# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001193125-23-054420
**Filing Date:** 2023-3
**Character Count:** 763048
**Document Hash:** 372137e620f57441080ca415cb6cdf40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-054420.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-054420

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000914036
- **IRS NUMBER:** 521835648
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08090
- **FILM NUMBER:** 23688297

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000914036
- **IRS NUMBER:** 521835648
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-70742
- **FILM NUMBER:** 23688296

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

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

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

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

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

## Series and Classes Contracts Data

### LVIP SSGA Large Cap 100 Fund (Series ID: S000021659)

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

### LVIP SSGA Small-Mid Cap 200 Fund (Series ID: S000021660)

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

### LVIP SSGA Developed International 150 Fund (Series ID: S000021661)

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

### LVIP SSGA Emerging Markets 100 Fund (Series ID: S000021662)

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

**As filed with the Securities and Exchange Commission on February 28, 2023** <br>**1933 Act Registration No. 033-70742** <br>**1940 Act Registration No. 811-08090**

------

**SECURITIES AND EXCHANGE COMMISSION** <br>**Washington, D.C. 20549** <br>**FORM N-1A**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** <br>**POST-EFFECTIVE AMENDMENT NO. 230**

**And**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** <br>**AMENDMENT NO. 233**

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

Jayson R. Bronchetti, 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

Ronald A. Holinsky, Esquire <br>Lincoln Financial Group <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

**It is proposed that this filing will become effective:**

[] immediately upon filing pursuant to paragraph (b)

[X] on May 1, 2023, pursuant to paragraph (b)

[] 60 days after filing pursuant to paragraph (a)(1)

[ ] on __________________ pursuant to paragraph (a)(1)

[] 75 days after filing pursuant to paragraph (a)(2)

[ ] on __________________ pursuant to paragraph (a)(2) of Rule 485

**If appropriate, check the following box:**

[_] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of Beneficial Interest.

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

------

*Lincoln Variable Insurance Products Trust* 

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund** 

**Formerly known as LVIP SSGA Emerging Markets 100 Fund** 

**Standard and Service Class** 

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Prospectus** [May 1], 2023

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Formerly known as LVIP SSGA Emerging Markets 100 Fund (the "Fund") is a series of the Lincoln Variable Insurance Products Trust (the "Trust"). Shares of the Fund are currently offered only to separate accounts that fund variable annuity and variable life insurance contracts ("variable accounts") of The Lincoln National Life Insurance Company, its affiliates, and third-party insurance companies. You cannot purchase shares of the Fund directly. This prospectus discusses the information about the Fund that you should know before investing.

As with all mutual funds, the Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

We have not authorized any dealer, salesperson, or any other person to give any information, or to make any representation, other than what this prospectus states.

------

**Table of Contents** 

---

| | |
|:---|:---|
| Item | Page |
|  **[Summary](#mfeme465123_1)** |  |
|  [Investment Objective](#mfeme465123_2) | 1 |
|  [Fees and Expenses](#mfeme465123_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annual Fund Operating Expenses](#mfeme465123_4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Example](#mfeme465123_5) | 1 |
|  [Portfolio Turnover](#mfeme465123_6) | 1 |
|  [Principal Investment Strategies](#mfeme465123_7) | 2 |
|  [Principal Risks](#mfeme465123_8) | 2 |
|  [Fund Performance](#mfeme465123_9) | 3 |
|  [Investment Adviser and Sub-Adviser](#mfeme465123_10) | 4 |
|  [Portfolio Managers](#mfeme465123_11) | 4 |
|  [Purchase and Sale of Fund Shares](#mfeme465123_12) | 4 |
|  [Tax Information](#mfeme465123_13) | 4 |
|  [Payments to Broker-Dealers and other Financial Intermediaries](#mfeme465123_14) | 5 |
|  [Additional Information about the Fund](#mfeme465123_15) | 6 |
|  [Investment Objective and Principal Investment Strategies](#mfeme465123_16) | 6 |
|  [Principal Risks](#mfeme465123_17) | 6 |
|  [Management and Organization](#mfeme465123_18) | 8 |
|  [Pricing of Fund Shares](#mfeme465123_19) | 9 |
|  [Purchase and Sale of Fund Shares](#mfeme465123_20) | 10 |
|  [Market Timing](#mfeme465123_21) | 10 |
|  [Portfolio Holdings Disclosure](#mfeme465123_22) | 11 |
|  [Share Classes and Distribution Arrangements](#mfeme465123_23) | 11 |
|  [Distribution Policy](#mfeme465123_24) | 11 |
|  [Financial Highlights](#mfeme465123_25) | 12 |
|  [General Information](#mfeme465123_26) | 14 |

---

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund** 

**Formerly known as LVIP SSGA Emerging Markets 100 Fund** 

(Standard and Service Class)

**Summary** 

**Investment Objective** 

The investment objective of the LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund (the "Fund") is to seek to maximize long-term capital appreciation.

**Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses** 

**(Expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | |
|:---|:---|:---|
| | **Standard<br>Class** | **Service<br>Class** |
|  Management Fee | 0.34% | 0.34% |
|  Distribution and/or Service (12b-1) Fees |  | 0.25% |
|  Other Expenses | 0.14% | 0.14% |
|  Total Annual Fund Operating Expenses | 0.48% | 0.73% |
|  Less Fee Waiver<sup>1</sup> | (0.01%) | (0.01%) |
|  Total Annual Fund Operating Expenses (After Fee Waiver) | 0.47% | 0.72% |

---

<sup>1</sup> Lincoln Investment Advisors Corporation (the "Adviser") has contractually agreed to waive the following portion of its advisory fee: 0.065% of the first $50 million of the Fund's average daily net assets; 0.025% on next $50 million of the Fund's average daily net assets and 0.005% on next $400 million of the Fund's average daily net assets. The agreement will continue through at least April 30, 2023 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser. 

**Example** 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. This example reflects the net operating expenses with fee waiver for the one-year contractual period and the total operating expenses without fee waiver for the remaining time periods shown below. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Standard Class | $48 | $153 | $268 | $603 |
|  Service Class | $74 | $232 | $405 | $906 |

---

**Portfolio Turnover** 

The 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 the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund 1

------

**Principal Investment Strategies** 

The Fund seeks to achieve a higher risk-adjusted performance than the MSCI Emerging Markets<sup>®</sup> Index (the "Index") over the long term through a portfolio optimization process employed by the Fund's sub-adviser. Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of issuers located in "emerging market countries." Emerging market countries include those currently considered to be emerging or developing by the United Nations or the countries' authorities or by S&P Dow Jones, Morgan Stanley Capital International or Russell index providers. The Fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets will be counted toward the Fund's 80% investment policy. These countries typically are located in the Asia-Pacific region (including Hong Kong), Eastern Europe, the Middle East, Central and South America, and Africa. The Fund may invest in equity securities of any capitalization and primarily invests in common stock, but may also invest in depositary receipts. The Fund's investable universe typically includes equity securities of companies in the MSCI Emerging Markets Index.

Under normal market conditions, the Fund holds 300 to 600 of the common stocks in the Index. The sub-adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The sub-adviser may invest in both growth and value stocks.

The sub-adviser's selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to – quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers' securities. The "quality" factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The "value" factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The "momentum" factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum.

The sub-adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Fund's investible universe based on that issuer's factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a monthly/quarterly basis.

The fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the fund may remain invested in the equity market while facilitating shareholder redemptions.

**Principal Risks** 

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

&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;• **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;• **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 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;• **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;• **Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund
will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

&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;• **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.

2 LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Large-Cap Company Risk.** The Fund may invest a relatively large percentage of
its assets in the securities of large capitalization companies. While securities in this capitalization range may represent a significant percentage of a market, the Fund's performance may be adversely affected if securities of large
capitalization companies underperform that sector or the market as a whole.

&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;• **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;• **Concentration Risk.** Investments that are concentrated in particular industries, sectors or types of investments may
be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments.

&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;• **Derivatives Risk.** Derivatives or other similar instruments (referred to collectively as "derivatives"),
such as futures, forwards, options, swaps, structured securities and other similar instruments (referred to collectively as "derivatives"), 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;• **Counterparty Risk.** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is
unable or unwilling to meet its obligation on the security. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. As a
result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer
significant losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes,
tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics (such as the novel coronavirus), have been and can be highly disruptive to economies and markets.

&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 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.

**Fund Performance** 

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The information shows: (a) how the Fund's Standard Class investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard and Service Classes compare with those of a broad measure of market performance. The bar chart shows performance of the 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. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund 3

------

**Annual Total Returns (%)**![LOGO](g465123g0225115359896.jpg)

---

| | | |
|:---|:---|:---|
| Highest Quarterly Return | Q4 2020 | 24.44% |
| Lowest Quarterly Return | Q1 2020 | (28.78%) |

---

**Average Annual Total Returns for periods ended 12/31/21** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund – Standard Class | 8.79% | 5.47% | 2.83% |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund – Service Class | 8.51% | 5.20% | 2.57% |
|  MSCI Emerging Markets Index (net dividends) (reflects no deductions for fees, expenses or taxes) | -2.54% | 9.87% | 5.49% |

---

**Investment Adviser and Sub-Adviser** 

Investment Adviser: Lincoln Investment Advisors Corporation ("LIAC")

Investment Sub-Adviser: Franklin Advisers, Inc. ("FAV")

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **FAV <br><u>Portfolio Managers</u>** | **<u>Company Title</u>** | **<u>Experience with Fund</u>** |
| Sundaram Chettiappan, CFA | Vice President and Portfolio Manager | Since [April 2023] |
| Chandrakanth Seethamraju, Ph.D. | Senior Vice President and Head of Systematic Strategies Portfolio Management | Since [April 2023] |

---

**Purchase and Sale of Fund Shares** 

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the 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 Lincoln Variable Insurance Products Trust.

**Tax Information** 

In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. Contract owners should consult their contract Prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Fund. Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Fund, including application of state and local taxes.

4 LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund

------

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

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

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund 5

------

**Additional Information about the Fund** 

**Investment Objective and Principal Investment Strategies** 

The Fund seeks to achieve a higher risk-adjusted performance than the MSCI Emerging Markets<sup>®</sup> Index (the "Index") over the long term through a portfolio optimization process employed by the Fund's sub-adviser. Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of issuers located in "emerging market countries." Emerging market countries include those currently considered to be emerging or developing by the United Nations or the countries' authorities or by S&P Dow Jones, Morgan Stanley Capital International or Russell index providers. The Fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets will be counted toward the Fund's 80% investment policy. These countries typically are located in the Asia-Pacific region (including Hong Kong), Eastern Europe, the Middle East, Central and South America, and Africa. The Fund may invest in equity securities of any capitalization and primarily invests in common stock, but may also invest in depositary receipts. The Fund's investable universe typically includes equity securities of companies in the MSCI Emerging Markets Index.

Under normal market conditions, the Fund holds 300 to 600 of the common stocks in the Index. The sub-adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The sub-adviser may invest in both growth and value stocks.

The sub-adviser's selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to – quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers' securities. The "quality" factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The "value" factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The "momentum" factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum.

The sub-adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Fund's investible universe based on that issuer's factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a monthly/quarterly basis.

The fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the fund may remain invested in the equity market while facilitating shareholder redemptions.

The Fund's Board of Trustees may change the Fund's investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental. The Fund may change its policy of investing at least 80% of its net assets in stocks of emerging market companies only upon 60 days' notice to shareholders.

**Principal Risks** 

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

**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. A decline in value could result from, among other things, a negative development of the issuer of the security, an industry, a sector of the economy, or the overall securities market.

**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. Foreign governments may impose a heavy tax on a company, withhold a company's payment of interest or dividends, seize assets of a company, take over a company, limit currency convertibility, or bar withdrawal of assets from the country. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers. Foreign issuers generally are not subject to uniform accounting, auditing, and financial reporting standards or to other regulatory practices and requirements comparable to those applicable to U.S. issuers. The volume of transactions in certain foreign markets remains considerably below that of the U.S. markets. Accordingly, foreign investments may be less liquid and their prices more volatile than comparable investments in U.S. issuers. Investing in local markets may require special procedures or local governmental approvals or other actions, any of which may involve additional costs. These factors also may affect the liquidity of a foreign investment. Foreign brokerage commissions and custodian fees also are generally higher than in the U.S. In addition, certain foreign countries may be subject to terrorism, governmental collapse, regional conflicts and war, which could negatively impact investments in those countries.

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**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 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.

