investment firm focused on small- and mid-cap North American companies. Prior to his original employment with Franklin Mutual Series, Mr. Rankin was an equity analyst at Glickenhaus & Co. He has over 25 years of experience in the investment management industry, beginning in 1992. Mr. Rankin earned a B.A. in urban studies and economics from Columbia University, is a Chartered Financial Analyst (CFA) charterholder, and is a Fundamentals of Sustainability Accounting (FSA) Credential Holder.

Schroders, located at 7 Bryant Park, New York, NY 10018, is a wholly owned subsidiary of Schroders plc, a publicly-owned holding company organized under the laws of England. Schroders plc and its affiliates had assets under management of approximately $1,107 trillion as of December 31, 2025.

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**Marcus Durell**, is Head of Portfolio Management within RMI at SIMNA. Mr. Durell joined SIMNA in 2012 and is head of the portfolio management team responsible for implementing dynamic allocation strategies using derivatives for clients. Mr. Durell holds a B.A., with honors, in Commerce from The University of Newcastle, Australia and also holds a diploma in Insurance from Deakin University.

**Mallory Timmermans**, CFA, is Head of RMI Portfolio Management at SIMNA. Ms. Timmermans joined SIMNA in 2012, and her team is responsible for the delivery of custom growth solutions globally. Now based in London, from 2018 to 2020, she worked in the New York office within her role as a Portfolio Manager. Ms. Timmermans holds a MSc in Risk & Stochastics from London School of Economics, and also holds a BSc in Statistics with Economics minor form University of Waterloo, Canada. She is a CFA charterholder.

**Management and Administrative Fees** 

For its management services to the Acquiring Fund, LFI is entitled to an advisory fee (as a percentage of average daily net assets) of 0.65% of assets under management per annum.

Lincoln Life serves as the Administrator of the Trust. The Funds are all subject to the same administration fees. The administrative services provided to the Trust by Lincoln Life include, among others, coordinating all service providers; providing corporate secretary services; providing personnel and office space; providing certain trading operations; maintaining each Fund's books and records; general accounting monitoring and oversight; preparing of tax returns and reports; preparing and arranging for the distribution of all shareholder materials; preparing and coordinating filings with the SEC and other federal and state regulatory authorities. As Administrator, Lincoln Life also provides contractholder services, such as responding to operational inquiries from contractholders about accounts and the Funds; processing purchase and redemption orders with the Funds' transfer agent; providing contractholders with automatic investment services; providing periodic account information to contractholders; interfacing between the Funds' transfer agent and contractholder activity systems; providing subaccounting with respect to Fund shares; and forwarding communications from the Funds to contractholders. The Trust reimburses Lincoln Life for the cost of administrative, internal legal and corporate secretary services, and pays a fee to Lincoln Life for contractholder services.

***Expense Limitation Agreement***

LFI has entered into an expense limitation agreement with the Trust which will continue at least through April 30, 2027. Pursuant to that agreement, LFI has generally agreed in respect of certain Funds that, to the extent that the ordinary operating expenses incurred by such a Fund in any fiscal year, including without limitation the advisory fee payable to LFI and amounts payable pursuant to the Trust's distribution and service plan adopted pursuant to Rule 12b-1 (as described in greater detail below under "Description of the Securities to be Issued"), but excluding interest, taxes, brokerage commissions, underlying fund fees and expenses or "AFFE", extraordinary expenses such as litigation, and other expenses not incurred in the ordinary course of such Fund's business, exceed a stated operating expense limit (expressed as a percentage of the average daily net assets of such Fund), such excess amount shall be the liability of LFI.

With respect to the Acquiring Fund, effective June 1, 2026, LFI has contractually agreed to limit the Fund's expenses to 0.70% of the Fund's average daily net assets for the Standard Class and 0.95% of the Fund's average daily net assets for the Service Class. LFI has contractually agreed to reimburse the expenses of the Acquiring Fund for two years following the Reorganization to the extent required to maintain the net expense ratios shown in the fee and expense table above.

**Comparative Performance Information** 

The bar charts and tables below provide some indication of the risks of choosing to invest in each Fund. The information shows how each Fund's investment results have varied from year to year and how the average annual total returns of each Fund's share classes through December 31, 2025 compare with those of a broad measure of market performance. Past performance is not an indication of future performance.

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The bar chart shows performance of the Acquiring Fund and Acquired Fund's Standard Class shares, but does not reflect the impact of variable contract expenses. If it did, returns would be lower than those shown. Performance in the average annual returns table does not reflect the impact of variable contract expenses. Each Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

**Acquiring Fund: LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton** 

**Global Equity Managed Volatility Fund)** 

**Standard Class Performance as of December 31, 2025** 

**Average Annual Total Returns for periods ended 12/31/25**![LOGO](g35318g0310045214086.jpg)

During the periods shown in the above chart, the Acquiring Fund's highest return for a quarter occurred in the fourth quarter of 2020 at 14.86%. The Acquiring Fund's lowest return for a quarter occurred in the first quarter of 2020 at (13.05)%.

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| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
|  LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund) – Standard Class | 13.51% | 9.09% | 8.29% |
|  LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund) – Service Class | 13.22% | 8.82% | 8.02% |
|  Morningstar Developed Markets Index1 (reflects no deductions for fees, expenses or taxes) | 21.18% | 11.52% | 11.79% |
|  MSCI World Index (reflects no deductions for fees, expenses or taxes) | 21.09% | 12.15% | 12.17% |

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**Acquired Fund: LVIP Multi-Manager Global Equity Managed Volatility Fund –** 

**Standard Class Performance as of December 31, 2025** 

**Average Annual Total Returns for periods ended 12/31/25**![LOGO](g35318g0310045214917.jpg)

During the periods shown in the above chart, the Acquired Fund's highest return for a quarter occurred in the fourth quarter of 2020 at 15.98%. The Acquired Fund's lowest return for a quarter occurred in the first quarter of 2020 at (16.86)%.

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| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund – Standard Class | 15.81% | 10.15% | 10.15% |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund – Service Class | 15.40% | 9.77% | 9.77% |
|  Morningstar US Market Index (reflects no deductions for fees, expenses or taxes) | 17.35% | 13.29% | 14.40% |
|  S&P 500 <sup>®</sup> Index (reflects no deductions for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
|  LVIP Multi-Manager Global Equity Composite<sup>1</sup> (reflects no deductions for fees, expenses or taxes) | 22.27% | 11.87% | 12.36% |

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<sup>1</sup> The LVIP Multi-Manager Global Equity Composite, an unmanaged index compiled by the Fund's Adviser, is constructed as follows: 60% S&P 500<sup>®</sup> Index, 28% MSCI EAFE<sup>®</sup> NR Index, 6% MSCI Emerging Market NR Index, and 6% Russell 2000<sup>®</sup> Index. The LVIP Multi-Manager Global Equity Composite shows how the Fund's performance compares with the returns of an index that reflects a similar asset allocation to the market sectors in which the Fund invests. The performance of the LVIP Multi-Manager Global Equity Composite does not reflect the impact of the managed volatility strategy used by the Fund. Such strategy would impact the returns shown. 

The Acquiring Fund will be the accounting survivor of the Reorganization. The surviving fund will have the portfolio manager, portfolio composition, investment objectives, expense structure, and investment policies and limitations of the Acquiring Fund. The Acquiring Fund has substantially more assets than the Acquired Fund.

**Share Classes and Distribution Arrangements** 

The Funds each offer two classes of shares: Standard Class and Service Class. The Standard and Service Class shares are identical except that Service Class shares are subject to a distribution (Rule 12b-1) fee (as disclosed in the "Comparison of Fees and Expenses" table and described above in "Description of the Securities to Be Issued"), which has been adopted pursuant to a distribution and service plan (the "Plan"). Each Fund offers shares to

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insurance companies for allocation to certain of their Accounts. Each Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of its Service Class, for activities primarily intended to sell Service Class shares or Accounts offering Service Class shares. LFD pays third parties for these sales activities pursuant to written agreements with such parties. The 12b-1 fee may be increased by a Fund's Board up to the maximum allowed by the Plan, without shareholder approval, in accordance with the Plan's terms. These fees are paid out of the Service Class assets on an ongoing basis, and over time will increase the cost of your investment and may cost you more than other types of sales charges.

LFI and its affiliates, including LFD, and/or a Fund's sub-advisers, if any, may pay additional compensation (at their own expense and not as a Fund expense) to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (collectively, "financial intermediaries") in connection with the sale or retention of Fund shares or insurance products that contain the Fund and/or shareholder servicing ("distribution assistance"). The level of payments made to a qualifying financial intermediary in any given year will vary. To the extent permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, LFD may pay or allow its affiliates to pay other promotional incentives or payments to financial intermediaries.

If a mutual fund sponsor, distributor or other party makes greater payments to your financial intermediary for distribution assistance than sponsors or distributors of other mutual funds make to your financial intermediary, your financial intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund complex making the higher payments over another mutual fund complex or over other investment options. You should consult with your financial intermediary and review carefully the disclosure relating to the compensation your financial intermediary receives in connection with the investment products your financial intermediary recommends or sells to you. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments to a financial intermediary will not change the Fund's net asset value, or the price of its shares, as such payments are not made from Fund assets. For more information, please see the SAI.

**Payments to Broker-Dealers and other Financial Intermediaries** 

Shares of the Funds are available only through the purchase of Accounts issued by certain life insurance companies. Parties related to a Fund (such as a Fund's principal underwriter or investment adviser) may pay such insurance companies (or their related companies) for the sale of Fund shares and related services. These payments may create a conflict of interest and may influence the insurance company to include a Fund as an investment option in its Accounts. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) for the sale and retention of Accounts that offer Fund shares. These payments may create a conflict of interest by influencing the broker-dealers or other financial intermediaries to recommend Accounts that offer Fund shares. The prospectus or other disclosure documents for the Accounts may contain additional information about these payments, if any. Ask your salesperson or visit your financial intermediary's website for more information.

**Pricing of Fund Shares** 

Each Fund determines its net asset value per share ("NAV") as of close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. New York time, each business day). A Fund's NAV is the value of a single Fund share. Each Fund determines its NAV by adding the values of its portfolio securities and other assets, subtracting its liabilities, and dividing by the number of Fund shares outstanding. An order for Fund shares received after the close of regular trading on the NYSE will be effected at the NAV determined on the next business day. A Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, a Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

*Fund Assets Other Than Underlying Funds.* Each Fund typically values its assets based on "market price." Market price is typically an equity security's last sale price on a national securities exchange or over-the-counter, and for debt securities is typically the mean between the bid and ask prices (or the price established by an independent pricing service). Certain short-term fixed-income securities are valued based on "amortized cost."

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In certain circumstances, the Fund's adviser, LFI, may value Fund portfolio securities at "fair value" in accordance with applicable fair value procedures. The fair value of portfolio securities may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments, and a security's fair value price may be materially different than the value realized upon the sale of that security. LFI's role with respect to fair valuation may present certain conflicts of interest given the impact valuations can have on Fund performance. Each fund anticipates using fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances, such as the unexpected early closing of the exchange on which a security is traded or suspension of trading in the security. A Fund may use fair value pricing more frequently for securities primarily traded in non-U.S. markets, if applicable, because, among other things, most foreign markets close well before the Fund determines its NAV. The earlier close of these non-U.S. markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. If a Fund invests in foreign equity securities, it may frequently value many of those securities using fair value prices based on third party vendor modeling tools to the extent available.

*Underlying Fund Assets.* If a Fund invests in one or more mutual funds (each an "underlying fund"), the Fund values underlying fund shares at their respective NAVs. For more information regarding the determination of an underlying fund's NAV, including when the underlying fund will fair value its portfolio securities and the effects of using fair value pricing, see the underlying fund's prospectus and Statement of Additional Information.

**Buying and Selling Shares** 

The Funds' distribution, purchase, and redemption procedures and exchange rights are identical. Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by Lincoln Life and Lincoln New York, and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding each Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Trust.

A Fund sells and redeems its shares, without charge, at their NAV next determined after the Fund or its agent receives a purchase or redemption request. The value of Fund shares redeemed may be more or less than original cost. A Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, a Fund may suspend redemptions or postpone payments for any period when (a) the NYSE closes for other than weekends and holidays; (b) the SEC restricts trading on the NYSE; (c) the SEC determines that an emergency exists, so that the Fund's disposal of investment securities, or determination of NAV, is not reasonably practicable; or (d) the SEC permits, by order, for the protection of Fund shareholders.

A Fund typically expects to pay redemption proceeds using holdings of cash in the Fund's portfolio, or using the proceeds from sales of portfolio securities. To a lesser extent, the Fund also may use borrowing arrangements to meet redemption requests. Borrowing is typically expected to be used only during stressed or abnormal market conditions, when an increased portion of the Fund's holdings may be comprised of less liquid investments, or during emergency or temporary circumstances.

**Market Timing** 

Frequent, large, or short-term purchases, redemptions or transfers such as those associated with "market timing" transactions, may adversely affect a Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of a Fund's portfolio, and increase a Fund's brokerage and administrative costs. As a result, the Funds strongly discourage such trading activity. To protect the Funds and their shareholders from potentially harmful trading activity, the Board has approved certain market timing policies and procedures (the "Market Timing Procedures"). The Board may revise the Market Timing Procedures at any time and without prior notice.

Investors may seek to exploit delays between a change in the value of a Fund's portfolio holdings, and the time when that change is reflected in the NAV of the Fund's shares by purchasing or redeeming shares at NAVs that do not reflect appropriate fair value prices. This risk is more pronounced for funds investing in overseas markets,

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due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. Each Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of a Fund's portfolio securities.

Each Fund seeks to monitor shareholder account activities in order to detect and prevent excessive and disruptive trading practices. Each Fund and LFI each reserve the right to reject, restrict, or refuse any purchase order (including exchanges) from any investor, if, in the judgment of a Fund or LFI, the transaction may adversely affect a Fund or its shareholders.

Each Fund has entered into agreements with each insurance company that holds Fund shares to help detect and prevent market timing. Under the agreements, an insurance company may be required to (i) provide certain identifying and account information regarding contract owners who invest in Fund shares through the omnibus account; and (ii) restrict further purchases or exchanges of Fund shares by a contract owner whom the Fund has identified as a market timer.

Each Fund also may rely on frequent trading policies established by such insurance companies. If a Fund detects potential market timing, the Fund will contact the applicable insurance company and may ask the insurance company to take additional action, if appropriate, based on the particular circumstances.

Fund investors seeking to engage in market timing may deploy a variety of strategies to avoid detection. In addition, Fund shares may be held through omnibus accounts, which generally do not identify trading activity of Fund investors on an individual basis. As a result of these and other operational or technological limitations, there is no guarantee that a Fund will be able to identify or prevent market timing. Moreover, the identification of Fund investors determined to engage in transactions that may adversely affect the Fund or its investors involves judgments that are inherently subjective.

Insurance company sponsors of your contract may impose transfer limitations and other limitations designed to curtail market timing. Please refer to the prospectus and SAI for your variable annuity or variable life contract for details.

**Distribution Policy and Federal Tax Consequences** 

The Funds have identical distribution policies and federal income tax considerations. Each Fund intends to qualify as a regulated investment company under the Internal Revenue Code, which requires annual distributions of net investment income and net capital gains to shareholders. Distributions may not be paid in the year a Fund earns income or gains. Each Fund may distribute net realized capital gains only once a year. Net investment income and capital gain distributions will be automatically reinvested in additional Fund shares of the same class at no charge.

Distributions a Fund makes to its shareholders ordinarily do not cause owners of the underlying Accounts to recognize income or gain for federal income tax purposes at the time of distribution. Contract owners are generally taxed only on the amounts they withdraw from their Accounts. See the prospectus for your variable contract for further federal income tax information.

The Reorganization is conditioned upon, among other things, the receipt of an opinion of counsel to the effect that the Reorganization will not be a taxable event to contractholders.

**Comparison of Business Structures, Shareholder Rights, and Applicable Law** 

Each Fund is a series of the Trust, a Delaware statutory trust. The Trust is an open-end management investment company. The Trust's Board is responsible for the overall management of the Trust and each of its series (the "funds"). The Trust issues shares of beneficial interest that are currently divided among 110 distinct funds, each with its own investment strategy and risk/reward profile.

The operations of each Fund are governed by the Trust's Agreement and Declaration of Trust and By-Laws, each as amended. The operations of each Fund are also governed by applicable Delaware law and are subject to the provisions of the 1940 Act and the roles and regulations of the SEC thereunder.

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***Fiscal Year***

The Acquiring Fund has the same fiscal year as the Acquired Fund: December 31.

**Description of the Securities to be Issued** 

The shareholders of the Acquired Fund will receive shares of the Acquiring Fund in accordance with the procedures provided for in the Agreement and Plan of Reorganization. Each such share will be validly issued, fully paid and non-assessable by the Trust when issued and will have no preemptive or conversion rights.

The Acquiring Fund is a series of the Trust. The Trust may issue an unlimited number of authorized shares of beneficial interest, with no par value. The Declaration of Trust authorizes the Board to issue shares in different series and classes. In addition, the Declaration of Trust authorizes the Board to create new series and to name the rights and preferences of the shareholders of each series. The Board does not need additional shareholder action to divide the shares into separate series or classes or to name the shareholders' rights and preferences.

The Trust currently offers Standard Class and Service Class shares of the Funds. The Trust has adopted, in the manner prescribed under Rule 12b-1 under the 1940 Act, a plan of distribution pertaining to the Service Class shares of the Acquiring Fund. Pursuant to this plan, the Acquiring Fund pays its principal underwriter, Lincoln Financial Distributors, Inc., out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or Accounts offering Service Class shares. The maximum distribution and/or service (12b-1) fee for the Acquiring Fund's Service Class shares is equal to an annual rate of 0.35% of the average daily net assets attributable to such share class. As with the 12b-1 fees paid by Service Class shares of the Acquired Fund, these distribution/service fees are paid out of the Acquiring Fund's Service Class assets on an ongoing basis, and over time these fees will increase your cost of investing and may cost more than paying other types of charges.

**Security Ownership of Certain Beneficial Owners** 

[Because the Funds are available as investments for Accounts offered by certain life insurance companies, the insurance companies could be deemed to control the voting securities of each Fund (i.e., by owning more than 25%). However, an insurance company would exercise voting rights attributable to any shares of each Fund that it owns (directly or indirectly) in accordance with voting instructions received by owners of the Accounts.

For the Funds, the insurance companies include, without limitation, (1) Lincoln Life, an Indiana insurance company, at 1301 South Harrison Street, Fort Wayne, IN 46802; and (2) Lincoln New York, a New York insurance company, at 100 Madison Street, Suite 1860, Syracuse, NY 13202-2802.

As of the Record Date, [there were no beneficial owners of the Acquired Fund that held 5% or more of a Fund's outstanding shares, except for the insurance company shareholders. Any fund of funds would exercise voting rights attributable to ownership of shares of the Funds in accordance with the proxy voting policies established by the fund of funds.]

**Potential Benefits of the Reorganization to LFI and its Affiliates** 

LFI may realize benefits in connection with the Reorganization. For example, the profitability from the fees payable to LFI and its affiliates in connection with the Acquiring Fund may be higher than the profits derived from the fees paid by the Acquired Fund. This could have a positive impact on Lincoln Life's profitability and/or financial position.

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**CAPITALIZATION** 

The following tables set forth, for the Reorganization, the total net assets, number of shares outstanding and net asset value per share of each Fund. This information is generally referred to as the "capitalization" of a Fund. The term "*pro forma* capitalization" means the expected capitalization of the Acquiring Fund after it has combined with the Acquired Fund. Pro forma adjustments reflect changes in share amounts due to the Funds' differing net asset values per share. The following tables are as of February 27, 2026, and assume that the Reorganization has taken place as of that date. The capitalizations will be different on the Closing Date based on various factors, such as daily Fund share purchase, redemption, and market activity.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Multi-<br>Manager Global<br>Equity Managed<br>Volatility Fund** | **LVIP Global<br>Equity Managed<br>Volatility Fund<br>(formerly, the<br>LVIP Franklin<br>Templeton Global<br>Equity Managed<br>Volatility Fund)** | **Pro Forma<br>Adjustments** | **LVIP Global Equity<br>Managed Volatility Fund<br>(formerly, the LVIP<br>Franklin Templeton Global<br>Equity Managed Volatility<br>Fund)<br>(pro forma)** |
|  Net Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class | $2088576 | $100312840 | $— | $102401416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | $92741515 | $841436739 | $— | $934178254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $94830091 | $941749579 | $— | $1036579670 |
|  Net Asset Value Per Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class | $16.735 | $46.386 | $— | $46.386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | $16.706 | $46.348 | $— | $43.348 |
|  Shares Outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class | 124803 | 2162567 | (79777) | 2207593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5551390 | 18154758 | (3550408) | 20155740 |

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[In the Reorganization, it is anticipated that the LVIP Multi-Manager Global Equity Managed Volatility Fund will redeem any holdings of underlying funds, with the proceeds to be transferred to the Acquiring Fund.] The Acquired Fund is expected to sell approximately 55% of its portfolio, with the proceeds to be transferred to the Acquiring Fund. The Acquiring Fund is expected to deploy the resulting cash to increase the size of positions in securities held by the Acquiring Fund at the time of the Reorganization. As a result, it is expected that the Acquiring Fund's portfolio post-Reorganization will resemble as nearly as possible the Acquiring Fund's portfolio pre-Reorganization. Because LFI has agreed to pay for these costs, the Acquiring Fund is not expected to incur brokerage commissions in connection with investing the proceeds of the Reorganization.

The Acquired Fund's portfolio turnover related to liquidating its portfolio in the Reorganization would have resulted in realized gain of approximately $38,892,128 for financial reporting purposes and a gain of $37,403,027 on a tax basis if the securities had been sold as of December 31, 2025. This may result in a dividend and/or distribution to the Acquiring Fund's shareholders after the Reorganization. Such dividend and/or distribution is not expected to be taxable to Contract Owners for federal income tax purposes.

**TERMS OF THE AGREEMENT AND PLAN OF REORGANIZATION** 

The terms and conditions under which the Reorganization would be completed are contained in the Agreement and Plan of Reorganization. The following summary thereof is qualified in its entirety by reference to the Agreement and Plan of Reorganization, a form of which is included in Exhibit A.

In the Reorganization, the Acquiring Fund will acquire all the assets of the Acquired Fund in exchange solely for Acquiring Fund Shares and the Acquiring Fund's assumption of the Acquired Fund's liabilities. The Agreement and Plan of Reorganization further provides that, on or as promptly as reasonably practicable after the Closing Date, the Acquired Fund will distribute the Acquiring Fund Shares it receives in the Reorganization to its shareholders (for

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the benefit of the Separate Accounts, as applicable, and thus the Contract Owners). The number of full and fractional Acquiring Fund Shares each shareholder will receive will be equal in net asset value (as determined in accordance with the Trust's normal valuation procedures), as of immediately after the close of business (generally 4:00 p.m., Eastern time) on the Closing Date, to the Acquired Fund Shares the shareholder holds at that time. After that distribution to the Acquired Fund's shareholders, the Trust, on behalf of the Acquired Fund, will effect a complete termination of the Acquired Fund.

The Trust may terminate or delay the Agreement and Plan of Reorganization with respect to, and abandon or postpone, the Reorganization at any time prior to the Closing Date, before or after approval by the Acquired Fund's shareholders, if circumstances develop that make proceeding with the Reorganization inadvisable. The consummation of the Reorganization also is subject to various conditions, including approval of the Reorganization by the Acquired Fund's shareholders, receipt of a tax opinion, completion of all filings with, and receipt of all necessary approvals, if any, from the SEC, and other customary corporate and securities matters. Subject to the satisfaction of those conditions, the Reorganization will take place immediately after the close of business on the Closing Date.

The Board, including the Independent Trustees, has determined, with respect to each Fund, that the interests of the Fund's existing shareholders will not be diluted as a result of the Reorganization and that participation in the Reorganization is in the best interests of the Fund.

LFI will pay for the costs of the Reorganization, such as printing and mailing, legal, accounting, proxy solicitation, and brokerage costs. These costs are estimated to be approximately $119,000.

Approval of the Agreement and Plan of Reorganization will require a majority vote of the Acquired Fund's shareholders. Such majority is defined in the 1940 Act as the lesser of (1) 67% or more of the voting securities of the Acquired Fund present at a meeting, if the holders of more than 50% of its outstanding voting securities are present or represented by proxy, or (2) more than 50% of its outstanding voting securities. If the Agreement and Plan of Reorganization is not approved by the Acquired Fund's shareholders or the Reorganization is not consummated for any other reason, the Board will consider other possible courses of action. Please see "Information on Voting" below for more information.

**INFORMATION ON VOTING** 

**Voting Information** 

In addition to the solicitation of voting instruction cards by mail, the Trust's officers and employees, without additional compensation, may solicit voting and proxy instructions in person, by telephone, and electronically, including through the Internet. The Trust will also engage a third-party vendor to solicit proxies from Contract Owners or shareholders. The agreement between Computershare Inc., a Delaware corporation, operating through its Computershare Fund Services division ("CFS"), and Lincoln Life states that CFS will provide proxy solicitation and tabulation services for an approximate fee, including out-of-pocket expenses, of approximately $[2,100].

At the Meeting, Lincoln Life and Lincoln New York will vote the Acquired Fund's shares held in the Accounts, in accordance with the instructions received from Contract Owners whose purchase payments were invested, as of the Record Date, in the Funds by the Accounts. For all Accounts that support variable annuity contracts, the number of votes which a Contract Owner may cast when instructing an insurance company how to vote is determined by applying the Contract Owner's percentage interest in the Fund to the total number of votes attributable to that Fund. In determining the number of votes, fractional shares will be recognized. The number of votes which a Contract Owner may cast when instructing Lincoln Life and Lincoln New York, as applicable, how to vote is determined as one vote for each share. To the extent that any Fund shares are owned directly by a Fund that operates as a "fund of funds," such fund of funds will "echo" vote those shares directly in the same proportion as all other votes received from the other holders of the underlying Fund's shares.

Lincoln Life and Lincoln New York will respectively vote (i) shares owned by Lincoln Life and Lincoln New York; and (ii) the Acquired Fund's shares held by the Accounts for which no timely instructions are received, in proportion

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to the voting instructions which are received with respect to such Fund even if only a small number of Contract Owners provide voting instructions. Therefore, the vote of a small number of shareholders can affect the overall outcome since those fewer votes have a proportional impact.

All properly executed voting instruction cards received in time for the Meeting will be voted as specified in the voting instruction card. **If voting instructions are properly executed and received in a timely manner but they contain no voting directions, the votes represented by those instructions will be cast FOR the applicable proposals considered at the Meeting.**

**Revocation of Voting Instructions and Proxies** 

Any Contract Owner who provides voting instructions has the power to revoke the instructions by (1) delivering to the Trust's Secretary (at the Trust's address provided on the cover page of this proxy statement) written notice of revocation, or (2) submitting superseding voting instructions, in each case at any time prior to the date of the Meeting. Contract Owners may also revoke prior voting instructions by voting in person at the Meeting.

If you are a direct owner of Fund shares, you may revoke your proxy at any time before it is voted by sending a written notice to the Trust's Secretary (at the Trust's address provided on the cover page of this Proxy Statement/Prospectus) expressly revoking your proxy, by signing and forwarding to the Fund a later-dated proxy, or by attending the Meeting and voting in person.

**Quorum** 

A quorum of shareholders is necessary to hold a valid meeting and to consider the proposals in this Proxy Statement/Prospectus. With respect to the proposal the holders of 33<sup>1</sup>/<sub>3</sub>% of the outstanding shares of the applicable Fund, as appropriate on the Record Date, present in person or by proxy at the Meeting shall constitute a quorum. Shares that are subject to "echo" voting by Lincoln Life and Lincoln New York will be counted for purposes of determining quorum.

**Effect of Abstentions and Broker Non-Votes** 

Abstentions and "broker non-votes" will count as votes that are not cast at a meeting. A "broker non-vote" generally occurs when (i) a broker holds a beneficial owner's shares in "street name," (ii) the broker has not received share voting instructions from the beneficial owner, (iii) the broker does not have discretionary voting power on a proposal, even if it has general discretionary voting powers, because the proposal may "affect substantially" the beneficial owner's rights or privileges of such shares; and (iv) the broker submits voting instructions on another proposal for which the broker has discretionary voting power.

Since abstentions and broker non-votes will count as votes that are present and not cast, assuming there is quorum, they will have no effect on a proposal requiring approval by a plurality of votes cast and will have the same effect as a vote "against" a proposal requiring approval by a majority of outstanding voting securities. LVIP does not expect abstentions and broker non-votes at the Meeting.

**Adjournment** 

In the event that sufficient votes to approve a proposal are not received, the persons named as proxies may propose one or more adjournments of the Meeting to permit further solicitation of proxies. Any such adjournment will require an affirmative vote by the holders of a majority of the shares present in person or by proxy and entitled to vote at the Meeting. In determining whether to adjourn the Meeting with respect to a proposal, the following factors may be considered: the percentage of votes actually cast, the percentage of negative votes actually cast, the nature of any further solicitation and the information to be provided to shareholders with respect to the reasons for the solicitation. Generally, votes cast in favor of a proposal will be voted in favor of adjournment while votes cast against a proposal will be voted against adjournment. The persons named as proxies will vote upon such adjournment after consideration of the best interests of all shareholders. As stated above, abstentions will have no effect on any proposal to adjourn the Meeting. A shareholder vote may be taken with respect to the Trust or one or

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more of the Funds on any (but not all) of the proposals prior to any adjournment as to which sufficient votes have been received for approval.

**Other Business** 

To the knowledge of the Board, there is no other business to be brought before the Meeting. However, if other matters do properly come before the Meeting, Lincoln Life and Lincoln New York intend to vote the Fund's shares in accordance with the judgment of the Board on such matters. The persons named as proxies on the enclosed voting instruction card will vote their proxies in their discretion on any other items (other than the proposals) that properly come before the Meeting.

**Contract Owner and Shareholder Proposals** 

Under authority granted to the Trustees by the Trust's Bylaws, and pursuant to applicable law, special meetings are called as required and no annual meetings are required. Contract Owners or shareholders may require that a special meeting be called if they can obtain the written request of Contract Owners indirectly or shareholders directly, representing certain stipulated percentages of the outstanding voting securities of the affected Fund. The submission of a proposal does not guarantee its inclusion in the proxy statement and is subject to limitations under the federal securities laws. The Trust is not required to hold regular meetings of shareholders, and in order to minimize its costs, does not intend to hold meetings of shareholders unless required by applicable law, regulation, regulatory policy, or unless otherwise deemed advisable by the Board or the Trust's management. Therefore, it is not practicable to specify a date by which proposals must be received in order to be incorporated in an upcoming proxy statement for a meeting of shareholders. A Contract Owner or shareholder wishing to submit proposals for inclusion in a proxy statement for a subsequent shareholder meeting should send his or her written proposals to the Trust's Secretary at 1301 South Harrison Street, Fort Wayne, Indiana 46802. Proposals must be received a reasonable time before a Fund begins to print and mail the proxy materials for the meeting. More detailed information on these procedures for Contract Owners or shareholders may be obtained from Lincoln Life, Lincoln New York, or the Trust's Secretary.

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**EXHIBIT A** 

**FORM OF AGREEMENT AND PLAN OF REORGANIZATION** 

**THIS AGREEMENT AND PLAN OF REORGANIZATION** (the "Agreement") is made as of [___] by Lincoln Variable Insurance Products Trust (the "Trust"), a Delaware statutory trust with its principal place of business at 1301 S. Harrison Street, Fort Wayne, Indiana 46802, on behalf of each of its series funds listed in Exhibit A hereto (the "Acquiring Fund" or "Acquired Fund," as applicable), with respect to the reorganization transaction described herein. Lincoln Financial Investments Corporation ("LFI") is a party to this agreement solely for purposes of section 10.2 hereof.