**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. Emerging market countries may have especially unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Additional risks of emerging market investments may include: greater social, diplomatic, economic, and political instability; more substantial governmental involvement in the economy; less governmental supervision and regulation of issuers; companies that are newly organized and small; less developed auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. The impact of infectious diseases in emerging market countries may be greater due to less-established health care systems. Emerging markets also may have different clearance and settlement procedures, which may make it difficult to engage in securities transactions. Settlement problems may result in missed investment opportunities, holding a portion of assets in cash, or delays in disposing of investments. Investments in emerging market countries may be affected by national policies that restrict foreign investment in certain issuers or industries. Sanctions and other intergovernmental actions may be undertaken against an emerging market country, which may result in the devaluation of the country's currency, a downgrade in the country's credit rating, and a decline in the value and liquidity of the country's securities. Sanctions could result in the immediate freeze of securities issued by an emerging market company or government, impairing the ability of the Fund to buy, sell, receive or deliver these securities.

**Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

**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. Value stocks can react differently to issuer, political, market and economic developments than the market as a whole or other types of stocks. At times when the value investing style is out of favor, funds that invest in value stocks may underperform other equity funds that employ different investment styles.

**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. The price of a growth stock may experience a larger decline on a forecast of lower earnings, a negative fundamental development, or an adverse market development. The growth style may, over time, go in and out of favor. At times when the growth investing style is out of favor, funds that invest in growth stocks may underperform other equity funds that employ different investment styles.

**Large Cap Company Risk.** The Fund may invest a relatively large percentage of its assets in the securities of large capitalization companies. While securities in this capitalization range may represent a significant percentage of a market, the Fund's performance may be adversely affected if securities of large capitalization companies underperform that sector or the market as a whole.

**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. This is due to the greater business risks of smaller size and limited product lines, markets, distribution channels, and financial and managerial resources. Historically, the price of small and medium capitalization companies has fluctuated more than the larger capitalization stocks included in the S&P 500<sup>®</sup> Index. The securities of companies with small and medium stock market capitalizations may trade less frequently and in limited volume. Small- and medium-sized companies also may have less certain prospects for growth and greater sensitivity to changing economic conditions. 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.

Prices of small- and medium-sized company stocks may fluctuate independently of larger company stock prices. Small- and medium-sized company stocks may decline in price as large company stock prices rise, or rise in price as large company stock prices decline. Many factors may lead to this result, such as current and anticipated global economic conditions or increasing interest rates.

**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.

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**Concentration Risk.** Investments that are concentrated in particular industries, sectors or types of investments may be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments. Investments in a select group of securities can be subject to a greater risk of loss and may be more volatile than investments that are more diversified.

**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. This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**Derivatives Risk.** Derivatives or other similar instruments (referred to collectively as "derivatives"), such as futures, forwards, options, swaps, structured securities and other 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. 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 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.

The performance of a derivative generally largely depends on the performance of its underlying asset, reference rate or index. If using derivative instruments is unsuccessful, performance may be worse than if no derivatives were used. When used for hedging purposes, there is a risk, especially under extreme market conditions, that a derivative may provide no such hedging benefit. Additionally, there is no guarantee that a liquid secondary market will exist for a derivative position or that a derivative position will be able to be terminated, particularly with respect to "over-the-counter" instruments (investments not traded on an exchange). If the Fund is unable to close out a position on an options or futures contract, for example, the Fund would remain subject to the risk of adverse price movements until the Fund is able to close out the position. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. Furthermore, counterparties to over-the-counter derivative contracts present the same types of credit risk as issuers of fixed income securities, including bankruptcy or insolvency. Options and futures contacts are also subject to the creditworthiness of clearing organizations and exchanges; futures in particular are subject to the credit risk of futures commission merchants. Derivatives can also be difficult to value, especially in declining markets.

Swap agreements may include equity, interest rate, index, total return, commodity, currency and credit default swaps. Swap agreements typically are contracts with a brokerage firm or other institutional buyer in which the parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular set dollar or currency value of predetermined investments or instruments. Currently, some, but not all, swap transactions are subject to central clearing. Non-cleared swap agreements, including credit default swaps, involve greater risks than cleared swaps, including illiquidity risk and counterparty risk. Certain non-cleared swaps are subject to margin requirements that mandate the posting and collection of minimum margin amounts, which is intended to reduce some of the risks associated with these instruments. Eventually many swaps will be centrally cleared and exchange-traded. Although central clearing is expected to decrease counterparty risk because it interposes the central clearinghouse as the counterparty in bi-laterally negotiated contracts, central clearing will not make swap transactions risk-free.

Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives, and adversely affect the value or performance or derivatives and the Fund.

**Counterparty Risk.** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. Although guaranteed for settlement by the OCC, Flex Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

**Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. For example, the novel coronavirus (COVID-19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**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 when portfolio holdings may be difficult to value and may be difficult to sell, both at the time or price desired. In addition, the market for a particular holding may become illiquid due to adverse market or economic conditions, completely apart from any specific conditions in the market for a particular security.

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Liquidity risk also may result from increased shareholder redemptions in the Fund. An increase in shareholder redemptions could require the Fund to sell securities at reduced prices, which would in turn reduce the value of the Fund.

**Management and Organization** 

The Board of Trustees (the "Board") of the Fund oversees the business and affairs of the Fund, and has the power to amend the Fund's bylaws, to declare and pay dividends, and to generally oversee the Fund's operations.

**Manager of Managers Structure:** The Fund has received an SEC exemptive order that permits it to operate under a "manager-of-managers" structure. This structure allows LIAC (defined below as the Fund's investment adviser), subject to approval of the Board – and without the approval of shareholders – to: (i) select a new sub-adviser or additional sub-advisers for the Fund; (ii) terminate an existing sub-adviser and/or replace a sub-adviser; (iii) enter into new sub-advisory agreements and/or modify the terms of any existing sub-advisory agreement; and (iv) allocate and reallocate the Fund's assets among LIAC and one or more sub-advisers. (The order

does not apply to the hiring of a sub-adviser that is an affiliate of LIAC.) If a new sub-adviser is hired for the Fund, the Fund will provide its shareholders with information about the new sub-adviser within 90 days of hiring. LIAC has the ultimate responsibility (subject to Board oversight) to oversee, monitor and evaluate a sub-adviser's performance and to recommend the hiring, termination and replacement of a sub-adviser.

**Investment Adviser and Sub-Adviser:** Lincoln Investment Advisors Corporation ("LIAC") is the Fund's investment adviser. LIAC is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LIAC's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LIAC (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. As of December 31, 2022, LIAC had more than $100.3 billion in assets under management.

Lincoln Life is an insurance company organized under Indiana law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides nationwide insurance and financial services.

The Fund has entered into an Investment Management Agreement with LIAC. LIAC may hire one or more sub-advisers who are responsible for the Fund's day-to-day investment management. A sub-adviser is paid by LIAC from its management fee.

A description of LIAC (including the effective advisory fee rate for the most recently completed fiscal year), the Fund's sub-adviser, and the portfolio managers are included below. The Fund's statement of additional information ("SAI") provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

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| | |
|:---|:---|
| **Adviser** | LIAC (aggregate advisory fee paid to LIAC for the fiscal year ended December 31, 2022 was 0.33% of the Fund's average net assets, net of advisory fee waivers). |
| **Sub-Adviser** | Franklin Advisers, Inc. ("FAV"), One Franklin Parkway, San Mateo, CA 94403-1906. FAV is a wholly owned subsidiary of Franklin Resources, Inc. ("Franklin"). Net assets under the management of the Franklin organization was over $1.39 trillion as of December 31, 2022. |
| **FAV**<br> **Portfolio Managers** | Sundaram Chettiappan and Chandrakanth Seethamraju are responsible for the day-to-day management of the Fund's assets. |
|  | **Sundaram Chettiappan, CFA,** is a Vice President and Portfolio Manager for Franklin Templeton Investment Solutions. Prior to joining Franklin Templeton Investments in 2018, Mr. Chettiappan worked at Balyasny Asset Management where he was a Senior Quantitative Researcher building deep fundamental sector-based long/short models within the Systematic Strategies group. Mr. Chettiappan holds a Bachelor of Engineering Computer Sciences and Engineering degree from College of Engineering Guindy, Anna University and a Master of Quantitative and Computational Finance from Georgia Institute of Technology. He also holds the Chartered Financial Analyst (CFA) designation. |
|  | **Chandra Seethamraju** is the Head of Systematic Strategies portfolio management at Franklin Templeton Investment solutions. Prior to joining Franklin Templeton in 2013, Dr. Seethamraju was involved with GTAA strategies as well as quantitative, active equity stock selection strategies for a major U.S. asset management firm. Dr. Seethamraju holds a Bachelor of Commerce from Osmania University in Hyderabad, India and an MBA with a concentration in Finance from the LeBow College of Business at Drexel University. Dr. Seethamraju earned his Ph.D. in business administration with a focus on accounting from the Stern School of Business at New York University. |

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A discussion regarding the basis for the Board's approval of the Fund's investment advisory and sub-advisory contracts is available in the Fund's annual report to shareholders for the period ended December 31, 2022.

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**Pricing of Fund Shares** 

The 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). The Fund's NAV is the value of a single Fund share. The 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.

The Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, the Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

The Fund typically values its assets based on "market price." Market price for equities is typically the 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."

In certain circumstances, the Fund's adviser, LIAC, 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.

The 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. The 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 the 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.

To the extent the Fund invests in one or more mutual funds, the Fund values underlying mutual fund shares at their respective NAVs. For more information regarding the determination of a mutual fund's NAV, including when the mutual fund will fair value its portfolio securities and the effects of using fair value pricing, see the mutual fund's prospectus and SAI.

**Purchase and Sale of Fund Shares** 

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the 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 Lincoln Variable Insurance Products Trust.

The 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.

The Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, the 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.

The 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 the Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of the Fund's portfolio, and increase the Fund's brokerage and administrative costs. As a result, the Fund strongly discourages such trading activity. To protect the Fund and its 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, due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. The Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of the Fund's portfolio securities.

The Fund seeks to monitor shareholder account activities in order to detect and prevent excessive and disruptive trading practices. The Fund and

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LIAC each reserve the right to reject, restrict, or refuse any purchase order (including exchanges) from any investor, if, in the judgment of the Fund or LIAC, the transaction may adversely affect the Fund or its shareholders.

The 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.

The Fund also may rely on frequent trading policies established by such insurance companies. If the 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 the 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.

**Portfolio Holdings Disclosure** 

A description of the Fund's policies and procedures with respect to the Fund's disclosure of portfolio securities is available in the Fund's SAI.

**Share Classes and Distribution Arrangements** 

The Fund offers two classes of shares: Standard Class and Service Class. The two classes are identical, except that Service Class shares are subject to a distribution (Rule 12b-1) fee which has been adopted pursuant to a distribution and service plan (the "Plan"). Under the Plan, Service Class shares pay annual amounts not exceeding 0.35% of the average daily net assets of the Service Class shares of the Fund. The Fund offers shares to insurance companies for allocation to certain of their variable contracts. The Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or variable contracts 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 the 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.

LIAC and its affiliates, including LFD, and/or the Fund's sub-advisers or underlying funds, if any, or their affiliates, 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 NAV, or the price of its shares, as such payments are not made from Fund assets.

For more information, please see the SAI.

**Distribution Policy** 

The 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 – the insurance company variable accounts. The 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, and are reflected in variable account values.

Contract owners ordinarily are not taxed on Fund distributions. In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. See the "Tax Information" section.