This Agreement is intended to be and is adopted as a plan of reorganization and liquidation within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986 (the "Code"). The reorganization (the "Reorganization") will consist of the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange solely for voting shares of beneficial interest of the Acquiring Fund as shown in Exhibit A hereto (the "Acquiring Fund Shares"), the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund, as described in paragraph 1.3 herein, and the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund as provided herein, all upon the terms and conditions hereinafter set forth in this Agreement.

**WHEREAS**, the Acquired Fund and Acquiring Fund are separate investment series of a registered open-end investment management company and the Acquired Fund owns securities that generally are assets of the character in which the Acquiring Fund is permitted to invest; and

**WHEREAS**, the Board of Trustees of the Trust has determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of all of the liabilities of the Acquired Fund by the Acquiring Fund, as described in paragraph 1.3 herein, is in the best interests of the Acquiring Fund and its shareholders and that the interests of the existing shareholders of the Acquiring Fund would not be diluted as a result of this transaction; and

**WHEREAS**, the Board of Trustees of the Trust has also determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of the liabilities of the Acquired Fund by the Acquiring Fund, as described in paragraph 1.3 herein, is in the best interests of the Acquired Fund and its shareholders and that the interests of the existing shareholders of the Acquired Fund would not be diluted as a result of this transaction;

**NOW, THEREFORE**, in consideration of the premises and of the covenants and agreements hereinafter set forth, the Trust, on behalf of the Acquiring Fund and the Acquired Fund, respectively, hereby covenants and agrees as follows:

**1.** **TRANSFER OF ASSETS AND LIABILITIES OF THE ACQUIRED FUND TO THE ACQUIRING FUND IN EXCHANGE FOR ACQUIRING FUND SHARES, AND THE LIQUIDATION OF THE ACQUIRED FUND** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Subject to the requisite approvals and the other terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Acquired Fund agrees to transfer all of its respective assets, as set forth in paragraph 1.2, to the Acquiring Fund, and the Acquiring Fund agrees in exchange therefor: (i) to deliver to the Acquired Fund the number of full and fractional Acquiring Fund Shares as of the time and date set forth in paragraph 2.1 and (ii) to assume the liabilities of the Acquired Fund, as set forth in paragraph 1.3. Such transactions shall take place at the closing provided for in paragraph 3.1 (the "Closing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The assets of the Acquired Fund to be acquired by the Acquiring Fund shall consist of all assets and property, including, without limitation, all cash, securities, commodities and futures interests, claims (whether absolute or contingent, known or unknown, accrued or unaccrued) and dividends or interest receivable that are owned by the Acquired Fund and any deferred or prepaid expenses shown as an asset on the books of the Acquired Fund on the closing date provided for in paragraph 3.1 (the "Closing Date") (collectively, "Assets").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. The Acquiring Fund shall assume all of the liabilities of the Acquired Fund. The Acquired Fund shall deliver to the Acquiring Fund the Acquired Fund's Statement of Assets and Liabilities as of the Closing Date pursuant to paragraph 7.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. On or as soon as practicable prior to the Closing Date, the Acquired Fund will declare and pay to its respective shareholders of record one or more dividends and/or other distributions so that it will have distributed all of its investment company taxable income (computed without regard to any deduction for dividends paid) and realized net capital gain, if any, for the current taxable year through the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. Immediately after the transfer of assets provided for in paragraph 1.1, the Acquired Fund will: (i) distribute to the Acquired Fund's shareholders of record with respect to the classes of shares listed in Exhibit A, determined as of immediately after the close of business on the Closing Date (after giving effect to all redemptions received in good order on the Closing Date), on a pro rata basis within each class, the Acquiring Fund Shares of the class received by the Acquired Fund pursuant to paragraph 1.1 (as listed in Exhibit A) and (ii) completely liquidate. Such distribution and liquidation will be accomplished, with respect to each class of the Acquired Fund's shares, by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the shareholders of record of each class of the Acquired Fund's shares, determined as of immediately after the close of business on the Closing Date (the "Acquired Fund Shareholders"). The aggregate net asset value of such classes of Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall, with respect to each class, be equal to the aggregate net asset value of the Acquired Fund shares of that class owned by such shareholders on the Closing Date. All issued and outstanding classes of Acquired Fund shares as listed in Exhibit A will simultaneously be canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing Acquiring Fund Shares in connection with such exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. Ownership of Acquiring Fund Shares of the Acquiring Fund will be shown on its books. Acquiring Fund Shares will be issued in the manner described in the Acquiring Fund's current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. Any reporting responsibility of an Acquired Fund including, but not limited to, the responsibility for filing of regulatory reports, tax returns, or other documents with the U.S. Securities and Exchange Commission (the "Commission"), any state securities commission, and any federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. As soon as reasonably practicable after the Closing Date, the Acquired Fund shall make all filings and take all steps as shall be necessary and proper to effect its complete dissolution.

**2.** **VALUATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The value of the Assets shall be the value computed as of immediately after the close of business of the New York Stock Exchange (and after the declaration of any dividends and after giving effect to all redemptions received in good order on the Closing Date) (such time and date being hereinafter called the "Valuation Date"), using the valuation procedures set forth in the Trust's Amended and Restated Agreement and Declaration of Trust and then-current prospectus and statement of additional information with respect to the relevant Acquiring Fund, and valuation procedures established by the Trust's Board of Trustees (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. All computations of value shall be made by the Trust's accounting agent and shall be subject to review by the Trust's independent registered public accounting firm.

**3.** **CLOSING AND CLOSING DATE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Closing Date shall be [___], 2026, or such other date as the parties may agree to in writing. All acts taking place at the Closing shall be deemed to take place simultaneously as of immediately after the close of business on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:00 p.m., Eastern Time. The Closing shall be held at the offices of the Trust or at such other time and/or place as the parties may agree.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Trust shall direct State Street Bank and Trust Company, as custodian for the Acquired Fund (the "Custodian"), to deliver at the Closing a certificate of an authorized officer stating that: (i) the Assets have been delivered in proper form to the Acquiring Fund within two business days prior to or on the Closing Date; and (ii) all necessary taxes in connection with the delivery of the Assets, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made. The Acquired Fund's portfolio securities represented by a certificate or other written instrument shall be presented by the Custodian to those persons at the Custodian who have primary responsibility for the safekeeping of the Assets of the Acquiring Fund for examination no later than five business days preceding the Closing Date, and shall be transferred and delivered by the Acquired Fund as of the Closing Date for the account of the Acquiring Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof. The Trust, on behalf of the Acquired Fund, shall direct the Custodian to deliver as of the Closing Date by book entry, in accordance with the customary practices of the Custodian and any securities depository (as defined in Rule 17f-4 under the Investment Company Act of 1940 (the "1940 Act")) in which the Assets are deposited, the Acquired Fund's portfolio securities and instruments deposited with such depositories. The cash to be transferred by an Acquired Fund shall be delivered by wire transfer of federal funds on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The Trust shall direct The Lincoln National Life Insurance Company, as transfer agent for the Acquired Fund (the "Transfer Agent"), to deliver at the Closing a certificate of an authorized officer stating that: (i) its records contain the names and addresses of the Acquired Fund Shareholders, and (ii) the number and percentage ownership of outstanding shares (of the classes listed in Exhibit A) owned by each such shareholder immediately prior to the Closing. The Acquiring Fund shall issue and deliver a confirmation evidencing the Acquiring Fund Shares to be credited on the Closing Date to the Secretary of the Acquired Fund, or provide evidence satisfactory to the Trust that such Acquiring Fund Shares have been credited to the Acquired Fund's account on the books of the Acquiring Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as such other party or its counsel may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. In the event that on the Valuation Date: (a) the New York Stock Exchange or another primary trading market for portfolio securities of an Acquired Fund shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that, in the judgment of the Board of the Trust, accurate appraisal of the value of the net assets of the Acquired Fund is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully resumed and reporting shall have been restored.

**4.** **REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The Trust, on behalf of the Acquired Fund, represents and warrants to the Acquiring Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquired Fund is duly organized as a series of the Trust, which is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, with power under the Trust's Amended and Restated Agreement and Declaration of Trust and its Amended and Restated By-Laws, to own all of its properties and assets and to carry on its business as it is presently being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is a registered open-end investment management company, and its registration with the Commission as an investment company under the 1940 Act, and the registration of shares of the Acquired Fund under the Securities Act of 1933 (the "1933 Act"), is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the Securities Exchange Act of 1934 (the "1934 Act"), and the 1940 Act and such as may be required by state securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The current prospectuses and statement of additional information of the Acquired Fund and each prospectus and statement of additional information of the Acquired Fund used during the three years previous to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission

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thereunder and does not, or did not at the time of its use, include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the Closing Date, the Acquired Fund will have good and marketable title to the Assets and full right, power, and authority to sell, assign, transfer and deliver such Assets hereunder free of any liens or other encumbrances, and upon delivery and payment for such Assets, the Acquiring Fund will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, including such restrictions as might arise under the 1933 Act, other than as disclosed to the Acquiring Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Acquired Fund is engaged currently, and the execution, delivery and performance of this Agreement will not result, in: (i) a material violation of the Trust's Amended and Restated Agreement and Declaration of Trust or its Amended and Restated By-Laws, or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Trust, on behalf of the Acquired Fund, is a party or by which it is bound, other than as disclosed to the Acquiring Fund; or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Trust, on behalf of the Acquired Fund, is a party or by which it is bound, other than as disclosed to the Acquiring Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All material contracts or other commitments of the Acquired Fund (other than this Agreement and certain investment contracts including options, futures and forward contracts) will terminate without liability, or will be continued with respect to each such Acquired Fund as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as otherwise disclosed in writing by the Trust, on behalf of the Acquiring Fund, no litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to the best of its knowledge, threatened against the Trust, an Acquired Fund, or any of the Trust's or an Acquired Fund's properties or assets that, if adversely determined, would materially and adversely affect its financial condition or the conduct of its business. Except as otherwise disclosed in writing by the Trust, on behalf of the Acquiring Fund, the Trust knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Statement of Assets and Liabilities and Portfolio of Investments of the Acquired Fund as of December 31, 2025, and the related Statement of Operations, Statement of Changes in Net Assets and Financial Highlights for the periods then ended, have been audited by Ernst & Young, an independent registered public accounting firm, included in its report dated February 26, 2026, and are in accordance with generally accepted accounting principles ("U.S. GAAP") consistently applied, and such statements (copies of which have been furnished to the Acquiring Fund) present fairly, in all material respects, the financial condition of the Acquired Fund as of such date, and the results of its operations and the changes in its net assets for the year then ended, in accordance with U.S. GAAP, and there are no known material contingent liabilities of any Acquired Fund required to be reflected on a statement of assets and liabilities (including the notes thereto) in accordance with U.S. GAAP as of such date not disclosed therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Closing Date occurs during the second half of a calendar year, the Trust, on behalf of the Acquiring Fund, has been furnished with an unaudited Statement of Assets and Liabilities and Portfolio of Investments of the Acquired Fund as of June 30 of such calendar year, and the related unaudited Statement of Operations, Statement of Changes in Net Assets and Financial Highlights for the six-month period then ended. These statements are in accordance with U.S. GAAP and present fairly, in all material respects, the financial position of the Acquired Fund as of such date in accordance with U.S. GAAP, and there are no known material contingent liabilities of any Acquired Fund as of such date not disclosed therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Since December 31, 2025, there have not been any material adverse changes in any Acquired Fund's financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business, or any incurrence by an Acquired Fund of indebtedness maturing more than one year from the date such indebtedness was incurred, in each case except as otherwise disclosed to the Acquiring Fund (for the purposes of this subparagraph (k), a decline in net asset value per share of an Acquired Fund due to declines in

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market values of securities in such Acquired Fund's portfolio, the discharge of such Acquired Fund's liabilities, or the redemption of Acquired Fund shares by shareholders of the Acquired Fund shall not constitute a material adverse change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquired Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best of the Trust's knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For each taxable year of its operation (including the taxable year ending on the Closing Date), the Acquired Fund has met (or will meet) the requirements of Subchapter M of the Code for qualification and treatment as a regulated investment company and has elected to be treated as such, and has been (or will be) eligible to and has computed (or will compute) its federal income tax under Section 852 of the Code and will have distributed all of its investment company taxable income and net capital gain (as defined in the Code) that will have accrued through the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All issued and outstanding shares of the Acquired Fund are, and on the Closing Date will be, duly and validly issued and outstanding, fully paid and non-assessable by the Trust, and have been offered and sold in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws. All of the issued and outstanding shares of the Acquired Fund will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the Transfer Agent, on behalf of the Acquired Fund, as provided in paragraph 3.3 of this Agreement. The Acquired Fund has no outstanding any options, warrants or other rights to subscribe for or purchase any of the shares of the Acquired Fund, nor is there outstanding any security convertible into any Acquired Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The execution, delivery and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary action on the part of the Board of the Trust, on behalf of the Acquired Fund, and this Agreement will constitute a valid and binding obligation of such Acquired Fund, enforceable against such Acquired Fund in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights and to general equity principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The information to be furnished by the Acquired Fund for use in the registration statement and other documents filed or to be filed by the Trust with any federal, state or local regulatory authority that may be necessary in connection with the transactions contemplated hereby shall be accurate and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. The Trust, on behalf of the Acquiring Fund, represents and warrants to the Acquired Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund is duly organized as a series of the Trust, which is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, with power under the Trust's Amended and Restated Agreement and Declaration of Trust and its Amended and Restated By-Laws to own all of its properties and assets and to carry on its business as it is presently being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is a registered open-end investment management company, and its registration with the Commission as an investment company under the 1940 Act and the registration of the shares of the Acquiring Fund under the 1933 Act, is, or will be as of the Closing Date, in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by an Acquiring Fund of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the 1934 Act and the 1940 Act and such as may be required by state securities laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The current prospectuses and statement of additional information of the Acquiring Fund conforms in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Acquiring Fund is engaged currently, and the execution, delivery and performance of this Agreement will not result, in: (i) a material violation of the Trust's Amended and Restated Agreement and Declaration of Trust or its Amended and Restated By-Laws or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Trust, on behalf of the Acquiring Fund, is a party or by which it is bound, other than as disclosed to the Acquired Fund; or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Trust, on behalf of the Acquiring Fund, is a party or by which it is bound, other than as disclosed to the Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No material litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to the best of its knowledge, threatened against the Trust, an Acquiring Fund, or any of the Trust's or an Acquiring Fund's properties or assets that, if adversely determined, would materially and adversely affect its financial condition or the conduct of its business. The Trust, on behalf of the Acquiring Fund, knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All issued and outstanding shares of the Acquiring Fund are, and on the Closing Date will be duly and validly issued and outstanding, fully paid and non-assessable by the Trust and will be offered and sold in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws. No Acquiring Fund has outstanding any options, warrants or other rights to subscribe for or purchase any Acquiring Fund Shares, nor is there outstanding any security convertible into any Acquiring Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The execution, delivery and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary action, if any, on the part of the Board of the Trust, on behalf of the Acquiring Fund, and this Agreement will constitute a valid and binding obligation of the Acquiring Fund, enforceable against such Acquiring Fund in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Fund Shares to be issued and delivered to an Acquired Fund, for the account of the Acquired Fund Shareholders, pursuant to the terms of this Agreement (as listed in Exhibit A), will, on the Closing Date, have been duly authorized and, when so issued and delivered, will be duly and validly issued Acquiring Fund Shares, and will be fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trust is not under the jurisdiction of a Court in a Title 11 or similar case within the meaning of Section 368(a)(3)(A) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No Acquiring Fund has any unamortized or unpaid organizational fees or expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquiring Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best of the Trust's knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For each taxable year of its operation, the Acquiring Fund has met the requirements of Subchapter M of the Code for qualification as a regulated investment company and has elected to be treated as

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such, has been eligible to and has computed its federal income tax under Section 852 of the Code, and will be eligible to do so and will do so for the taxable year including the Closing Date.

**5.** **COVENANTS OF THE ACQUIRING FUND AND THE ACQUIRED FUND** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Acquiring Fund and the Acquired Fund will each operate its business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include, without limitation, purchases and sales of portfolio securities, sales and redemptions of Acquired Fund shares, and the declaration and payment of customary dividends and distributions, and any other distribution that may be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The Acquired Fund covenants that the Acquiring Fund Shares to be issued hereunder (as listed in Exhibit A) are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. The Acquired Fund will assist the Acquiring Fund in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Acquired Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. Subject to the provisions of this Agreement, the Acquiring Fund and the Acquired Fund will take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. As soon as is reasonably practicable after the Closing, the Acquired Fund will make a liquidating distribution to its shareholders consisting of the Acquiring Fund Shares (as listed in Exhibit A) received at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. The Acquiring Fund and the Acquired Fund shall use commercially reasonable efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transactions contemplated by this Agreement as promptly as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. The Trust, on behalf of the Acquired Fund, covenants that it will, from time to time after the Closing, as and when reasonably requested by the Acquiring Fund, execute and deliver or cause to be executed and delivered all such assignments and other instruments, and will take or cause to be taken such further action as the Trust, on behalf of the Acquiring Fund, may reasonably deem necessary or desirable in order to vest in and confirm: (a) the Trust's, on behalf of the Acquired Fund's, title to and possession of the Acquiring Fund's Shares to be delivered hereunder, and (b) the Trust's, on behalf of the Acquiring Fund's, title to and possession of all the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. The Acquiring Fund will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.

**6.** **CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUND** 

The obligations of the Trust, on behalf of the Acquired Fund, to consummate the transactions provided for herein shall be subject, at the Trust's election, to the performance by the Trust, on behalf of the Acquiring Fund, of all the obligations to be performed by it hereunder on or before the Closing Date, and, in addition thereto, the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. All representations and warranties of the Trust, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The Trust, on behalf of the Acquiring Fund, shall have delivered to the Acquired Fund a certificate executed in its name by its President or a Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to the Trust and dated as of the Closing Date, to the effect that the representations and warranties of the Trust, on behalf of the Acquiring Fund, made in this Agreement are true and correct in all material respects at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The Trust, on behalf of the Acquiring Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Trust, on behalf of the Acquiring Fund, on or before the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The Acquired Fund and the Acquiring Fund shall have agreed on the number of full and fractional Acquiring Fund Shares of each class to be issued in connection with the Reorganization (as listed in Exhibit A) after such number has been calculated in accordance with paragraph 1.1 of this Agreement.

**7.** **CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND** 

The obligations of the Trust, on behalf of the Acquiring Fund, to complete the transactions provided for herein shall be subject, at the Trust's election, to the performance by the Trust, on behalf of the Acquired Fund, of all of the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. All representations and warranties of the Trust, on behalf of the Acquired Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. The Trust, on behalf of the Acquired Fund, shall have delivered to the Acquiring Fund a statement of the Acquired Fund's assets and liabilities, together with a list of portfolio securities of the Acquired Fund showing the tax costs of such securities by lot and the holding periods of such securities, as of the Closing Date, certified by the Treasurer of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. The Trust, on behalf of the Acquired Fund, shall have delivered to the Acquiring Fund on the Closing Date a certificate executed in its name by its President or a Vice President and its

Treasurer or Assistant Treasurer, in form and substance satisfactory to the Trust and dated as of the Closing Date, to the effect that the representations and warranties of the Trust, on behalf of the Acquired Fund, made in this Agreement are, in all material respects, true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. The Trust, on behalf of the Acquired Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Trust, on behalf of the Acquired Fund, on or before the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. The Acquired Fund and the Acquiring Fund shall have agreed on the number of full and fractional Acquiring Fund Shares of each class to be issued in connection with the Reorganization (as listed in Exhibit A) after such number has been calculated in accordance with paragraph 1.1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. Prior to the Closing Date, the Acquired Fund shall have declared and paid a dividend or dividends which, together with all previous dividends, shall have the effect of distributing: (i) all of the Acquired Fund's investment company taxable income (plus the excess, if any, of its interest income excludible from gross income under Section 103(a) of the Code over its deductions disallowed under Sections 265 and 171(a)(2) of the Code) and all of its net realized capital gains for the taxable year ending on the Closing Date (computed without regard to any deduction for dividends paid); and (ii) any undistributed investment company taxable income (plus the excess, if any, of its interest income excludible from gross income under Section 103(a) of the Code over its deductions

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##### [**Table of Contents**](#toc)
disallowed under Sections 265 and 171(a)(2) of the Code) and net realized capital gains from any prior period to the extent not otherwise already distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. The Trust, on behalf of the Acquired Fund, shall have furnished to the Acquiring Fund, a certificate, signed by the President or any Vice President and the Treasurer or any Assistant Treasurer of the Trust, as to the adjusted tax basis in the hands of the Acquired Fund of the securities delivered to an Acquiring Fund pursuant to this Agreement computed in accordance with applicable sections of the Code and, with respect to securities, showing a breakdown by purchase lot.

**8.** **FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND AND THE ACQUIRED FUND** 

If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to the Acquired Fund or with respect to the Acquiring Fund, the other party to this Agreement shall, at its option, not be required to consummate the transactions contemplated by this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. On the Closing Date no action, suit or other proceeding shall be pending or, to its knowledge, threatened before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. All consents of other parties and all other consents, orders and permits of Federal, state and local regulatory authorities deemed necessary by the Trust to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of any Acquiring Fund or Acquired Fund, provided that either party hereto may for itself waive any of such conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. The parties shall have received one or more opinions of Dechert LLP, dated on or before the Closing Date, substantially to the effect that, assuming the variable contracts and the insurance companies issuing them are properly structured under the insurance company provisions of the Code, the Reorganization will not be a taxable event for United States federal income tax purposes with respect to contract owners whose contract values are determined by investment in shares of the Acquired Fund (the "Tax Opinions"). For purposes of rendering the Tax Opinions, Dechert LLP may rely exclusively and without independent verification, as to factual matters, on the statements made in the Plan, the proxy statement/prospectus and statement of additional information included in the registration statement filed on Form N-14 by Lincoln Variable Insurance Products Trust under the 1933 Act with respect to the Reorganization, as well as upon such other written representations verified as of the Closing Date. Notwithstanding anything herein to the contrary, the parties may not waive the condition set forth in this paragraph.

**9.** **INDEMNIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The Trust, out of the Acquiring Fund's assets and property, agrees to indemnify and hold harmless the Acquired Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which an Acquired Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by any Acquiring Fund of any of its representations, warranties, covenants or agreements set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. The Trust, out of the Acquired Fund's assets and property, agrees to indemnify and hold harmless the Acquiring Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which an Acquiring Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Acquired Fund of any of its representations, warranties, covenants or agreements set forth in this Agreement.

**10.** **BROKERAGE FEES AND EXPENSES** 

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. The Trust, on behalf of the Acquiring Fund and the Acquired Fund, represents and warrants that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. LFI shall bear the costs related to the Reorganization, including brokerage costs, legal fees and accounting fees with respect to the Reorganization, and all necessary taxes in connection with the delivery of the Assets, including all applicable federal and state stock transfer stamps. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in the disqualification of such party as a "regulated investment company" within the meaning of Section 851 of the Code.

**11.** **ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. The Trust agrees that it has not made any representation, warranty or covenant, on behalf of the Acquiring Fund or the Acquired Fund, not set forth herein and that this Agreement constitutes the entire agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. The representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing shall survive the Closing.

**12.** **TERMINATION** 

This Agreement may be terminated and the transactions contemplated hereby may be abandoned by resolution of the Trust's Board, on behalf of either an Acquiring Fund or an Acquired Fund, at any time prior to the Closing Date, if circumstances should develop that, in the opinion of the Board, make proceeding with the Agreement inadvisable.

**13.** **AMENDMENTS** 

This Agreement may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of the Trust, on behalf of either an Acquiring Fund or an Acquired Fund.

**14.** **NOTICES** 

Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be given by facsimile, personal service or prepaid or certified mail addressed to the Funds at:

Lincoln Variable Insurance Products Trust

150 N. Radnor Chester Road

Radnor, PA 19087

Attn: Gordon Huellmantel

<u>With copies to:</u>

Lincoln Financial Investments Corporation

150 N. Radnor Chester Road

Radnor, PA 19087

Attn: Samuel K. Goldstein, Chief Counsel, Funds Management

**15.** **HEADINGS; COUNTERPARTS; GOVERNING LAW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its principles of conflicts of laws.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the date first above written.

Lincoln Variable Insurance Products Trust,

on behalf of the Funds listed in Exhibit A

---

| |
|:---|
|  By: |
|  Name: Gordon Huellmantel |
|  Title: Senior Vice President |

---

Lincoln Financial Investments Corporation,

(solely for purposes of section 10.2)

---

| |
|:---|
|  By: |
|  Name: Gordon Huellmantel |
|  Title: Senior Vice President |

---

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##### [**Table of Contents**](#toc)
**Exhibit A** 

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| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| LVIP Multi-Manager Global Equity Managed Volatility Fund | LVIP Global Equity Managed Volatility Fund (Formerly LVIP Franklin Templeton Global Equity Managed Volatility Fund) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |

---

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**EXHIBIT B** 

**FINANCIAL HIGHLIGHTS** 

The financial highlights tables are intended to help you understand the financial performance of the Acquired Fund's Standard class and Service class shares for the past five years or since their inception (as applicable). Certain information reflects financial results for a single Acquired Fund share. Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects any waivers and reimbursement of expenses by the Adviser, as applicable. If this is the case, performance would have been lower had the expense limitation not been in effect. This table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The information in the table was derived from the financial statements which have been audited by Ernst & Young LLP, the Acquired Fund's Independent Registered Public Accounting Firm, whose report, along with the Acquired Fund's financial statements, is included in the annual report dated December 31, 2025, which is available upon request. The Acquired Fund's annual report has been incorporated by reference into the SAI.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
|  Net asset value, beginning of period | $14.638 | $13.466 | $11.160 | $13.930 | $12.236 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.141 | 0.146 | 0.145 | 0.178 | 0.121 |
|  Net realized and unrealized gain (loss) | 2.173 | 2.124 | 2.761 | (2.679) | 1.824 |
|  Total from investment operations | 2.314 | 2.270 | 2.906 | (2.501) | 1.945 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.184) | (0.215) | (0.178) | (0.177) | (0.251) |
|  Net realized gain | (0.265) | (0.883) | (0.422) | (0.065) |  |
|  Return of capital |  |  |  | (0.027) |  |
|  Total dividends and distributions | (0.449) | (1.098) | (0.600) | (0.269) | (0.251) |
|  Net asset value, end of period | $16.503 | $14.638 | $13.466 | $11.160 | $13.930 |
|  Total return<sup>2</sup> | 15.81% | 16.84% | 26.01% | (17.93%) | 15.90% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $2059 | $1884 | $1507 | $3189 | $3850 |
|  Ratio of expenses to average net assets<sup>3</sup> | 0.21% | 0.21% | 0.21% | 0.21% | 0.21% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | 0.35% | 0.33% | 0.37% | 0.40% | 0.38% |
|  Ratio of net investment income to average net assets | 0.90% | 0.99% | 1.16% | 1.50% | 0.89% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 0.76% | 0.87% | 1.00% | 1.31% | 0.72% |
|  Portfolio turnover | 20% | 14% | 15% | 18% | 12% |

---

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
|  Net asset value, beginning of period | $14.622 | $13.452 | $11.145 | $13.907 | $12.219 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.086 | 0.094 | 0.101 | 0.136 | 0.073 |
|  Net realized and unrealized gain (loss) | 2.166 | 2.119 | 2.752 | (2.672) | 1.820 |
|  Total from investment operations | 2.252 | 2.213 | 2.853 | (2.536) | 1.893 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.125) | (0.160) | (0.124) | (0.134) | (0.205) |
|  Net realized gain | (0.265) | (0.883) | (0.422) | (0.065) |  |
|  Return of capital |  |  |  | (0.027) |  |
|  Total dividends and distributions | (0.390) | (1.043) | (0.546) | (0.226) | (0.205) |
|  Net asset value, end of period | $16.484 | $14.622 | $13.452 | $11.145 | $13.907 |
|  Total return<sup>2</sup> | 15.40% | 16.44% | 25.58% | (18.22%) | 15.49% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $93448 | $93714 | $91337 | $98707 | $127109 |
|  Ratio of expenses to average net assets<sup>3</sup> | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | 0.70% | 0.68% | 0.72% | 0.75% | 0.73% |
|  Ratio of net investment income to average net assets | 0.55% | 0.64% | 0.81% | 1.15% | 0.54% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 0.41% | 0.52% | 0.65% | 0.96% | 0.37% |
|  Portfolio turnover | 20% | 14% | 15% | 18% | 12% |

---

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower.

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

The financial highlights tables are intended to help you understand the financial performance of the Acquiring Fund's Standard class and Service class shares for the past five years. Certain information reflects financial results for a single Acquiring Fund share. Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects any waivers and reimbursement of expenses by the Adviser, as applicable. If this is the case, performance would have been lower had the expense limitation not been in effect. This table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The information in the table was derived from the financial statements which have been audited by Ernst & Young LLP, the Acquiring Fund's Independent Registered Public Accounting Firm, whose report, along with the Acquiring Fund's financial statements, is included in the annual report dated December 31, 2025, which is available upon request. The Acquiring Fund's annual report has been incorporated by reference into the SAI.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
|  Net asset value, beginning of period | $44.219 | $41.594 | $37.707 | $45.868 | $39.545 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.637 | 0.648 | 0.628 | 0.501 | 0.385 |
|  Net realized and unrealized gain (loss) | 5.119 | 4.570 | 5.769 | (6.164) | 6.464 |
|  Total from investment operations | 5.756 | 5.218 | 6.397 | (5.663) | 6.849 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.583) | (0.710) | (0.657) | (0.624) | (0.526) |
|  Net realized gain | (4.828) | (1.883) | (1.853) | (1.874) |  |
|  Total dividends and distributions | (5.411) | (2.593) | (2.510) | (2.498) | (0.526) |
|  Net asset value, end of period | $44.564 | $44.219 | $41.594 | $37.707 | $45.868 |
|  Total return<sup>2</sup> | 13.51% | 12.54% | 17.24% | (12.06%) | 17.32% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $96959 | $90756 | $87204 | $78905 | $98213 |
|  Ratio of expenses to average net assets | 0.72% | 0.72% | 0.72% | 0.72% | 0.71% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.73% | 0.73% | 0.73% | 0.73% | 0.72% |
|  Ratio of net investment income to average net assets | 1.42% | 1.44% | 1.56% | 1.24% | 0.88% |
|  Ratio of net investment income to average net assets prior to expenses waived/ reimbursed | 1.41% | 1.43% | 1.55% | 1.23% | 0.87% |
|  Portfolio turnover | 36% | 27% | 20% | 29% | 27% |

---

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
|  Net asset value, beginning of period | $44.212 | $41.586 | $37.705 | $45.861 | $39.540 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.524 | 0.535 | 0.526 | 0.399 | 0.275 |
|  Net realized and unrealized gain (loss) | 5.108 | 4.567 | 5.761 | (6.159) | 6.457 |
|  Total from investment operations | 5.632 | 5.102 | 6.287 | (5.760) | 6.732 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.471) | (0.593) | (0.553) | (0.522) | (0.411) |
|  Net realized gain | (4.828) | (1.883) | (1.853) | (1.874) |  |
|  Total dividends and distributions | (5.299) | (2.476) | (2.406) | (2.396) | (0.411) |
|  Net asset value, end of period | $44.545 | $44.212 | $41.586 | $37.705 | $45.861 |
|  Total return<sup>2</sup> | 13.22% | 12.26% | 16.95% | (12.28%) | 17.03% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $833981 | $849960 | $883961 | $859170 | $1071692 |
|  Ratio of expenses to average net assets | 0.97% | 0.97% | 0.97% | 0.97% | 0.96% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.98% | 0.98% | 0.98% | 0.98% | 0.97% |
|  Ratio of net investment income to average net assets | 1.17% | 1.19% | 1.31% | 0.99% | 0.63% |
|  Ratio of net investment income to average net assets prior to expenses waived/ reimbursed | 1.16% | 1.18% | 1.30% | 0.98% | 0.62% |
|  Portfolio turnover | 36% | 27% | 20% | 29% | 27% |

---

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower.

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![LOGO](g35318g01f11.jpg)

PO Box 43131 Providence, RI 02940-3131 Please detach at perforation before mailing. LVIP MULTI-MANAGER GLOBAL EQUITY MANAGED VOLATILITY FUND PROXY (a series of Lincoln Variable Insurance Products Trust) 1301 S. HARRISON STREET, FORT WAYNE, IN 46802 SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 3, 2026 THIS PROXY IS BEING SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF THE LINCOLN VARIABLE INSURANCE PRODUCTS TRUST. The undersigned, revoking previous proxies with respect to the shares in the name of the undersigned, hereby appoint(s) John Morris, Samuel K. Goldstein, and James Hoffmayer, or any of them as Proxies of the undersigned with full power of substitution, to vote and act with respect to the LVIP Multi-Manager Global Equity Managed Volatility Fund (the "Acquired Fund"), a series of the Lincoln Variable Insurance Products Trust (the "Trust"), with respect to which the undersigned is entitled to vote at the Special Meeting of Shareholders to be held at the offices of the Trust located at 150 North Radnor-Chester Road, Radnor, Pennsylvania 19087 on June 3, 2026, at 11:30 a.m. Eastern Time and at any adjournments or postponements thereof. I acknowledge receipt of the Notice of the Special Meeting of the Shareholders and accompanying Proxy Statement dated on or about [•], 2026. VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503 LIN_35024_030226 PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. xxxxxxxxxxxxxx code

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![LOGO](g35318g02f11.jpg)

EVERY SHAREHOLDER'S VOTE IS IMPORTANT! Important Notice Regarding the Availability of Proxy Materials for the LVIP Multi-Manager Global Equity Managed Volatility Fund Special Meeting of Shareholders to be held on June 3, 2026. The Proxy Statement for this meeting is available at: https://www.proxy-direct.com/lin-35024 Please detach at perforation before mailing. This proxy will be voted as instructed. If no specification is made for the Proposal, the proxy will be voted "FOR" the Proposal. The Proxies are authorized in their discretion to vote upon such other matters as may come before the Special Meeting or any adjournments or postponements thereof. TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: X Proposal The Board of Trustees unanimously recommends a vote "FOR" Proposal 1. 1. To approve an Agreement and Plan of Reorganization (the "Agreement") providing for the reorganization of the LVIP Multi-Manager Global Equity Managed Volatility Fund into the LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund, also a series of the Trust (the "Acquiring Fund"). 2. To transact such other business that may properly come before the Meeting, or any adjournment(s) or postponement(s) thereof, in the discretion of the proxies or their substitutes. Authorized Signatures — This section must be completed for your vote to be counted. — Sign and Date Below Note: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature. Date (mm/dd/yyyy) — Please print date below Signature 1 — Please keep signature within the box Signature 2 — Please keep signature within the box Scanner bar code xxxxxxxxxxxxxx LIN1 35024 xxxxxxxx

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![LOGO](g35318g03f11.jpg)

PO Box 43131 Providence, RI 02940-3131 Please detach at perforation before mailing. LVIP MULTI-MANAGER GLOBAL EQUITY MANAGED VOLATILITY FUND VOTING INSTRUCTION CARD (a series of Lincoln Variable Insurance Products Trust) 1301 S. HARRISON STREET, FORT WAYNE, IN 46802 SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 3, 2026 THIS VOTING INSTRUCTION CARD IS BEING SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF THE LINCOLN VARIABLE INSURANCE PRODUCTS TRUST. [INSURANCE COMPANY DROP-IN] Revoking any prior instructions, the undersigned instructs the above referenced insurance company (the "Company") to vote and act with respect to the LVIP Multi-Manager Global Equity Managed Volatility Fund (the "Acquired Fund"), a series of the Lincoln Variable Insurance Products Trust (the "Trust"), that are attributable to his or her contract or interest therein and held in the Company separate account, at the Special Meeting of Shareholders to be held at the offices of the Trust located at 150 North Radnor-Chester Road, Radnor, Pennsylvania 19087 on June 3, 2026, at 11:30 a.m. Eastern Time and at any adjournments or postponements thereof. If you sign on the reverse side but do not mark instructions, the Company will vote all shares of the Fund attributable to your account value FOR the proposal. If you do not return this Voting Instruction Card, the Company will vote all shares attributable to your account value in proportion to the timely voting instructions actually received from contract owners in the separate account. VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-866-298-8476 LIN_35024_021826_VI PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN THE VOTING INSTRUCTION CARD PROMPTLY USING THE ENCLOSED ENVELOPE. xxxxxxxxxxxxxx code

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![LOGO](g35318g04f11.jpg)

EVERY CONTRACT OWNER'S VOTE IS IMPORTANT! Important Notice Regarding the Availability of Proxy Materials for the LVIP Multi-Manager Global Equity Managed Volatility Special Meeting of Shareholders to be held on June 3, 2026. The Proxy Statement for this meeting is available at: https://www.proxy-direct.com/lin-35024 Please detach at perforation before mailing. This Voting Instruction Card will be voted as instructed. If no specification is made for the Proposal, the Voting Instruction Card will be voted "FOR" the Proposal. The Proxies are authorized in their discretion to vote upon such other matters as may come before the Special Meeting or any adjournments or postponements thereof. TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: X Proposal The Board of Trustees unanimously recommends a vote "FOR" Proposal 1. 1. To approve an Agreement and Plan of Reorganization (the "Agreement") providing for the reorganization of the LVIP Multi-Manager Global Equity Managed Volatility Fund into the LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund, also a series of the Trust (the "Acquiring Fund"). 2. To transact such other business that may properly come before the Meeting, or any adjournment(s) or postponement(s) thereof, in the discretion of the proxies or their substitutes. Authorized Signatures — This section must be completed for your vote to be counted. — Sign and Date Below Note: Please sign exactly as your name(s) appear(s) on this voting instruction card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature. Date (mm/dd/yyyy) — Please print date below Signature 1 — Please keep signature within the box Signature 2 — Please keep signature within the box Scanner bar code xxxxxxxxxxxxxx LIN2 35024 xxxxxxxx [GRAPHIC APPEARS HERE]

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***The information contained in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities, and it is not a solicitation of an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.***

**SUBJECT TO COMPLETION,** 

**DATED [MARCH 10, 2026]** 

**STATEMENT OF ADDITIONAL INFORMATION** 

Dated [April XX, 2026]

**LINCOLN VARIABLE INSURANCE PRODUCTS TRUST** 

**1301 SOUTH HARRISON STREET** 

**FORT WAYNE, INDIANA 46802** 

This Statement of Additional Information, which is not a prospectus, supplements, and should be read in conjunction with, the Proxy Statement/Prospectus dated [April XX, 2026], relating specifically to the proposed transfer of all of the assets of LVIP Multi-Manager Global Equity Managed Volatility Fund (the "Acquired Fund") to, and the assumption of the liabilities of the Acquired Fund by, LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund) (the "Acquiring Fund") in exchange for shares of the Acquiring Fund having an aggregate value equal to the aggregate net asset value of the Acquired Fund (the "Reorganization"). The Reorganization is proposed to occur pursuant to an Agreement and Plan of Reorganization, subject to approval by the shareholders of the Acquired Fund. Unless otherwise indicated, capitalized terms used herein and not otherwise defined have the same meanings as are given to them in the Proxy Statement/Prospectus. Each of the Acquired Fund and the Acquiring Fund is a series of Lincoln Variable Insurance Products Trust (the "Trust").

To obtain a copy of the Proxy Statement/Prospectus, please call 866-436-8717 or write to the Trust at the address above.

**Information Incorporated by Reference** 

[This SAI incorporates by reference the following documents as filed with the Securities and Exchange Commission (File Nos. 33-70742 and 811-08090):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The prospectus and statement of additional information for the Acquired Fund, dated May 1, 2025 (File No. 033-70742; Accession No. 0001193125-25-107080);](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000119312525107080/d943379d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The supplement for the Acquired Fund, dated January 9, 2026 (File No. 033-70742; Accession No. 0001193125-26-008870);](http://www.sec.gov/Archives/edgar/data/914036/000119312526008870/d10265d497.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The prospectus and statement of additional information for the Acquiring Fund, dated May 1, 2025 (File No. 033-70742; Accession No. 0001193125-25-107080);](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000119312525107080/d943379d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Annual Reports to shareholders of the Acquired Fund for the fiscal year ended December 31, 2025 (Accession No. 0001398344-26-004779);](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000139834426004779/fp0097560-1_ncsrixbrl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Annual Reports to shareholders of the Acquiring Fund for the fiscal year ended December 31, 2025 (Accession No. 0001398344-26-004775);](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000139834426004775/fp0097558-1_ncsrixbrl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Semi-Annual Reports to shareholders of the Acquired Fund for the six months ended June 30, 2025 (Accession No. 0001398344-25-017125); and,](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000139834425017125/fp0095164-1_ncsrsixbrl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Semi-Annual Reports to shareholders of the Acquiring Fund for the six months ended June 30, 2025 (Accession No. 0001398344-25-017117).](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000914036/000139834425017117/fp0095143-1_ncsrsixbrl.htm)

**Supplemental Financial Information** 

Tables showing the fees and expenses of the Acquiring Fund and the Acquired Fund, and the fees and expenses of the Acquiring Fund on a pro forma basis after giving effect to the Reorganization, are included in the "Comparison of Fees and Expenses" section in the Proxy Statement/Prospectus.

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It is currently anticipated that approximately 45% of the Acquired Fund's holdings will be sold in advance of the Reorganization and the resulting proceeds will be invested in accordance with Acquiring Fund's principal investment strategies. A schedule of investments of the Acquiring Fund as of December 31, 2025, is included in the above referenced annual report. Notwithstanding the foregoing, changes may be made to Acquired Fund's portfolio in advance of the Reorganization and/or Acquiring Fund's portfolio following the Reorganization. It is not anticipated that the Reorganization will result in a material change to the Acquired Fund's investment portfolio due to investment restrictions.

There are no material differences in the accounting, valuation and tax policies of the Acquired Funds as compared to those of the Acquiring Fund.

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**Part C - Other Information**

**<u>Item 15. Indemnification</u>**

As permitted by Sections 17(h) and 17(i) of the Investment Company Act of 1940 (the "1940 Act") and pursuant to Article VII, Section 2 of the Trust's Agreement and Declaration of Trust (Exhibit 28(a) to the Registration Statement) and Article VI of the Trust's By-Laws (Exhibit 28(b) to the Registration Statement), officers, trustees, employees and agents of the Registrant will not be liable to the Registrant, any stockholder, officer, director, trustee, employee, agent or other person for any action or failure to act, except for bad faith, willful misfeasance, gross negligence or reckless disregard of duties, and those individuals may be indemnified against liabilities in connection with the Registrant, subject to the same exceptions. Subject to the standards set forth in the governing instrument of the Trust, Section 3817 of Title 12, Part V, Chapter 38, of the Delaware Code permits indemnification of trustees or other persons from and against all claims and demands. The Independent Trustees have entered into an Indemnification Agreement with the Trust which obligates the Trust to indemnify the Independent Trustees in certain situations and which provides the procedures and presumptions with respect to such indemnification obligations.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "1933" Act) may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission ("SEC") such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer, or controlling person of the Registrant in connection with the successful defense of any action, suit or proceeding) is asserted against the Registrant by such trustee, officer or controlling person in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

The Registrant has purchased an insurance policy insuring its officers, trustees and directors against liabilities, and certain costs of defending claims against such officers and directors, to the extent such officers and directors are not found to have committed conduct constituting willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The insurance policy will also insure the Registrant against the cost of indemnification payments to officers and trustees under certain circumstances.

Section 9 of the Investment Management Agreements (Exhibits 28(d)(1) and (2) to the Registration Statement) limits the liability of Lincoln Financial Investments Corporation ("LFI") to liabilities arising from willful misfeasance, bad faith or gross negligence in the performance of its respective duties or from reckless disregard by LFI of its respective obligations and duties under the Agreements. Certain other agreements to which the Trust is a party also contain indemnification provisions.

The Registrant hereby undertakes that it will apply the indemnification provisions of its By-Laws in a manner consistent with SEC Release No. 11330 so long as the interpretations of Sections 17(h) and 17(i) of the 1940 Act remain in effect and are consistently applied.

**<u>Item 16. Exhibits</u>**

Defined Terms for Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Financial Investments Corporation ("LFI")

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Variable Insurance Products Trust ("LVIP Trust")

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Financial Distributors, Inc. ("LFD")

&nbsp;&nbsp;&nbsp;&nbsp;• The Lincoln National Life Insurance Company ("Lincoln Life")

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Life & Annuity Company of New York ("Lincoln New York")

&nbsp;&nbsp;&nbsp;&nbsp;• Post-Effective Amendment ("PEA")

Each of the following exhibits are incorporated by reference herein to the previously filed documents indicated, except as otherwise noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Declaration of Trust.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Agreement and Declaration of Trust, dated February 1, 2003, previously filed with PEA 13 on April 4, 2003.</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2105423zex-99_23a.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Certificate of Trust, dated January 31, 2003, previously filed with PEA 143 on January 7, 2013</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513004631/d460551dex9928a2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *By-laws.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>By-laws of LVIP Trust, dated September 15, 2015, previously filed with PEA 165 on January 8, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516424708/d108186dex99b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Form of Agreement and Plan of Reorganization, filed herewith</u>](d35318dex994.htm) .

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Articles II, VII, and VIII of the Agreement and Declaration of Trust and Articles III, V and VI of the Amended Bylaws, incorporated by reference into Exhibits (a) and (b) hereto, define the rights of holders of
shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) *Investment Advisory Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Investment Management Agreement, dated April 30, 2007, between LVIP Trust and LFI, previously filed with PEA 41</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923d1a.txt) [<u>on April 15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923d1a.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amendment to Schedule A to the Investment Management Agreement, dated June 17, 2022,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d1a.htm) [<u>between LVIP Trust and LFI, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amendment to Schedule A to the Investment Management Agreement, dated October 1, 2025, between</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996a2.htm) [<u>LVIP Trust and LFI, previously filed with the Trust's Registration Statement on Form N-14 on December 3,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996a2.htm) [<u>2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996a2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Investment Management Agreement, dated March 20, 2019, between LVIP BlackRock Global Allocation Fund</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d2.htm) [<u>Cayman, Ltd. and LFI, previously filed with PEA 197 on April 25, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Sub-Advisory Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Sub-Advisory Agreement dated April 1, 2021, between LFI and AllianceBernstein, L.P., previously filed with</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4a.htm) [<u>PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated April 5, 2024, between LFI and AllianceBernstein</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524102095/d786996dex99d4ai.htm) [<u>L.P., previously filed with PEA 259 on April 19, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524102095/d786996dex99d4ai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Sub-Advisory Agreement dated April 30, 2019, between LFI and American Century Investment</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d44.htm) [<u>Management Inc., previously filed with PEA 199 on April 30, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d44.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated November 2, 2023, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4bi.htm) [<u>and American Century Investment Management, Inc., previously filed with PEA 248 on November</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4bi.htm) [<u>17, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4bi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment No. 3 to Schedule A to Sub-Advisory Agreement dated May 1, 2026, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex996d2ii.htm) [<u>and American Century Investment Management, Inc., previously filed with the Trust's</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex996d2ii.htm) [<u>Registration Statement on Form N-14 on February 20, 2026</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex996d2ii.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Sub-Advisory Agreement dated June 5, 2007, between LFI and BAMCO, Inc., pertaining to the LVIP Baron</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d3.txt) [<u>Growth Opportunities Fund, previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d3.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated January 1, 2023, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4ci.htm) [<u>BAMCO, Inc., previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4ci.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Sub-Advisory Agreement dated March 21, 2016, between LFI and BlackRock Advisors, LLC, previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d5.htm) [<u>filed with PEA 168 on April 29, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2023, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523256478/d558607dex99d4di.htm) [<u>BlackRock Advisors, LLC, previously filed with PEA 245 on October 16, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523256478/d558607dex99d4di.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Sub-Advisory Agreement dated April 30, 2010, between LFI and BlackRock Financial Management, Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d4.txt) [<u>previously filed with PEA 132 on April 12, 2012</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d4.txt) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Sub-Advisory Agreement dated August 27, 2012, between LFI and BlackRock Investment Management,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d4.htm) [<u>LLC, previously filed with PEA 145 on April 30, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Side Letter to Sub-Advisory Agreement dated June 16, 2020, between LFI and BlackRock</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ei.htm) [<u>Investment Management, LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ei.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated December 17, 2021, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4gii.htm) [<u>and BlackRock Investment Management, LLC., previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4gii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated May 1, 2025, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525031940/d920182dex99d4fiii.htm) [<u>BlackRock Investment Management, LLC., previously filed with PEA 266 on February 21, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525031940/d920182dex99d4fiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Sub-Advisory Agreement dated January 1, 2017, between LFI and BlackRock Investment Management,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4f.htm) [<u>LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated September 27, 2017, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4fi.htm) [<u>and BlackRock Investment Management, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4fi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Sub-Advisory Agreement dated May 20, 2022, between LFI and Channing Capital Management LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4j.htm) [<u>previously filed with PEA 228 on July 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Side Letter to Sub-Advisory Agreement dated May 20, 2022, between LFI and Channing Capital</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4ji.htm) [<u>Management LLC, previously filed with PEA 228 on July 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4ji.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Sub-Advisory Agreement dated July 30, 2020, between LFI and ClearBridge Investments, LLC, previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4g.htm) [<u>filed with PEA 211 on December 11, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 1 to Schedule A to Sub-Advisory Agreement dated May 3, 2024, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524141540/d815601dex99d4ji.htm) [<u>and ClearBridge Investments, LLC, previously filed with PEA 262 on May 17, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524141540/d815601dex99d4ji.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment No. 2 to Schedule A to Sub-Advisory Agreement dated April 1, 2026, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996d9ii.htm) [<u>and ClearBridge Investments, LLC, previously filed with the Trust's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996d9ii.htm) [<u>Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996d9ii.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Assignment and Assumption of Sub-Advisory Agreements, dated June 20, 2013, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000168386320003417/f3368d3.htm) [<u>Delaware Management Company, previously filed with PEA 204 on April 16, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000168386320003417/f3368d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [<u>Sub-Advisory Agreement dated May 1, 2015, between LFI and Dimensional Fund Advisors LP, previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312515162660/d903076dex99d13.htm) [<u>filed with PEA 162 on April 30, 2015.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312515162660/d903076dex99d13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated March 10, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4pi.htm) [<u>Dimensional Fund Advisers LP, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4pi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Sub-Advisory Agreement dated May 1, 2025, between LFI and FIAM LLC, previously filed with PEA 266 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525031940/d920182dex99d4r.htm) [<u>February 21, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525031940/d920182dex99d4r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Sub-Advisory Agreement dated April 30, 2014, between LFI and Franklin Advisers, Inc., previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14a.htm) [<u>with PEA 152 on April 30, 2014</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14a.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 2 to Schedule A to Sub-Advisory Agreement dated April 1, 2018, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d15b.htm) [<u>and Franklin Advisers, Inc., previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d15b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment No. 3 to sub-Advisory Agreement dated April 28, 2023, between LFI and Franklin</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4qia.htm) [<u>Advisors, Inc., previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4qia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Amended & Restated Sub-Advisory Agreement dated August 7, 2021, between LFI and Franklin Advisers,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4r.htm) [<u>Inc., previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 1 to Sub-Advisory Agreement dated May 3, 2024, between LFI and Franklin</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524141540/d815601dex99d4riii.htm) [<u>Advisors, Inc., previously filed with PEA 262 on May 17, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524141540/d815601dex99d4riii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Sub-Advisory Agreement dated January 27, 2016, between LFI and Franklin Mutual Advisers, LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d17.htm) [<u>previously filed with PEA 168 on April 29, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 1 to Sub-Advisory Agreement dated February 1, 2026, between LFI and Franklin</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526046020/d105081dex99d4qi.htm) [<u>Mutual Advisers, LLC, previously filed with PEA 272 on February 11, 2026</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526046020/d105081dex99d4qi.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [<u>Sub-Advisory Agreement dated April 30, 2014, between LFI and Goldman Sachs Asset Management, L.P.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d16.htm) [<u>previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated April 14, 2017, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312517147544/d340858dex9928d21a.htm) [<u>Goldman Sachs Asset Management, L.P., previously filed with PEA 178 on April 28, 2017.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312517147544/d340858dex9928d21a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [<u>Sub-Advisory Agreement dated February 8, 2019, between LFI and Invesco Advisers Inc. previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d38.htm) [<u>with PEA 199 on April 30, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [<u>Sub-Advisory Agreement dated February 8, 2019, between LFI and Invesco Capital Management LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d39.htm) [<u>previously filed with PEA 199 on April 30, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d39.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [<u>Sub-Advisory Agreement dated September 21, 2012, between LFI and J.P. Morgan Investment</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d15.htm) [<u>Management Inc., previously filed with PEA 145 on April 30, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated August 31, 2018, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ui.htm) [<u>Investment Management Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ui.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Sub-Advisory Agreement dated August 31, 2018, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4uii.htm) [<u>Investment Management Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4uii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated March 24, 2022, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522107913/d318391dex99166d22iv.htm) [<u>J.P. Morgan Investment Management, Inc., previously filed with the Trust's Registration</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522107913/d318391dex99166d22iv.htm) [<u>Statement on Form N-14 on April 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522107913/d318391dex99166d22iv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Side Letter to Sub-Advisory Agreement dated April 18, 2023, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex9923iii.htm) [<u>Investment Management, Inc., previously filed with Pre-Effective Amendment No. 2 on May 19,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex9923iii.htm) [<u>2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex9923iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Amendment No. 7 to Sub-Advisory Agreement dated May 1, 2023, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4xi.htm) [<u>Investment Management Inc., previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4xi.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated May 1, 2025, between LFI and J.P.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99d4zv.htm) [<u>Morgan Investment Management, Inc., previously filed with PEA 269 on May 1, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99d4zv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Side Letter to Sub-Advisory Agreement dated March 21, 2025, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99d4zvi.htm) [<u>Investment Management Inc., previously filed with PEA 269 on May 1, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99d4zvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [<u>Sub-Advisory Agreement dated April 30, 2010, between LFI and J.P. Morgan Investment Management Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d13.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d13.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated August 31, 2018, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4vi.htm) [<u>Investment Management Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4vi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2019, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4vii.htm) [<u>J.P. Morgan Investment Management, Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4vii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [<u>Sub-Advisory Agreement dated April 30, 2018, between LFI and Loomis, Sayles & Company, L.P.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4w.htm) [<u>previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4w.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 1 to Sub-Advisory Agreement dated February 1, 2026, between LFI and Loomis,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526046020/d105081dex99d4wi.htm) [<u>Sayles & Company, L.P., previously filed with PEA 272 on February 11, 2026</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526046020/d105081dex99d4wi.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [<u>Sub-Advisory Agreement dated October 30, 2018, between LFI and Massachusetts Financial Services</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4x.htm) [<u>Company, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4x.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [<u>Sub-Advisory Agreement dated October 1, 2010, between LFI and Massachusetts Financial Services</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d15.txt) [<u>Company, previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d15.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated September 30, 2020, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4yi.htm) [<u>Massachusetts Financial Services Company, previously filed with PEA 211 on December 15,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4yi.htm) [<u>2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4yi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment No. 5 to Sub-Advisory Agreement dated January 1, 2023, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4aai.htm) [<u>Massachusetts Financial Services Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4aai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and Massachusetts Financial Services</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d16.txt) [<u>Company, previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d16.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated January 1, 2022, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4bbi.htm) [<u>Massachusetts Financial Services Company, previously filed with PEA 226 on April 29, 2022</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4bbi.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [<u>Sub-Advisory Agreement dated May 1, 2016, between LFI and Milliman Financial Risk Management LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d19.htm) [<u>previously filed with PEA 168 on April 29, 2016</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d19.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated October 1, 2017, between Milliman Financial Risk</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4aai.htm) [<u>Management LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4aai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated May 1, 2020, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d19b.htm) [<u>Milliman Financial Risk Management LLC, previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d19b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [<u>Sub-Advisory Agreement dated March 1, 2021, between LFI and Milliman Financial Risk Management LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4dd.htm) [<u>previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4dd.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated June 18, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4dd1.htm) [<u>Milliman Financial Risk Management LLC, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4dd1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated March 28, 2023, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4ddii.htm) [<u>and Milliman Financial Risk Management LLC, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4ddii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated October 1, 2023, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4ddiii.htm) [<u>and Milliman Financial Risk Management LLC, previously filed with PEA 248 on November 17,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4ddiii.htm) [<u>2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4ddiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) [<u>Sub-Advisory Agreement dated July 12, 2011, between LFI and Mondrian Investment Partners Limited,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d12.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d12.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4eei.htm) [<u>Mondrian Investment Partners Limited, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4eei.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) [<u>Sub-Advisory Agreement dated July 12, 2011, between LFI and Mondrian Investment Partners Limited,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d18.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d18.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4ffi.htm) [<u>Mondrian Investment Partners Limited, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4ffi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [<u>Sub-Advisory Agreement dated December 1, 2025, between LFI and Nomura Investments Fund Advisers,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d4ii.htm) [<u>previously filed with PEA 271 on December 15, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d4ii.htm) .