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**Financial Highlights** 

The financial highlights tables are intended to help you understand the financial performance of the Fund's Standard and Service Class shares for the past five years or since their inception (as applicable). Certain information reflects financial results for a single 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. This information has been audited by Ernst & Young LLP, Independent Registered Public Accounting Firm, whose report, along with the Fund's financial statements, is included in the annual report, which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** | **12/31/17** |
|  Net asset value, beginning of period | $8.528 | $8.581 | $8.289 | $9.923 | $8.232 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.437 | 0.293 | 0.292 | 0.380 | 0.284 |
|  Net realized and unrealized gain (loss) | 0.309 | (0.075) | 0.327 | (1.593) | 1.669 |
|  Total from investment operations | 0.746 | 0.218 | 0.619 | (1.213) | 1.953 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.519) | (0.271) | (0.324) | (0.381) | (0.262) |
|  Return of capital |  |  | (0.003) | (0.040) |  |
|  Total dividends and distributions | (0.519) | (0.271) | (0.327) | (0.421) | (0.262) |
|  Net asset value, end of period | $8.755 | $8.528 | $8.581 | $8.289 | $9.923 |
|  Total return<sup>2</sup> | 8.79% | 2.65% | 7.61% | (12.31%) | 23.83% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $408291 | $431292 | $422524 | $546245 | $621221 |
|  Ratio of expenses to average net assets | 0.47% | 0.44% | 0.49% | 0.44% | 0.43% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.48% | 0.45% | 0.50% | 0.45% | 0.44% |
|  Ratio of net investment income to average net assets | 4.71% | 4.00% | 3.44% | 4.03% | 2.99% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 4.70% | 3.99% | 3.43% | 4.02% | 2.98% |
|  Portfolio turnover | 59% | 46% | 54% | 46% | 56% |

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<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 a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Multi-Factor Emerging Markets<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets<br>Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** | **12/31/17** |
|  Net asset value, beginning of period | $8.530 | $8.585 | $8.292 | $9.925 | $8.235 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.414 | 0.275 | 0.270 | 0.356 | 0.260 |
|  Net realized and unrealized gain (loss) | 0.309 | (0.078) | 0.329 | (1.593) | 1.668 |
|  Total from investment operations | 0.723 | 0.197 | 0.599 | (1.237) | 1.928 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.495) | (0.252) | (0.303) | (0.358) | (0.238) |
|  Return of capital |  |  | (0.003) | (0.038) |  |
|  Total dividends and distributions | (0.495) | (0.252) | (0.306) | (0.396) | (0.238) |
|  Net asset value, end of period | $8.758 | $8.530 | $8.585 | $8.292 | $9.925 |
|  Total return<sup>2</sup> | 8.51% | 2.40% | 7.35% | (12.54%) | 23.51% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $173501 | $178453 | $180305 | $178896 | $208125 |
|  Ratio of expenses to average net assets | 0.72% | 0.69% | 0.74% | 0.69% | 0.68% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.73% | 0.70% | 0.75% | 0.70% | 0.69% |
|  Ratio of net investment income to average net assets | 4.46% | 3.75% | 3.19% | 3.78% | 2.74% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 4.45% | 3.74% | 3.18% | 3.77% | 2.73% |
|  Portfolio turnover | 59% | 46% | 54% | 46% | 56% |

---

<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 a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

------

**General Information** 

The use of the Fund by both annuity and life insurance variable accounts is called mixed funding. Due to differences in redemption rates, tax treatment, or other considerations, the interests of contract owners under the variable life accounts may conflict with those of contract owners under the variable annuity accounts. Violation of the federal tax laws by one variable account investing in the Fund could cause the contracts funded through another variable account to lose their tax-deferred status, unless remedial action was taken. The Fund's Board will monitor for any material conflicts and determine what action, if any, the Fund or a variable account should take.

A conflict could arise that requires a variable account to redeem a substantial amount of assets from the Fund. The redemption could disrupt orderly portfolio management to the detriment of those contract owners still investing in the Fund. Also, the Fund could determine that it has become so large that its size materially impairs investment performance. The Fund would then examine its options, which could include imposition of redemption fees or temporarily closing the Fund to new investors.

You can find additional information in the Fund's SAI, which is on file with the SEC. The Fund incorporates its SAI, dated [May 1], 2023, into its prospectus. The Fund will provide a free copy of its SAI upon request.

You can find detailed information about the Fund's investments in the Fund's annual and semi-annual reports to shareholders. The annual report discusses the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. The Fund will provide a free copy of its annual and semi-annual report upon request.

The Fund will issue unaudited semi-annual reports showing current investments and other information; and annual financial statements audited by the Fund's independent auditors. For an SAI or annual or semi-annual report, either write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or call 1-800-4LINCOLN (454-6265). You may also call this number to request other information about the Fund, or to make inquiries. The Fund's SAI and annual and semi-annual reports are available, free of charge, at https://www.lfg.com/LVIP.

You can also get reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can get copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC File No: 811-08090

------

*Lincoln Variable Insurance Products Trust* 

**LVIP Franklin Templeton Multi-Factor International Equity Fund** 

**Formerly known as LVIP SSGA Developed International 150 Fund** 

**Standard and Service Class** 

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Prospectus** [May 1], 2023

LVIP Franklin Templeton Multi-Factor International Equity Fund Formerly known as LVIP SSGA Developed International 150 Fund (the "Fund") is a series of the Lincoln Variable Insurance Products Trust (the "Trust"). Shares of the Fund are currently offered only to separate accounts that fund variable annuity and variable life insurance contracts ("variable accounts") of The Lincoln National Life Insurance Company, its affiliates, and third-party insurance companies. You cannot purchase shares of the Fund directly. This prospectus discusses the information about the Fund that you should know before investing.

As with all mutual funds, the Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

We have not authorized any dealer, salesperson, or any other person to give any information, or to make any representation, other than what this prospectus states.

------

**Table of Contents** 

---

| | |
|:---|:---|
|  Item | Page |
|  **[Summary](#mfie465123_1)** |  |
|  [Investment Objective](#mfie465123_2) | 1 |
|  [Fees and Expenses](#mfie465123_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annual Fund Operating Expenses](#mfie465123_4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Example](#mfie465123_5) | 1 |
|  [Portfolio Turnover](#mfie465123_6) | 1 |
|  [Principal Investment Strategies](#mfie465123_7) | 2 |
|  [Principal Risks](#mfie465123_8) | 2 |
|  [Fund Performance](#mfie465123_9) | 3 |
|  [Investment Adviser and Sub-Adviser](#mfie465123_10) | 4 |
|  [Portfolio Managers](#mfie465123_11) | 4 |
|  [Purchase and Sale of Fund Shares](#mfie465123_12) | 4 |
|  [Tax Information](#mfie465123_13) | 4 |
|  [Payments to Broker-Dealers and other Financial Intermediaries](#mfie465123_14) | 4 |
|  **[Additional Information about the Fund](#mfie465123_15)** | 5 |
|  [Investment Objective and Principal Investment Strategies](#mfie465123_16) | 5 |
|  [Principal Risks](#mfie465123_17) | 5 |
|  [Management and Organization](#mfie465123_18) | 7 |
|  [Pricing of Fund Shares](#mfie465123_19) | 8 |
|  [Purchase and Sale of Fund Shares](#mfie465123_20) | 9 |
|  [Market Timing](#mfie465123_21) | 9 |
|  [Portfolio Holdings Disclosure](#mfie465123_22) | 10 |
|  [Share Classes and Distribution Arrangements](#mfie465123_23) | 10 |
|  [Distribution Policy](#mfie465123_24) | 10 |
|  [Financial Highlights](#mfie465123_25) | 11 |
|  [General Information](#mfie465123_26) | 13 |

---

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund** 

**Formerly known as LVIP SSGA Developed International 150 Fund** 

(Standard and Service Class)

**Summary** 

**Investment Objective** 

The investment objective of the LVIP Franklin Templeton Multi-Factor International Equity Fund (the "Fund") is to seek to maximize long-term capital appreciation.

**Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses** 

**(Expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | |
|:---|:---|:---|
| | **Standard**<br> **Class** | **Service**<br> **Class** |
|  Management Fee | 0.33% | 0.33% |
|  Distribution and/or Service (12b-1) Fees |  | 0.25% |
|  Other Expenses | 0.07% | 0.07% |
|  Total Annual Fund Operating Expenses | 0.40% | 0.65% |
|  Less Fee Waiver<sup>1</sup> | (0.01%) | (0.01%) |
|  Total Annual Fund Operating Expenses (After Fee Waiver) | 0.39% | 0.64% |

---

<sup>1</sup> Lincoln Investment Advisors Corporation (the "Adviser") has contractually agreed to waive the following portion of its advisory fee: 0.07% of the first $50 million of the Fund's average daily net assets and 0.01% on next $450 million of the Fund's average daily net assets. The agreement will continue through at least April 30, 2023 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser. 

**Example** 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. This example reflects the net operating expenses with fee waiver for the one-year contractual period and the total operating expenses without fee waiver for the remaining time periods shown below. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Standard Class | $40 | $127 | $223 | $504 |
|  Service Class | $65 | $207 | $361 | $809 |

---

**Portfolio Turnover** 

The 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 the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

LVIP Franklin Templeton Multi-Factor International Equity Fund 1

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**Principal Investment Strategies** 

The Fund seeks to achieve a higher risk-adjusted performance than the MSCI EAFE<sup>®</sup> Index (the "Index") over the long term through a portfolio optimization process employed by the Fund's sub-adviser. Under normal circumstances, the Fund invests at least 80% of its net assets in non-US equity issuers.

Under normal market conditions, the Fund holds 250 to 500 of the common stocks in the Index. The sub-adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The sub-adviser may invest in both growth and value stocks.

The sub-adviser's selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to – quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers' securities. The "quality" factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The "value" factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The "momentum" factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum.

The sub-adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Fund's investible universe based on that issuer's factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a monthly/quarterly basis.

The fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the fund may remain invested in the equity market while facilitating shareholder redemptions.

**Principal Risks** 

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

&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;• **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;• **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 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;• **Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund
will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

&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;• **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;• **Large-Cap Company Risk.** The Fund may invest a relatively large percentage of
its assets in the securities of large capitalization companies. While securities in this capitalization range may represent a significant percentage of a market, the Fund's performance may be adversely affected if securities of large
capitalization companies underperform that sector or the market as a whole.

&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,

2 LVIP Franklin Templeton Multi-Factor International Equity Fund

------

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. <br>

&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;• **Concentration Risk.** Investments that are concentrated in particular industries, sectors or types of investments may
be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments.

&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;• **Derivatives Risk.** Derivatives or other similar instruments (referred to collectively as "derivatives"),
such as futures, forwards, options, swaps, structured securities and other similar instruments (referred to collectively as "derivatives"), 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;• **Counterparty Risk.** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is
unable or unwilling to meet its obligation on the security. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. As a
result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer
significant losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes,
tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics (such as the novel coronavirus), have been and can be highly disruptive to economies and markets.

&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 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.

**Fund Performance** 

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The information shows: (a) how the Fund's Standard Class investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard and Service Classes compare with those of a broad measure of market performance. The bar chart shows performance of the 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. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

**Annual Total Returns (%)**![LOGO](g465123g0225115433545.jpg)

---

| | | |
|:---|:---|:---|
| Highest Quarterly Return | Q4 2020 | 19.91% |
| Lowest Quarterly Return | Q1 2020 | (30.93%) |

---

LVIP Franklin Templeton Multi-Factor International Equity Fund 3

------

**Average Annual Total Returns for periods ended 12/31/21** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund – Standard Class | 13.16% | 5.58% | 6.63% |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund – Service Class | 12.87% | 5.32% | 6.37% |
|  MSCI EAFE Index (net dividends) (reflects no deductions for fees, expenses or taxes) | 11.26% | 9.55% | 8.03% |

---

**Investment Adviser and Sub-Adviser** 

Investment Adviser: Lincoln Investment Advisors Corporation ("LIAC")

Investment Sub-Adviser: Franklin Advisers, Inc. ("FAV")

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **FAV**<br> **Portfolio Managers** | **Company Title** | **Experience with Fund** |
|  Sundaram Chettiappan, CFA | Vice President and Portfolio Manager | Since [April 2023] |
|  Joseph S. Giroux | Vice President and Portfolio Manager | Since [April 2023] |
|  Chandrakanth Seethamraju, Ph.D. | Senior Vice President and Head of Systematic Strategies Portfolio Management | Since [April 2023] |

---

**Purchase and Sale of Fund Shares** 

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the 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 Lincoln Variable Insurance Products Trust.

**Tax Information** 

In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. Contract owners should consult their contract Prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Fund. Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Fund, including application of state and local taxes.

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

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

4 LVIP Franklin Templeton Multi-Factor International Equity Fund

------

**Additional Information about the Fund** 

**Investment Objective and Principal Investment Strategies** 

The Fund seeks to achieve a higher risk-adjusted performance than the MSCI EAFE<sup>®</sup> Index (the "Index") over the long term through a portfolio optimization process employed by the Fund's sub-adviser. Under normal circumstances, the Fund invests at least 80% of its net assets in non-US equity issuers.

Under normal market conditions, the Fund holds 250 to 500 of the common stocks in the Index. The sub-adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The sub-adviser may invest in both growth and value stocks.

The sub-adviser's selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to – quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers' securities. The "quality" factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The "value" factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The "momentum" factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum.

The sub-adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Fund's investible universe based on that issuer's factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a monthly/quarterly basis.

The fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the fund may remain invested in the equity market while facilitating shareholder redemptions.

The Fund's Board of Trustees may change the Fund's investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental.

**Principal Risks** 

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

**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. A decline in value could result from, among other things, a negative development of the issuer of the security, an industry, a sector of the economy, or the overall securities market.

**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. Foreign governments may impose a heavy tax on a company, withhold a company's payment of interest or dividends, seize assets of a company, take over a company, limit currency convertibility, or bar withdrawal of assets from the country. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers. Foreign issuers generally are not subject to uniform accounting, auditing, and financial reporting standards or to other regulatory practices and requirements comparable to those applicable to U.S. issuers. The volume of transactions in certain foreign markets remains considerably below that of the U.S. markets. Accordingly, foreign investments may be less liquid and their prices more volatile than comparable investments in U.S. issuers. Investing in local markets may require special procedures or local governmental approvals or other actions, any of which may involve additional costs. These factors also may affect the liquidity of a foreign investment. Foreign brokerage commissions and custodian fees also are generally higher than in the U.S. In addition, certain foreign countries may be subject to terrorism, governmental collapse, regional conflicts and war, which could negatively impact investments in those countries.

**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 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.

**Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

------

**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. Value stocks can react differently to issuer, political, market and economic developments than the market as a whole or other types of stocks. At times when the value investing style is out of favor, funds that invest in value stocks may underperform other equity funds that employ different investment styles.

**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. The price of a growth stock may experience a larger decline on a forecast of lower earnings, a negative fundamental development, or an adverse market development. The growth style may, over time, go in and out of favor. At times when the growth investing style is out of favor, funds that invest in growth stocks may underperform other equity funds that employ different investment styles.

**Large Cap Company Risk.** The Fund may invest a relatively large percentage of its assets in the securities of large capitalization companies. While securities in this capitalization range may represent a significant percentage of a market, the Fund's performance may be adversely affected if securities of large capitalization companies underperform that sector or the market as a whole.

**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. This is due to the greater business risks of smaller size and limited product lines, markets, distribution channels, and financial and managerial resources. Historically, the price of small and medium capitalization companies has fluctuated more than the larger capitalization stocks included in the S&P 500<sup>®</sup> Index. The securities of companies with small and medium stock market capitalizations may trade less frequently and in limited volume. Small- and medium-sized companies also may have less certain prospects for growth and greater sensitivity to changing economic conditions. 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.

Prices of small- and medium-sized company stocks may fluctuate independently of larger company stock prices. Small- and medium-sized company stocks may decline in price as large company stock prices rise, or rise in price as large company stock prices decline. Many factors may lead to this result, such as current and anticipated global economic conditions or increasing interest rates.

**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.

**Concentration Risk.** Investments that are concentrated in particular industries, sectors or types of investments may be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments. Investments in a select group of securities can be subject to a greater risk of loss and may be more volatile than investments that are more diversified.

**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. This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**Derivatives Risk.** Derivatives or other similar instruments (referred to collectively as "derivatives"), such as futures, forwards, options, swaps, structured securities and other 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. 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 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.

The performance of a derivative generally largely depends on the performance of its underlying asset, reference rate or index. If using derivative instruments is unsuccessful, performance may be worse than if no derivatives were used. When used for hedging purposes, there is a risk, especially under extreme market conditions, that a derivative may provide no such hedging benefit. Additionally, there is no guarantee that a liquid secondary market will exist for a derivative position or that a derivative position will be able to be terminated, particularly with respect to "over-the-counter" instruments (investments not traded on an exchange). If the Fund is unable

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to close out a position on an options or futures contract, for example, the Fund would remain subject to the risk of adverse price movements until the Fund is able to close out the position. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. Furthermore, counterparties to over-the-counter derivative contracts present the same types of credit risk as issuers of fixed income securities, including bankruptcy or insolvency. Options and futures contacts are also subject to the creditworthiness of clearing organizations and exchanges; futures in particular are subject to the credit risk of futures commission merchants. Derivatives can also be difficult to value, especially in declining markets.

Swap agreements may include equity, interest rate, index, total return, commodity, currency and credit default swaps. Swap agreements typically are contracts with a brokerage firm or other institutional buyer in which the parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular set dollar or currency value of predetermined investments or instruments. Currently, some, but not all, swap transactions are subject to central clearing. Non-cleared swap agreements, including credit default swaps, involve greater risks than cleared swaps, including illiquidity risk and counterparty risk. Certain non-cleared swaps are subject to margin requirements that mandate the posting and collection of minimum margin amounts, which is intended to reduce some of the risks associated with these instruments. Eventually many swaps will be centrally cleared and exchange-traded. Although central clearing is expected to decrease counterparty risk because it interposes the central clearinghouse as the counterparty in bi-laterally negotiated contracts, central clearing will not make swap transactions risk-free.

Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives, and adversely affect the value or performance or derivatives and the Fund.

**Counterparty Risk.** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. Although guaranteed for settlement by the OCC, Flex Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

**Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. For example, the novel coronavirus (COVID-19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**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 when portfolio holdings may be difficult to value and may be difficult to sell, both at the time or price desired. In addition, the market for a particular holding may become illiquid due to adverse market or economic conditions, completely apart from any specific conditions in the market for a particular security.

Liquidity risk also may result from increased shareholder redemptions in the Fund. An increase in shareholder redemptions could require the Fund to sell securities at reduced prices, which would in turn reduce the value of the Fund.

**Management and Organization** 

The Board of Trustees (the "Board") of the Fund oversees the business and affairs of the Fund, and has the power to amend the Fund's bylaws, to declare and pay dividends, and to generally oversee the Fund's operations.

**Manager of Managers Structure:** The Fund has received an SEC exemptive order that permits it to operate under a "manager-of-managers" structure. This structure allows LIAC (defined below as the Fund's investment adviser), subject to approval of the Board – and without the approval of shareholders – to: (i) select a new sub-adviser or additional sub-advisers for the Fund; (ii) terminate an existing sub-adviser and/or replace a sub-adviser; (iii) enter into new sub-advisory agreements and/or modify the terms of any existing sub-advisory agreement; and (iv) allocate and reallocate the Fund's assets among LIAC and one or more sub-advisers. (The order does not apply to the hiring of a sub-adviser that is an affiliate of LIAC.) If a new sub-adviser is hired for the Fund, the Fund will provide its shareholders with information about the new sub-adviser within 90 days of hiring. LIAC has the ultimate responsibility (subject to Board oversight) to oversee, monitor and evaluate a sub-adviser's performance and to recommend the hiring, termination and replacement of a sub-adviser.

**Investment Adviser and Sub-Adviser:** Lincoln Investment Advisors Corporation ("LIAC") is the Fund's investment adviser. LIAC is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LIAC's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LIAC (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. As of December 31, 2022, LIAC had more than $100.3 billion in assets under management.

Lincoln Life is an insurance company organized under Indiana law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides nationwide insurance and financial services.

The Fund has entered into an Investment Management Agreement with LIAC. LIAC may hire one or more sub-advisers who are responsible for the Fund's day-to-day investment management. A sub-adviser is paid by LIAC from its management fee.

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A description of LIAC (including the effective advisory fee rate for the most recently completed fiscal year), the Fund's sub-adviser, and the portfolio managers are included below. The Fund's statement of additional information ("SAI") provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

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| | |
|:---|:---|
| **Adviser** | LIAC (aggregate advisory fee paid to LIAC for the fiscal year ended December 31, 2022 was 0.32% of the Fund's average net assets, net of advisory fee waivers). |
| **Sub-Adviser** | Franklin Advisers, Inc. ("FAV"), One Franklin Parkway, San Mateo, CA 94403-1906. FAV is a wholly owned subsidiary of Franklin Resources, Inc. ("Franklin"). Net assets under the management of the Franklin organization was over $1.39 trillion as of December 31, 2022. |
| **FAV <br>Portfolio Managers** | Sundaram Chettiappan, Joseph S. Giroux and Chandrakanth Seethamraju are responsible for the day-to-day management of the Fund's assets. |
|  | **Sundaram Chettiappan, CFA,** is a Vice President and Portfolio Manager for Franklin Templeton Investment Solutions. Prior to joining Franklin Templeton Investments in 2018, Mr. Chettiappan worked at Balyasny Asset Management where he was a Senior Quantitative Researcher building deep fundamental sector-based long/short models within the Systematic Strategies group. Mr. Chettiappan holds a Bachelor of Engineering Computer Sciences and Engineering degree from College of Engineering Guindy, Anna University and a Master of Quantitative and Computational Finance from Georgia Institute of Technology. He also holds the Chartered Financial Analyst (CFA) designation. |
|  | **Joseph Giroux** is a Vice President and Portfolio Manager for Franklin Templeton Investment Solutions and has lead portfolio manager responsibilities for multiple global strategies, including those focused on equity, ESG, market neutral and dividends. Prior to joining Franklin Templeton, Mr. Giroux was a member of the Equity Portfolio Manager group at QS Investors, a quantitative multi-asset and equity manager. QS Investors combined with Franklin Templeton Multi-Asset Solutions in October 2020 to create Franklin Templeton Investment Solutions. Mr. Giroux holds both a Bachelor of Science in Computer Science and a Master of Science in Information Technology from New England Institute of Technology. |
|  | **Chandra Seethamraju** is the Head of Systematic Strategies portfolio management at Franklin Templeton Investment solutions. Prior to joining Franklin Templeton in 2013, Dr. Seethamraju was involved with GTAA strategies as well as quantitative, active equity stock selection strategies for a major U.S. asset management firm. Dr. Seethamraju holds a Bachelor of Commerce from Osmania University in Hyderabad, India and an MBA with a concentration in Finance from the LeBow College of Business at Drexel University. Dr. Seethamraju earned his Ph.D. in business administration with a focus on accounting from the Stern School of Business at New York University. |

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A discussion regarding the basis for the Board's approval of the Fund's investment advisory and sub-advisory contracts is available in the Fund's annual report to shareholders for the period ended December 31, 2022.

**Pricing of Fund Shares** 

The 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). The Fund's NAV is the value of a single Fund share. The 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.

The Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, the Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

The Fund typically values its assets based on "market price." Market price for equities is typically the 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."

In certain circumstances, the Fund's adviser, LIAC, 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.

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The 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. The 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 the 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.

To the extent the Fund invests in one or more mutual funds, the Fund values underlying mutual fund shares at their respective NAVs. For more information regarding the determination of a mutual fund's NAV, including when the mutual fund will fair value its portfolio securities and the effects of using fair value pricing, see the mutual fund's prospectus and SAI.

**Purchase and Sale of Fund Shares** 

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the 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 Lincoln Variable Insurance Products Trust.

The 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.

The Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, the 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.

The 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 the Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of the Fund's portfolio, and increase the Fund's brokerage and administrative costs. As a result, the Fund strongly discourages such trading activity. To protect the Fund and its 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, due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. The Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of the Fund's portfolio securities.

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

The 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.

The Fund also may rely on frequent trading policies established by such insurance companies. If the 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.

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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 the 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.

**Portfolio Holdings Disclosure** 

A description of the Fund's policies and procedures with respect to the Fund's disclosure of portfolio securities is available in the Fund's SAI.

**Share Classes and Distribution Arrangements** 

The Fund offers two classes of shares: Standard Class and Service Class. The two classes are identical, except that Service Class shares are subject to a distribution (Rule 12b-1) fee which has been adopted pursuant to a distribution and service plan (the "Plan"). Under the Plan, Service Class shares pay annual amounts not exceeding 0.35% of the average daily net assets of the Service Class shares of the Fund. The Fund offers shares to insurance companies for allocation to certain of their variable contracts. The Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or variable contracts 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 the 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.

LIAC and its affiliates, including LFD, and/or the Fund's sub-advisers or underlying funds, if any, or their affiliates, 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 NAV, or the price of its shares, as such payments are not made from Fund assets.

For more information, please see the SAI.

**Distribution Policy** 

The 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 – the insurance company variable accounts. The 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, and are reflected in variable account values.

Contract owners ordinarily are not taxed on Fund distributions. In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. See the "Tax Information" section.