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) [<u>Sub-Advisory Agreement dated April 1, 2026, between LFI and Nomura Corporate Research and Asset</u>](d35318dex996d31.htm) [<u>Management Inc., filed herewith</u>](d35318dex996d31.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) [<u>Sub-Advisory Agreement dated April 30, 2014, between LFI and Pacific Investment Management Company</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d24.htm) [<u>LLC, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated September 20, 2021, between LFI and Pacific</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4ggi.htm) [<u>Investment Management Company LLC, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4ggi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) [<u>Sub-Advisory Agreement effective April 28, 2020, between LFI and Schroder Investment Management</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d32a.htm) [<u>North America Inc., previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d32a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) [<u>Sub-Advisory Agreement dated April 30, 2008, between LFI and SSGA Funds Management, Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d19.txt) [<u>previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d19.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated February 1, 2021, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kki.htm) [<u>and SSGA Funds Management, Inc., previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kki.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated April 1, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kkii.htm) [<u>SSGA Funds Management, Inc., previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kkii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) [<u>Sub-Advisory Agreement dated February 8, 2016, between LFI and T. Rowe Price Associates, Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d33.htm) [<u>previously filed with PEA 168 on April 29, 2016</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d33.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated March 8, 2016, between LFI and T. Rowe Price</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d33b.htm) [<u>Associates, Inc., previously filed with PEA 190 on September 28, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d33b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2019, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4hhii.htm) [<u>T. Rowe Price Associates, Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4hhii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) [<u>Sub-Advisory Agreement dated February 1, 2018, between LFI and T. Rowe Price Associates, Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518027355/d468914dex9928d42a.htm) [<u>previously filed with PEA 182 on January 31, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518027355/d468914dex9928d42a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated April 6, 2020, between LFI and T.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d36b.htm) [<u>Rowe Price Associates, Inc., previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d36b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and T. Rowe Price Associates, Inc., previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d21.txt) [<u>filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d21.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated September 13, 2017, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d34b.htm) [<u>and T. Rowe Price Associates, Inc., previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d34b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2023, between LFI and T.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523187999/d532515dex99d4mmii.htm) [<u>Rowe Price Associates, Inc. previously filed with PEA 238 on July 17, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523187999/d532515dex99d4mmii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and T. Rowe Price Associates, Inc., previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d22.txt) [<u>filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d22.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated March 8, 2016, between LFI and T. Rowe Price</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d35b.htm) [<u>Associates, Inc., previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d35b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2019, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4llii.htm) [<u>T. Rowe Price Associates, Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4llii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2023, between LFI and T.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523187999/d532515dex99d4mmii.htm) [<u>Rowe Price Associates, Inc. previously filed with PEA 238 on July 17, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523187999/d532515dex99d4mmii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) [<u>Sub-Advisory Agreement dated September 21, 2012, between LFI and Templeton Investment Counsel,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d24.htm) [<u>LLC, previously filed with PEA 145 on April 30, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2015, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4mmi.htm) [<u>Templeton Investment Counsel, LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4mmi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and Wellington Management Company, LLP,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d5.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d5.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2017, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ooi.htm) [<u>Wellington Management Company, LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ooi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and Wellington Management Company, LLP,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d17.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d17.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2018, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518313778/d609250dex99d27b.htm) [<u>Wellington Management Company, LLP, previously filed with PEA 192 on October 31, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518313778/d609250dex99d27b.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2022, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4qqi.htm) [<u>Wellington Management Company, LLP, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4qqi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) [<u>Sub-Advisory Agreement dated July 31, 2020, between LFI and Western Asset Management Company,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4qq.htm) [<u>LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4qq.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) [<u>Sub-Sub-Advisory Agreement dated March 13, 2017, between BlackRock Financial Management Inc. and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5a.htm) [<u>BlackRock International Limited, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) [<u>Sub-Sub-Advisory Agreement dated February 11, 2022, between BlackRock Investment Management and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d5b.htm) [<u>BlackRock Singapore Limited, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d5b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) [<u>Sub-Sub-Advisory Agreement dated April 25, 2024, between BlackRock Investment Management, LLC and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d5c.htm) [<u>BlackRock International Limited, previously filed with PEA 271 on December 15, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d5c.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) [<u>Sub-Sub-Advisory Agreement dated May 1, 2025, between FIAM, LLC and FMR INVESTMENT</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525120869/d902479dex996d51.htm) [<u>MANAGEMENT (UK) LIMITED, previously filed with the Trust's Registration Statement on Form N-14 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525120869/d902479dex996d51.htm) [<u>May 15, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525120869/d902479dex996d51.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) [<u>Sub-Sub-Advisory Agreement dated April 30, 2014, between Franklin Advisers, Inc. and K2/D&S</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14b.htm) [<u>Management Co., L.L.C, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) [<u>Sub-Sub-Advisory Agreement dated April 30, 2014, between Franklin Advisers, Inc. and Templeton</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14c.htm) [<u>Investment Counsel, LLC, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) [<u>Sub-Sub-Advisory Agreement dated April 30, 2014, between Franklin Advisers, Inc. and Franklin</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14d.htm) [<u>Templeton Institutional, LLC, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) [<u>Sub-Sub-Advisory Agreement dated December 1, 2025, between Nomura Investments Fund Advisers and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d5j.htm) [<u>Macquarie Investment Management Global Limited, previously filed with PEA 271 on December 15, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d5j.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) [<u>Sub-Sub-Advisory Agreement dated April 28, 2020, between Schroder Investment Management North</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5j.htm) [<u>America Inc. and Schroder Investment Management North America Limited, previously filed with PEA 219</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5j.htm) [<u>on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) [<u>Sub-Advisory Agreement between LFI, LVIP BlackRock Global Allocation Fund Cayman Ltd., and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d42.htm) [<u>BlackRock Investment Management, LLC, previously filed with PEA 197 on April 25, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d42.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) [<u>Amended & Restated Sub-Advisory Agreement dated April 26, 2019, between LFI, LVIP BlackRock Global</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm) [<u>Allocation Fund Cayman Ltd., and BlackRock Investment Management, LLC, previously filed with PEA 226</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm) [<u>on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) *Underwriting Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Principal Underwriting Agreement dated January 1, 2012, between LVIP Trust and LFD, previously filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512155131/d298968dex9928e.txt) [<u>125 on April 9, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512155131/d298968dex9928e.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amendment to Schedule A to Principal Underwriting Agreement dated June 30, 2021, between LVIP Trust</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99e1a.htm) [<u>and LFD, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99e1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amendment to Schedule A to Principal Underwriting Agreement dated April 11, 2023, between LVIP Trust</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99e1a.htm) [<u>and LFD, filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99e1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) *Custodian Agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Mutual Fund Custody and Services Agreement dated June 19, 2018, between LVIP Trust and State Street Bank and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519007544/d644205dex9991.htm) [<u>Trust Company, previously filed with Pre-Effective Amendment 1 on January 1, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519007544/d644205dex9991.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amendment to Appendix A to Mutual Fund Custody Agreement dated November 18, 2021, between LVIP</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99g1a.htm) [<u>Trust and State Street Bank and Trust Company, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99g1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amendment to Appendix A to Mutual Fund Custody Agreement dated March 28, 2023, between LVIP Trust</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99g1a.htm) [<u>and State Street Bank and Trust Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99g1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Amendment to Appendix A to Mutual Fund Custody Agreement dated January 30, 2024, previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex999a3.htm) [<u>with the Trust's Registration Statement on Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex999a3.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) *Rule 12b-1 Plan and Rule 18f-3 Plan.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Service Class Distribution and Service Plan, previously filed with PEA 141 on August 27, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512369313/d364247dex9928m1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amendment to Schedule I of the Service Class Distribution and Service Plan dated May 30, 2025,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9910a1.htm) [<u>previously filed with the Trust's Registration Statement on Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9910a1.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Distribution Services Agreement dated May 1, 2008, between LVIP Trust and LFD, previously filed with PEA 141 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512369313/d364247dex9928m2.htm) [<u>August 27, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512369313/d364247dex9928m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amendment to Schedule A to the Distribution Services Agreement dated October 1, 2023, between LVIP</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523267332/d454507dex99m2c.htm) [<u>Trust and LFD, previously filed with PEA 247 on October 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523267332/d454507dex99m2c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amendment to Schedule A to the Distribution Services Agreement dated May 30, 2025, previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9910b2.htm) [<u>with the Trust's Registration Statement on Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9910b2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Rule 18f-3 Multiple Class Plan approved October 23, 2023, previously filed with PEA 247 on October 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523267332/d454507dex99n1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) *Legal Opinion.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Legal Opinion of Counsel dated April 1, 2003, regarding issuance of shares, previously filed with PEA 13 on April 4,</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2105423zex-99_23i.txt) [<u>2003.</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2105423zex-99_23i.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Legal Opinion of Counsel dated April 27, 2007, regarding issuance of shares, previously filed with PEA 41 on April</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923i2.txt) [<u>15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923i2.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Legal Opinion of Counsel dated March 6, 2026, filed herewith</u>](d35318dex9911c.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) (a) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) *Other Material Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Fund Accounting and Financial Administration Agreement dated June 19, 2018, between LVIP Trust and State Street</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519007544/d644205dex9992.htm) [<u>Bank and Trust Company, previously filed with Pre-Effective Amendment 1 on January 1, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519007544/d644205dex9992.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amendment to Annex I to Fund Accounting and Financial Administration Agreement dated March 28,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h1a.htm) [<u>2023, between LVIP Trust and State Street Bank and Trust Company, previously filed with PEA 233 on April</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h1a.htm) [<u>28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Administration Agreement dated January 1, 2015, between LVIP Trust and Lincoln Life, previously filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312515001914/d842433dex99h2.htm) [<u>175 on January 6, 2015.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312515001914/d842433dex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Administration Agreement dated May 1, 2017, between LVIP Trust and Lincoln</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h2b.htm) [<u>Life, previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Administration Agreement dated December 1, 2023, between LVIP Trust and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523292422/d611240dex99h2b.htm) [<u>Lincoln Life, previously filed with PEA 249 on December 11, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523292422/d611240dex99h2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Amended and Restated Expense Limitation Agreement dated April 26, 2019, between LFI and LVIP Trust, previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99h24.htm) [<u>filed with PEA 197 on April 25, 2017.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99h24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amendment to Schedule A of Amended and Restated Expense Limitation Agreement dated March 28,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h3a.htm) [<u>2023, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h3a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amendment to Schedule A of Amended and Restated Expense Limitation Agreement dated January 1,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex9913c2.htm) [<u>2026, previously filed with the Trust's Registration Statement on Form N-14 on February 20, 2026</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex9913c2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [<u>Advisory Fee Waiver Agreement dated March 7, 2013, between LFI and LVIP Trust, previously filed with PEA 145 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d26.htm) [<u>April 30, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amendment to Schedule A to the Advisory Fee Waiver Agreement dated March 28, 2023, previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h4a.htm) [<u>with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h4a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amendment to Schedule A to the Advisory Fee Waiver Agreement dated January 1, 2026, previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex9913d2.htm) [<u>with the Trust's Registration Statement on Form N-14 on February 20, 2026</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex9913d2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Consulting Agreements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Consulting Agreement dated April 29, 2011, between LFI and The Vanguard Group Inc., previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512158888/d329202dex9928h7.txt) [<u>with PEA 129 on April 11, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512158888/d329202dex9928h7.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Consulting Agreement dated January 1, 2018, between LFI and Goldman Sachs Asset Management, L.P.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h6.htm) [<u>previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Participation Agreements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Fund Participation Agreement dated May 1, 2003, between Lincoln Life and LVIP Trust, previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2100042zex-99_23h6.txt) [<u>with PEA 13 on April 4, 2003.</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2100042zex-99_23h6.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amendment to Fund Participation Agreement effective February 1, 2021, between Lincoln Life and LVIP</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99h7b.htm) [<u>Trust, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99h7b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Fund Participation Agreement dated May 1, 2003, including certain amendments, between Lincoln New</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2105423zex-99_23h9.txt) [<u>York and LVIP Trust, previously filed with PEA 13 on April 4, 2003.</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2105423zex-99_23h9.txt)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Amendment effective May 1, 2014, to the Fund Participation Agreement, between Lincoln New York and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928h10b.htm) [<u>LVIP Trust, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928h10b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Fund Participation Agreement dated June 5, 2007, between LVIP Trust, LFD, LFI, Great-West Life &</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h6.txt) [<u>Annuity Insurance Company, and First-Great West Life & Annuity Insurance Company, previously filed with</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h6.txt) [<u>PEA 41 on April 15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h6.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Amendment to Fund Participation Agreement dated March 15, 2021, between LVIP Trust, LFI, LFD and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7f.htm) [<u>Great-West Life & Annuity Insurance Company and Great-West Life & Annuity Insurance Company of New</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7f.htm) [<u>York, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Amendment to Fund Participation Agreement dated April 28, 2023 between LVIP Trust, LFI, LFD, Empower</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7g.htm) [<u>Annuity Insurance Company of America (formerly Great-West Life & Annuity Insurance Company) and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7g.htm) [<u>Empower Life & Annuity Insurance Company of New York (formerly Great-West Life & Annuity Insurance</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7g.htm) [<u>Company of New York formerly, First-Great West Life & Annuity Insurance Company, previously filed with</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7g.htm) [<u>PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Fund Participation Agreement dated June 5, 2007, between LVIP Trust, LFD, LFI, and Nationwide Financial</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h7.txt) [<u>Services, Inc., previously filed with PEA 41 on April 15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h7.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Amendment to Fund Participation Agreement dated March 10, 2009, between LVIP Trust, LFI, LFD and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7h.htm) [<u>Nationwide Financial Services, Inc., previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Amendment to Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFI, LFD and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7j.htm) [<u>Nationwide Financial Services, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Fund Participation Agreement dated June 5, 2007, between LVIP Trust, LFD, LFI, and New York Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h8.txt) [<u>Insurance and Annuity Corporation, previously filed with PEA 41 on April 15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h8.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [<u>Amendment to Fund Participation Agreement dated April 30, 2012, between LVIP Trust, LFI, LFD and New</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7j.htm) [<u>York Life Insurance and Annuity Corporation, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Amendment to Fund Participation Agreement dated April 1, 2013, between LVIP Trust, LFI, LFD and New</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7k.htm) [<u>York Life Insurance and Annuity Corporation, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Amendment to Fund Participation Agreement dated May 1, 2018, between LVIP Trust, LFI, LFD and New</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7l.htm) [<u>York Life Insurance and Annuity Corporation, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Amendment to Fund Participation Agreement dated November 1, 2019, between LVIP Trust, LFI, LFD and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7m.htm) [<u>New York Life Insurance and Annuity Corporation, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7m.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Amendment to Fund Participation Agreement dated April 10, 2021, between LVIP Trust, LFI, LFD and New</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7n.htm) [<u>York Life Insurance and Annuity Corporation, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [<u>Fund Participation Agreement dated June 5, 2007, between LVIP Trust, LFI, LFD, and RiverSource Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h9.txt) [<u>Insurance Company, previously filed with PEA 41 on April 15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h9.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFI, LFD, and RiverSource Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g18.htm) [<u>Insurance Company, filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFI, LFD, and RiverSource Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g19.htm) [<u>Insurance Company of New York, filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [<u>Fund Participation Agreement dated June 5, 2007, between LVIP Trust, LFD, LFI, and Standard Insurance</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h10.txt) [<u>Company, previously filed with PEA 41 on April 15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h10.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [<u>Fund Participation Agreement dated July 30, 2010 between LVIP Trust, Lincoln Life, Lincoln New York, LFI,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095006/dex9928h6.txt) [<u>American Funds Insurance Series, Capital Research and Management Company, Capital Income Builder,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095006/dex9928h6.txt) [<u>Intermediate Bond Fund of America, Short-Term Bond Fund of America and American Funds Service</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095006/dex9928h6.txt) [<u>Company, previously filed with PEA 104 on April 12, 2011.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095006/dex9928h6.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [<u>Fund Participation Agreement dated June 12, 2009, between LVIP Trust, LFD, LFI, and AIG Life Insurance</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h6.txt) [<u>Company, previously filed with PEA 99 on April 6, 2011.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h6.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [<u>Fund Participation Agreement dated June 12, 2009, between LVIP Trust, LFD, LFI, and American</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h7a.txt) [<u>International Life Assurance Company of New York, previously filed with PEA 99 on April 6, 2011.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h7a.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [<u>Assignment dated November 30, 2010, of Fund Participation Agreement dated June 12, 2009, between</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h7b.txt) [<u>LVIP Trust, LFD, LFI, and American International Life Assurance Company of New York to United States</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h7b.txt) [<u>Life Insurance Company in the City of New York, previously filed with PEA 99 on April 6, 2011.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h7b.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [<u>Amendment to Fund Participation Agreement dated March 15, 2021, between LVIP Trust, LFI, LFD and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7u.htm) [<u>American General Life Insurance Company, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7u.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [<u>Amendment to Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFI, LFD and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7y.htm) [<u>American General Life Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7y.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [<u>Amendment to Fund Participation Agreement dated March 15, 2021, between LVIP Trust, LFI, LFD and The</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7v.htm) [<u>United States Life Insurance Company in the City of New York, previously filed with PEA 225 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7v.htm) [<u>September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7v.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) [<u>Amendment to Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFI, LFD and The</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7aa.htm) [<u>United States Life Insurance Company in the City of New York, previously filed with PEA 233 on April 28,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7aa.htm) [<u>2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7aa.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) [<u>Fund Participation Agreement dated May 28, 2009, between LVIP Trust, LFD, LFI, and Commonwealth</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h8.txt) [<u>Annuity and Life Insurance Company, previously filed with PEA 99 on April 6, 2011.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h8.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [<u>Fund Participation Agreement dated May 28, 2009, between LVIP Trust, LFD, LFI, and First Allmerica</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h9.txt) [<u>Financial Life Insurance Company, previously filed with PEA 99 on April 6, 2011.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h9.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) [<u>Fund Participation Agreement dated April 26, 2021, between LVIP Trust, LFD, LFI and Principal National</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7y.htm) [<u>Life Insurance Company, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7y.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) [<u>Amendment to Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, Principal</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ff.htm) [<u>National Life Insurance Company and Principal Life Insurance Company, previously filed with PEA 233 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ff.htm) [<u>April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ff.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) [<u>Fund Participation Agreement dated April 30, 2021, between LVIP Trust, LFD, LFI and The Guardian</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7z.htm) [<u>Insurance & Annuity Company, Inc., previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7z.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) [<u>Fund Participation Agreement dated April 26, 2021, between LVIP Trust, LFD, LFI and Allstate Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928h7aa.htm) [<u>Insurance Company of New York, previously filed with PEA 228 on July 18, 2022</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928h7aa.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) [<u>Master Fund Participation Agreement dated June 30, 2010, between LVIP Trust, Lincoln Life, Lincoln New</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095002/dex9928h4.txt) [<u>York, American Funds Insurance Series, Capital Research and Management Company, and American</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095002/dex9928h4.txt) [<u>Funds Service Company, previously filed with PEA 103 on April 12, 2011.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095002/dex9928h4.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) [<u>Form of Fund of Funds Participation Agreement Pursuant to SEC Exemptive Order under Section 12 of the</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99h7bb.htm) [<u>Investment Company Act of 1940, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99h7bb.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) [<u>Form of Fund of Funds Operational Participation Agreement, previously filed with PEA 152 on April 30,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928h22b.htm) [<u>2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928h22b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) [<u>Fund Participation Agreement dated May 1, 2023, between LVIP Trust, LFD, LFI, and Allianz Life Insurance</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ll.htm) [<u>Company of North America, previously filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ll.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Allianz Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g39.htm) [<u>Insurance Company of New York, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g39.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, Talcott Resolution Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7mm.htm) [<u>Insurance Company and Talcott Resolution Life and Annuity Insurance Company, previously filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7mm.htm) [<u>233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7mm.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Horace Mann Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7nn.htm) [<u>Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7nn.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, Pacific Life Insurance</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7oo.htm) [<u>Company and Pacific Life and Annuity Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7oo.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Genworth Life and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7pp.htm) [<u>Annuity Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7pp.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Genworth Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7qq.htm) [<u>Insurance Company of New York, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7qq.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and The Ohio National</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7rr.htm) [<u>Life Insurance Company and Ohio National Life Insurance Corporation, previously filed with PEA 233 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7rr.htm) [<u>April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7rr.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, Massachusetts Mutual</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ss.htm) [<u>Life Insurance Company and C.M. Life Insurance Company, previously filed with PEA 233 on April 28,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ss.htm) [<u>2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ss.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Protective Life and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7tt.htm) [<u>Annuity Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7tt.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Protective Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7uu.htm) [<u>Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7uu.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) [<u>Amendment to Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, Delaware</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7vv.htm) [<u>Life Insurance Company and Delaware Life Insurance Company of New York, previously filed with PEA 233</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7vv.htm) [<u>on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7vv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Midland National</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ww.htm) [<u>Life Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ww.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Modern Woodmen</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7xx.htm) [<u>of America, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7xx.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) [<u>Amendment to Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7zz.htm) [<u>Symetra Life Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7zz.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, Transamerica Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7aaa.htm) [<u>Insurance Company and Transamerica Financial Life Insurance Company, previously filed with PEA 233 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7aaa.htm) [<u>April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7aaa.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Lincoln Benefit Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7bbb.htm) [<u>Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7bbb.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Kansas City Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ccc.htm) [<u>Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ccc.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Country Investors</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ddd.htm) [<u>Life Assurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7ddd.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and EquiTrust Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7eee.htm) [<u>Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7eee.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Farm Bureau Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7fff.htm) [<u>Insurance Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h7fff.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Metropolitan Tower</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g59.htm) [<u>Life Insurance Company, previously filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g59.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Integrity Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g60.htm) [<u>Insurance Company, previously filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g60.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and National Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g61.htm) [<u>Insurance Company, previously filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g61.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and The Prudential Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g62.htm) [<u>Insurance Company of America, previously filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g62.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and First Security</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g63.htm) [<u>Benefit Life Insurance and Annuity Company of New York, previously filed with Pre-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g63.htm) [<u>No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g63.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Zurich American</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g64.htm) [<u>Life Insurance Company, previously filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g64.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) [<u>Fund Participation Agreement dated April 28, 2023, between LVIP Trust, LFD, LFI, and Zurich American</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g63.htm) [<u>Life Insurance Company of New York, previously filed with Pre-Effective Amendment No. 2 on May 19,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g63.htm) [<u>2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g63.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) [<u>Fund Participation Agreement dated May 1, 2023, between LVIP Trust, LFI, LFD, and Allianz Life Insurance</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g39.htm) [<u>Company of New York, previously filed with Pre-Effective Amendment No. 2 on May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex99g39.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [American General Life Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and Ameritas Life](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Insurance Corp., previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and First Symetra](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [National Life Insurance Company of New York, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and Athene Annuity &](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Life Assurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and Brighthouse Life](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Genworth Life And Annuity Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Genworth Life Insurance Company of New York, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and The](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Guardian Insurance & Annuity Company Inc., previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Everlake Life Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and Jackson National](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Life Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Kansas City Life Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, Massachusetts Mutual](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Life Insurance Company and C.M. Life Insurance Company, previously filed with PEA 261 on April 29,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) [Amendment No. 1 to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Metropolitan Tower Life Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) [Amendment No. 1 to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Modern Woodmen of America, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company, previously](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD and American United Life](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Insurance Company, and Indiana Insurance Corporation and One America Securities, Inc., previously filed](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD and Annuity Investors](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Life Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, Principal](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Life Insurance Company and Transamerica Life Insurance Company and Principal National Life Insurance](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) [<u>Amendment No. 1 to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524122062/d788673dex99h29ffff.htm) [<u>The Prudential Insurance Company Of America, previously filed with PEA 261 on April 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524122062/d788673dex99h29ffff.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) [Amendment No. 3 to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Nationwide Financial Services, Inc., previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) [Amendment No. 7 to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [New York Life Insurance and Annuity Corporation, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, Pacific](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Life Insurance Company and Pacific Life & Annuity Company, previously filed with PEA 261 on April 29,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, Mutual of America Life](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, Pruco Life Insurance](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Company and Pruco Life Insurance Company of New Jersey, previously filed with PEA 261 on April 29,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Midland National Life Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) [Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, Everlake Life Insurance](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93) [Amendment to Fund Participation Agreement dated April 29, 2024, between LVIP Trust, LFI, LFD, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Protective Life and Annuity Insurance Company, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [<u>Form of Indemnification Agreement, previously filed with PEA 125 on April 9, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512155131/d298968dex9928h3.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) (a) [<u>Consent of Independent Registered Public Accounting Firm dated March 10, 2026, filed herewith</u>](d35318dex9914a.htm) .

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) (a) [<u>Power of Attorney dated December 9, 2025, filed herewith</u>](d35318dex9916a.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) *Codes of Ethics.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Code of Ethics for LVIP Trust and LFI, previously filed with PEA 235 on June 16, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523168671/d461323dex99p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Code of Ethics for LFD, previously filed with the Trust's Registration Statement on Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9917b.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Code of Ethics for Loomis, Sayles & Company, L.P., filed herewith</u>](d35318dex9917c.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [<u>Code of Ethics for Franklin affiliated companies, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [<u>Code of Ethics for Schroder Investment Management North America Inc., previously filed with PEA 226 on April 29,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p23.htm) [<u>2022</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p23.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) N/A

**<u>Item 17. Undertakings</u>**

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned Registrant agrees to file by Post-Effective Amendment the opinions and consents of counsel regarding the tax consequences of the proposed reorganizations required by Item 16(12) of Form N-14 within a reasonable time after receipt of such opinions.

------

##### [**Table of Contents**](#toc)
**SIGNATURE PAGE**

As required by the Securities Act of 1933, this Registration Statement has been signed on behalf of the Registrant, in the city of Fort Wayne and the State of Indiana, on this 10<sup>th</sup> day of March 2026.

---

| |
|:---|
| **LINCOLN VARIABLE INSURANCE PRODUCTS TRUST** |
| By: <u>/s/Gordon Huellmantel</u><br>Gordon Huellmantel<br> Senior Vice President<br>|

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in their capacities and on the date indicated above.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| By: | /s/John Morriss\*<br>John Morriss<br>| &nbsp;&nbsp; Chairman of the Board, Trustee and President<br> (Principal Executive Officer)<br>|
| By: | /s/James Hoffmayer<br>James Hoffmayer<br>| &nbsp;&nbsp; Chief Accounting Officer<br> (Principal Accounting Officer and Principal Financial Officer)<br>|
| /s/Steve A. Cobb\*<br>Steve A. Cobb | /s/Steve A. Cobb\*<br>Steve A. Cobb | Trustee |
| /s/Peter F. Finnerty\*<br>Peter F. Finnerty | /s/Peter F. Finnerty\*<br>Peter F. Finnerty | Trustee |
| /s/Ken C. Joseph\*<br>Ken C. Joseph | /s/Ken C. Joseph\*<br>Ken C. Joseph | Trustee |
| /s/Barbara L. Lamb\*<br>Barbara L. Lamb | /s/Barbara L. Lamb\*<br>Barbara L. Lamb | Trustee |
| /s/Pamela L. Salaway\*<br>Pamela L. Salaway | /s/Pamela L. Salaway\*<br>Pamela L. Salaway | Trustee |
| /s/Manisha A. Thakor\*<br>Manisha A. Thakor | /s/Manisha A. Thakor\*<br>Manisha A. Thakor | Trustee |
| /s/Brian W. Wixted\*<br>Brian W. Wixted | /s/Brian W. Wixted\*<br>Brian W. Wixted | Trustee |
| /s/Nancy B. Wolcott\*<br>Nancy B. Wolcott | /s/Nancy B. Wolcott\*<br>Nancy B. Wolcott | Trustee |
| By: | <u>/s/Gordon Huellmantel</u><br>Gordon Huellmantel<br>| Attorney-in-Fact |

---

\*[<u>Pursuant to a Power of Attorney dated December 9, 2025, filed herewith</u>](d35318dex9916a.htm).

------

## Exhibit 99.4

**FORM OF AGREEMENT AND PLAN OF REORGANIZATION** 

**THIS AGREEMENT AND PLAN OF REORGANIZATION** (the "Agreement") is made as of [___] by Lincoln Variable Insurance Products Trust (the "Trust"), a Delaware statutory trust with its principal place of business at 1301 S. Harrison Street, Fort Wayne, Indiana 46802, on behalf of each of its series funds listed in Exhibit A hereto (the "Acquiring Fund" or "Acquired Fund," as applicable), with respect to the reorganization transaction described herein. Lincoln Financial Investments Corporation ("LFI") is a party to this agreement solely for purposes of section 10.2 hereof.

This Agreement is intended to be and is adopted as a plan of reorganization and liquidation within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986 (the "Code"). The reorganization (the "Reorganization") will consist of the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange solely for voting shares of beneficial interest of the Acquiring Fund as shown in Exhibit A hereto (the "Acquiring Fund Shares"), the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund, as described in paragraph 1.3 herein, and the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund as provided herein, all upon the terms and conditions hereinafter set forth in this Agreement.

**WHEREAS**, the Acquired Fund and Acquiring Fund are separate investment series of a registered open-end investment management company and the Acquired Fund owns securities that generally are assets of the character in which the Acquiring Fund is permitted to invest; and

**WHEREAS**, the Board of Trustees of the Trust has determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of all of the liabilities of the Acquired Fund by the Acquiring Fund, as described in paragraph 1.3 herein, is in the best interests of the Acquiring Fund and its shareholders and that the interests of the existing shareholders of the Acquiring Fund would not be diluted as a result of this transaction; and

**WHEREAS**, the Board of Trustees of the Trust has also determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of the liabilities of the Acquired Fund by the Acquiring Fund, as described in paragraph 1.3 herein, is in the best interests of the Acquired Fund and its shareholders and that the interests of the existing shareholders of the Acquired Fund would not be diluted as a result of this transaction;

**NOW, THEREFORE**, in consideration of the premises and of the covenants and agreements hereinafter set forth, the Trust, on behalf of the Acquiring Fund and the Acquired Fund, respectively, hereby covenants and agrees as follows:

**1.** **TRANSFER OF ASSETS AND LIABILITIES OF THE ACQUIRED FUND TO THE ACQUIRING FUND IN EXCHANGE FOR ACQUIRING FUND SHARES, AND THE LIQUIDATION OF THE ACQUIRED FUND** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Subject to the requisite approvals and the other terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Acquired Fund agrees to transfer all of its respective assets, as set forth in paragraph 1.2, to the Acquiring Fund, and the Acquiring Fund agrees in exchange therefor: (i) to deliver to the Acquired Fund the number of full and fractional Acquiring Fund Shares as of the time and date set forth in paragraph 2.1 and (ii) to assume the liabilities of the Acquired Fund, as set forth in paragraph 1.3. Such transactions shall take place at the closing provided for in paragraph 3.1 (the "Closing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The assets of the Acquired Fund to be acquired by the Acquiring Fund shall consist of all assets and property, including, without limitation, all cash, securities, commodities and futures interests, claims (whether absolute or contingent, known or unknown, accrued or unaccrued) and dividends or interest receivable that are owned by the Acquired Fund and any deferred or prepaid expenses shown as an asset on the books of the Acquired Fund on the closing date provided for in paragraph 3.1 (the "Closing Date") (collectively, "Assets").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. The Acquiring Fund shall assume all of the liabilities of the Acquired Fund. The Acquired Fund shall deliver to the Acquiring Fund the Acquired Fund's Statement of Assets and Liabilities as of the Closing Date pursuant to paragraph 7.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. On or as soon as practicable prior to the Closing Date, the Acquired Fund will declare and pay to its respective shareholders of record one or more dividends and/or other distributions so that it will have distributed all of its investment company taxable income (computed without regard to any deduction for dividends paid) and realized net capital gain, if any, for the current taxable year through the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. Immediately after the transfer of assets provided for in paragraph 1.1, the Acquired Fund will: (i) distribute to the Acquired Fund's shareholders of record with respect to the classes of shares listed in Exhibit A, determined as of immediately after the close of business on the Closing Date (after giving effect to all redemptions received in good order on the Closing Date), on a pro rata basis within each class, the Acquiring Fund Shares of the class received by the Acquired Fund pursuant to paragraph 1.1 (as listed in Exhibit A) and (ii) completely liquidate. Such distribution and liquidation will be accomplished, with respect to each class of the Acquired Fund's shares, by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the shareholders of record of each class of the Acquired Fund's shares, determined as of immediately after the close of business on the Closing Date (the "Acquired Fund Shareholders"). The aggregate net asset value of such classes of Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall, with respect to each class, be equal to the aggregate net asset value of the Acquired Fund shares of that class owned by such shareholders on the Closing Date. All issued and outstanding classes of Acquired Fund shares as listed in Exhibit A will simultaneously be canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing Acquiring Fund Shares in connection with such exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. Ownership of Acquiring Fund Shares of the Acquiring Fund will be shown on its books. Acquiring Fund Shares will be issued in the manner described in the Acquiring Fund's current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. Any reporting responsibility of an Acquired Fund including, but not limited to, the responsibility for filing of regulatory reports, tax returns, or other documents with the U.S. Securities and Exchange Commission (the "Commission"), any state securities commission, and any federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. As soon as reasonably practicable after the Closing Date, the Acquired Fund shall make all filings and take all steps as shall be necessary and proper to effect its complete dissolution.

**2.** **VALUATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The value of the Assets shall be the value computed as of immediately after the close of business of the New York Stock Exchange (and after the declaration of any dividends and after giving effect to all redemptions received in good order on the Closing Date) (such time and date being hereinafter called the "Valuation Date"), using the valuation procedures set forth in the Trust's Amended and Restated Agreement and Declaration of Trust and then-current prospectus and statement of additional information with respect to the relevant Acquiring Fund, and valuation procedures established by the Trust's Board of Trustees (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. All computations of value shall be made by the Trust's accounting agent and shall be subject to review by the Trust's independent registered public accounting firm.

**3.** **CLOSING AND CLOSING DATE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Closing Date shall be [___], 2026, or such other date as the parties may agree to in writing. All acts taking place at the Closing shall be deemed to take place simultaneously as of immediately after the close of business on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:00 p.m., Eastern Time. The Closing shall be held at the offices of the Trust or at such other time and/or place as the parties may agree.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Trust shall direct State Street Bank and Trust Company, as custodian for the Acquired Fund (the "Custodian"), to deliver at the Closing a certificate of an authorized officer stating that: (i) the Assets have been delivered in proper form to the Acquiring Fund within two business days prior to or on the Closing Date; and (ii) all necessary taxes in connection with the delivery of the Assets, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made. The Acquired Fund's portfolio securities represented by a certificate or other written instrument shall be presented by the Custodian to those persons at the Custodian who have primary responsibility for the safekeeping of the Assets of the Acquiring Fund for examination no later than five business days preceding the Closing Date, and shall be transferred and delivered by the Acquired Fund as of the Closing Date for the account of the Acquiring Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof. The Trust, on behalf of the Acquired Fund, shall direct the Custodian to deliver as of the Closing Date by book entry, in accordance with the customary practices of the Custodian and any securities depository (as defined in Rule 17f-4 under the Investment Company Act of 1940 (the "1940 Act")) in which the Assets are deposited, the Acquired Fund's portfolio securities and instruments deposited with such depositories. The cash to be transferred by an Acquired Fund shall be delivered by wire transfer of federal funds on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The Trust shall direct The Lincoln National Life Insurance Company, as transfer agent for the Acquired Fund (the "Transfer Agent"), to deliver at the Closing a certificate of an authorized officer stating that: (i) its records contain the names and addresses of the Acquired Fund Shareholders, and (ii) the number and percentage ownership of outstanding shares (of the classes listed in Exhibit A) owned by each such shareholder immediately prior to the Closing. The Acquiring Fund shall issue and deliver a confirmation evidencing the Acquiring Fund Shares to be credited on the Closing Date to the Secretary of the Acquired Fund, or provide evidence satisfactory to the Trust that such Acquiring Fund Shares have been credited to the Acquired Fund's account on the books of the Acquiring Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as such other party or its counsel may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. In the event that on the Valuation Date: (a) the New York Stock Exchange or another primary trading market for portfolio securities of an Acquired Fund shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that, in the judgment of the Board of the Trust, accurate appraisal of the value of the net assets of the Acquired Fund is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully resumed and reporting shall have been restored.