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**Financial Highlights** 

The financial highlights tables are intended to help you understand the financial performance of the Fund's Standard and Service Class shares for the past five years or since their inception (as applicable). Certain information reflects financial results for a single 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. This information has been audited by Ernst & Young LLP, Independent Registered Public Accounting Firm, whose report, along with the Fund's financial statements, is included in the annual report, which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** | **12/31/17** |
|  Net asset value, beginning of period | $7.630 | $8.154 | $7.450 | $9.392 | $7.925 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.363 | 0.187 | 0.323 | 0.287 | 0.269 |
|  Net realized and unrealized gain (loss) | 0.634 | (0.524) | 0.818 | (1.698) | 1.593 |
|  Total from investment operations | 0.997 | (0.337) | 1.141 | (1.411) | 1.862 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.380) | (0.187) | (0.344) | (0.320) | (0.395) |
|  Net realized gain |  |  | (0.093) | (0.211) |  |
|  Total dividends and distributions | (0.380) | (0.187) | (0.437) | (0.531) | (0.395) |
|  Net asset value, end of period | $8.247 | $7.630 | $8.154 | $7.450 | $9.392 |
|  Total return<sup>2</sup> | 13.16% | (4.10%) | 15.42% | (15.23%) | 23.58% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $786917 | $792063 | $835302 | $769179 | $905853 |
|  Ratio of expenses to average net assets | 0.39% | 0.40% | 0.39% | 0.40% | 0.39% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.40% | 0.41% | 0.40% | 0.41% | 0.40% |
|  Ratio of net investment income to average net assets | 4.24% | 2.78% | 4.04% | 3.18% | 3.02% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 4.23% | 2.77% | 4.03% | 3.17% | 3.01% |
|  Portfolio turnover | 57% | 52% | 53% | 49% | 55% |

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<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 a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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 Multi-Factor International<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International<br>Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** | **12/31/17** |
|  Net asset value, beginning of period | $7.632 | $8.158 | $7.454 | $9.395 | $7.928 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.342 | 0.170 | 0.303 | 0.264 | 0.247 |
|  Net realized and unrealized gain (loss) | 0.634 | (0.527) | 0.817 | (1.697) | 1.593 |
|  Total from investment operations | 0.976 | (0.357) | 1.120 | (1.433) | 1.840 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.358) | (0.169) | (0.323) | (0.297) | (0.373) |
|  Net realized gain |  |  | (0.093) | (0.211) |  |
|  Total dividends and distributions | (0.358) | (0.169) | (0.416) | (0.508) | (0.373) |
|  Net asset value, end of period | $8.250 | $7.632 | $8.158 | $7.454 | $9.395 |
|  Total return<sup>2</sup> | 12.87% | (4.34%) | 15.13% | (15.44%) | 23.25% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $143998 | $142374 | $149308 | $142274 | $170736 |
|  Ratio of expenses to average net assets | 0.64% | 0.65% | 0.64% | 0.65% | 0.64% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.65% | 0.66% | 0.65% | 0.66% | 0.65% |
|  Ratio of net investment income to average net assets | 3.99% | 2.53% | 3.79% | 2.93% | 2.77% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 3.98% | 2.52% | 3.78% | 2.92% | 2.76% |
|  Portfolio turnover | 57% | 52% | 53% | 49% | 55% |

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1 The average shares outstanding method has been applied for per share information.

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| | |
|:---|:---|
| 2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance 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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**General Information** 

The use of the Fund by both annuity and life insurance variable accounts is called mixed funding. Due to differences in redemption rates, tax treatment, or other considerations, the interests of contract owners under the variable life accounts may conflict with those of contract owners under the variable annuity accounts. Violation of the federal tax laws by one variable account investing in the Fund could cause the contracts funded through another variable account to lose their tax-deferred status, unless remedial action was taken. The Fund's Board will monitor for any material conflicts and determine what action, if any, the Fund or a variable account should take.

A conflict could arise that requires a variable account to redeem a substantial amount of assets from the Fund. The redemption could disrupt orderly portfolio management to the detriment of those contract owners still investing in the Fund. Also, the Fund could determine that it has become so large that its size materially impairs investment performance. The Fund would then examine its options, which could include imposition of redemption fees or temporarily closing the Fund to new investors.

You can find additional information in the Fund's SAI, which is on file with the SEC. The Fund incorporates its SAI, dated [May 1], 2023, into its prospectus. The Fund will provide a free copy of its SAI upon request.

You can find detailed information about the Fund's investments in the Fund's annual and semi-annual reports to shareholders. The annual report discusses the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. The Fund will provide a free copy of its annual and semi-annual report upon request.

The Fund will issue unaudited semi-annual reports showing current investments and other information; and annual financial statements audited by the Fund's independent auditors. For an SAI or annual or semi-annual report, either write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or call 1-800-4LINCOLN (454-6265). You may also call this number to request other information about the Fund, or to make inquiries. The Fund's SAI and annual and semi-annual reports are available, free of charge, at https://www.lfg.com/LVIP.

You can also get reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can get copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC File No: 811-08090

------

*Lincoln Variable Insurance Products Trust* 

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund** 

**Formerly known as LVIP SSGA Large Cap 100 Fund** 

**Standard and Service Class** 

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Prospectus** [May 1], 2023

LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Formerly known as LVIP SSGA Large Cap 100 Fund (the "Fund") is a series of the Lincoln Variable Insurance Products Trust (the "Trust"). Shares of the Fund are currently offered only to separate accounts that fund variable annuity and variable life insurance contracts ("variable accounts") of The Lincoln National Life Insurance Company, its affiliates, and third-party insurance companies. You cannot purchase shares of the Fund directly. This prospectus discusses the information about the Fund that you should know before investing.

As with all mutual funds, the Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or<br>determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

We have not authorized any dealer, salesperson, or any other person to give any information, or to make any representation, other than what this prospectus states.

------

**Table of Contents** 

---

| | |
|:---|:---|
| Item | **Page** |
|  **[Summary](#mflce465123_1)** |  |
|  [Investment Objective](#mflce465123_2) | 1 |
|  [Fees and Expenses](#mflce465123_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Annual Fund Operating Expenses](#mflce465123_4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Example](#mflce465123_5) | 1 |
|  [Portfolio Turnover](#mflce465123_6) | 1 |
|  [Principal Investment Strategies](#mflce465123_7) | 2 |
|  [Principal Risks](#mflce465123_8) | 2 |
|  [Fund Performance](#mflce465123_9) | 3 |
|  [Investment Adviser and Sub-Adviser](#mflce465123_10) | 4 |
|  [Portfolio Managers](#mflce465123_11) | 4 |
|  [Purchase and Sale of Fund Shares](#mflce465123_12) | 4 |
|  [Tax Information](#mflce465123_13) | 4 |
|  [Payments to Broker-Dealers and other Financial Intermediaries](#mflce465123_14) | 4 |
|  **[Additional Information about the Fund](#mflce465123_15)** | 5 |
|  [Investment Objective and Principal Investment Strategies](#mflce465123_16) | 5 |
|  [Principal Risks](#mflce465123_17) | 5 |
|  [Management and Organization](#mflce465123_18) | 7 |
|  [Pricing of Fund Shares](#mflce465123_19) | 8 |
|  [Purchase and Sale of Fund Shares](#mflce465123_20) | 8 |
|  [Market Timing](#mflce465123_21) | 9 |
|  [Portfolio Holdings Disclosure](#mflce465123_22) | 9 |
|  [Share Classes and Distribution Arrangements](#mflce465123_23) | 9 |
|  [Distribution Policy](#mflce465123_24) | 10 |
|  [Financial Highlights](#mflce465123_25) | 11 |
|  [General Information](#mflce465123_26) | 13 |

---

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**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund** 

**Formerly known as LVIP SSGA Large Cap 100 Fund** 

(Standard and Service Class)

**Summary** 

**Investment Objective** 

The investment objective of the LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund (the "Fund") is to seek to maximize long-term capital appreciation.

**Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses** 

**(Expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | |
|:---|:---|:---|
| | **Standard<br>Class** | **Service<br>Class** |
|  Management Fee | 0.31% | 0.31% |
|  Distribution and/or Service (12b-1) Fees |  | 0.25% |
|  Other Expenses | 0.05% | 0.05% |
|  Total Annual Fund Operating Expenses | 0.36% | 0.61% |
|  Less Fee Waiver<sup>1</sup> | (0.01%) | (0.01%) |
|  Total Annual Fund Operating Expenses (After Fee Waiver) | 0.35% | 0.60% |

---

<sup>1</sup> Lincoln Investment Advisors Corporation (the "Adviser") has contractually agreed to waive the following portion of its advisory fee: 0.08% of the first $50 million of the Fund's average daily net assets and 0.015% on next $450 million of the Fund's average daily net assets. The agreement will continue through at least April 30, 2023 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser. 

**Example** 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. This example reflects the net operating expenses with fee waiver for the one-year contractual period and the total operating expenses without fee waiver for the remaining time periods shown below. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Standard Class | $36 | $115 | $201 | $455 |
|  Service Class | $61 | $194 | $339 | $761 |

---

**Portfolio Turnover** 

The 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 the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund 1

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**Principal Investment Strategies** 

The Fund seeks to achieve a higher risk-adjusted performance than the S&P 500<sup>®</sup> Index (the "Index") over the long term through a portfolio optimization process employed by the Fund's sub-adviser. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. large capitalization companies. The Fund primarily invests in common stock of U.S. large capitalization companies included in the Index and also invests in small and mid-capitalization companies.

Under normal market conditions, the Fund holds 250 to 500 of the common stocks in the Index. The sub-adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The sub-adviser may invest in both growth and value stocks.

The sub-adviser's selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to – quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers' securities. The "quality" factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The "value" factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The "momentum" factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum.

The sub-adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Fund's investible universe based on that issuer's factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a monthly/quarterly basis.

The fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the fund may remain invested in the equity market while facilitating shareholder redemptions.

**Principal Risks** 

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

&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;• **Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund
will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

&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;• **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;• **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 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;• **Large-Cap Company Risk.** The Fund may invest a relatively large percentage of
its assets in the securities of large capitalization companies. While securities in this capitalization range may represent a significant percentage of a market, the Fund's performance may be adversely affected if securities of large
capitalization companies underperform that sector or the market as a whole.

&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;• **Concentration Risk.** Investments that are concentrated in particular industries, sectors or types of investments may
be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments.

&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.

2 LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund

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&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 (referred to collectively as "derivatives"), 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;• **Counterparty Risk.** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is
unable or unwilling to meet its obligation on the security. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. As a
result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer
significant losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes,
tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics (such as the novel coronavirus), have been and can be highly disruptive to economies and markets.

&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 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.

**Fund Performance** 

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The information shows: (a) how the Fund's Standard Class investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard and Service Classes compare with those of a broad measure of market performance. The bar chart shows performance of the 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. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

**Annual Total Returns (%)**![LOGO](g465123g0225115509191.jpg)

---

| | | |
|:---|:---|:---|
| Highest Quarterly Return | Q2 2020 | 19.30% |
| Lowest Quarterly Return | Q1 2020 | (31.28%) |

---

**Average Annual Total Returns for periods ended 12/31/21** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund – Standard Class | 31.88% | 12.79% | 14.17% |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund – Service Class | 31.54% | 12.50% | 13.88% |
|  S&P 500<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes) | 28.71% | 18.47% | 16.55% |

---

LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund 3

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**Investment Adviser and Sub-Adviser** 

Investment Adviser: Lincoln Investment Advisors Corporation ("LIAC")

Investment Sub-Adviser: Franklin Advisers, Inc. ("FAV")

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **FAV <br><u>Portfolio Managers</u>** | **<u>Company Title</u>** | **<u>Experience with Fund</u>** |
|  Sundaram Chettiappan, CFA | Vice President and Portfolio Manager | Since [April 2023] |
| Jose Maldonado, CFA | Vice President and Portfolio Manager | Since [April 2023] |
|  Chandrakanth Seethamraju, Ph.D. | Senior Vice President and Head of Systematic Strategies Portfolio Management | Since [April 2023] |

---

**Purchase and Sale of Fund Shares** 

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the 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 Lincoln Variable Insurance Products Trust.

**Tax Information** 

In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. Contract owners should consult their contract Prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Fund. Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Fund, including application of state and local taxes.

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

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

4 LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund

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**Additional Information about the Fund** 

**Investment Objective and Principal Investment Strategies** 

The Fund seeks to achieve a higher risk-adjusted performance than the S&P 500<sup>®</sup> Index (the "Index") over the long term through a portfolio optimization process employed by the Fund's sub-adviser. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. large capitalization companies. The Fund primarily invests in common stock of U.S. large capitalization companies included in the Index and also invests in small and mid-capitalization companies.

Under normal market conditions, the Fund holds 250 to 500 of the common stocks in the Index. The sub-adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The sub-adviser may invest in both growth and value stocks.

The sub-adviser's selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to – quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers' securities. The "quality" factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The "value" factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The "momentum" factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum.

The sub-adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Fund's investible universe based on that issuer's factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a monthly/quarterly basis.

The fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the fund may remain invested in the equity market while facilitating shareholder redemptions.

The Fund's Board of Trustees may change the Fund's investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental. The Fund may change its policy of investing at least 80% of its net assets in stocks of large U.S. companies by market capitalization only upon 60 days' notice to shareholders.

**Principal Risks** 

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

**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. A decline in value could result from, among other things, a negative development of the issuer of the security, an industry, a sector of the economy, or the overall securities market.

**Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

**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. Value stocks can react differently to issuer, political, market and economic developments than the market as a whole or other types of stocks. At times when the value investing style is out of favor, funds that invest in value stocks may underperform other equity funds that employ different investment styles.

**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. The price of a growth stock may experience a larger decline on a forecast of lower earnings, a negative fundamental development, or an adverse market development. The growth style may, over time, go in and out of favor. At times when the growth investing style is out of favor, funds that invest in growth stocks may underperform other equity funds that employ different investment styles.

**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 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.

**Large Cap Company Risk.** The Fund may invest a relatively large percentage of its assets in the securities of large capitalization companies. While securities in this capitalization range may represent a significant percentage of a market, the Fund's performance may be adversely affected if securities of large capitalization companies underperform that sector or the market as a whole.

5.0 ------

**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. This is due to the greater business risks of smaller size and limited product lines, markets, distribution channels, and financial and managerial resources. Historically, the price of small and medium capitalization companies has fluctuated more than the larger capitalization stocks included in the S&P 500<sup>®</sup> Index. The securities of companies with small and medium stock market capitalizations may trade less frequently and in limited volume. Small- and medium-sized companies also may have less certain prospects for growth and greater sensitivity to changing economic conditions. 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.

Prices of small- and medium-sized company stocks may fluctuate independently of larger company stock prices. Small- and medium-sized company stocks may decline in price as large company stock prices rise, or rise in price as large company stock prices decline. Many factors may lead to this result, such as current and anticipated global economic conditions or increasing interest rates.

**Concentration Risk.** Investments that are concentrated in particular industries, sectors or types of investments may be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments. Investments in a select group of securities can be subject to a greater risk of loss and may be more volatile than investments that are more diversified.

**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. This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**Derivatives Risk.** Derivatives or other similar instruments (referred to collectively as "derivatives"), such as futures, forwards, options, swaps, structured securities and other 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. 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 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.

The performance of a derivative generally largely depends on the performance of its underlying asset, reference rate or index. If using derivative instruments is unsuccessful, performance may be worse than if no derivatives were used. When used for hedging purposes, there is a risk, especially under extreme market conditions, that a derivative may provide no such hedging benefit. Additionally, there is no guarantee that a liquid secondary market will exist for a derivative position or that a derivative position will be able to be terminated, particularly with respect to "over-the-counter" instruments (investments not traded on an exchange). If the Fund is unable to close out a position on an options or futures contract, for example, the Fund would remain subject to the risk of adverse price movements until the Fund is able to close out the position. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. Furthermore, counterparties to over-the-counter derivative contracts present the same types of credit risk as issuers of fixed income securities, including bankruptcy or insolvency. Options and futures contacts are also subject to the creditworthiness of clearing organizations and exchanges; futures in particular are subject to the credit risk of futures commission merchants. Derivatives can also be difficult to value, especially in declining markets.

Swap agreements may include equity, interest rate, index, total return, commodity, currency and credit default swaps. Swap agreements typically are contracts with a brokerage firm or other institutional buyer in which the parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular set dollar or currency value of predetermined investments or instruments. Currently, some, but not all, swap transactions are subject to central clearing. Non-cleared swap agreements, including credit default swaps, involve greater risks than cleared swaps, including illiquidity risk and counterparty risk. Certain non-cleared swaps are subject to margin requirements that mandate the posting and collection of minimum margin amounts, which is intended to reduce some of the risks associated with these instruments. Eventually many swaps will be centrally cleared and exchange-traded. Although central clearing is expected to decrease counterparty risk because it interposes the central clearinghouse as the counterparty in bi-laterally negotiated contracts, central clearing will not make swap transactions risk-free.

Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives, and adversely affect the value or performance or derivatives and the Fund.

6<br>

------

**Counterparty Risk.** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. Although guaranteed for settlement by the OCC, Flex Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

**Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. For example, the novel coronavirus (COVID-19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**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 when portfolio holdings may be difficult to value and may be difficult to sell, both at the time or price desired. In addition, the market for a particular holding may become illiquid due to adverse market or economic conditions, completely apart from any specific conditions in the market for a particular security.

Liquidity risk also may result from increased shareholder redemptions in the Fund. An increase in shareholder redemptions could require the Fund to sell securities at reduced prices, which would in turn reduce the value of the Fund.

**Management and Organization** 

The Board of Trustees (the "Board") of the Fund oversees the business and affairs of the Fund, and has the power to amend the Fund's bylaws, to declare and pay dividends, and to generally oversee the Fund's operations.

**Manager of Managers Structure:** The Fund has received an SEC exemptive order that permits it to operate under a "manager-of-managers" structure. This structure allows LIAC (defined below as the Fund's investment adviser), subject to approval of the Board – and without the approval of shareholders – to: (i) select a new sub-adviser or additional sub-advisers for the Fund; (ii) terminate an existing sub-adviser and/or replace a sub-adviser; (iii) enter into new sub-advisory agreements and/or modify the terms of any existing sub-advisory agreement; and (iv) allocate and reallocate the Fund's assets among LIAC and one or more sub-advisers. (The order does not apply to the hiring of a sub-adviser that is an affiliate of LIAC.) If a new sub-adviser is hired for the Fund, the Fund will provide its shareholders with information about the new sub-adviser within 90 days of hiring. LIAC has the ultimate responsibility (subject to Board oversight) to oversee, monitor and evaluate a sub-adviser's performance and to recommend the hiring, termination and replacement of a sub-adviser.

**Investment Adviser and Sub-Adviser:** Lincoln Investment Advisors Corporation ("LIAC") is the Fund's investment adviser. LIAC is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LIAC's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LIAC (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. As of December 31, 2022, LIAC had more than $100.3 billion in assets under management.

Lincoln Life is an insurance company organized under Indiana law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides nationwide insurance and financial services.

The Fund has entered into an Investment Management Agreement with LIAC. LIAC may hire one or more sub-advisers who are responsible for the Fund's day-to-day investment management. A sub-adviser is paid by LIAC from its management fee.

A description of LIAC (including the effective advisory fee rate for the most recently completed fiscal year), the Fund's sub-adviser, and the portfolio managers are included below. The Fund's statement of additional information ("SAI") provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

---

| | |
|:---|:---|
| **Adviser** | LIAC (aggregate advisory fee paid to LIAC for the fiscal year ended December 31, 2022 was 0.30% of the Fund's average net assets, net of advisory fee waivers). |
| **Sub-Adviser** | Franklin Advisers, Inc. ("FAV"), One Franklin Parkway, San Mateo, CA 94403-1906. FAV is a wholly owned subsidiary of Franklin Resources, Inc. ("Franklin"). Net assets under the management of the Franklin organization was over $1.39 trillion as of December 31, 2022. |
| **FAV <br>Portfolio Managers** | Sundaram Chettiappan, Jose Maldonado, and Chandrakanth Seethamraju are responsible for the day-to-day management of the Fund's assets. |
|  | **Sundaram Chettiappan, CFA,** is a Vice President and Portfolio Manager for Franklin Templeton Investment Solutions. Prior to joining Franklin Templeton Investments in 2018, Mr. Chettiappan worked at Balyasny Asset Management where he was a Senior Quantitative Researcher building deep fundamental sector-based long/short models within the Systematic Strategies group. Mr. Chettiappan holds a Bachelor of Engineering Computer Sciences and Engineering degree from College of Engineering Guindy, Anna University and a Master of Quantitative and Computational Finance from Georgia Institute of Technology. He also holds the Chartered Financial Analyst (CFA) designation. |
|  | **Jose Maldonado** is a Vice President and Portfolio Manager for Franklin Templeton Investment Solutions. Prior to Franklin Templeton, Mr. Maldonado was a member of the Portfolio Management group at QS Investors, a quantitative multi-asset and equity manager, where he was a portfolio manager and equity trader. Mr. Maldonado holds a Bachelor of Science with Honors from Providence College, with a Finance major concentration and Economics minor. He also holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and the CFA Society of New York. |

---

7.0 ------

**Chandra Seethamraju** is the Head of Systematic Strategies portfolio management at Franklin Templeton Investment solutions. Prior to joining Franklin Templeton in 2013, Dr. Seethamraju was involved with GTAA strategies as well as quantitative, active equity stock selection strategies for a major U.S. asset management firm. Dr. Seethamraju holds a Bachelor of Commerce from Osmania University in Hyderabad, India and an MBA with a concentration in Finance from the LeBow College of Business at Drexel University. Dr. Seethamraju earned his Ph.D. in business administration with a focus on accounting from the Stern School of Business at New York University.

A discussion regarding the basis for the Board's approval of the Fund's investment advisory and sub-advisory contracts is available in the Fund's annual report to shareholders for the period ended December 31, 2022.

**Pricing of Fund Shares** 

The 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). The Fund's NAV is the value of a single Fund share. The 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.

The Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, the Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

The Fund typically values its assets based on "market price." Market price for equities is typically the 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."

In certain circumstances, the Fund's adviser, LIAC, 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.

The 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. The 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 the 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.

To the extent the Fund invests in one or more mutual funds, the Fund values underlying mutual fund shares at their respective NAVs. For more information regarding the determination of a mutual fund's NAV, including when the mutual fund will fair value its portfolio securities and the effects of using fair value pricing, see the mutual fund's prospectus and SAI.

**Purchase and Sale of Fund Shares** 

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the 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 Lincoln Variable Insurance Products Trust.

The 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.

The Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, the 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.

------

The 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 the Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of the Fund's portfolio, and increase the Fund's brokerage and administrative costs. As a result, the Fund strongly discourages such trading activity. To protect the Fund and its 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, due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. The Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of the Fund's portfolio securities.

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

The 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.

The Fund also may rely on frequent trading policies established by such insurance companies. If the 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 the 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.

**Portfolio Holdings Disclosure** 

A description of the Fund's policies and procedures with respect to the Fund's disclosure of portfolio securities is available in the Fund's SAI.

**Share Classes and Distribution Arrangements** 

The Fund offers two classes of shares: Standard Class and Service Class. The two classes are identical, except that Service Class shares are subject to a distribution (Rule 12b-1) fee which has been adopted pursuant to a distribution and service plan (the "Plan"). Under the Plan, Service Class shares pay annual amounts not exceeding 0.35% of the average daily net assets of the Service Class shares of the Fund. The Fund offers shares to insurance companies for allocation to certain of their variable contracts. The Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or variable contracts 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 the 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.

LIAC and its affiliates, including LFD, and/or the Fund's sub-advisers or underlying funds, if any, or their affiliates, 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 NAV, or the price of its shares, as such payments are not made from Fund assets.

For more information, please see the SAI.

**Distribution Policy** 

The 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 – the insurance company variable accounts. The 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, and are reflected in variable account values.

Contract owners ordinarily are not taxed on Fund distributions. In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. See the "Tax Information" section.

------

**Financial Highlights** 

The financial highlights tables are intended to help you understand the financial performance of the Fund's Standard and Service Class shares for the past five years or since their inception (as applicable). Certain information reflects financial results for a single 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. This information has been audited by Ernst & Young LLP, Independent Registered Public Accounting Firm, whose report, along with the Fund's financial statements, is included in the annual report, which is available upon request.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** | **12/31/17** |
|  Net asset value, beginning of period | $12.917 | $13.128 | $11.363 | $13.915 | $13.786 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.289 | 0.313 | 0.339 | 0.325 | 0.343 |
|  Net realized and unrealized gain (loss) | 3.746 | 0.032 | 2.700 | (1.762) | 2.188 |
|  Total from investment operations | 4.035 | 0.345 | 3.039 | (1.437) | 2.531 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.357) | (0.322) | (0.337) | (0.296) | (0.430) |
|  Net realized gain | (1.947) | (0.234) | (0.937) | (0.819) | (1.972) |
|  Total dividends and distributions | (2.304) | (0.556) | (1.274) | (1.115) | (2.402) |
|  Net asset value, end of period | $14.648 | $12.917 | $13.128 | $11.363 | $13.915 |
|  Total return<sup>2</sup> | 31.88% | 2.98% | 27.29% | (11.11%) | 18.76% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $1315104 | $1182576 | $1130811 | $928043 | $949169 |
|  Ratio of expenses to average net assets | 0.35% | 0.36% | 0.36% | 0.37% | 0.36% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.36% | 0.37% | 0.37% | 0.38% | 0.37% |
|  Ratio of net investment income to average net assets | 1.88% | 2.76% | 2.65% | 2.38% | 2.33% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 1.87% | 2.75% | 2.64% | 2.37% | 2.32% |
|  Portfolio turnover | 55% | 56% | 49% | 53% | 64% |

---

<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 a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap<br>Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** | **12/31/17** |
|  Net asset value, beginning of period | $12.890 | $13.106 | $11.347 | $13.895 | $13.771 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.250 | 0.284 | 0.306 | 0.291 | 0.306 |
|  Net realized and unrealized gain (loss) | 3.736 | 0.027 | 2.695 | (1.759) | 2.183 |
|  Total from investment operations | 3.986 | 0.311 | 3.001 | (1.468) | 2.489 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.317) | (0.293) | (0.305) | (0.261) | (0.393) |
|  Net realized gain | (1.947) | (0.234) | (0.937) | (0.819) | (1.972) |
|  Total dividends and distributions | (2.264) | (0.527) | (1.242) | (1.080) | (2.365) |
|  Net asset value, end of period | $14.612 | $12.890 | $13.106 | $11.347 | $13.895 |
|  Total return<sup>2</sup> | 31.54% | 2.72% | 26.99% | (11.33%) | 18.47% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $392417 | $342834 | $352450 | $301416 | $367538 |
|  Ratio of expenses to average net assets | 0.60% | 0.61% | 0.61% | 0.62% | 0.61% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.61% | 0.62% | 0.62% | 0.63% | 0.62% |
|  Ratio of net investment income to average net assets | 1.63% | 2.51% | 2.40% | 2.13% | 2.08% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 1.62% | 2.50% | 2.39% | 2.12% | 2.07% |
|  Portfolio turnover | 55% | 56% | 49% | 53% | 64% |

---

<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 a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

------

**General Information** 

The use of the Fund by both annuity and life insurance variable accounts is called mixed funding. Due to differences in redemption rates, tax treatment, or other considerations, the interests of contract owners under the variable life accounts may conflict with those of contract owners under the variable annuity accounts. Violation of the federal tax laws by one variable account investing in the Fund could cause the contracts funded through another variable account to lose their tax-deferred status, unless remedial action was taken. The Fund's Board will monitor for any material conflicts and determine what action, if any, the Fund or a variable account should take.