**4.** **REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The Trust, on behalf of the Acquired Fund, represents and warrants to the Acquiring Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquired Fund is duly organized as a series of the Trust, which is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, with power under the Trust's Amended and Restated Agreement and Declaration of Trust and its Amended and Restated By-Laws, to own all of its properties and assets and to carry on its business as it is presently being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is a registered open-end investment management company, and its registration with the Commission as an investment company under the 1940 Act, and the registration of shares of the Acquired Fund under the Securities Act of 1933 (the "1933 Act"), is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the Securities Exchange Act of 1934 (the "1934 Act"), and the 1940 Act and such as may be required by state securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The current prospectuses and statement of additional information of the Acquired Fund and each prospectus and statement of additional information of the Acquired Fund used during the three years previous to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission

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thereunder and does not, or did not at the time of its use, include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the Closing Date, the Acquired Fund will have good and marketable title to the Assets and full right, power, and authority to sell, assign, transfer and deliver such Assets hereunder free of any liens or other encumbrances, and upon delivery and payment for such Assets, the Acquiring Fund will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, including such restrictions as might arise under the 1933 Act, other than as disclosed to the Acquiring Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Acquired Fund is engaged currently, and the execution, delivery and performance of this Agreement will not result, in: (i) a material violation of the Trust's Amended and Restated Agreement and Declaration of Trust or its Amended and Restated By-Laws, or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Trust, on behalf of the Acquired Fund, is a party or by which it is bound, other than as disclosed to the Acquiring Fund; or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Trust, on behalf of the Acquired Fund, is a party or by which it is bound, other than as disclosed to the Acquiring Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All material contracts or other commitments of the Acquired Fund (other than this Agreement and certain investment contracts including options, futures and forward contracts) will terminate without liability, or will be continued with respect to each such Acquired Fund as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as otherwise disclosed in writing by the Trust, on behalf of the Acquiring Fund, no litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to the best of its knowledge, threatened against the Trust, an Acquired Fund, or any of the Trust's or an Acquired Fund's properties or assets that, if adversely determined, would materially and adversely affect its financial condition or the conduct of its business. Except as otherwise disclosed in writing by the Trust, on behalf of the Acquiring Fund, the Trust knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Statement of Assets and Liabilities and Portfolio of Investments of the Acquired Fund as of December 31, 2025, and the related Statement of Operations, Statement of Changes in Net Assets and Financial Highlights for the periods then ended, have been audited by Ernst & Young, an independent registered public accounting firm, included in its report dated February 26, 2026, and are in accordance with generally accepted accounting principles ("U.S. GAAP") consistently applied, and such statements (copies of which have been furnished to the Acquiring Fund) present fairly, in all material respects, the financial condition of the Acquired Fund as of such date, and the results of its operations and the changes in its net assets for the year then ended, in accordance with U.S. GAAP, and there are no known material contingent liabilities of any Acquired Fund required to be reflected on a statement of assets and liabilities (including the notes thereto) in accordance with U.S. GAAP as of such date not disclosed therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Closing Date occurs during the second half of a calendar year, the Trust, on behalf of the Acquiring Fund, has been furnished with an unaudited Statement of Assets and Liabilities and Portfolio of Investments of the Acquired Fund as of June 30 of such calendar year, and the related unaudited Statement of Operations, Statement of Changes in Net Assets and Financial Highlights for the six-month period then ended. These statements are in accordance with U.S. GAAP and present fairly, in all material respects, the financial position of the Acquired Fund as of such date in accordance with U.S. GAAP, and there are no known material contingent liabilities of any Acquired Fund as of such date not disclosed therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Since December 31, 2025, there have not been any material adverse changes in any Acquired Fund's financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business, or any incurrence by an Acquired Fund of indebtedness maturing more than one year from the date such indebtedness was incurred, in each case except as otherwise disclosed to the Acquiring Fund (for the purposes of this subparagraph (k), a decline in net asset value per share of an Acquired Fund due to declines in

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market values of securities in such Acquired Fund's portfolio, the discharge of such Acquired Fund's liabilities, or the redemption of Acquired Fund shares by shareholders of the Acquired Fund shall not constitute a material adverse change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquired Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best of the Trust's knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For each taxable year of its operation (including the taxable year ending on the Closing Date), the Acquired Fund has met (or will meet) the requirements of Subchapter M of the Code for qualification and treatment as a regulated investment company and has elected to be treated as such, and has been (or will be) eligible to and has computed (or will compute) its federal income tax under Section 852 of the Code and will have distributed all of its investment company taxable income and net capital gain (as defined in the Code) that will have accrued through the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All issued and outstanding shares of the Acquired Fund are, and on the Closing Date will be, duly and validly issued and outstanding, fully paid and non-assessable by the Trust, and have been offered and sold in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws. All of the issued and outstanding shares of the Acquired Fund will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the Transfer Agent, on behalf of the Acquired Fund, as provided in paragraph 3.3 of this Agreement. The Acquired Fund has no outstanding any options, warrants or other rights to subscribe for or purchase any of the shares of the Acquired Fund, nor is there outstanding any security convertible into any Acquired Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The execution, delivery and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary action on the part of the Board of the Trust, on behalf of the Acquired Fund, and this Agreement will constitute a valid and binding obligation of such Acquired Fund, enforceable against such Acquired Fund in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights and to general equity principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The information to be furnished by the Acquired Fund for use in the registration statement and other documents filed or to be filed by the Trust with any federal, state or local regulatory authority that may be necessary in connection with the transactions contemplated hereby shall be accurate and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. The Trust, on behalf of the Acquiring Fund, represents and warrants to the Acquired Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund is duly organized as a series of the Trust, which is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, with power under the Trust's Amended and Restated Agreement and Declaration of Trust and its Amended and Restated By-Laws to own all of its properties and assets and to carry on its business as it is presently being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is a registered open-end investment management company, and its registration with the Commission as an investment company under the 1940 Act and the registration of the shares of the Acquiring Fund under the 1933 Act, is, or will be as of the Closing Date, in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by an Acquiring Fund of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the 1934 Act and the 1940 Act and such as may be required by state securities laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The current prospectuses and statement of additional information of the Acquiring Fund conforms in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Acquiring Fund is engaged currently, and the execution, delivery and performance of this Agreement will not result, in: (i) a material violation of the Trust's Amended and Restated Agreement and Declaration of Trust or its Amended and Restated By-Laws or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Trust, on behalf of the Acquiring Fund, is a party or by which it is bound, other than as disclosed to the Acquired Fund; or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Trust, on behalf of the Acquiring Fund, is a party or by which it is bound, other than as disclosed to the Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No material litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to the best of its knowledge, threatened against the Trust, an Acquiring Fund, or any of the Trust's or an Acquiring Fund's properties or assets that, if adversely determined, would materially and adversely affect its financial condition or the conduct of its business. The Trust, on behalf of the Acquiring Fund, knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All issued and outstanding shares of the Acquiring Fund are, and on the Closing Date will be duly and validly issued and outstanding, fully paid and non-assessable by the Trust and will be offered and sold in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws. No Acquiring Fund has outstanding any options, warrants or other rights to subscribe for or purchase any Acquiring Fund Shares, nor is there outstanding any security convertible into any Acquiring Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The execution, delivery and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary action, if any, on the part of the Board of the Trust, on behalf of the Acquiring Fund, and this Agreement will constitute a valid and binding obligation of the Acquiring Fund, enforceable against such Acquiring Fund in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Fund Shares to be issued and delivered to an Acquired Fund, for the account of the Acquired Fund Shareholders, pursuant to the terms of this Agreement (as listed in Exhibit A), will, on the Closing Date, have been duly authorized and, when so issued and delivered, will be duly and validly issued Acquiring Fund Shares, and will be fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trust is not under the jurisdiction of a Court in a Title 11 or similar case within the meaning of Section 368(a)(3)(A) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No Acquiring Fund has any unamortized or unpaid organizational fees or expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquiring Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best of the Trust's knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For each taxable year of its operation, the Acquiring Fund has met the requirements of Subchapter M of the Code for qualification as a regulated investment company and has elected to be treated as

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such, has been eligible to and has computed its federal income tax under Section 852 of the Code, and will be eligible to do so and will do so for the taxable year including the Closing Date.

**5.** **COVENANTS OF THE ACQUIRING FUND AND THE ACQUIRED FUND** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Acquiring Fund and the Acquired Fund will each operate its business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include, without limitation, purchases and sales of portfolio securities, sales and redemptions of Acquired Fund shares, and the declaration and payment of customary dividends and distributions, and any other distribution that may be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The Acquired Fund covenants that the Acquiring Fund Shares to be issued hereunder (as listed in Exhibit A) are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. The Acquired Fund will assist the Acquiring Fund in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Acquired Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. Subject to the provisions of this Agreement, the Acquiring Fund and the Acquired Fund will take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. As soon as is reasonably practicable after the Closing, the Acquired Fund will make a liquidating distribution to its shareholders consisting of the Acquiring Fund Shares (as listed in Exhibit A) received at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. The Acquiring Fund and the Acquired Fund shall use commercially reasonable efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transactions contemplated by this Agreement as promptly as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. The Trust, on behalf of the Acquired Fund, covenants that it will, from time to time after the Closing, as and when reasonably requested by the Acquiring Fund, execute and deliver or cause to be executed and delivered all such assignments and other instruments, and will take or cause to be taken such further action as the Trust, on behalf of the Acquiring Fund, may reasonably deem necessary or desirable in order to vest in and confirm: (a) the Trust's, on behalf of the Acquired Fund's, title to and possession of the Acquiring Fund's Shares to be delivered hereunder, and (b) the Trust's, on behalf of the Acquiring Fund's, title to and possession of all the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. The Acquiring Fund will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.

**6.** **CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUND** 

The obligations of the Trust, on behalf of the Acquired Fund, to consummate the transactions provided for herein shall be subject, at the Trust's election, to the performance by the Trust, on behalf of the Acquiring Fund, of all the obligations to be performed by it hereunder on or before the Closing Date, and, in addition thereto, the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. All representations and warranties of the Trust, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The Trust, on behalf of the Acquiring Fund, shall have delivered to the Acquired Fund a certificate executed in its name by its President or a Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to the Trust and dated as of the Closing Date, to the effect that the representations and warranties of the Trust, on behalf of the Acquiring Fund, made in this Agreement are true and correct in all material respects at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The Trust, on behalf of the Acquiring Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Trust, on behalf of the Acquiring Fund, on or before the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The Acquired Fund and the Acquiring Fund shall have agreed on the number of full and fractional Acquiring Fund Shares of each class to be issued in connection with the Reorganization (as listed in Exhibit A) after such number has been calculated in accordance with paragraph 1.1 of this Agreement.

**7.** **CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND** 

The obligations of the Trust, on behalf of the Acquiring Fund, to complete the transactions provided for herein shall be subject, at the Trust's election, to the performance by the Trust, on behalf of the Acquired Fund, of all of the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. All representations and warranties of the Trust, on behalf of the Acquired Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. The Trust, on behalf of the Acquired Fund, shall have delivered to the Acquiring Fund a statement of the Acquired Fund's assets and liabilities, together with a list of portfolio securities of the Acquired Fund showing the tax costs of such securities by lot and the holding periods of such securities, as of the Closing Date, certified by the Treasurer of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. The Trust, on behalf of the Acquired Fund, shall have delivered to the Acquiring Fund on the Closing Date a certificate executed in its name by its President or a Vice President and its

Treasurer or Assistant Treasurer, in form and substance satisfactory to the Trust and dated as of the Closing Date, to the effect that the representations and warranties of the Trust, on behalf of the Acquired Fund, made in this Agreement are, in all material respects, true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. The Trust, on behalf of the Acquired Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Trust, on behalf of the Acquired Fund, on or before the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. The Acquired Fund and the Acquiring Fund shall have agreed on the number of full and fractional Acquiring Fund Shares of each class to be issued in connection with the Reorganization (as listed in Exhibit A) after such number has been calculated in accordance with paragraph 1.1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. Prior to the Closing Date, the Acquired Fund shall have declared and paid a dividend or dividends which, together with all previous dividends, shall have the effect of distributing: (i) all of the Acquired Fund's investment company taxable income (plus the excess, if any, of its interest income excludible from gross income under Section 103(a) of the Code over its deductions disallowed under Sections 265 and 171(a)(2) of the Code) and all of its net realized capital gains for the taxable year ending on the Closing Date (computed without regard to any deduction for dividends paid); and (ii) any undistributed investment company taxable income (plus the excess, if any, of its interest income excludible from gross income under Section 103(a) of the Code over its deductions

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disallowed under Sections 265 and 171(a)(2) of the Code) and net realized capital gains from any prior period to the extent not otherwise already distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. The Trust, on behalf of the Acquired Fund, shall have furnished to the Acquiring Fund, a certificate, signed by the President or any Vice President and the Treasurer or any Assistant Treasurer of the Trust, as to the adjusted tax basis in the hands of the Acquired Fund of the securities delivered to an Acquiring Fund pursuant to this Agreement computed in accordance with applicable sections of the Code and, with respect to securities, showing a breakdown by purchase lot.

**8.** **FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND AND THE ACQUIRED FUND** 

If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to the Acquired Fund or with respect to the Acquiring Fund, the other party to this Agreement shall, at its option, not be required to consummate the transactions contemplated by this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. On the Closing Date no action, suit or other proceeding shall be pending or, to its knowledge, threatened before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. All consents of other parties and all other consents, orders and permits of Federal, state and local regulatory authorities deemed necessary by the Trust to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of any Acquiring Fund or Acquired Fund, provided that either party hereto may for itself waive any of such conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. The parties shall have received one or more opinions of Dechert LLP, dated on or before the Closing Date, substantially to the effect that, assuming the variable contracts and the insurance companies issuing them are properly structured under the insurance company provisions of the Code, the Reorganization will not be a taxable event for United States federal income tax purposes with respect to contract owners whose contract values are determined by investment in shares of the Acquired Fund (the "Tax Opinions"). For purposes of rendering the Tax Opinions, Dechert LLP may rely exclusively and without independent verification, as to factual matters, on the statements made in the Plan, the proxy statement/prospectus and statement of additional information included in the registration statement filed on Form N-14 by Lincoln Variable Insurance Products Trust under the 1933 Act with respect to the Reorganization, as well as upon such other written representations verified as of the Closing Date. Notwithstanding anything herein to the contrary, the parties may not waive the condition set forth in this paragraph.

**9.** **INDEMNIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The Trust, out of the Acquiring Fund's assets and property, agrees to indemnify and hold harmless the Acquired Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which an Acquired Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by any Acquiring Fund of any of its representations, warranties, covenants or agreements set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. The Trust, out of the Acquired Fund's assets and property, agrees to indemnify and hold harmless the Acquiring Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which an Acquiring Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Acquired Fund of any of its representations, warranties, covenants or agreements set forth in this Agreement.

**10.** **BROKERAGE FEES AND EXPENSES** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. The Trust, on behalf of the Acquiring Fund and the Acquired Fund, represents and warrants that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. LFI shall bear the costs related to the Reorganization, including brokerage costs, legal fees and accounting fees with respect to the Reorganization, and all necessary taxes in connection with the delivery of the Assets, including all applicable federal and state stock transfer stamps. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in the disqualification of such party as a "regulated investment company" within the meaning of Section 851 of the Code.

**11.** **ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. The Trust agrees that it has not made any representation, warranty or covenant, on behalf of the Acquiring Fund or the Acquired Fund, not set forth herein and that this Agreement constitutes the entire agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. The representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing shall survive the Closing.

**12.** **TERMINATION** 

This Agreement may be terminated and the transactions contemplated hereby may be abandoned by resolution of the Trust's Board, on behalf of either an Acquiring Fund or an Acquired Fund, at any time prior to the Closing Date, if circumstances should develop that, in the opinion of the Board, make proceeding with the Agreement inadvisable.

**13.** **AMENDMENTS** 

This Agreement may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of the Trust, on behalf of either an Acquiring Fund or an Acquired Fund.

**14.** **NOTICES** 

Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be given by facsimile, personal service or prepaid or certified mail addressed to the Funds at:

Lincoln Variable Insurance Products Trust

150 N. Radnor Chester Road

Radnor, PA 19087

Attn: Gordon Huellmantel

<u>With copies to:</u>

Lincoln Financial Investments Corporation

150 N. Radnor Chester Road

Radnor, PA 19087

Attn: Samuel K. Goldstein, Chief Counsel, Funds Management

**15.** **HEADINGS; COUNTERPARTS; GOVERNING LAW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its principles of conflicts of laws.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the date first above written.

Lincoln Variable Insurance Products Trust,

on behalf of the Funds listed in Exhibit A

---

| | |
|:---|:---|
| By: |  |
| Name: | Gordon Huellmantel |
| Title: | Senior Vice President |

---

Lincoln Financial Investments Corporation,

(solely for purposes of section 10.2)

---

| | |
|:---|:---|
| By: |  |
| Name: | Gordon Huellmantel |
| Title: | Senior Vice President |

---

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**Exhibit A** 

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| LVIP Multi-Manager Global Equity Managed<br> Volatility Fund | LVIP Global Equity Managed Volatility Fund<br> (Formerly LVIP Franklin Templeton Global Equity<br> Managed Volatility Fund) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |

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## Exhibit 99.6

**SUB-ADVISORY AGREEMENT** 

This Sub-Advisory Agreement (the "Agreement"), effective as of April 1, 2026, is between Lincoln Financial Investments Corporation, a Tennessee corporation (the "Adviser"), and Nomura Corporate Research and Asset Management Inc., a State of Delaware Corporation (the "Sub-Adviser").

WHEREAS, Lincoln Variable Insurance Products Trust (the "Trust"), separately on behalf of each of its series specified on Schedule A to this Agreement (each, the "Fund"), which are open-end management investment companies registered under the Investment Company Act of 1940 (the "1940 Act"), has entered into an Investment Management Agreement dated April 30, 2007 (the "Investment Management Agreement") with the Adviser, pursuant to which the Adviser has agreed to provide certain investment management services to the Fund;

WHEREAS, the Investment Management Agreement authorizes the Adviser, at its expense, to select and contract with one or more investment advisers registered under the Investment Advisers Act of 1940 (the "Advisers Act") to perform some or all of the services for the Fund for which it is responsible under the Investment Management Agreement; and

WHEREAS, the Adviser desires to appoint the Sub-Adviser as investment sub-adviser to provide the investment advisory services to the Fund as of the effective date specified on Schedule A hereto, and the Sub-Adviser is willing to serve in such capacity.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

**1. Sub-Advisory Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Managed Portion</u>. The Adviser hereby appoints the Sub-Adviser to act as investment sub-adviser to provide investment advisory services to the Fund, on the terms and conditions set forth herein, for the portion of the Fund's assets that the Adviser determines in its sole discretion to assign to the Sub-Adviser from time to time (the "Managed Portion"). The Adviser may make additions to, and withdrawals from, those Fund assets assigned to the Sub-Adviser. The Sub-Adviser accepts these terms and agrees to render the services herein set forth and for the compensation provided on Schedule A to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Investment Program</u>. Subject to the supervision and control of the Adviser and the Trust's board of trustees (the "Board"), the Sub-Adviser, at its expense, will furnish continuously an investment program for the Managed Portion, which shall at all applicable times meet the diversification requirements of Subchapter M and Section 817(h) under the Internal Revenue Code of 1986 (the "Code"). The Sub-Adviser will make investment decisions on behalf of the Fund and place all orders for its purchase and sale of portfolio securities in the Managed Portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Custody</u>. On a daily basis, the Sub-Adviser will arrange for transmission to the custodian such confirmations, trade tickets and other documents and information as may be reasonably necessary to enable the custodian to perform its responsibilities with respect to the Managed Portion. The Sub-Adviser shall have authority to instruct the custodian on behalf of the Fund: (i) to deliver upon receipt of payment, and upon receipt to make payment for, securities, commodities or other property underlying any futures or options contracts, and other property purchased or sold in the Managed Portion, and (ii) to deposit margin or collateral, which shall include the transfer of money, securities or other property to the extent necessary to meet the obligations of the Fund in respect of the Managed Portion with respect to any investments made pursuant to the investment guidelines set forth in the Prospectus, Statement of Additional Information, and

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other written instructions from the Adviser to the Sub-Adviser ("Investment Guidelines"). All cash and the indicia of ownership of all other investments shall be held by the Managed Portion's custodian bank.

The Sub-Adviser agrees to comply with such rules, procedures and timeframes as the custodian may reasonably set or provide with respect to the clearance and settlement of transactions for the Managed Portion. If the Sub-Adviser transmits any inaccurate or erroneous trade tickets or other documentation relating to a transaction, or provides such information beyond the required time frames, the Sub-Adviser shall be responsible for any resulting loss incurred by the Managed Portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Cross Trades</u>. The Sub-Adviser is authorized to effect cross transactions between the Fund and other accounts managed by the Sub-Adviser and its affiliates in accordance with the Trust's procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Independent Contractor</u>. The Sub-Adviser will be an independent contractor and will not have authority to act for or represent the Trust or Adviser in any way or otherwise be deemed an agent of the Trust or Adviser, except as expressly authorized in this Agreement or another writing signed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Expenses</u>. Sub-Adviser will bear all expenses that it incurs in connection with the performance of its services under this Agreement, which expenses shall not include brokerage fees, commissions, levies, taxes, interest expenses or similar costs incurred in connection with the effectuation of securities transactions for the Funds. For the removal of doubt, the Sub-Adviser will furnish, at its expense, (i) any investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully and (ii) any administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment affairs of the Managed Portion. Notwithstanding any other provision to the contrary, the Sub-Adviser shall have no obligation to perform any of, or bear the costs associated with, the following services or to have employees of the Sub-Adviser perform any of the following roles, as applicable: (a) shareholder services or support functions, such as responding to shareholders' questions about the Fund; (b) providing legal advice to the Fund; (c) providing employees of the Sub-Adviser to serve as officers of the Fund; (d) providing employees of the Sub-Adviser to serve as the Fund's Chief Compliance Officer or associated staff; (e) determination of net asset value per share; (f) portfolio accounting; and (g) shareholder accounting services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Registration Statement Supplements</u>. The Sub-Adviser shall be responsible for commercially reasonable expenses relating to the printing and mailing of legally required supplements to the Fund's registration statement that are necessitated by a change in control of the Sub-Adviser or any change in any of the portfolio manager or managers assigned by the Sub-Adviser to manage the Managed Portion. In the event that two or more sub-advisers each require a supplement simultaneously, the expense of each such supplement will be shared pro rata with such other sub-advisers based upon the number of pages required by each such sub-adviser. The Adviser agrees to use an economical means reasonably available to prepare, produce and distribute the supplements and will upon request furnish to the Sub-Adviser documentation of the expenses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Proxy Voting and Corporate Actions</u>. The Sub-Adviser shall vote (or abstain from voting) proxies relating to the Fund's investment securities in accordance with the Sub-Adviser's proxy voting guidelines and procedures. As reasonably requested, Sub-Adviser shall review its proxy voting activities on a periodic basis with the Board. The Trust or the Adviser may withdraw the proxy voting authority granted to the Sub-Adviser pursuant to this Section at any time upon written notice. The investment authority granted to the Sub-Adviser shall further include the authority to exercise whatever powers the Adviser may possess with respect to any Fund assets in the Managed Portion, including, but not limited to,

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the power to exercise rights, options, warrants, conversion privileges, and redemption privileges, and to tender securities pursuant to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Broker-Dealer Selection</u>. The Sub-Adviser will select, as necessary, brokers, dealers, and futures commission merchants to effect all portfolio transactions subject to the conditions set forth herein and in accordance with the Sub-Adviser's relevant policies and procedures. In selecting brokers, dealers or futures commission merchants and placing orders for the purchase and sale of portfolio investments, the Sub-Adviser shall use its best efforts to obtain the most favorable price and execution available, except as permitted to pay higher brokerage commissions for brokerage and research services as described in Section 1(k) ("Section 28(e) Brokerage and Research") below. The Adviser reserves the right to direct the Sub-Adviser, upon written notice, not to execute transactions through any particular broker, dealer, or futures commission merchant, and the Sub-Adviser agrees to comply with such request on a prospective basis within ten business days of receiving such written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Best Execution Factors</u>. In using its best efforts to obtain the most favorable price and execution available, the Sub-Adviser, bearing in mind at all times the Fund's best interests, shall consider all factors it deems relevant, including by way of illustration: price; the size of the transaction; the nature of the market for the investment; the amount of the commission; the timing of the transaction taking into account market prices and trends; the reputation, experience and financial stability of the broker, dealer, or futures commission merchant involved; and the quality of service rendered by the broker, dealer or futures commission merchant in other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Section 28(e) Brokerage and Research</u>. In accordance with the Sub-Adviser's relevant policies and procedures and Section 28(e) of the Securities Exchange Act of 1934, the Sub-Adviser may cause the Fund to pay a broker, dealer or futures commission merchant that provides brokerage and research services to the Sub-Adviser an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker, dealer or futures commission merchant would have charged for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker, dealer or futures commission merchant, viewed in terms of either that particular transaction or the Sub-Adviser's overall responsibilities with respect to the Fund and to other clients of the Sub-Adviser as to which the Sub-Adviser exercises investment discretion. The Sub-Adviser shall maintain records adequate to demonstrate compliance with this Section l(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Investment Documentation</u>. The Sub-Adviser is authorized on behalf of the Fund (i) to enter into agreements and execute any documents (e.g., exchange traded and over-the-counter derivatives documentation) required to make investments pursuant to the Investment Guidelines, which shall include any market or industry standard documentation (including applicable ISDA protocols) and the standard representations contained therein; to enter Fund and/or Derivative Transaction information on relevant web applications to efficiently comply with regulatory requirements; and (iii) to acknowledge the receipt of brokers' risk disclosure statements, electronic trading disclosure statements and similar disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Brokerage Accounts</u>. The Sub-Adviser is authorized, on behalf of the Fund, to open brokerage accounts for securities and other instruments and to negotiate and execute, on its own behalf or on behalf of the Fund, account documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with Sub-Adviser's duties under this Agreement. In such respect, the Sub-Adviser shall act as the Adviser's and the Fund's agents and attorneys in fact. The Sub-Adviser is authorized, on behalf of the Fund, to negotiate and enter into futures account applications, futures agreements, listed options agreements with margin accounts, ISDA master agreements

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and related documents, and any other brokerage or derivatives documentation to open accounts and take other necessary or appropriate actions related thereto, in accordance with Trust procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Trade Aggregation</u>. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent permitted by applicable laws and regulations and consistent with the Investment Guidelines, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution and to elect, where appropriate and in the best interest of the Fund, real time reporting delays relating to large notional swap trades. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in compliance with Section 17(d) of the 1940 Act, Section 206 of the Advisers Act and any rules established thereunder, and pursuant to policies adopted by the Sub-Adviser and approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Foreign Currency</u>. To the extent consistent with the Investment Guidelines, the Sub-Adviser, as the Fund's agent and attorney-in-fact, when it deems appropriate and without prior consultation with the Adviser or the Fund, may cause the Fund or its agent to purchase, sell, exchange or convert foreign currency in the spot or forward markets in connection with portfolio trades, at the market rate, as determined by the Sub-Adviser in its sole discretion. The Sub-Adviser may put in place standard instructions for the Custodian to execute foreign exchange trades on behalf of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Adviser Instructions</u>. The Sub-Adviser is expressly authorized to rely upon any and all instructions, approvals and notices given on behalf of the Adviser by any one or more of those persons designated as representatives of the Adviser whose names and titles are included in a secretary's certificate, incumbency certificate, or similar document indicating that the persons designated as representatives have the authority to bind the Trust. The Adviser may amend such document by written notice to the Sub-Adviser. The Sub-Adviser shall continue to rely upon these instructions until otherwise notified by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Fair Valuations</u>. Upon request of the Adviser, the Sub-Adviser will provide advice and assistance to the Adviser as to the determination of the fair value of certain investments where market quotations are not readily available for purposes of calculating the Fund's net asset value in accordance with valuation procedures and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Sub-Adviser Reports and Board Presentations</u>. The Sub-Adviser shall furnish the Adviser and the Board with such reasonable information and reports as the Adviser deems appropriate or as the Board shall reasonably request. The Sub-Adviser shall make its officers and employees who provide key services for the Fund reasonably available from time to time, including for attendance at Board meetings, to review the investment and compliance policies applicable to the Managed Portion, and to consult with the Adviser or the Board regarding the Managed Portion's investment affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Other Fund Sub-Advisers</u>. The Sub-Adviser shall not consult with any other sub-adviser to the Fund or any other account managed by the Adviser concerning the Managed Portion's assets, except as permitted by the Fund's policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Investment Restrictions</u>. In the performance of its duties, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) provisions of the organizational documents of the Trust that apply to the Managed Portion where the Adviser has furnished such applicable provisions to the Sub-Adviser; (ii) the investment objectives, policies and restrictions of the Fund as stated in the currently effective Investment Guidelines of the Fund, and any amendments thereto, that have been

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furnished to the Sub-Adviser by the Adviser (including, but not limited to, the applicable limitations on commodity interest trading by the Fund); (iii) the federal securities laws, including without limit the 1940 Act, the Advisers Act, and the Commodity Exchange Act; (iv) any reasonable instructions, authorizations, and directions of the Board, the Adviser, or Fund management that are provided to the Sub-Adviser in writing (including via email); and (v) the Sub-Adviser's general fiduciary responsibilities under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Assistance with Regulatory Disclosures</u>. The Sub-Adviser shall provide reasonable assistance to the Fund in the preparation of registration statements, prospectuses, shareholder reports, certain marketing materials and other regulatory filings, or any amendment or supplement thereto (collectively, "Regulatory Filings") with respect to disclosure relating to the subadvisory services provided by the Sub-Adviser under this Agreement. The disclosure shall include, but not be limited to, any required disclosure related to the Sub-Adviser's investment management personnel, portfolio manager compensation, codes of ethics, firm description, investment management strategies and techniques, and proxy voting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>General Legal Compliance</u>. The Sub-Adviser shall furnish the Adviser (including without limitation its chief compliance officer (the "Adviser CCO")), the Board, and/or the Trust's Chief Compliance Officer (the "Trust CCO") with such reasonable information, certifications and/or reports as such persons may reasonably request from the Sub-Adviser regarding the Sub-Adviser's compliance with: (i) Rule 206(4)-7 of the Advisers Act; (ii) the federal securities laws, as defined in Rule 38a-1 under the 1940 Act; (iii) the Commodity Exchange Act; and (iv) any and all other laws, rules, and regulations applicable to the operations of the Sub-Adviser and its services to the Fund. The Sub-Adviser shall make its officers and employees who provide key services for the Fund (including the Sub-Adviser's chief compliance officer) reasonably available to the Adviser (including without limitation the Adviser CCO and the Trust CCO, as applicable) to examine and review the Sub-Adviser's compliance program and its adherence thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Portfolio Securities-Related Litigation</u>. Sub-Adviser shall not be responsible to advise or act for the Adviser or the Fund in any legal proceedings, including any bankruptcy action or class action settlement, relating to the purchase, sale, or securities or assets currently or previously held by the Fund. The Sub-Adviser agrees, however, that it shall provide the Adviser with any documentation or nonconfidential information that it receives relating to any claim or potential claim in any bankruptcy proceedings, class action securities litigation, or other litigation or proceeding affecting securities or issuers of securities held in, or formerly held in, the Managed Portion ("Litigation"). The Sub-Adviser will not file class action claim forms or otherwise exercise any rights the Adviser may have with respect to participating in, commencing or defending Litigation, unless the Adviser instructs the Sub-Adviser in writing to take such actions. The Sub-Adviser shall have no power, authority, responsibility, or obligation hereunder to take any action with regard to any Litigation, including, without limitation, to file proofs of claim or other documents related to Litigation proceedings, or to investigate, initiate, supervise, or monitor Litigation involving the Managed Portion, and the Adviser acknowledges and agrees that no such power, authority, responsibility or obligation is delegated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Commodity and Derivatives Trading</u>. The Adviser represents that it has filed a notice of eligibility, and will maintain such eligibility, for exclusion from the definition of "commodity pool operator" with respect to the Fund under Commodity Futures Trading Commission ("CFTC") Regulation 4.5 or pursuant to CFTC no-action relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Delegation</u>. In rendering the services required under this Agreement, the Sub-Adviser may, consistent with applicable law and regulations, from time to time, employ, delegate, engage, or

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associate with such affiliated or unaffiliated entities or persons as it believes necessary to assist it in carrying out its obligations under this Agreement; provided, however, that if any such delegation would result in such entities or persons serving as an "investment adviser" to the Fund within the meaning of the 1940 Act, such delegation must meet the requirements of Section 15(a) of the 1940 Act and related guidance of the Securities and Exchange Commission and its staff. Sub-Adviser shall remain liable to the Adviser for the performance of Sub-Adviser's obligations hereunder and for the acts and omission of such other entities or persons, and the Adviser shall not be responsible for any fees that any such entities or persons may charge to Sub-Adviser for such services.