A conflict could arise that requires a variable account to redeem a substantial amount of assets from the Fund. The redemption could disrupt orderly portfolio management to the detriment of those contract owners still investing in the Fund. Also, the Fund could determine that it has become so large that its size materially impairs investment performance. The Fund would then examine its options, which could include imposition of redemption fees or temporarily closing the Fund to new investors.

You can find additional information in the Fund's SAI, which is on file with the SEC. The Fund incorporates its SAI, dated [May 1], 2023, into its prospectus. The Fund will provide a free copy of its SAI upon request.

You can find detailed information about the Fund's investments in the Fund's annual and semi-annual reports to shareholders. The annual report discusses the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. The Fund will provide a free copy of its annual and semi-annual report upon request.

The Fund will issue unaudited semi-annual reports showing current investments and other information; and annual financial statements audited by the Fund's independent auditors. For an SAI or annual or semi-annual report, either write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or call 1-800-4LINCOLN (454-6265). You may also call this number to request other information about the Fund, or to make inquiries. The Fund's SAI and annual and semi-annual reports are available, free of charge, at https://www.lfg.com/LVIP.

You can also get reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can get copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC File No: 811-08090

------

*Lincoln Variable Insurance Products Trust* 

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund** 

**Formerly known as LVIP SSGA Small/Mid Cap 200 Fund** 

**Standard and Service Class** 

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Prospectus** [May 1], 2023

LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Formerly known as LVIP SSGA Small/Mid Cap 200 Fund (the "Fund") is a series of the Lincoln Variable Insurance Products Trust (the "Trust"). Shares of the Fund are currently offered only to separate accounts that fund variable annuity and variable life insurance contracts ("variable accounts") of The Lincoln National Life Insurance Company, its affiliates, and third-party insurance companies. You cannot purchase shares of the Fund directly. This prospectus discusses the information about the Fund that you should know before investing.

As with all mutual funds, the Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

We have not authorized any dealer, salesperson, or any other person to give any information, or to make any representation, other than what this prospectus states.

------

**Table of Contents** 

---

| | |
|:---|:---|
|  Item | Page |
|  [**Summary**](#mfsmidce465123_1) |  |
|  [Investment Objective](#mfsmidce465123_2) | 1 |
|  [Fees and Expenses](#mfsmidce465123_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annual Fund Operating Expenses](#mfsmidce465123_4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Example](#mfsmidce465123_5) | 1 |
|  [Portfolio Turnover](#mfsmidce465123_6) | 1 |
|  [Principal Investment Strategies](#mfsmidce465123_7) | 2 |
|  [Principal Risks](#mfsmidce465123_8) | 2 |
|  [Fund Performance](#mfsmidce465123_9) | 3 |
|  [Investment Adviser and Sub-Adviser](#mfsmidce465123_10) | 4 |
|  [Portfolio Managers](#mfsmidce465123_11) | 4 |
|  [Purchase and Sale of Fund Shares](#mfsmidce465123_12) | 4 |
|  [Tax Information](#mfsmidce465123_13) | 4 |
|  [Payments to Broker-Dealers and other Financial Intermediaries](#mfsmidce465123_14) | 4 |
|  [**Additional Information about the Fund**](#mfsmidce465123_15) | 5 |
|  [Investment Objective and Principal Investment Strategies](#mfsmidce465123_16) | 5 |
|  [Principal Risks](#mfsmidce465123_17) | 5 |
|  [Management and Organization](#mfsmidce465123_18) | 7 |
|  [Pricing of Fund Shares](#mfsmidce465123_19) | 8 |
|  [Purchase and Sale of Fund Shares](#mfsmidce465123_20) | 8 |
|  [Market Timing](#mfsmidce465123_21) | 9 |
|  [Portfolio Holdings Disclosure](#mfsmidce465123_22) | 9 |
|  [Share Classes and Distribution Arrangements](#mfsmidce465123_23) | 9 |
|  [Distribution Policy](#mfsmidce465123_24) | 10 |
|  [Financial Highlights](#mfsmidce465123_25) | 11 |
|  [General Information](#mfsmidce465123_26) | 13 |

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**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund** 

**Formerly known as LVIP SSGA Small/Mid Cap 200 Fund** 

(Standard and Service Class)

**Summary** 

**Investment Objective** 

The investment objective of the LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund (the "Fund") is to seek to maximize long-term capital appreciation.

**Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses** 

**(Expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | |
|:---|:---|:---|
| | **Standard<br>Class** | **Service <br>Class** |
|  Management Fee | 0.32% | 0.32% |
|  Distribution and/or Service (12b-1) Fees |  | 0.25% |
|  Other Expenses | 0.07% | 0.07% |
|  Total Annual Fund Operating Expenses | 0.39% | 0.64% |
|  Less Fee Waiver<sup>1</sup> | (0.01%) | (0.01%) |
|  Total Annual Fund Operating Expenses (After Fee Waiver) | 0.38% | 0.63% |

---

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| | |
|:---|:---|
| 1 | Lincoln Investment Advisors Corporation (the "Adviser") has contractually agreed to waive the following portion of its advisory fee: 0.065% of the first $50 million of the Fund's average daily net assets. The agreement will continue through at least April 30, 2023 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.  |

---

**Example** 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. This example reflects the net operating expenses with fee waiver for the one-year contractual period and the total operating expenses without fee waiver for the remaining time periods shown below. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39 | $124 | $218 | $492 |
|  Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64 | $204 | $356 | $797 |

---

**Portfolio Turnover** 

The 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 the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund 1

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**Principal Investment Strategies** 

The Fund seeks to achieve a higher risk-adjusted performance than the Russell 2000<sup>®</sup> Index (the "Index") over the long term through a portfolio optimization process employed by the Fund's sub-adviser. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. small and mid-capitalization companies and may have investments in large capitalization companies. The Fund primarily invests in a universe of the 2000 largest stocks of the Russell 2500 Index.

Under normal market conditions, the Fund holds 500 to 1250 of the common stocks in the Index. The sub-adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The sub-adviser may invest in both growth and value stocks.

The sub-adviser's selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to – quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers' securities. The "quality" factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The "value" factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The "momentum" factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum.

The sub-adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Fund's investible universe based on that issuer's factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a monthly/quarterly basis.

The fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the fund may remain invested in the equity market while facilitating shareholder redemptions.

**Principal Risks** 

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

&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;• **Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund
will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

&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;• **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;• **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 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;• **Large-Cap Company Risk.** The Fund may invest a relatively large percentage of
its assets in the securities of large capitalization companies. While securities in this capitalization range may represent a significant percentage of a market, the Fund's performance may be adversely affected if securities of large
capitalization companies underperform that sector or the market as a whole.

&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;• **Concentration Risk.** Investments that are concentrated in particular industries, sectors or types of investments may
be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments.

&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.

2 LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund

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&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 (referred to collectively as "derivatives"), 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;• **Counterparty Risk.** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is
unable or unwilling to meet its obligation on the security. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. As a
result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer
significant losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes,
tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics (such as the novel coronavirus), have been and can be highly disruptive to economies and markets.

&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 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.

**Fund Performance** 

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The information shows: (a) how the Fund's Standard Class investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard and Service Classes compare with those of a broad measure of market performance. The bar chart shows performance of the 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. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

**Annual Total Returns (%)**![LOGO](g465123g0225115535080.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarterly Return | Q4 2020 | 35.92% |
| Lowest Quarterly Return | Q1 2020 | (40.69%) |

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**Average Annual Total Returns for periods ended 12/31/21** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.66% | 9.33% | 11.70% |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.32% | 9.06% | 11.42% |
|  Russell 2000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.82% | 12.02% | 13.23% |

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LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund 3

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**Investment Adviser and Sub-Adviser** 

Investment Adviser: Lincoln Investment Advisors Corporation ("LIAC")

Investment Sub-Adviser: Franklin Advisers, Inc. ("FAV")

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **FAV <br>Portfolio Managers** | **Company Title** | **Experience with Fund** |
| Sundaram Chettiappan, CFA | Vice President and Portfolio Manager | Since [April 2023] |
| Christopher W. Floyd | Vice President and Portfolio Manager | Since [April 2023] |
| Chandrakanth Seethamraju, Ph.D. | Senior Vice President and Head of Systematic Strategies Portfolio Management | Since [April 2023] |

---

**Purchase and Sale of Fund Shares** 

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the 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 Lincoln Variable Insurance Products Trust.

**Tax Information** 

In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. Contract owners should consult their contract Prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Fund. Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Fund, including application of state and local taxes.

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

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

4 LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund

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**Additional Information about the Fund** 

**Investment Objective and Principal Investment Strategies** 

The Fund seeks to achieve a higher risk-adjusted performance than the Russell 2000<sup>®</sup> Index (the "Index") over the long term through a portfolio optimization process employed by the Fund's sub-adviser. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. small and mid-capitalization companies and may have investments in large capitalization companies. The Fund primarily invests in a universe of the 2000 largest stocks of the Russell 2500 Index.

Under normal market conditions, the Fund holds 500 to 1250 of the common stocks in the Index. The sub-adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The sub-adviser may invest in both growth and value stocks.

The sub-adviser's selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to – quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers' securities. The "quality" factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The "value" factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The "momentum" factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum.

The sub-adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Fund's investible universe based on that issuer's factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a monthly/quarterly basis.

The fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the fund may remain invested in the equity market while facilitating shareholder redemptions.

The Fund's Board of Trustees may change the Fund's investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental. The Fund may change its policy of investing at least 80% of its net assets in stocks of small and mid cap companies only upon 60 days' notice to shareholders.

**Principal Risks** 

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

**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. A decline in value could result from, among other things, a negative development of the issuer of the security, an industry, a sector of the economy, or the overall securities market.

**Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

**Investment Style Factors Risk.** There can be no assurance that the multi-factor stock selection process of the Fund will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods.

**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. Value stocks can react differently to issuer, political, market and economic developments than the market as a whole or other types of stocks. At times when the value investing style is out of favor, funds that invest in value stocks may underperform other equity funds that employ different investment styles.

**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. The price of a growth stock may experience a larger decline on a forecast of lower earnings, a negative fundamental development, or an adverse market development. The growth style may, over time, go in and out of favor. At times when the growth investing style is out of favor, funds that invest in growth stocks may underperform other equity funds that employ different investment styles.

**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 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.

------

**Large Cap Company Risk.** The Fund may invest a relatively large percentage of its assets in the securities of large capitalization companies. While securities in this capitalization range may represent a significant percentage of a market, the Fund's performance may be adversely affected if securities of large capitalization companies underperform that sector or the market as a whole.

**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. This is due to the greater business risks of smaller size and limited product lines, markets, distribution channels, and financial and managerial resources. Historically, the price of small and medium capitalization companies has fluctuated more than the larger capitalization stocks included in the S&P 500<sup>®</sup> Index. The securities of companies with small and medium stock market capitalizations may trade less frequently and in limited volume. Small- and medium-sized companies also may have less certain prospects for growth and greater sensitivity to changing economic conditions. 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.