**2. Representations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations of the Adviser</u>. The Adviser represents, warrants and agrees as follows: (1) The Adviser has been duly authorized by the Board to delegate to the Sub-Adviser the provision of investment services to the Fund as contemplated in this Agreement; and (2) The Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met, and will continue to meet for so long as this Agreement remains in effect, all applicable federal or state requirements, and the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Adviser from serving as investment adviser to the Fund pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Representations of the Sub-Adviser</u>. The Sub-Adviser represents, warrants and agrees that it (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) either (A) is a commodity trading advisor that is registered with the CFTC and is a member of the National Futures Association (the "NFA") or (B) is exempt from registration as a commodity trading advisor pursuant to an exemption that it shall maintain continuously during the term of this Agreement unless, if required during such term, it becomes a commodity trading advisor that is duly registered with the CFTC and is a member in good standing with the NFA; (iv) has provided in writing to the Adviser either the Sub-Adviser's active NFA identification number or a certification explaining why the Sub-Adviser does not have such a number; (v) has met, and will continue to meet for so long as this Agreement remains in effect, all applicable federal or state requirements, and the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (vi) has the authority to enter into and perform the services contemplated by this Agreement; and (vii) will promptly notify the Adviser of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of any investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form ADV Delivery</u>. The Adviser acknowledges that it has received a copy of the Sub-Adviser's current Form ADV.

**3. Services Not Exclusive** 

The investment management services provided by the Sub-Adviser under this Agreement are not to be deemed exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

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**4. Sub-Adviser Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the services to be rendered by the Sub-Adviser under this Agreement, commencing on the effective date specified in Schedule A, the Adviser will pay to the Sub-Adviser a fee each month based on the Managed Portion's average daily net assets during the month. Solely for the purpose of determining the promptness of payments, payments shall be considered made upon mailing or wiring pursuant to wiring instructions provided by the Sub-Adviser. Such fee shall be calculated by the Adviser in accordance with the fee schedule as set forth in Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fee shall be paid by the Adviser, and not by the Fund, and without regard to any reduction in the fees that the Fund pays to the Adviser under the Investment Management Agreement as a result of any statutory or regulatory limitation on investment company expenses or voluntary fee reduction assumed by the Adviser.

**5. Effective Period; Agreement Termination and Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Effective Period</u>. This Agreement shall become effective as of the effective date listed on Schedule A. This Agreement shall continue in effect for two years from the date hereof, and thereafter only so long as continuance is specifically approved: (i) at least annually by the Board, including a majority of the trustees who are not interested persons, cast in person or via other means, to the extent permitted under the 1940 Act and relevant regulatory relief or guidance, at a meeting called for the purpose of voting on such approval; or (ii) if presented to the Fund's shareholders, by the affirmative vote of a majority of the Fund's outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by Law/Contract</u>. This Agreement shall automatically terminate without the payment of any penalty in the event of: (i) its assignment; (ii) its delegation, unless the Adviser has by prior written consent agreed to the delegation; or (iii) termination of the Investment Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination Rights</u>. This Agreement may be terminated, without the payment of any penalty, by: (i) the Trust, by vote of a majority of the Board or by vote of a majority of the Fund's outstanding voting securities, on 60 days' written notice to the Sub-Adviser; (ii) the Adviser, on 60 days' written notice to the Sub-Adviser; (iii) the Sub-Adviser, on 90 days' written notice to the Adviser; or (iv) by mutual written consent of the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendments</u>. This Agreement may be amended by the mutual written consent of the parties. Any material amendment must also be approved by the vote of: (i) the Board, including a majority of the trustees who are not interested persons; and (ii) a majority of the Fund's outstanding voting securities (unless such approval is not required by Section 15 of the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Fund-by-Fund Application</u>. Termination of this Agreement in respect of a Fund shall not imply termination in respect of any other Fund.

**6. Notification Requirements** 

The Sub-Adviser shall promptly notify the Adviser in writing of the occurrence of any of the following events: (a) the Sub-Adviser shall fail to be registered as an investment adviser under the Advisers Act or under the laws of any jurisdiction in which the Sub-Adviser is required to be registered as an investment adviser in order to perform its obligations under this Agreement; (b) the Sub-Adviser has a reasonable basis for believing that the Fund has failed to satisfy the diversification requirements under

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Subchapter M or Section 817(h) under the Code; (c) the Sub-Adviser shall have received notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the Fund or any services the Sub-Adviser provides for the Fund that could reasonably be expected to have a material adverse effect on the Fund; and (d) any change in the Sub-Adviser's portfolio managers identified in the Fund's prospectus as providing services to the Fund.

**7. Liability and Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Sub-Adviser Liability</u>. The Sub-Adviser's duties with respect to the Fund shall be confined to those expressly set forth herein. The Sub-Adviser shall not be liable for or subject to any damages, expenses or losses arising out of any act or omission in connection with the services rendered hereunder, except by reason of the Sub-Adviser's breach of fiduciary duty, willful misfeasance, bad faith, gross negligence or reckless disregard of its duties and obligations hereunder, unless otherwise provided under provisions of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Adviser and Trust/Fund Liability</u>. None of the Adviser, the Trust, or the Fund shall be liable for, or subject to any damages, expenses or losses arising out of any act or omission in connection with the services rendered hereunder, except by reason of its breach of fiduciary duty, willful misfeasance, bad faith, gross negligence or reckless disregard of its duties and obligations hereunder, unless otherwise provided herein or under provisions of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sub-Adviser Indemnification of Adviser, Trust, and Fund</u>. The Sub-Adviser shall indemnify and hold harmless the Adviser, the Trust, the Fund, and their respective affiliates and controlling persons (the "Adviser Indemnified Persons") from and against any and all suits, actions, legal or administrative proceedings or investigations, claims, demands, damages, liabilities, interest, loss, costs and expenses, including reasonable attorneys' fees, disbursements and court costs ("Losses") that the Adviser Indemnified Persons may sustain as a result of the Sub-Adviser's willful misfeasance, bad faith, gross negligence or reckless disregard of its duties hereunder; provided, however, that the Adviser Indemnified Persons shall not be indemnified for any liability or expenses sustained as a result of the Adviser's, Trust's or Fund's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder, or violation of applicable law by the Adviser, the Trust, or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Adviser Indemnification of Sub-Adviser</u>. The Adviser shall indemnify and hold harmless the Sub-Adviser and its respective affiliates and controlling persons (the "Sub-Adviser Indemnified Persons") from and against any and all Losses that the Sub-Adviser Indemnified Persons may sustain as a result of the Adviser's willful misfeasance, bad faith, gross negligence or reckless disregard of its duties hereunder; provided, however, that the Sub-Adviser Indemnified Persons shall not be indemnified for any liability or expenses sustained as a result of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder, or violation of applicable law.

**8. Records; Right to Audit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Records</u>. The Sub-Adviser agrees to maintain, in the form and for the period required by Rule 31a-2 under the 1940 Act, all records relating to investments made by the Sub-Adviser for the Fund that are required to be maintained by the Fund pursuant to the requirements of Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all records it maintains on behalf of the Fund are the Fund's property, and the Sub-Adviser will surrender promptly to any of the Adviser, the Trust, or the Fund any such records upon reasonable advance request; provided, however, that the Sub-Adviser may retain a copy of such records. The Sub-Adviser will use records or information obtained under this Agreement only for the purposes contemplated hereby, and will not disclose such records or information in any manner other than

------

as expressly authorized by the Fund, if disclosure is expressly required by applicable federal or stale regulatory authorities, or if otherwise required or permitted by this Agreement. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer all such records to any entity designated by the Adviser upon the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ri<u>ght to Audit</u>. The Sub-Adviser agrees that all accounts, books and other records maintained and preserved by it as required hereby will be subject to reasonable periodic, special and other examinations by the Securities and Exchange Commission ("SEC"), the Fund's auditors, any Fund representative, the Adviser, or any governmental agency or other instrumentality having regulatory authority over the Fund.

**9. Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Disclosure to Third-Parties</u>. Except as provided in Section 9(b) below, neither party shall disclose to any third party any confidential information obtained under this Agreement with respect to the Fund, the Trust, the Sub-Adviser, or the Adviser. For purposes of this Agreement, confidential information includes, without limitation, non-public portfolio holdings information (*i.e.*, portfolio holdings information that has not been made public by having been filed with the SEC); information about the business operations of the Trust, the Adviser, or the Sub-Adviser; and financial information, methods, plans, techniques, processes, and trade secrets, regardless of whether any such information would be considered material under the federal securities laws. Each party shall use confidential information only in furtherance of performing its duties hereunder and shall maintain policies and procedures reasonably designed to prevent its unauthorized disclosure. For the sake of clarity, confidential information docs not include information that (1) is, or becomes, public knowledge through no act or failure to act of the receiving party, its employees, or its agents, (2) is publicly available, (3) is lawfully obtained by the receiving party from a third parly not known by the receiving party after reasonable inquiry to have an obligation to maintain the confidentiality of such information, (4) is independently developed by the receiving party from sources or through persons that receiving party can demonstrate had no access to the information of the disclosing party, or (5) is otherwise in the possession of the receiving party, or becomes available to the receiving party, without confidentiality restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exceptions</u>. A party may disclose confidential information to a third party: (i) with the prior written consent of the other party; (ii) as required by applicable federal or state law, regulation, court order, or the rules and regulations or request of any governmental or self-regulatory body or official having jurisdiction over such party; (iii) to its associates, delegates and other agents who reasonably require access to such information in order to provide the services contemplated by this Agreement; (iv) to any market counterparty or broker, dealer, or futures commission merchant (collectively, "trading counterparties") (in accordance with market practice) in relation to transactions undertaken for the Fund, and to the custodian, in order to assist or enable the proper performance of its services under the Agreement; or (v) if such third party agrees in writing with such party to keep such information confidential and to not trade based upon such information. Subject to the Investment Guidelines, such party and any trading counterparties arc authorized to disclose transaction and other information to data repositories and regulators for the purposes of meeting applicable transaction and other regulatory reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Portfolio Positioning</u>. For removal of doubt, this Agreement shall treat as confidential information any information exchanged regarding a Fund's portfolio or anticipated portfolio prior to the date the Sub-Adviser commences to manage the Managed Portion.

------

**10. Use of Sub-Adviser Name** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Sub-Adviser Property</u>. The parties agree that the names of the Sub-Adviser and its affiliates, and their logos, trademarks, service marks or trade names, and any derivatives of such (collectively, "Sub-Adviser Property") are the valuable property of the Sub-Adviser and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Permitted Use</u>. The Adviser and the Trust may use Sub-Adviser Property only: (i) to identify the Sub-Adviser as the sub-adviser to the Fund as required by law or governmental regulations; and (ii) in marketing materials for the Fund or for insurance or annuity products that offer the Fund as an investment option, provided that such use is limited to: (a) identifying the Sub-Adviser and the services performed for the Fund by the Sub-Adviser; and (b) providing biographical information about the Sub-Adviser that is accurately derived from information provided by or made public by the Sub-Adviser or its affiliates. The Adviser and the Trust agree to provide samples of any material that uses Sub-Adviser Property at the Sub-Adviser's request and to abide by reasonable guidance provided by the Sub-Adviser and its affiliates regarding proper use of Sub-Adviser Property. Any other use of Sub-Adviser Property must be expressly pre-approved in writing by the Sub-Adviser. Any change in any approved use of Sub-Adviser Property, including, without limitation, a change in a Fund name that includes Sub-Adviser Property, requires prior approval in writing by the Sub-Adviser or its appropriate affiliate. Upon termination of this Agreement, the Adviser and the Trust shall forthwith cease to use Sub-Adviser Property except to the limited extent necessary to comply with laws, governmental regulations or a court order. In addition, the Adviser and Trust shall cease use of the Sub-Adviser's name if Sub-Adviser ceases to be the sole sub-adviser to the Fund, provided that the Adviser and the Trust may use up any remaining stock of materials that include the Sub-Adviser's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Unauthorized Use</u>. If the Adviser or the Trust makes any unauthorized use of Sub-Adviser Property, the parties acknowledge that the Sub-Adviser and its affiliates shall suffer irreparable harm for which monetary damages may be inadequate, and the Sub-Adviser and its affiliates shall thus be entitled to injunctive relief, as well as any other remedy available under law.

**11. Governing Law** 

This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware (without regard to conflict-of-law principles or doctrines thereof) and the applicable provisions of the 1940 Act or other federal laws and regulations. To the extent that the applicable law of the State of Delaware or any of the provisions herein conflict with the applicable provisions of the 1940 Act or other federal laws and regulations, the latter shall control.

**12. Severability/Interpretation** 

If any provision of this Agreement is held invalid by a court decision, statute, rule, regulation, order, or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by an SEC rule, regulation or order, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

------

**13. Notices** 

Any notice that is required to be given by one party to the other under the terms of this Agreement shall be given in writing and delivered to the other party at the applicable address below, which may be changed by the parties by written notice to the other party in accordance with this Section 13:

**If to the Sub-Adviser:** 

Nomura Corporate Research and Asset Management Inc.

Worldwide Plaza, 309 West 49th Street, New York, NY 10019

E-mail: ncramlegal@us.nomura.com

with a copy to Compliance department

Email: compliancenomuraasset@nomura.com

**If to the Adviser:** 

Lincoln Financial Investments Corporation

Attention: Chief Counsel – Funds Management

150 **N.** Radnor Chester Road

Radnor, PA 19087

**14. Counterparts** 

This Agreement may be executed in counterparts. Each counterpart shall be deemed to be an original, but all counterparts together shall constitute one and the same instrument.

**15. Entire Agreement** 

This Agreement, together with any Schedules or Exhibits hereto, represents the entire Agreement between the parties, and supersedes any other written or oral communications between the parties with respect to the subject matter contained herein.

**16. Certain Definitions** 

For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested persons" and "assignment" shall have the meanings ascribed to them in the 1940 Act, subject to applicable SEC orders, SEC staff no-action letters, and other SEC interpretive materials.

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IN WITNESS WHEREOF, each party has caused this instrument to be signed by its duly authorized representative as of the day and year first above written.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMODITY FUTURES TRADING COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

---

| | |
|:---|:---|
| **LINCOLN FINANCIAL INVESTMENTS CORPORATION** | **LINCOLN FINANCIAL INVESTMENTS CORPORATION** |
| By: | /s/ Gordon Huellmantel |
| Name: | Gordon Huellmantel |
| Title: | Senior Vice President |

---

---

| | |
|:---|:---|
| **NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.** | **NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.** |
| By: | /s/ David Crall |
| Name: | David Crall |
| Title: | CEO & CIO |

---

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**SCHEDULE A** 

<u>Funds and Fee Schedules</u> 

The Adviser shall compensate the Sub-Adviser for services rendered to a Fund at the specified annual rate for such Fund as follows and as set forth in the table below and otherwise in accordance with the terms of this Agreement, as either may be amended from time to time:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fees payable on net assets**<br> **of the Managed Portion** | **Effective Date** | **Effective Date** |
|  LVIP Nomura High Yield Fund |  |  | April 1, 2026 |

---

Any such fee to the Sub-Adviser shall be payable in arrears for each month within 10 business days after the end of such month. If the Sub-Adviser shall serve for less than the whole of a month, the foregoing compensation shall be prorated.

The Managed Portion includes all funds and assets, including cash, cash accruals, additions, substitutions and alterations which are subject to advice by the Sub-Adviser. The Managed Portion excludes investments by the Managed Portion in investment vehicles or other instruments that pay an advisory fee to the Sub-Adviser or its affiliates.

The fee schedule for each Fund is based on the specific investment strategy of the Managed Portion for such Fund. Any deviation from the investment strategy for such Managed Portion described in the Investment Guidelines may result in a change in the specified fee for such Fund.

## Exhibit 99.11

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| | |
|:---|:---|
| ![LOGO](g35318g0310022926822.jpg) | US Bank Tower<br> 633 West 5th Street<br> Suite 4900<br> Los Angeles, CA 90071-2032<br> +1 213 808 5700 Main<br> +1 213 808 5760 Fax<br> www.dechert.com |

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March 6, 2026

Lincoln Variable Insurance Products Trust

P.O. Box 2340

Fort Wayne, Indiana 46801

Re: <u>Registration Statement on Form N-14</u>

Ladies and Gentlemen:

We have acted as counsel to the Lincoln Variable Insurance Products Trust, a statutory trust duly organized and validly existing under the laws of the State of Delaware (the "Trust"), and we have a general familiarity with the Trust's business operations, practices, and procedures.

You have asked for our opinion regarding the issuance of shares of beneficial interest in a certain Trust series (the "Acquiring Fund") in connection with the acquisition of the assets of a certain other Trust series (the "Target Fund"). The Acquiring Fund and the Target Fund are set forth below:

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| | |
|:---|:---|
| **Acquiring Fund (issuing shares)** | **Corresponding Target Fund (transferring assets)** |
| LVIP Global Equity Managed Volatility Fund | LVIP Multi-Manager Global Equity Managed Volatility Fund |

---

The Acquiring Fund's shares issued will be registered on a Form N-14 Registration Statement (the "Registration Statement"), to be filed by the Trust with the U.S. Securities and Exchange Commission (the "Commission") under the Securities Act of 1933 (the "1933 Act").

We have examined originals or certified copies, or copies otherwise identified to our satisfaction as being true copies, of various corporate records of the Trust and such other instruments, documents, and records as we have deemed necessary in order to render this opinion. We have assumed the genuineness of all signatures, the authenticity of all documents examined by us and the correctness of all statements of fact contained in those documents.

On the basis of, and subject to, the foregoing, it is our opinion that the classes of shares of beneficial interest of the Acquiring Fund being registered under the 1933 Act in the Registration Statement have been duly authorized and will be legally and validly issued, fully paid and non-assessable by the Trust when issued in connection with the transfer of the assets of the Target Fund pursuant to the terms of the Agreement and Plan of Reorganization the form of which is included in the Registration Statement.

------

---

| | |
|:---|:---|
| ![LOGO](g35318g0310022926822.jpg) | Lincoln Variable Insurance<br> Products Trust<br> March 6, 2026<br> Page 2 |

---

The opinion expressed herein is limited to the laws of the State of Delaware and the federal securities laws of the United States. To the extent the opinion expressed herein involves the laws of the State of Delaware, such opinion should be understood to be based solely upon our review of the documents referred to above and the applicable statutory provisions of the State of Delaware and reported judicial decisions interpreting those provisions. We express no opinion herein with respect to the effect or applicability of the law of any other jurisdiction.

We express no opinion as to any other matter other than as expressly set forth above, and no other opinion is intended or may be inferred herefrom. The opinion expressed herein is given as of the date hereof, and we undertake no obligation and hereby disclaim any obligation to advise you of any change after the date of this opinion pertaining to any matter referred to herein.

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement and to the use of our name in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act and the rules and regulations thereunder.

Sincerely,

/s/ Dechert LLP

## Exhibit 99.14

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the references to our firm under the captions "Representations and Warranties" and "Financial Highlights" in the Proxy Statement/Prospectus included in this Registration Statement (Form N-14) of Lincoln Variable Insurance Products Trust.

We also consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, each dated May 1, 2025, each included in Post-Effective Amendment No. 269 to the Registration Statement (Form N-1A), File No. 033-70742 of Lincoln Variable Insurance Products Trust, filed with the Securities and Exchange Commission, and each incorporated by reference into the Prospectus/Information Statement and Statement of Additional information included in this Registration Statement.

We also consent to the incorporation by reference of our reports dated February 26, 2026, with respect to the financial statements and financial highlights of LVIP Multi-Manager Global Equity Managed Volatility Fund and LVIP Global Equity Managed Volatility Fund (formerly, the LVIP Franklin Templeton Global Equity Managed Volatility Fund) (two of the series constituting the Lincoln Variable Insurance Products Trust) included in the Annual Report to Shareholders (Form N-CSR) for the year ended December 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

---

| |
|:---|
| /s/ Ernst & Young LLP |
| Philadelphia, Pennsylvania |
| March 10, 2026 |

---

## Exhibit 99.16

**POWER OF ATTORNEY** 

We, the undersigned trustees and officers of the Lincoln Variable Insurance Products Trust (the "Trust"), hereby severally constitute and appoint Gordon Huellmantel, Jennifer M. Matthews, James Hoffmayer, Paul T. Chryssikos, Esq., Samuel K. Goldstein, Esq., and Christina E. Pron, Esq. as our true and lawful attorneys-in-fact, with full power in each of them to sign for us, in our names and in the capacities indicated below, the Trust Registration Statement on Form N-14 and any amendments or other documents related thereto (collectively, the "Documents") with regard to the proposed reorganizations listed on Exhibit A, attached hereto, to be filed with the Securities and Exchange Commission on behalf of the Trust, hereby ratifying and confirming our signatures as they may be signed by any of our attorneys-in-fact to the Documents. This Power of Attorney was signed by us to be effective 12/9/2025.

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| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ John Morriss<br> John Morriss | Chairman of the Board & Trustee |
| /s/ James Hoffmayer<br> James Hoffmayer | Chief Accounting Officer |
| /s/ Steve A. Cobb<br> Steve A. Cobb | Trustee |
| /s/ Peter F. Finnerty<br> Peter F. Finnerty | Trustee |
| /s/ Ken C. Joseph<br> Ken C. Joseph | Trustee |
| /s/ Barbara L. Lamb<br> Barbara L. Lamb | Trustee |
| /s/ Pamela L. Salaway<br> Pamela L. Salaway | Trustee |
| /s/ Manisha Thakor<br> Manisha Thakor | Trustee |
| /s/ Brian W. Wixted<br> Brian W. Wixted | Trustee |
| /s/ Nancy B. Wolcott<br> Nancy B. Wolcott | Trustee |

---

------

**Exhibit A** 

---

| | |
|:---|:---|
| **PROPOSED REORGANIZATIONS** | **PROPOSED REORGANIZATIONS** |
| **Acquired Funds** | **Acquiring Funds** |
| LVIP Multi-Manager Global Equity Managed Volatility Fund | LVIP Franklin Templeton Global Equity Managed Volatility Fund |

---

## Exhibit 99.17

**LOOMIS, SAYLES & CO., L.P.** 

**LOOMIS SAYLES INVESTMENTS LIMITED** 

**LOOMIS SAYLES INVESTMENTS ASIA PTE. LTD.** 

**LOOMIS SAYLES (NETHERLANDS) B.V.** 

**LOOMIS SAYLES TRUST COMPANY LLC** 

**LOOMIS SAYLES DISTRIBUTORS, L.P.** 

**<u>Code of Ethics</u>** 

**Policy on Personal Trading and**<br> **Related Activities**<br> **by Loomis Sayles Personnel**<br>

EFFECTIVE:

January 14, 2000

AS AMENDED:

December 2025

------

**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  **Code of Ethics** | **Code of Ethics** | 3.0 |
| 1. | INTRODUCTION | 3.0 |
| 2. | STATEMENT OF GENERAL PRINCIPLES | 3.0 |
| 3. | A FEW KEY TERMS | 4.0 |
| 3.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Security | 4.0 |
| 3.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficial Ownership | 6.0 |
| 3.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Control | 7.0 |
| 3.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintaining Personal Accounts | 7.0 |
| 4. | SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING | 8.0 |
| 4.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance | 9.0 |
| 4.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good Until Canceled and Limit Orders | 10.0 |
| 4.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Term Trading Profits | 10.0 |
| 4.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restrictions on Round Trip Transactions in Loomis Advised Funds | 11.0 |
| 4.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives | 11.0 |
| 4.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Sales | 12.0 |
| 4.7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Competing with Client Trades | 12.0 |
| 4.8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large Cap/De Minimis Exemption | 13.0 |
| 4.9. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Person Seven-Day Blackout Rule | 13.0 |
| 4.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research Recommendations | 14.0 |
| 4.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings | 15.0 |
| 4.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Placement Transactions | 16.0 |
| 4.13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insider Trading | 16.0 |
| 4.14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted and Concentration List | 18.0 |
| 4.15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Sayles Hedge Funds | 18.0 |
| 4.16. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemptions Granted by the Chief Compliance Officer | 18.0 |
| 5. | PROHIBITED OR RESTRICTED ACTIVITIES | 19.0 |
| 5.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Company Board Service and Other Affiliations | 19.0 |
| 5.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participation in Investment Clubs and Private Pooled Vehicles | 19.0 |
| 6. | REPORTING REQUIREMENTS | 20.0 |
| 6.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code | 20.0 |
| 6.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage Confirmations and Brokerage Account Statements | 21.0 |
| 6.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification | 22.0 |
| 6.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Reporting | 22.0 |
| 6.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Review of Reports by Chief Compliance Officer | 23.0 |
| 6.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Reporting of Violations to the Chief Compliance Officer | 23.0 |
| 6.7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Register of Interests in Securities | 24.0 |
| 6.8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives | 24.0 |
| 7. | SANCTIONS | 25.0 |
| 8. | RECORDKEEPING REQUIREMENTS | 26.0 |
| 9. | MISCELLANEOUS | 27.0 |
| 9.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality | 27.0 |
| 9.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Client Trading Knowledge | 27.0 |
| 9.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice to Access Persons, Investment Persons and Research Analysts as to Code Status | 27.0 |
| 9.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice to Personal Trading Compliance of Engagement of Independent Contractors | 27.0 |
| 9.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemptions to the Application of the Code | 28.0 |
| 9.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Questions and Educational Materials | 28.0 |

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**<u>Code of Ethics</u>**

**Policy on Personal Trading and**<br> **Related Activities**<br>

**1.** **INTRODUCTION** 

This Code of Ethics ("Code") has been adopted by Loomis, Sayles & Co., L.P. ("Loomis US"), Loomis Sayles Investments Limited ("Loomis UK"), Loomis Sayles Investments Asia Pte. Ltd. ("Loomis Asia"), Loomis Sayles (Netherlands) B.V., including the employees in the Paris branch ("Loomis Netherlands"), Loomis Sayles Trust Company LLC, and Loomis Sayles Distributors, L.P. (collectively ("Loomis Sayles") to govern certain conduct of Loomis Sayles' **Supervised Persons** and personal trading in securities and related activities of those individuals who have been deemed **Access Persons** thereunder, and under certain circumstances, those **Access Persons'** family members and others in a similar relationship to them.

The policies in this Code reflect Loomis Sayles' desire to detect and prevent not only situations involving actual or potential conflicts of interest with client investments or unethical conduct, but also those situations involving even the appearance of these.

**2.** **STATEMENT OF GENERAL PRINCIPLES** 

It is the policy of Loomis Sayles that no **Access Person** or **Supervised Person** as such terms are defined under the Code, (please note that Loomis Sayles treats all employees as **Access Persons**) shall engage in any act, practice or course of conduct that would violate the Code, the fiduciary duty owed by Loomis Sayles and its personnel to Loomis Sayles' clients, Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the provisions of Section 17(j) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 17j-1 there under. It is required that all **Access Persons** must comply with all applicable laws, rules and regulations including, but not limited to the **Federal Securities Laws**. The Investment Management Association of Singapore's ("IMAS'") Code of Ethics & Standards of Professional Conduct provides that Loomis Asia (as a member of IMAS) should have in place appropriate policies and internal controls governing personal dealing and appropriate structures in place to carry out monitoring and to ensure compliance. Therefore, all employees of Loomis Asia must also comply with the Securities and Futures Act, Chapter 289 of Singapore (the "Securities and Futures Act"), the Financial Advisers Act, Chapter 110 of Singapore (the "Financial Advisers Act"), and all other applicable Singapore laws, rules and regulations.

Under the requirements of the Financial Conduct Authority (FCA), there are Conduct Rules within the Senior Managers and Certification Regime (SM&CR) with which all employees of Loomis UK must comply. These rules are designed to improve the levels of responsibility and accountability, honesty and integrity, and to act at all times with due care, skill and diligence.

The Code is designed to comply with all of the above regulations.

The fundamental position of Loomis Sayles is, and has been, that it must at all times place

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the interests of its clients first. Accordingly, your personal financial transactions (and in some cases, those of your family members and others in a similar relationship to you) and related activities must be conducted consistently with this Code and in such a manner as to avoid any actual or potential conflict of interest or abuse of your position of trust and responsibility.

Without limiting in any manner the fiduciary duty owed by Loomis Sayles to its clients, it should be noted that Loomis Sayles considers it proper that purchases and sales be made by **Access Persons** in the marketplace of securities owned by Loomis Sayles' clients, <u>provided</u> that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in the Code. In making personal investment decisions, however, you must exercise extreme care to ensure that the provisions of the Code are not violated and under no circumstances, may an **Access Person** use the knowledge of **Covered Securities** purchased or sold by any client of Loomis Sayles or **Covered Securities** being considered for purchase or sale by any client of Loomis Sayles to profit personally, directly or indirectly, by the market effect of such transactions.

Improper trading activity can constitute a violation of the Code. The Code can also be violated by an **Access Person's** failure to file required reports, by making inaccurate or misleading reports or statements concerning trading activity, or by opening an account with a non-**Select Broker** without proper approval as set forth in the Code.

It is not intended that these policies will specifically address every situation involving personal trading. These policies will be interpreted and applied, and exceptions and amendments will be made, by Loomis Sayles in a manner considered fair and equitable, but in all cases with the view of placing Loomis Sayles' clients' interests paramount. It also bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate you from scrutiny of, and sanctions for, securities transactions which indicate an abuse of Loomis Sayles' fiduciary duty to any of its clients.

You are encouraged to bring any questions you may have about the Code to **Personal Trading Compliance**.

**Personal Trading Compliance**, the **Chief Compliance Officer** and the Loomis Sayles Ethics Committee will review the terms and provisions of the Code at least annually, and make amendments as necessary. Any amendments to the Code will be provided to you.

**3.** **A FEW KEY TERMS** 

**Boldfaced** terms have special meaning in this Code. The application of a particular Code requirement to you may hinge on the elements of the definition of these terms. See the **Glossary** at the end of this Code for definitions of these terms. In order to have a basic understanding of the Code, however, you must have an understanding of the terms "**Covered Security**", "**Beneficial Ownership**" and "**Investment Control**" as used in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Covered Security** 

This Code generally relates to transactions in and ownership of an investment that is a **Covered Security (defined under Sec. 2(a)(36) of the Investment Company Act 1940)**. Currently, this means any type of equity or debt security (such as common and preferred stocks, and corporate and government bonds or notes), any equivalent (such as ADRs, GDR's, etc.), any derivative, instrument representing, or any rights relating to, a **Covered Security**, and any closely related security (such as certificates of participation, depository receipts, collateral–trust certificates,

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put and call options, warrants, and related convertible or exchangeable securities and securities indices). Shares of closed-end funds, municipal obligations and securities issued by agencies and instrumentalities of the U.S. government (e.g. GNMA obligations) are also considered **Covered Securities** under the Code.

Additionally, the shares of any investment company registered under the Investment Company Act and the shares of any collective investment vehicle ("CIV"), (e.g. SICAVs, OEICs, UCITs, etc.) that is advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate ("**Reportable Funds**") are deemed to be **Covered Securities** for purposes of certain provisions of the Code. **Reportable Funds** include open-end and closed-end funds and CIVs that are advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate, but exclude money market funds. A current list of **Reportable Funds** is attached as <u>Exhibit One</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

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| | |
|:---|:---|
| *Explanatory Note:* | *While the definition of* ***Reportable Funds*** *encompasses funds or CIVs that are advised, sub-advised and/or distributed by Natixis and its affiliates, only those funds or CIVs advised or sub-advised by Loomis Sayles* ***("Loomis Advised Fund")*** *are subject to certain trading restrictions of the Code (specifically, the Short-Term Trading Profit and Round Trip Transaction restrictions). Please refer to Section 4.3 and 4.4 of the Code for further explanation of these trading restrictions. Additionally, <u>Exhibit One</u> distinguishes between those funds and CIVs that are only subject to reporting requirements under the Code (all* ***Reportable Funds****), and those that are subject to* ***<u>both</u>*** *the reporting requirements and the aforementioned trading restrictions (Loomis Advised Funds).* |

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Shares of exchange traded funds ("ETFs") and closed-end funds are deemed to be **Covered Securities** for the purposes of certain provisions of the Code. Broad based open-ended ETFs with either a market capitalization exceeding U.S. $1 billion **OR** an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from certain provisions of the Code ("**Exempt ETFs**"). A current list of **Exempt ETFs** is attached as <u>Exhibit Two</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Explanatory Note:* | *Broad based open-ended ETFs are determined by* ***Personal Trading Compliance*** *using Bloomberg data.* |

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All **Access Persons** are expected to comply with the spirit of the Code, as well as the specific rules contained in the Code. Therefore, while the lists of **Reportable Funds** and **Exempt ETFs** are subject to change, it is ultimately the responsibility of all **Access Persons** to review these lists which can be found in <u>Exhibit(s) One and Two</u>, prior to making an investment in a **Reportable Fund** or ETF.

It should be noted that private placements, hedge funds and investment pools are deemed to be **Covered Securities** for purposes of the Code whether or not advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser. Investments in such securities are discussed under sections 4.12 and 5.2.

Please see <u>Exhibit Three</u> for the application of the Code to a specific **Covered Security** or

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instrument, including exemptions from pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Beneficial Ownership** 

The Code governs any **Covered Security** in which an Access Person has any direct or indirect "**Beneficial Ownership**." **Beneficial Ownership** for purposes of the Code means a direct or indirect "pecuniary interest" that is held or shared by you directly or indirectly (through any contract, arrangement, understanding, relationship or otherwise) in a **Covered Security**. The term "pecuniary interest" in turn generally means your opportunity directly or indirectly to receive or share in any <u>profit</u> derived from a transaction in a **Covered Security,** whether or not the **Covered Security** or the relevant account is in your name and regardless of the type of account (i.e. brokerage account, direct account, or retirement plan account). Although this concept is subject to a variety of U.S. Securities and Exchange Commission ("SEC") rules and interpretations, you should know that you are <u>presumed</u> under the Code to have an indirect pecuniary interest as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by your spouse or minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by a live-in partner who shares
your household and combines his/her financial resources in a manner similar to that of married persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by your other family members sharing your household (including an adult
child (even if that child is currently living away at a college/university), a stepchild, a grandchild, a parent, stepparent, grandparent, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your share ownership, partnership interest or similar interest in **Covered Securities** held by a
corporation, general or limited partnership or similar entity you control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your right to receive dividends or interest from a **Covered Security** even if that right is separate or
separable from the underlying securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your interest in a **Covered Security** held for the benefit of you alone or for you and others in a trust or
similar arrangement (including any present or future right to income or principal); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your right to acquire a **Covered Security** through the exercise or conversion of a "derivative **Covered Security**."

In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security**, including **Reportable Funds**, in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

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| | |
|:---|:---|
| *Explanatory Note:* | *All accounts that hold or can hold a Covered Security in which an* ***Access Person*** *has* ***Beneficial Ownership*** *are subject to the Code (such accounts* |

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*include, but are not limited to, personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of minor children living in your household, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, IRAs, 401Ks, trusts, DRIPs, ESOPs, etc.).*

Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** **Investment Control** 

The Code governs any **Covered Security** in which an **Access Person** has direct or indirect "**Investment Control**." The term **Investment Control** encompasses any influence (i.e., power to manage, trade, or give instructions concerning the investment disposition of assets in the account or to approve or disapprove transactions in the account), whether sole or shared, direct or indirect, you exercise over the account or **Covered Security**.

You should know that you are <u>presumed</u> under the Code to have **Investment Control** as a result of having:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over your personal brokerage account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over an account(s) in the name of your spouse or minor children,
unless, you have renounced an interest in your spouse's assets (subject to the approval of the **Chief Compliance Officer**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over an account(s) in the name of any family member, friend or
acquaintance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involvement in an Investment Club;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee power over an account(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The existence and/or exercise of a power of attorney over an account.

Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** **Maintaining Personal Accounts** 

All **Access Persons** that reside within the U.S.("Loomis US Access Persons"), who have personal accounts that hold or can hold **Covered Securities** in which they have direct or indirect **Investment Control** <u>and</u> **Beneficial Ownership** are required to maintain such accounts at one of the following firms: Ameriprise, Baird, Bank of America/Merrill Lynch, Charles Schwab, Citi Personal Wealth Management, Fidelity Investments, Interactive Brokers, JP Morgan Chase & Co., LPL Financial, MML Investor Services, Morgan Stanley Smith Barney, Robinhood, UBS, Vanguard, or Wells Fargo (collectively, the "**Select Brokers**"). Additionally, an **Access Person** may only purchase and hold shares of **Reportable Funds** through either: a **Select Broker**; directly from the **Reportable Fund's** through its transfer agent, or through one or more of Loomis Sayles' retirement plans, unless an exception to the Select Broker requirement, as described below, is

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granted.

Accounts in which the Loomis US **Access Person** only has either **Investment Control** or **Beneficial Ownership**; certain retirement accounts with the Loomis US **Access Person's** prior employer; accounts managed by an outside adviser in which the Loomis US **Access Person** exercises no investment discretion; accounts in which the Loomis US **Access Person**'**s** spouse is employed by another investment firm and must abide by that firm's Code of Ethics; and/or the retirement accounts of a Loomis US **Access Person's** spouse may be maintained with a firm other than the **Select Brokers** upon the prior written approval of **Personal Trading Compliance** or the **Chief Compliance Officer.** In these cases, Loomis US **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly for non-Select Brokers. In addition, **Personal Trading Complianc**e or the **Chief Compliance Officer** may grant exemptions to the **Select Broker** requirement for accounts not used for general trading purposes such as ESOPs, DRIPs, securities held physically or in book entry form, family of fund accounts or situations in which the Loomis US **Access Person** has a reasonable hardship for not maintaining their accounts with a **Select Broker**.

**Access Persons** with a residence outside the U.S., are exempt from maintaining their personal accounts at a **Select Broker**. However, such **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Access Persons must receive pre-clearance approval from Personal Trading Compliance prior to the opening of any new personal accounts that can hold Covered Securities in which the Access Person has direct or indirect Investment Control or Beneficial Ownership. This includes Select Broker accounts. In addition, the opening of all reportable accounts must also be reported to Personal Trading Compliance as set forth in Section 6.2 and Section 6.3 of the Code.** 

Finally, Access Persons must inform the **Select Broker** or other financial institution of his/her association with Loomis Sayles during the account opening process.

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| | |
|:---|:---|
| *Explanatory Note:* | *While certain accounts may be granted an exemption from certain provisions of the Code, inclusive of the* ***Select Broker*** *requirement, they are still subject to the reporting requirements of the Code and may be subject to the pre-clearance requirements of the Code (e.g. joint accounts) as set forth in Section 4.1 of the Code. The terms of a specific exemption will be outlined in an exemption memorandum which is issued to the* ***Access Person*** *by* ***Personal Trading Compliance.*** *An* ***Access Person****'****s*** *failure to abide by the terms and conditions of an account exemption issued by* ***Personal Trading Compliance*** *could result in a violation of the Code.* |

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**4.** **SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING** 

The following are substantive prohibitions and restrictions on **Access Persons'** personal trading and related activities. In general, the prohibitions set forth below relating to trading activities apply to accounts holding **Covered Securities** in which an **Access Person** has **Beneficial Ownership** <u>and</u> **Investment Control**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Pre-clearance** 

Each **Access Person** must pre-clear through the FIS Employee Compliance Management system ("ECM") all **Volitional** transactions in **Covered Securities** (i.e. transactions in which the **Access Person** has determined the timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold) in which he or she has **Investment Control** <u>and</u> in which he or she has or would acquire **Beneficial Ownership**. Exceptions to the pre-clearance requirement include, but are not limited to: Open-ended mutual funds and CIVs meeting the criteria described below, **Exempt ETFs** listed in <u>Exhibit Two</u>, and US Government Agency bonds (i.e. GNMA, FNMA, FHLMC), as set forth in <u>Exhibit(s) Three and Five</u>.

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| | |
|:---|:---|
| *Explanatory Note:* | *A CIV is exempt from pre-clearance under the following conditions: issues shares that shareholders have the right to redeem on demand; calculates an NAV on a daily basis in a manner consistent with the principles of Section 2(a)(41) of the 1940 Act and Rule 2a-4 thereunder; issues and redeems shares at the NAV next determined after receipt of the relevant purchase or redemption order consistent with the "forward pricing" principles of Rule 22c-1 under the 1940 Act; and there is no secondary market for the shares of the CIV.* |
| *Explanatory Note:* | *Futures, options and swap transactions in* **Covered** ***Securities*** *must be manually pre-cleared by* ***Personal Trading Compliance*** *since ECM cannot handle such transactions. Initial public offerings, private placement transactions, including hedge funds whether or not they are advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser, participation in investment clubs and private pooled vehicles require special pre-clearance as detailed under Sections 4.11, 4.12 and 5.2 of the Code.* |
| *Explanatory Note:* | *Broad based open-ended ETFs with either a market capitalization exceeding $1billion* ***OR*** *an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from the pre-clearance and trading restrictions set forth in Sections 4.1, 4.3, 4.5, 4.6, 4.7, 4.9, and 4.10 of the Code. A list of the* ***Exempt ETFs*** *is provided in <u>Exhibit Two</u> of the Code. All closed end-funds, closed-end ETFs, sector based/narrowly defined ETFs and broad based open-ended ETFs with a market capitalization below U.S. $1 billion AND an average daily trading volume below 1 million shares (over a 90 day period) are subject to the pre-clearance and trading restrictions detailed under Section 4 of the Code.* |
|  | ***All closed-end funds and ETFs, including those Exempt ETFs and their associated options as described above, are subject to the reporting requirements detailed in Section 6 of the Code.*** |

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Any transaction approved pursuant to the pre-clearance request procedures **<u>must be executed by the end of the trading day on which it is approved</u>** unless **Personal Trading Compliance** extends the pre-clearance for an additional trading day. If the **Access Person's** trade has not been executed by the end of the same trading day (or the next trading day in the case of an extension), the pre-clearance will lapse and the **Access Person** may not trade without again seeking

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and obtaining pre-clearance of the intended trade.

For **Access Persons** with a U.S. residence, pre-clearance requests can only be submitted through ECM and/or to **Personal Trading Compliance** Monday – Friday from 9:30am-4:00pm Eastern Standard Time. **Access Persons** with a residence outside the U.S. will be given separate pre-clearance guidelines instructing them on the availability of ECM and **Personal Trading Compliance** support hours.

If after pre-clearance is given and before it has lapsed, an **Access Person** becomes aware that a **Covered Security** as to which he or she obtained pre-clearance has become the subject of a buy or sell order, or is being considered for purchase or sale for a client account, the **Access Person** who obtained the pre-clearance must consider the pre-clearance revoked **<u>and must notify Personal Trading Compliance immediately</u>.** If the transaction has already been executed before the **Access Person** becomes aware of such facts, no violation will be considered to have occurred as a result of the **Access Person's** transaction.

If an **Access Person** has actual knowledge that a requested transaction is nevertheless in violation of this Code or any provision thereof, approval of the request will not protect the **Access Person's** transaction from being considered in violation of the Code. The **Chief Compliance Officer** or **Personal Trading Compliance** may deny or revoke pre-clearance for any reason that is deemed to be consistent with the spirit of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** **Good Until Canceled and Limit Orders** 

No **Access Person** shall place a "good until canceled," "limit" or equivalent order with his/her broker except that an **Access Person** may utilize a "day order with a limit" so long as the transaction is consistent with provisions of this Code, including the pre-clearance procedures. All orders must expire at the end of the trading day on which they are pre-cleared unless otherwise extended by **Personal Trading Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **Short Term Trading Profits** 

No **Access Person** may profit from the **Volitional** purchase and sale, **or** conversely the **Volitional** sale and purchase, of the same or equivalent **Covered Security (**including **Loomis Advised Funds)** within 60 calendar days (unless the sale involved shares of a **Covered Security** that were acquired more than 60 days prior). Hardship exceptions may be requested (in advance) from **Personal Trading Compliance**.

An **Access Person** may sell a **Covered Security** (including **Loomis Advised Funds**) or cover an existing short position at a loss within 60 calendar days. Such requests must be submitted through the ECM System and to **Personal Trading Compliance** for approval because the ECM System does not have the capability to determine whether the **Covered Security** will be sold at a gain or a loss.

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|:---|:---|
| *Explanatory Note:* | *For purposes of calculating the 60 day holding period, the trade date of a given purchase or sale is deemed to be day zero. 60 full days must pass before an* ***Access Person*** *can trade that same* ***Covered Security*** *for a profit and therefore, allowing the* ***Access Person*** *to do so on the 61st day.* |
| *Explanatory Note:* | *The Short Term Trading Profits provision is applicable to transactions that are executed across all of an* ***Access Person's*** *accounts. For example, if an* |

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| | |
|:---|:---|
|  | **Access Person** *sold shares of ABC in his/her Fidelity brokerage account today, that* ***Access Person*** *would not be allowed to buy shares of ABC in his/her Charles Schwab IRA account at a lower price within 60 days following the sale.* |
| *Explanatory Note:* | *Please refer to <u>Exhibit One</u> for a current list of* ***Loomis Advised Funds****. Please also note that all closed-end funds are subject to the trading restrictions of Section 4.3 of the Code.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** **Restrictions on Round Trip Transactions in Loomis Advised Funds** 

In addition to the 60 day holding period requirement for purchases and sales of **Loomis Advised Funds,** an **Access Person** is prohibited from purchasing, selling and then re-purchasing shares of the same **Loomis Advised Fund** within a 90 day period ("Round Trip Restriction").The Round Trip Restriction does not limit the number of times an **Access Person** can purchase a **Loomis Advised Fund** or sell a **Loomis Advised Fund** during a 90 day period. In fact, subject to the holding period requirement described above, an **Access Person** can purchase a **Loomis Advised Fund** (through one or multiple transactions) and can liquidate their position in that fund (through one or several transactions) during a 90 day period. However, an **Access Person** cannot then reacquire a position in the same **Loomis Advised Fund** previously sold within the same 90 day period.

The Round Trip Restriction will only apply to **Volitional** transactions in **Loomis Advised Funds**. Therefore, shares of **Loomis Advised Funds** acquired through a dividend reinvestment or dollar cost averaging program, and automatic monthly contributions to the firm's 401K plan will not be considered when applying the Round Trip Restriction.

Finally, all **Volitional** purchase and sale transactions of **Loomis Advised Funds,** in any share class and in <u>any</u> employee account (i.e., direct account with the **Loomis Advised Fund**, Select Broker account, 401K account, etc.) will be matched for purposes of applying the Round Trip Restriction.

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|:---|:---|
| *Explanatory Note:* | *Only* ***Loomis Advised Funds*** *are subject to Section 4.4 of the Code. Please refer to <u>Exhibit One</u> for a current list of* ***Loomis Advised Funds****.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.** **Derivatives** 

No **Access Person** shall use derivatives, including but not limited, to options, futures, swaps or warrants on a **Covered Security** to evade the restrictions of the Code. In other words, no **Access Person** may use derivative transactions with respect to a **Covered Security** if the Code would prohibit the **Access Person** from taking the same position directly in the underlying **Covered Security**.

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|:---|:---|
| *Explanatory Note:* | *When transacting in derivatives,* ***Access Persons*** *must pre-clear the derivative and the underlying security in ECM as well as receive manual approval from* ***Personal Trading Compliance*** *before executing their transaction. Please note that options on Exempt ETFs and the underlying index of the ETF, as well as futures on currencies, commodities, cash instruments (such as loans or deposits), stock indexes and interest rates do* |

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| | |
|:---|:---|
|  | *not require pre-clearance, but do require reporting. For more detailed information, please see Section 4.1 of the Code.* |
| *Explanatory Note:* | *Futures and Options on virtual currency (e.g., Bitcoin, Ethereum) are exempt from pre-clearance and the Code's trading restrictions, similar to futures and options on other currencies, but they are subject to the Code's reporting requirements. Futures and Options on an Initial Coin Offering require pre-clearance, reporting and are subject to the Code's trading restrictions.* |
| *Explanatory Note:* | *Entering into Financial Spread Betting or Contract for Difference transactions, the act of taking a bet on the price movement of a security or underlying index is strictly prohibited under the Code.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6.** **Short Sales** 

No **Access Person** may purchase a put option, sell a call option, sell a **Covered Security** short or otherwise take a short position in a **Covered Security** then being held long in a Loomis Sayles client account, unless, in the cases of the purchase of a put or sale of a call option, the option is on a broad based index.

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|:---|:---|
| *Explanatory Note:* | *If an* ***Access Person*** *seeks pre-clearance to purchase a put option or sell a call option to hedge an existing long position in the same underlying securities,* ***Personal Trading Compliance*** *will compare the value of the underlying long position to the option to determine whether the* ***Access Person's*** *net position would be long or short. If short, the option transaction will be denied.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7.** **Competing with Client Trades** 

Loomis Asia is required to give priority to Loomis Sayles' client orders. Loomis Asia cannot purchase or sell securities that are permitted to be traded on the Singapore Exchange Securities Trading Limited (the "SGX-ST") or on the securities market of any recognized market operator in Singapore if it were to act as a principal or on behalf of a person associated with or connected to Loomis Asia, where a client of Loomis Sayles who is not associated with or connected to Loomis Asia has instructed Loomis Asia to purchase or sell securities of the same class and Loomis Asia has not complied with the instruction. In addition, Loomis Asia must also accord priority to transactions for the purchase or sale of securities or to investments made on behalf of clients, over those made for the following persons: (i) Loomis Asia; (ii) Loomis Asia's associated persons; (iii) Loomis Asia's officers; (iv) Loomis Asia's employees; (v) Loomis Asia's representatives; (vi) any person whom Loomis Asia knows to be an associated person of the persons in (iii), (iv) or (v). However, neither Loomis Asia nor its employees will act in a principal capacity.

Except as set forth in Section 4.8, an **Access Person** may not, directly or indirectly, purchase or sell a **Covered Security** (**Reportable Funds** are not subject to this rule.) when the **Access Person** knows, or reasonably should have known, that such **Covered Securities** transaction competes in the market with any actual or considered **Covered Securities** transaction for any client of Loomis Sayles, or otherwise acts to harm any Loomis Sayles client's **Covered Securities** transactions.

Generally pre-clearance will be <u>denied</u> if:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a **Covered Security** or a closely related **Covered Security** is the subject of a pending
"buy" or "sell" order for a Loomis Sayles client until that buy or sell order is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the **Covered Security** is being considered for purchase or sale for a Loomis Sayles client, until that
security is no longer under consideration for purchase or sale.

The ECM System has the information necessary to deny pre-clearance if any of these situations apply. Therefore, if you receive an approval in ECM, you may assume the **Covered Security** is not being considered for purchase or sale for a client account <u>unless</u> you have actual knowledge to the contrary, in which case the pre-clearance you received is null and void. For **Covered Securities** requiring manual pre-clearance (i.e. futures, options and other derivative transactions in **Covered Securities**), the applicability of such restrictions will be determined by **Personal Trading Compliance** upon the receipt of the pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8.** **Large Cap/De Minimis Exemption** 

An **Access Person** who wishes to make a trade in a **Covered Security** that would otherwise be denied pre-clearance solely because the **Covered Security** is under consideration or pending execution for a client, as provided in Section 4.7, will nevertheless receive approval when submitted for pre-clearance provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the **Covered Security** in which the **Access Person** wishes to transact has a market
capitalization exceeding U.S. $5 billion (a "Large Cap Security"); <u>AND</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the <u>aggregate</u> amount of the **Access Person's** transactions in that Large Cap Security on that
day across all personal accounts does not exceed $10,000 USD.

Such transactions will be subject to all other provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9.** **Investment Person Seven-Day Blackout Rule** 

No **Investment Person** shall, directly or indirectly, purchase or sell any **Covered Security** (**Reportable Funds** are not subject to this rule) within a period of seven (7) calendar days (trade date being day zero) <u>before</u> and <u>after</u> the date that a Loomis Sayles client, with respect to which he or she has the ability to influence investment decisions or has prior investment knowledge regarding associated client activity, has purchased or sold such **Covered Security** or a closely related **Covered Security**. It is ultimately the **Investment Person's** responsibility to understand the rules and restrictions of the Code and to know what **Covered Securities** are being traded in his/her client(s) account(s) or any account(s) with which he/she is associated.

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|:---|:---|
| *Explanatory Note:* | *The "seven days before" element of this restriction is based on the premise that an* ***Investment Person*** *who has* *****the ability to influence investment decisions or has prior investment knowledge regarding associated client activity can normally be expected to know, upon execution of his or her personal trade, whether any client as to which he or she is associated, has traded, or will be trading in the same or closely related* ***Covered Security*** *within seven days of his or her personal trade. Furthermore, an* ***Investment Person*** *who has the ability to influence investment decisions has a fiduciary obligation to recommend and/or affect suitable and attractive trades for* |

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| | |
|:---|:---|
|  | *clients regardless of whether such trades may cause a prior personal trade to be considered an apparent violation of this restriction. It would constitute a breach of fiduciary duty and a violation of this Code to delay or fail to make any such recommendation or transaction in a client account in order to avoid a conflict with this restriction.* |
|  | *It is understood that there may be particular circumstances (i.e. news on an issuer, a client initiated liquidation, subscription or rebalancing) that may occur after an* ***Investment Person's*** *personal trade which gives rise to an opportunity or necessity for an associated client to trade in that* ***Covered Security*** *which did not exist or was not anticipated by that person at the time of that person's personal trade.* ***Personal Trading Compliance*** *will review all extenuating circumstances which may warrant the waiving of any remedial actions in a particular situation involving an inadvertent violation of this restriction. In such cases, an exception to the Investment Person Seven-Day Blackout Rule will be granted upon approval by the* ***Chief Compliance Officer****.* |
|  | *The* ***Chief Compliance Officer****, or designee thereof, may grant a waiver of the Investment Person Seven-Day Blackout Rule if the* ***Investment Person's*** *proposed transaction is conflicting with client "cash flow" trading in the same security (i.e., purchases of a broad number of portfolio securities in order to invest a capital addition to the account or sales of a broad number of securities in order to generate proceeds to satisfy a capital withdrawal from the account). Such "cash flow" transactions are deemed to be non-volitional at the security level since they do not change the weighting of the security being purchased or sold in the client's portfolio.* |
| *Explanatory Note:* | *The trade date of an* ***Investment Person****'s purchase or sale is deemed to be day zero. Any associated client trade activity executed, in either that* ***Covered*** ***Security*** *or a closely related* ***Covered Security****, 7 full calendar days before or after an* ***Access Person****'s trade will be considered a violation of the Investment Person Seven-Day Blackout Rule. For example, if a client account purchased shares of company ABC on May 4th, any* ***Access Person*** *who is associated with that client account cannot trade ABC in a personal account until May 12th without causing a potential conflict with the Investment Person Seven-Day Blackout Rule.* |
| *Explanatory Note:* | *While the* ***Investment Person*** *Seven-Day Blackout Rule is designed to address conflicts between Investment Persons and their clients, it is the fiduciary obligation of all* ***Access Persons*** *to not effect trades in their personal account if they have prior knowledge of client trading or pending trading activity in the same or equivalent securities. The personal trade activity of all* ***Access Persons*** *is monitored by* ***Personal Trading Compliance*** *for potential conflicts with client trading activity.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10.** **Research Recommendations** 

The Loomis Sayles Fixed Income **Research Analysts** issue "Buy," "Sell," and "Hold" recommendations on the fixed income securities that they cover. The Equity products have their

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own **Research Analysts** that provide recommendations to their respective investment teams. Collectively the fixed income and equity recommendations and equity price targets are hereinafter referred to as "Recommendations".

**Recommendations** are intended to be used for the benefit of the firm's clients. It is also understood **Access Persons** may use **Recommendations** as a factor in the investment decisions they make in their personal and other brokerage accounts that are covered by the Code. The fact that **Recommendations** may be used by the firm's investment teams for client purposes and **Access Persons** may use them for personal reasons creates a potential for conflicts of interests. Therefore, the following rules apply to **Recommendations**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three (3) business day period <u>before</u> a **Research Analyst** issues a recommendation on
a **Covered Security,** that the **Research Analyst** has reason to believe that his/her **Recommendation** is likely to result in client trading in the **Covered Security**, the **Research Analyst** may not purchase or sell said **Covered Security** for any of his/her personal brokerage accounts or other accounts covered by the Code.

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|:---|:---|
| *Explanatory Note:* | *It is understood that there may be particular circumstances such as a news release, change of circumstance or similar event that may occur after a* ***Research Analyst's*** *personal trade which gives rise to a need, or makes it appropriate, for the* ***Research Analyst*** *to issue a* ***Recommendation*** *on said* ***Covered Security.*** *A* ***Research Analyst*** *has an affirmative duty to make unbiased* ***Recommendations*** *and issue reports, both with respect to their timing and substance, without regard to his or her personal interest in the* ***Covered Security****. It would constitute a breach of a* ***Research Analyst's*** *fiduciary duty and a violation of this Code to delay or fail to issue a* ***Recommendation*** *in order to avoid a conflict with this restriction.* |
|  | ***Personal Trading Compliance*** *will review any extenuating circumstances which may warrant the waiving of any remedial sanctions in a particular situation involving an inadvertent violation of this restriction.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access Persons** are prohibited from using a **Recommendation** for purposes of transacting in the **Covered Security** covered by the **Recommendation** in their personal accounts and other accounts covered by the Code until such time Loomis Sayles' clients have completed their transactions in said securities in order to give
priority to Loomis Sayles' clients' best interests.

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|:---|:---|
| *Explanatory Note:* | **Personal Trading Compliance** utilizes various automated reports to monitor **Access Persons'** trading in **Covered Securities** relative to **Recommendations** and associated client transactions. It also has various tools to determine whether a **Recommendation** has been reviewed by an **Access Person**. An **Access Person's** trading in a **Covered Security** following a **Recommendation** and subsequent client trading in the same security and in the same direction will be deemed a violation of the Code unless **Personal Trading Compliance** determines otherwise. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11.** **Initial Public Offerings** 

Investing in **Initial Public Offerings** of **Covered Securities** is prohibited unless such

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opportunities are connected with your prior employment compensation (i.e. options, grants, etc.) or your spouse's employment compensation. No **Access Person** may, directly or indirectly, purchase any securities sold in an **Initial Public Offering** without obtaining prior written approval from the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12.** **Private Placement Transactions** 

No **Access Person** may, directly or indirectly, purchase any **Covered Security** offered and sold pursuant to a **Private Placement Transaction**, including hedge funds and Initial Coin Offerings ("ICO"), including Coins and Tokens offered through an ICO structure, without obtaining the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management. In addition to addressing potential conflicts of interest between the **Access Person's Private Placement Transaction** and the firm's clients' best interests, the pre-clearance of **Private Placements** is designed to determine whether the **Access Person** may come into possession of material non-public information ("MNPI") on a publicly traded company as a result of the **Private Placement**.

A **Private Placement Transaction** approval must be obtained by completing an automated Private Placement Pre-clearance Form which can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

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| *Explanatory Note:* | *If you have been authorized to acquire a* ***Covered Security*** *in a* ***Private Placement*** *****Transaction****,*** *you must disclose to* ***Personal Trading Compliance*** *if you are involved in a client's subsequent consideration of an investment in the issuer of the* ***Private Placement****, even if that investment involves a different type or class of* ***Covered Security****. In such circumstances, the decision to purchase securities of the issuer for a client must be independently reviewed by an* ***Investment Person*** *with no personal interest in the issuer.* |

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The purchase of additional shares, (including mandatory capital calls), or the subsequent sale (partial or full) of a previously approved **Private Placement**, must receive pre-clearance approval from the **Chief Compliance Officer**. In addition, **<u>all</u>** transactions in **Private Placements** must be reported quarterly and annually as detailed in Section 6 of the Code.

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|:---|:---|
| *Explanatory Note:* | *To submit a pre-clearance request for subsequent trade activity in a* ***Private Placement****,* ***Access Persons*** *must complete the automated Private Placement Pre-clearance Form which will be reviewed by* ***Personal Trading Compliance*** *to ensure there are no conflicts with any underlying Code provisions including the Short-Term Trading Rule.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.13.** **Insider Trading** 

At the start of an **Access Person's** engagement with Loomis Sayles, and annually thereafter, each **Access Person** must acknowledge his/her understanding of and compliance with the Loomis Sayles Insider Trading Policies and Procedures. The firm's policy is to refrain from trading or recommending trading when in the possession of MNPI.

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Some examples of MNPI may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings estimates or dividend changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positive or negative forthcoming news about an issuer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supplier discontinuances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mergers or acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory Actions

If an **Access Person** receives or believes that he/she may have received MNPI with respect to a company, the Access Person <u>must</u> contact the **Chief Compliance Officer** or General Counsel immediately, and <u>must not</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase or sell that security in question, including any derivatives of that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommend the purchase or sale of that security, including any derivatives of that security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relate the information to anyone other than the **Chief Compliance Officer** or General Counsel of Loomis
Sayles.

If it has been determined that an **Access Person** has obtained MNPI on a particular company, its securities will generally be placed on the firm's Restricted List thereby restricting trading by the firm's client accounts and **Access Persons**, unless a firewall can be put in place in accordance with Loomis Sayles' Insider Trading Policies and Procedures.

In addition, under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), Loomis Asia is required under the Notice on Reporting of Misconduct of Representatives by Holders of Capital Markets Services License and Exempt Financial Institutions to report to the Monetary Authority of Singapore ("MAS") upon discovery of, inter alia, any involvement of its representatives in market misconduct or insider trading.

The Market Abuse Regulation ("MAR") requires that firms and individuals report suspicious transactions and orders (STORs), as defined in Article 16 of MAR, as well as attempted market abuse, to the FCA, without delay. The STOR report should be submitted via the FCA's Connect system.

Separately, **Access Persons** must inform **Personal Trading Compliance** if a spouse, partner and/or immediate family member **("Related Person")** is an officer and/or director of a publicly traded company in order to enable **Personal Trading Compliance** to implement special pre-clearance procedures for said Access Persons in order to prevent insider trading in the **Related Person's** company's securities.

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| *Explanatory Note:* | *An* ***Access Person*** *may not trade in the securities of a company with which a* ***Related Person*** *is associated without receiving prior approval from* ***Personal Trading Compliance*** *in order to ensure that the* ***Access Person*** *is not trading while in possession of material non-public information relating to the company.* |

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**Access Persons** should refer to the Loomis Sayles Insider Trading Policies and Procedures which are available on the Legal and Compliance homepage of the firm's Intranet, for complete guidance on dealing with MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.14.** **Restricted and Concentration List** 

The Loomis Sayles Restricted and Concentration List ("Restricted List") is designed to restrict Loomis Sayles and/or **Access Persons** from trading in or recommending, the securities of companies on the Restricted List for client and/or **Access Persons** personal accounts. Companies may be added to the Restricted List if Loomis Sayles comes into possession of MNPI about a company. A company's securities can also be added to the Restricted List due to the size of the aggregate position Loomis Sayles' clients may have in the company. Finally, there may be regulatory and/or client contractual restrictions that may prevent Loomis Sayles from purchasing securities of its affiliates, and as a result, the securities of all publicly traded affiliates of Loomis Sayles will be added to the Restricted List. No conclusion should be drawn from the addition of an issuer to the Restricted List. **The Restricted List is confidential, proprietary information which must not be distributed outside of the firm.** 

At times, an **Access Person** may have possession of MNPI on a specific company as a result of his/her being behind a firewall. In such cases, **Personal Trading Compliance** will create a specialized Restricted List in ECM for the **Access Person** behind the wall in order to prevent trading in the company's securities until such time as the **Chief Compliance Officer** has deemed the information in the Access Person's possession to be in the public domain or no longer material.

If a security is added to either the Loomis Sayles firm-wide Restricted List or an individual or group **Access Person** Restricted List, **Access Persons** will be restricted from purchasing or selling all securities related to that issuer until such time as the security is removed from the applicable Restricted List. The ECM System has the information necessary to deny pre-clearance if these situations apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15.** **Loomis Sayles Hedge Funds** 

From time to time Loomis Sayles may manage hedge funds, and **Access Persons** of Loomis Sayles, including the hedge fund's investment team and supervisors thereof may make personal investments in such hedge funds. At times, especially during the early stages of a new hedge fund, there may be a limited number of outside investors (i.e., clients and non-employee individual investors) in such funds. In order to mitigate the appearance that investing personally in a hedge fund can potentially be used as a way to benefit from certain trading practices that would otherwise be prohibited by the Code if **Access Persons** engaged in such trading practices in their personal accounts, investment team members of a hedge fund they manage are individually required to limit their personal investments in such funds to no more than 20% of the hedge funds' total assets. In addition, the supervisor of a hedge fund investment team must limit his/her personal investment in such hedge fund to no more than 25% of the hedge fund's total assets.

By limiting the personal interests in the hedge fund by their investment teams and their supervisors in this manner, all of the portfolio trading activity of the Loomis Sayles hedge funds is deemed to be exempt from the pre-clearance and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16.** **Exemptions Granted by the Chief Compliance Officer** 

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Subject to applicable law, **Personal Trading Compliance** or the **Chief Compliance Officer** may from time to time grant exemptions, other than or in addition to those described in <u>Exhibit Five</u>, from the trading restrictions, pre-clearance requirements or other provisions of the Code with respect to particular individuals such as non-employee directors, consultants, temporary employees, interns or independent contractors, and types of transactions or **Covered Securities**, where, in the opinion of the **Chief Compliance Officer**, such an exemption is appropriate in light of all the surrounding circumstances.

In situations where the **CCO** or **Personal Trading Compliance** may have a familial relationship with an **Access Person** covered by the Code, the **CCO** or **Personal Trading Compliance** member will abstain in the review and potential approval of any investment related activity for that **Access Person**, and such review and approval will be conducted by a Personal Trading Compliance professional that does not have a familial relationship with the **Access Person**.

**5.** **PROHIBITED OR RESTRICTED ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Public Company Board Service and Other Affiliations** 

To avoid conflicts of interest, MNPI and other compliance and business issues, Loomis Sayles prohibits **Access Persons** from serving as officers or members of the board of any publicly traded entity. This prohibition does not apply to service as an officer or board member of any parent or subsidiary of Loomis Sayles.

In addition, in order to identify potential conflicts of interests, compliance and business issues, before accepting any service, employment, engagement, connection, association, or affiliation in or within any enterprise, business or otherwise, (herein after, collectively **"**Outside Activity(ies)**"**), an **Access Person** must obtain the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management.

To pre-approve an Outside Activity the Access Person must complete the Outside Activity Form, that can be found within the 'Important Links' section of the ECM Homepage. In determining whether to approve such Outside Activity, **Personal Trading Compliance** and the **Chief Compliance Officer** will consider whether such service will involve an actual or perceived conflict of interest with client trading, place impediments on Loomis Sayles' ability to trade on behalf of clients or otherwise materially interfere with the effective discharge of Loomis Sayles' or the **Access Person's** duties to clients. Loomis Asia Compliance will also be involved in this review process to be alerted on activities that require prompt notifications to MAS.

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| *Explanatory Note:* | *Examples of Outside Activities include, but are not limited to, family businesses, acting as an officer, partner or trustee of an organization or trust, political positions, second jobs, professional associations, etc. Outside Activities that are not covered by the Code are activities that involve a charity or foundation, as long as you do not provide investment or financial advice to the organization. Examples would include: volunteer work, homeowners' organizations (such as condos or coop boards), or other civic activities.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Participation in Investment Clubs and Private Pooled Vehicles** 

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No **Access Person** shall participate in an investment club or invest in a hedge fund, or similar private organized investment pool (but not an SEC registered open-end mutual fund) without the express permission of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management, whether or not the investment vehicle is advised, sub-advised or distributed by Loomis Sayles or a Natixis investment adviser.

**6.** **REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** **Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code** 

Within 10 days after becoming an **Access Person,** each **Access Person** must file with **Personal Trading Compliance**, a report of all **Covered Securities** holdings (including holdings of **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information contained therein must be current as of a date not more than 45 days prior to the individual becoming an **Access Person**.

Additionally, within 10 days of becoming an **Access Person**, such **Access Person** must report all brokerage or other accounts that hold or can hold **Covered Securities** in which the **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information must be as of the date the person became an **Access Person**. An **Access Person** can satisfy these reporting requirements by providing **Personal Trading Compliance** with a current copy of his or her brokerage account or other account statements, which hold or can hold **Covered Securities**. An automated Initial Code of Ethics Certification and Disclosure Form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'. This form must be completed and submitted to **Personal Trading Compliance** by the **Access Person** within 10 days of becoming an **Access Person**. The content of the Initial Holdings information must include, at a minimum, the title and type of security, the ticker symbol or CUSIP or ISIN, number of shares, and principal amount of each Covered Security (including Reportable Funds) and the name of any broker, dealer or bank with which the securities are held. With the exception of the Access Persons of Loomis Asia and Loomis UK, newly hired **Access Persons** must close existing non-Select brokerage accounts and transfer the assets to a **Select Broker** within 30 days of their start date at Loomis Sayles, unless the **Access Person** receives written approval from **Personal Trading Compliance** or the **Chief Compliance Officer** to maintain his/her account(s) at a non**-**Select Broker.

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|:---|:---|
| *Explanatory Note:* | *Loomis Sayles treats all of its employees and certain consultants as* ***Access Persons****. Therefore, you are deemed to be an* ***Access Person*** *as of the first day you begin working for the firm.* |
| *Explanatory Note:* | *Types of accounts in which* ***Access Persons*** *are required to report include, but are not limited to: personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of your partner, accounts of minor children living in your household, accounts of your adult children (18 years or older) living at college / university, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, pension accounts, cash management accounts (e.g. checking, savings, ATM or other banking accounts that allow transactions and holdings in Covered Securities), microsavings and mobile based application accounts, IRAs, 401Ks, trusts, DRIPs, ESOPs etc. that either hold or can hold Covered Securities (including Reportable Funds). In addition, physically held shares of* ***Covered Securities*** |

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*must also be reported. An* ***Access Person*** *should contact* ***Personal Trading Compliance*** *if they are unsure as to whether an account or personal investment is subject to reporting under the Code so the account or investment can be properly reviewed.*

At the time of the initial disclosure period, each **Access Person** must also submit information pertaining to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• His/her participation in any Outside Activity as described in Section 5.1 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• His/her participation in an Investment Club as described in Section 5.2 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings in **Private Placements** including hedge funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A **Related Person** that is an officer and/or director of a publicly traded company; if any.

Upon becoming an **Access Person,** each **Access Person** will receive a copy of the Code, along with the Loomis Sayles Insider Trading Policies and Procedures and Loomis Sayles Gifts, Business Entertainment and Political Contributions Policies and Procedures. Within the 10 day initial disclosure period and annually thereafter, each **Access Person** must acknowledge that he or she has received, read and understands the aforementioned policies and recognize that he or she is subject hereto, and certify that he or she will comply with the requirements of each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** **Brokerage Confirmations and Brokerage Account Statements** 

Each **Access Person** must notify **Personal Trading Compliance <u>immediately</u>** upon the opening of an account that holds or may hold **Covered Securities** (including **Reportable Funds**), <u>in which such</u> **<u>Access Person</u>** <u>has</u> **<u>Beneficial Ownership</u>** <u>or</u> **<u>Investment Control.</u>** In addition, if an account has been granted an exemption to the **Select Broker** requirement and/or the account is unable to be added to the applicable **Select Broker's** daily electronic broker feed, which supplies ECM with daily executed confirms and positions, **Personal Trading Compliance** will instruct the broker dealer of the account to provide it with duplicate copies of the account's confirmations and statements. If the broker dealer cannot provide **Personal Trading Compliance** with confirms and statements, the **Access Person** is responsible for providing **Personal Trading Compliance** with copies of such confirms as and when transactions are executed in the account, and statements on a monthly basis, if available, but no less than quarterly. Upon the opening of an account, an automated Personal Account Reporting Form must be completed and submitted to **Personal Trading Compliance**. This form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

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| | |
|:---|:---|
| *Explanatory Note:* | *If the opening of an account is not reported immediately to* ***Personal Trading Compliance****, but is reported during the corresponding quarterly certification period, and there has not been any trade activity in the account, then the* ***Access Person*** *will be deemed to have not violated its reporting obligations under this Section of the Code.* |
| *Explanatory Note:* | *For those accounts that are maintained at a* ***Select Broker*** *and are eligible for the broker's daily electronic confirm and position feed,* ***Access Persons*** *do not need to provide duplicate confirms and statements to* ***Personal Trading Compliance****. However, it is the* ***Access Person's*** *responsibility to* |

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*accurately review and certify their quarterly transactions and annual holdings information in ECM, and to promptly notify* ***Personal Trading Compliance*** *if there are any discrepancies.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification** 

Utilizing ECM, each **Access Person** must file a report of all **Volitional** transactions in **Covered Securities** (including **Volitional** transactions in **Reportable Funds**) made during each calendar quarterly period in which such **Access Person** has, or by reason of such transaction acquires or disposes of, any **Beneficial Ownership** of a **Covered Security** (even if such **Access Person** has no direct or indirect **Investment Control** over such **Covered Security**), or as to which the **Access Person** has any direct or indirect **Investment Control** (even if such **Access Person** has no **Beneficial Ownership** in such **Covered Security**). **Non-volitional** transactions in **Covered Securities** (including **Reportable Funds**) such as automatic monthly payroll deductions, changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging programs, and transactions made within the Guided Choice Program are still subject to the Code's quarterly reporting requirements. If no transactions in any **Covered Securities** were effected during a quarterly period by an **Access Person**, such **Access Person** shall nevertheless submit a report through ECM within the time frame specified below stating that no reportable securities transactions were affected. The following information will be available in electronic format for **Access Persons** to verify on their Quarterly Transaction report:

The date of the transaction, the title of the security, ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each reportable security, nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), the price of the transaction, and the name of the broker, dealer or bank with which the transaction was effected. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

With the exception of those accounts described in <u>Exhibit Four,</u> **Access Persons** are also required to report each account that may hold or holds **Covered Securities** (including accounts that hold or may hold **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** or **Investment Control** that have been opened or closed during the reporting period. In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security,** including **Reportable Funds,** in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

Finally **Access Persons** must report any **Related Person** that is an officer and/or director of a publicly traded company and that they do not serve as an officer or member of the board of any publicly traded company.

Every quarterly report must be submitted no later than thirty (30) calendar days after the close of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.** **Annual Reporting** 

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On an annual basis, as of a date specified by **Personal Trading Compliance,** each **Access Person** must file with **Personal Trading Compliance** a dated annual certification which identifies all holdings in **Covered Securities** (including **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. This reporting requirement also applies to shares of **Covered Securities**, including shares of **Reportable Funds** that were acquired during the year in **Non-volitional** transactions. Additionally, each **Access Person** must identify all personal accounts which hold or may hold **Covered Securities** (including **Reportable Funds),** in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. The information in the Annual Package shall reflect holdings in the **Access Person's** account(s) that are current as of a date specified by **Personal Trading Compliance**. The following information will be available in electronic format for **Access Persons** to verify on the Annual Holdings report:

The title of the security, the ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each **Covered Security** (including **Reportable Funds**) and the name of any broker, dealer or bank with which the securities are held. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

Furthermore, on an annual basis, each **Access Person** must acknowledge and certify that during the past year he/she has received, read, understood and complied with the Code, Insider Trading Policies and Procedures, and the Policies and Procedures on Gifts, Business Entertainment, and Political Contributions, except as otherwise disclosed in writing to **Personal Trading Compliance** or the **Chief Compliance Officer**. Finally, as part of the annual certification, each **Access Person** must acknowledge and confirm any Outside Activities in which he or she currently participates and any Related Person that is an officer and/or director of a publicly traded company.

All material changes to the Code will be promptly distributed to Access Persons, and also be distributed to **Supervised Persons** on a quarterly basis. On an annual basis, Supervised Persons will be asked to acknowledge his/her receipt, understanding of and compliance with the Code.

Every annual report must be submitted no later than (45) calendar days after the date specified by **Personal Trading Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.** **Review of Reports by Chief Compliance Officer** 

The **Chief Compliance Officer** shall establish procedures as the **Chief Compliance Officer** may from time to time determine appropriate for the review of the information required to be compiled under this Code regarding transactions by **Access Persons** and to report any violations thereof to all necessary parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.** **Internal Reporting of Violations to the Chief Compliance Officer** 

Prompt internal reporting of any violation of the Code to the **Chief Compliance Officer** or **Personal Trading Compliance** is required under Rule 204A-1 and FCA (MAR and COBS). While the daily monitoring process undertaken by **Personal Trading Compliance** is designed to identify any violations of the Code, and handle any such violations promptly, **Access Persons** and **Supervised Persons** are required to promptly report any violations they learn of resulting from either their own conduct or those of other **Access Persons** or **Supervised Persons** to the **Chief Compliance Officer** or **Personal Trading Compliance**. It is incumbent upon Loomis Sayles to create an environment that encourages and protects **Access Persons** or **Supervised Persons** who

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report violations. In doing so, individuals have the right to remain anonymous in reporting violations. Furthermore, any form of retaliation against an individual who reports a violation could constitute a further violation of the Code, as deemed appropriate by the **Chief Compliance Officer**. All **Access Persons** and **Supervised Persons** should therefore feel safe to speak freely in reporting any violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.** **Register of Interests in Securities** 

Pursuant to regulations 4 and 4A of the Securities and Futures (Licensing and Conduct of Business) Regulations, all employees of Loomis Asia who have been appointed as representatives under the Securities and Futures Act are required to maintain a register of their interests in securities which are listed for quotation, or quoted on the Singapore Exchange Securities Trading Limited or any recognized market operator recognized by the Monetary Authority of Singapore under the Securities and Futures Act. For purposes of the register of interests in securities, "securities" includes any type of equity or debt security, any equivalent, any derivative, instrument representing, or any rights relating to a security, and any closely related security, as well as units in any open-ended funds, closed-end funds and business trusts. In addition, all employees are deemed to have an "interest" in securities if he/she has **Beneficial Ownership** or **Investment Control** (whether formal or informal, expressed or implied) over those securities. Section 4 of the SFA also sets out instances under which a person is deemed to have an "interest" in securities (for instance, where a person has an interest in securities through a corporation in which such person has a controlling interest. If you are unsure whether your personal trading activity needs to be entered into your register of interests in securities, please consult **Personal Trading Compliance**.

Representatives of Loomis Asia must enter into their register of interests in securities, within 7 days after the date that they acquire any interest in securities, particulars of the securities in which they have an interest and particulars of their interests in those securities. Where there is a change in any interest in securities, representatives must enter in their register, within 7 days after the date of the change, particulars of the change (including the date of the change and the circumstances by reason of which the change occurred). Representatives of Loomis Asia maintain records of their holdings and transactions in securities on an Automated System (ECM). Such records must be produced for the MAS' inspection upon request.

Loomis Asia separately maintains a nil register of interest in securities for the entity which does not hold any such interest.

The register of interests in securities is kept in Loomis Asia's office (as notified to MAS) and Loomis US. Each entry in the register must be retained in an easily accessible form for a period of not less than 5 years after the date on which the entry was first made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.** **Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives** 

Pursuant to the license conditions set out upon being granted the Capital Markets Services License to conduct the regulated activity of Fund Management and Dealing in Capital Markets Products in Singapore, Loomis Asia's Directors and Chief Executive Officer ("CEO") are required to inform MAS via email or other means directed, of any change in business interests and substantial shareholdings promptly (i.e., 5% or more ownership of the outstanding voting securities in any entity).

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*Notification of Substantial Shareholdings* 

For Loomis Asia's Appointed Representatives, Directors and CEO, substantial shareholdings need to be recorded in ECM in a timely fashion upon the acquisition date of a 5% position, and thereafter for any 1% change in a 5% position. For Loomis Asia's Directors and CEO who are not an Appointed Representatives, notification of substantial shareholdings to MAS is required and usually made via email unless otherwise directed to be made in other means.

Appointed Representatives, the CEO and Directors of Loomis Asia are responsible for notifying **Personal Trading Compliance** within 14 calendar days upon acquiring a 5% position and any 1% changes thereto for review and mitigation of potential conflict of interests arising of such substantial shareholdings. Loomis Asia Compliance will also rely on ad hoc reviews, monthly certifications and quarterly checklists to identify reportable holdings.

*Notification of Business interests* 

Business interests refer to any role with any business entity arising from pre-approved Outside Activities or internal roles within Loomis's corporate and affiliated entities usually held by senior officers and directors. Loomis Asia's Appointed Representatives, Directors and CEO must notify **Personal Trading Compliance** within 14 calendar days from the effective date of any changes to their business interests. Changes in business interests of Loomis Asia's Directors or CEO would be separately notified to MAS via email or other means directed.

For internal roles within Loomis's corporate and affiliated entities held by certain Loomis Asia's directors, Loomis Asia's Compliance will work with the Legal and Compliance of Loomis US to periodically obtain updates on potential changes to the internal roles for prompt notification to MAS.

**7.** **SANCTIONS** 

Any violation of the substantive or procedural requirements of this Code will result in the imposition of a sanction as set forth in the firm's then current Sanctions Policy that is maintained on the ECM Homepage, or as the Ethics Committee may deem appropriate under the circumstances of the particular violation. These sanctions may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a letter of caution or warning (i.e. Procedures Notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of a fine,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring the employee to reverse a trade and realize losses or disgorge any profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restitution to an affected client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions affecting employment status, such as suspension of employment without pay, demotion or termination of
employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral to the SEC, FCA or MAS and other civil authorities or criminal authorities.

Serious violations, including those involving deception, dishonesty or knowing breaches of law or fiduciary duty, will result in one or more of the most severe sanctions regardless of the violator's history of prior compliance.

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*Explanatory Note:* *Any violation of the Code, following a "first offense" whether or not for the same type of violation, will be treated as a subsequent offense.*

Fines, penalties and disgorged profits will be donated to a charity selected by the Loomis Sayles Charitable Giving Committee.

**8.** **RECORDKEEPING REQUIREMENTS** 

Loomis Sayles shall maintain and preserve records, in an easily accessible place, relating to the Code of the type and in the manner and form and for the time period prescribed from time to time by applicable law. Currently, Loomis Sayles is required by law to maintain and preserve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place, a copy of this Code (and any prior Code of Ethics that was in effect at any time
during the past five years) for a period of five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place a record of any violation of the Code and of any action taken as a result of such
violation for a period of five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each report (or information provided in lieu of a report including any manual pre-clearance forms and information relied upon or used for reporting) submitted under the Code for a period of five years, provided that for the first two years such copy must be preserved in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• copies of **Access Persons'** and **Supervised Persons'** written acknowledgment of initial
receipt of the Code and his/her annual acknowledgement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place, a record of the names of all **Access Persons** within the past five years,
even if some of them are no longer **Access Persons**, the holdings and transactions reports made by these Access Persons, and records of all Access Persons' personal securities reports (and duplicate brokerage confirmations or account
statements in lieu of these reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each report provided to any Investment Company as required by paragraph (c)(2)(ii) of Rule 17j-1 under the 1940 Act or any successor provision for a period of five years following the end of the fiscal year in which such report is made, provided that for the first two years such record shall be
preserved in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written record of any decision and the reasons supporting any decision, to approve the purchase by an **Access Person** of any **Covered Security** in an **Initial Public Offering or Private Placement Transaction** or other limited offering for a period of five years following the end of the fiscal year in which the approval is granted.

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| | |
|:---|:---|
| *Explanatory Note:* | *Under Rule 204-2, the standard retention period required for all documents and records listed above is five years, from the end of the calendar year in which the record was created, in an easily accessible place, the first two years in an appropriate office of* ***Personal Trading Compliance****. Under the IMAS Code of Ethics & Standards of Professional Conduct, Loomis Asia is required to keep records related to its policies and internal controls governing personal dealing, including any violations and the resultant* |

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*investigations and actions taken where appropriate, for a period of six years. Under MAR, the FCA requires all records be retained for 5 years.*

**9.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** **Confidentiality** 

Loomis Sayles will keep information obtained from any **Access Person** hereunder in strict confidence. Notwithstanding the forgoing, reports of **Covered Securities** transactions and violations hereunder will be made available to the SEC, FCA, MAS or any other regulatory or self-regulatory organizations to the extent required by law**,** rule or regulation, and in certain circumstances, may in Loomis Sayles' discretion be made available to other civil and criminal authorities. In addition, information regarding violations of the Code may be provided to clients or former clients of Loomis Sayles that have been directly or indirectly affected by such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** **Disclosure of Client Trading Knowledge** 

No **Access Person** may, directly or indirectly, communicate to any person who is not an **Access Person** or other approved agent of Loomis Sayles (e.g., legal counsel) any non-public information relating to any client of Loomis Sayles or any assets held in the account of a client, including, without limitation, the purchase or sale or considered purchase or sale of a **Covered Security** on behalf of any client of Loomis Sayles, except to the extent necessary to comply with applicable law or to effectuate traditional asset management/operations activities on behalf of the client of Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** **Notice to Access Persons, Investment Persons and Research Analysts as to Code Status** 

**Personal Trading Compliance** will initially determine an employee's status as an **Access Person, Research Analyst** or **Investment Person** and the client accounts to which **Investment Persons** should be associated, and will inform such persons of their respective reporting and duties under the Code.

All **Access Persons** and/or the applicable supervisors thereof, have an obligation to inform **Personal Trading Compliance** if an **Access Person's** responsibilities change during the **Access Person's** tenure at Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.** **Notice to Personal Trading Compliance of Engagement of Independent Contractors** 

Any **Access Person** that is engaged by Loomis Sayles as a non-employee service provider ("NESP"), such as a consultant, temporary employee, intern or independent contractor, shall be communicated to **Personal Trading Compliance** prior to his/her engagement by that person's supervisor. The NESP's supervisor shall provide to **Personal Trading Compliance** the information necessary to make a determination as to how the Code shall apply to such NESP.

While NESPs are considered **Access Persons** under the Code, they generally have no investment or research related duties, do not have access to intended client investment decisions, and do not participate in client investment meetings. As a result, NESPs are not subject to the Code's pre-clearance and trading restrictions. However, to ensure that **Personal Trading Compliance** can effectively review NESP trading activities for potential front running conflicts

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with client accounts, certain Code provisions under **Section 6. Reporting Requirements** do apply. These reporting requirements, along with the NESP's fiduciary duties, are described in further detail in the Code of Ethics Compliance Statement that each NESP must formally acknowledge upon their engagement with Loomis Sayles, as well as on an annual basis.

At times, NESPs are contracted to various departments at Loomis Sayles where they may be involved or be privy to the investment process for client accounts or the Loomis Sayles recommendation process. Prior to their engagement, the NESP's supervisor will notify **Personal Trading Compliance** of these roles and depending on the facts and circumstances, **Personal Trading Compliance** will inform the NESP as to which further provisions of the Code will apply to them during their engagement.

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| | |
|:---|:---|
| *Explanatory Note:* | *It is important to note that while the Code's reporting requirements outlined in Section 6. Reporting Requirements, apply to all* ***Access Persons****, given the nature of the access and roles of NESPs, as described above, the Code provides for waiver of certain Code requirements, depending on the tasks to be performed by the NESP. The Code of Compliance Statement nevertheless mandates that NESPs comply with the spirit of the Code's reporting requirements, and that failures to report accurately or timely will be reviewed for risk as it pertains to client investments. Dependent on the facts and circumstances of any potential reporting failures, it will be the judgement of* ***Personal Trading Compliance*** *or the* ***Chief Compliance Officer*** *to determine the severity of the failure and apply the appropriate sanctions as described in* ***Section***  ***7. Sanctions****, above.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.** **Exemptions to the Application of the Code** 

Under limited circumstances, the **Chief Compliance Officer** may deem it admissible to allow non-Loomis Sayles employees access to certain client information, which will designate those individuals as Access Persons under the Code. Since there are significant variations in terms of: (i) the nature of the types of services, (ii) types of access being provided; and the length of time during which such persons provide services to Loomis Sayles or require access to client data, the **Chief Compliance Officer** may deem it appropriate to apply a limited set of Code requirements to those individuals. In such instances, the **Chief Compliance Officer** or **Personal Trading Compliance** will train those individuals of the relevant key concepts of the Code, and require them to periodically certify having received, read, understood and complied with those requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6.** **Questions and Educational Materials** 

**Access Persons** are encouraged to bring to **Personal Trading Compliance** any questions you may have about interpreting or complying with the Code about **Covered Securities**, accounts that hold or may hold **Covered Securities** or personal trading activities of you, your family, or household members, your legal and ethical responsibilities, or similar matters that may involve the Code.

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**Personal Trading Compliance** will from time to time circulate educational materials or bulletins or conduct training sessions designed to assist you in understanding and carrying out your duties under the Code. On an annual basis, each **Access Person** is required to successfully complete the Code of Ethics and Fiduciary Duty Tutorial designed to educate **Access Persons** on their responsibilities under the Code and other Loomis Sayles policies and procedures that generally apply to all employees.

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***GLOSSARY OF TERMS***

The **boldface** terms used throughout this policy have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "**Access Person**" means an "access person" as defined from time to time in Rule 17j-1 under the 1940 Act or any applicable successor provision. Currently, this means any director, or officer of Loomis Sayles, or any **Advisory Person** (as defined below) of Loomis Sayles, but does not
include any director who is not an officer or employee of Loomis Sayles or its corporate general partner and who meets all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. He or she, in connection with his or her regular functions or duties, does not make, participate in or obtain
information regarding the purchase or sale of Covered Securities by a registered investment company, and whose functions do not relate to the making of recommendations with respect to such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. He or she does not have access to nonpublic information regarding any clients' purchase or sale of
securities, or nonpublic information regarding the portfolio holdings of any **Reportable Fund**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. He or she is not involved in making securities recommendations to clients, and does not have access to such
recommendations that are nonpublic.

Loomis Sayles treats all employees as **Access Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "**Advisory Person**" means an "advisory person" and "advisory
representative" as defined from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act, respectively, or any applicable
successor provision. Currently, this means (i) every employee of Loomis Sayles (or of any company in a **Control** relationship to Loomis Sayles), who, in connection with his or her regular functions or duties, makes, participates in, or
obtains information regarding the purchase or sale of a **Covered Security** by Loomis Sayles on behalf of clients, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) every
natural person in a **Control** relationship to Loomis Sayles who obtains information concerning recommendations made to a client with regard to the purchase or sale of a **Covered Security. Advisory Person** also includes: (a) any
other employee designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as an **Advisory Person** under this Code; (b) any consultant, temporary employee, intern or independent contractor (or similar person)
engaged by Loomis Sayles designated as such by **Personal Trading Compliance** or the **Chief Compliance Officer** as a result of such person's access to information about the purchase or sale of **Covered Securities** by Loomis
Sayles on behalf of clients (by being present in Loomis Sayles offices, having access to computer data or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "**Beneficial Ownership** "**  is defined in Section 3.2 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "**Chief Compliance Officer**" refers to the officer or employee of Loomis Sayles
designated from time to time by Loomis Sayles to receive and review reports of

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purchases and sales by **Access Persons**, and to address issues of personal trading. "**Personal Trading Compliance**" means the employee or employees of Loomis Sayles designated from time to time by the General Counsel of Loomis Sayles to receive and review reports of purchases and sales, and to address issues of personal trading, by the **Chief Compliance Officer**, and to act for the **Chief Compliance Officer** in the absence of the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "**Covered Security**" is defined in Section 3.1 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"Exempt ETF"** is defined in Section 3.1 of the Code and a list of such funds is found in
Exhibit Two.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "**Federal Securities Laws**" refers to the Securities Act of 1933, the Securities Exchange Act
of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to
funds and investment advisers, and any rules adopted there under by the SEC or the U.S. Department of the Treasury, and any amendments to the above mentioned statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "**Investment Control**" is defined in Section 3.3 of the Code. This means
"control" as defined from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act or any applicable successor provision.
Currently, this means the power to directly or indirectly influence, manage, trade, or give instructions concerning the investment disposition of assets in an account or to approve or disapprove transactions in an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "**Initial Public Offering**" means an "initial public offering" as defined from
time to time in Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means any offering of securities registered under the Securities Act of 1933 the issuer of which immediately
before the offering, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "**Investment Company**" means any **Investment Company** registered as such under the 1940
Act and for which Loomis Sayles serves as investment adviser or subadviser or which an affiliate of Loomis Sayles serves as an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "**Investment Person**" means all **Portfolio Managers** of Loomis Sayles and other **Advisory Persons** who assist the **Portfolio Managers** in making and implementing investment decisions for an **Investment Company** or other client of Loomis Sayles, including, but not limited to, designated **Research Analysts** and traders of Loomis Sayles. A person is considered an **Investment Person** only as to those client accounts or types of client accounts as to which he or she is designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as such. As to other accounts, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **"Loomis Advised Fund"** is any Reportable Fund advised or sub-advised by Loomis Sayles. A list of these funds can be found in <u>Exhibit One</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "**Non-volitional**" transactions are any
transaction in which the employee has not

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determined the timing as to when the purchase or sale will occur and the amount of shares to be purchased or sold, i.e. changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging program, automatic monthly payroll deductions, and any transactions made within the Guided Choice Program. **Non-volitional** transactions are not subject to the pre-clearance or quarterly reporting requirements under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "**Portfolio Manager**" means any individual employed by Loomis Sayles who has been designated
as a **Portfolio Manager** by Loomis Sayles. A person is considered a **Portfolio Manager** only as to those client accounts as to which he or she is designated by the **Chief Compliance Officer** as such. As to other client accounts, he or
she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "**Private Placement Transaction**" means a "limited offering" as defined from time
to time in Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means an offering exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or 4(6)
or Rule 504, 505 or 506 under that Act, including hedge funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "**Recommendation**" means any change to a security's price target or other type of
recommendation in the case of an equity **Covered Security,** or any initial rating or rating change in the case of a fixed income **Covered Security** in either case issued by a **Research Analyst**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "**Related Person**" means a spouse/partner and/or immediately family member of an Access
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. "**Reportable Fund**" is defined in Section 3.1 of the Code, and a list of such
funds is found in <u>Exhibit One</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. "**Research Analyst**" means any individual employed by Loomis Sayles who has been
designated as a **Research Analyst** or **Research Associate** by Loomis Sayles. A person is considered a **Research Analyst** only as to those **Covered Securities** which he or she is assigned to cover and about which he or she issues
research reports to other **Investment Persons** or otherwise makes recommendations to Investment Persons beyond publishing their research. As to other securities, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. "**Select Broker**" is defined in Section 3.4 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. "**Supervised Person**" is defined in Section 202(a)(25) of the Advisers Act and currently
includes any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Loomis Sayles, or other person who provides investment advice on behalf of Loomis Sayles and is subject to the
supervision and control of Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. "**Volitional**" transactions are any transactions in which the employee has determined the
timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold. **Volitional** transactions are subject to the pre-clearance and reporting

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requirements under the Code.