Prices of small- and medium-sized company stocks may fluctuate independently of larger company stock prices. Small- and medium-sized company stocks may decline in price as large company stock prices rise, or rise in price as large company stock prices decline. Many factors may lead to this result, such as current and anticipated global economic conditions or increasing interest rates.

**Concentration Risk.** Investments that are concentrated in particular industries, sectors or types of investments may be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments. Investments in a select group of securities can be subject to a greater risk of loss and may be more volatile than investments that are more diversified.

**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. This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**Derivatives Risk.** Derivatives or other similar instruments (referred to collectively as "derivatives"), such as futures, forwards, options, swaps, structured securities and other 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. 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 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.

The performance of a derivative generally largely depends on the performance of its underlying asset, reference rate or index. If using derivative instruments is unsuccessful, performance may be worse than if no derivatives were used. When used for hedging purposes, there is a risk, especially under extreme market conditions, that a derivative may provide no such hedging benefit. Additionally, there is no guarantee that a liquid secondary market will exist for a derivative position or that a derivative position will be able to be terminated, particularly with respect to "over-the-counter" instruments (investments not traded on an exchange). If the Fund is unable to close out a position on an options or futures contract, for example, the Fund would remain subject to the risk of adverse price movements until the Fund is able to close out the position. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. Furthermore, counterparties to over-the-counter derivative contracts present the same types of credit risk as issuers of fixed income securities, including bankruptcy or insolvency. Options and futures contacts are also subject to the creditworthiness of clearing organizations and exchanges; futures in particular are subject to the credit risk of futures commission merchants. Derivatives can also be difficult to value, especially in declining markets.

Swap agreements may include equity, interest rate, index, total return, commodity, currency and credit default swaps. Swap agreements typically are contracts with a brokerage firm or other institutional buyer in which the parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular set dollar or currency value of predetermined investments or instruments. Currently, some, but not all, swap transactions are subject to central clearing. Non-cleared swap agreements, including credit default swaps, involve greater risks than cleared swaps, including illiquidity risk and counterparty risk. Certain non-cleared swaps are subject to margin requirements that mandate the posting and collection of minimum margin amounts, which is intended to reduce some of the risks associated with these instruments. Eventually many swaps will be centrally cleared and exchange-traded. Although central clearing is expected to decrease counterparty risk because it interposes the central clearinghouse as the counterparty in bi-laterally negotiated contracts, central clearing will not make swap transactions risk-free.

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Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives, and adversely affect the value or performance or derivatives and the Fund.

**Counterparty Risk.** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. Although guaranteed for settlement by the OCC, Flex Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

**Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. For example, the novel coronavirus (COVID-19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**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 when portfolio holdings may be difficult to value and may be difficult to sell, both at the time or price desired. In addition, the market for a particular holding may become illiquid due to adverse market or economic conditions, completely apart from any specific conditions in the market for a particular security.

Liquidity risk also may result from increased shareholder redemptions in the Fund. An increase in shareholder redemptions could require the Fund to sell securities at reduced prices, which would in turn reduce the value of the Fund.

**Management and Organization** 

The Board of Trustees (the "Board") of the Fund oversees the business and affairs of the Fund, and has the power to amend the Fund's bylaws, to declare and pay dividends, and to generally oversee the Fund's operations.

**Manager of Managers Structure:** The Fund has received an SEC exemptive order that permits it to operate under a "manager-of-managers" structure. This structure allows LIAC (defined below as the Fund's investment adviser), subject to approval of the Board – and without the approval of shareholders – to: (i) select a new sub-adviser or additional sub-advisers for the Fund; (ii) terminate an existing sub-adviser and/or replace a sub-adviser; (iii) enter into new sub-advisory agreements and/or modify the terms of any existing sub-advisory agreement; and (iv) allocate and reallocate the Fund's assets among LIAC and one or more sub-advisers. (The order does not apply to the hiring of a sub-adviser that is an affiliate of LIAC.) If a new sub-adviser is hired for the Fund, the Fund will provide its shareholders with information about the new sub-adviser within 90 days of hiring. LIAC has the ultimate responsibility (subject to Board oversight) to oversee, monitor and evaluate a sub-adviser's performance and to recommend the hiring, termination and replacement of a sub-adviser.

**Investment Adviser and Sub-Adviser:** Lincoln Investment Advisors Corporation ("LIAC") is the Fund's investment adviser. LIAC is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LIAC's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LIAC (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. As of December 31, 2022, LIAC had more than $100.3 billion in assets under management.

Lincoln Life is an insurance company organized under Indiana law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides nationwide insurance and financial services.

The Fund has entered into an Investment Management Agreement with LIAC. LIAC may hire one or more sub-advisers who are responsible for the Fund's day-to-day investment management. A sub-adviser is paid by LIAC from its management fee.

A description of LIAC (including the effective advisory fee rate for the most recently completed fiscal year), the Fund's sub-adviser, and the portfolio managers are included below. The Fund's statement of additional information ("SAI") provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

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| | |
|:---|:---|
| **Adviser** | <br> LIAC (aggregate advisory fee paid to LIAC for the fiscal year ended December 31, 2022 was 0.31% of the Fund's average net assets, net of advisory fee waivers). |
| **Sub-Adviser** | <br> Franklin Advisers, Inc. ("FAV"), One Franklin Parkway, San Mateo, CA 94403-1906. FAV is a wholly owned subsidiary of Franklin Resources, Inc. ("Franklin"). Net assets under the management of the Franklin organization was over $1.39 trillion as of December 31, 2022. |
| **FAV <br>Portfolio Managers** | <br> Sundaram Chettiappan, Christopher W. Floyd, and Chandrakanth Seethamraju are responsible for the day-to-day management of the Fund's assets. |
|  | <br> **Sundaram Chettiappan, CFA,** is a Vice President and Portfolio Manager for Franklin Templeton Investment Solutions. Prior to joining Franklin Templeton Investments in 2018, Mr. Chettiappan worked at Balyasny Asset Management where he was a Senior Quantitative Researcher building deep fundamental sector-based long/short models within the Systematic Strategies group. Mr. Chettiappan holds a Bachelor of Engineering Computer Sciences and Engineering degree from College of Engineering Guindy, Anna University and a Master of Quantitative and Computational Finance from Georgia Institute of Technology. He also holds the Chartered Financial Analyst (CFA) designation. |

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| |
|:---|
| **Christopher W. Floyd, CFA,** is a Vice President and Portfolio Manager for Franklin Templeton Investment Solutions (FTIS). He is the Lead Portfolio Manager for the International large cap and small cap active factor equity strategies and serves as Co-Portfolio Manager for the Global and US active factor equity strategies. Previously, Mr. Floyd served as a Developed Markets Senior Portfolio Manager at Batterymarch Financial Management, which merged with QS Investors in 2014. Mr. Floyd holds a Bachelor of Arts in Economics from Dartmouth College and an MBA from Cornell University. He also holds the Chartered Financial Analyst (CFA) designation. |
| **Chandra Seethamraju** is the Head of Systematic Strategies portfolio management at Franklin Templeton Investment solutions. Prior to joining Franklin Templeton in 2013, Dr. Seethamraju was involved with GTAA strategies as well as quantitative, active equity stock selection strategies for a major U.S. asset management firm. Dr. Seethamraju holds a Bachelor of Commerce from Osmania University in Hyderabad, India and an MBA with a concentration in Finance from the LeBow College of Business at Drexel University. Dr. Seethamraju earned his Ph.D. in business administration with a focus on accounting from the Stern School of Business at New York University. |

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A discussion regarding the basis for the Board's approval of the Fund's investment advisory and sub-advisory contracts is available in the Fund's annual report to shareholders for the period ended December 31, 2022.

**Pricing of Fund Shares** 

The 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). The Fund's NAV is the value of a single Fund share. The 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.

The Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, the Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

The Fund typically values its assets based on "market price." Market price for equities is typically the 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."

In certain circumstances, the Fund's adviser, LIAC, 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.

The 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. The 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 the 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.

To the extent the Fund invests in one or more mutual funds, the Fund values underlying mutual fund shares at their respective NAVs. For more information regarding the determination of a mutual fund's NAV, including when the mutual fund will fair value its portfolio securities and the effects of using fair value pricing, see the mutual fund's prospectus and SAI.

**Purchase and Sale of Fund Shares** 

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the 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 Lincoln Variable Insurance Products Trust.

The 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.

------

The Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, the 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.

The 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 the Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of the Fund's portfolio, and increase the Fund's brokerage and administrative costs. As a result, the Fund strongly discourages such trading activity. To protect the Fund and its 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, due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. The Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of the Fund's portfolio securities.

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

The 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.

The Fund also may rely on frequent trading policies established by such insurance companies. If the 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 the 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.

**Portfolio Holdings Disclosure** 

A description of the Fund's policies and procedures with respect to the Fund's disclosure of portfolio securities is available in the Fund's SAI.

**Share Classes and Distribution Arrangements** 

The Fund offers two classes of shares: Standard Class and Service Class. The two classes are identical, except that Service Class shares are subject to a distribution (Rule 12b-1) fee which has been adopted pursuant to a distribution and service plan (the "Plan"). Under the Plan, Service Class shares pay annual amounts not exceeding 0.35% of the average daily net assets of the Service Class shares of the Fund. The Fund offers shares to insurance companies for allocation to certain of their variable contracts. The Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or variable contracts 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 the 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.

------

LIAC and its affiliates, including LFD, and/or the Fund's sub-advisers or underlying funds, if any, or their affiliates, 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 NAV, or the price of its shares, as such payments are not made from Fund assets.

For more information, please see the SAI.

**Distribution Policy** 

The 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 – the insurance company variable accounts. The 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, and are reflected in variable account values.

Contract owners ordinarily are not taxed on Fund distributions. In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. See the "Tax Information" section.

------

**Financial Highlights** 

The financial highlights tables are intended to help you understand the financial performance of the Fund's Standard and Service Class shares for the past five years or since their inception (as applicable). Certain information reflects financial results for a single 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. This information has been audited by Ernst & Young LLP, Independent Registered Public Accounting Firm, whose report, along with the Fund's financial statements, is included in the annual report, which is available upon request.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** | **12/31/17** |
|  Net asset value, beginning of period | $13.190 | $12.754 | $10.973 | $13.461 | $14.163 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.254 | 0.196 | 0.280 | 0.339 | 0.309 |
|  Net realized and unrealized gain (loss) | 4.003 | 0.546 | 1.887 | (2.091) | 0.550 |
|  Total from investment operations | 4.257 | 0.742 | 2.167 | (1.752) | 0.859 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.316) | (0.266) | (0.252) | (0.412) | (0.367) |
|  Net realized gain | (3.864) |  | (0.134) | (0.324) | (1.194) |
|  Return of capital | (0.088) | (0.040) |  |  |  |
|  Total dividends and distributions | (4.268) | (0.306) | (0.386) | (0.736) | (1.561) |
|  Net asset value, end of period | $13.179 | $13.190 | $12.754 | $10.973 | $13.461 |
|  Total return<sup>2</sup> | 33.66% | 5.98% | 19.83% | (13.46%) | 6.33% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $299487 | $265377 | $233154 | $206169 | $200815 |
|  Ratio of expenses to average net assets | 0.38% | 0.40% | 0.41% | 0.40% | 0.40% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.39% | 0.41% | 0.42% | 0.41% | 0.41% |
|  Ratio of net investment income to average net assets | 1.54% | 1.90% | 2.32% | 2.51% | 2.17% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 1.53% | 1.89% | 2.31% | 2.50% | 2.16% |
|  Portfolio turnover | 76% | 64% | 66% | 71% | 67% |

---

<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 a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap<br>Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/21** | **12/31/20** | **12/31/19** | **12/31/18** | **12/31/17** |
|  Net asset value, beginning of period | $13.168 | $12.740 | $10.964 | $13.446 | $14.150 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |
|  Net investment income<sup>1</sup> | 0.212 | 0.171 | 0.249 | 0.305 | 0.273 |
|  Net realized and unrealized gain (loss) | 3.996 | 0.537 | 1.882 | (2.084) | 0.548 |
|  Total from investment operations | 4.208 | 0.708 | 2.131 | (1.779) | 0.821 |
|  **Less dividends and distributions from:** |  |  |  |  |  |
|  Net investment income | (0.276) | (0.244) | (0.221) | (0.379) | (0.331) |
|  Net realized gain | (3.864) |  | (0.134) | (0.324) | (1.194) |
|  Return of capital | (0.087) | (0.036) |  |  |  |
|  Total dividends and distributions | (4.227) | (0.280) | (0.355) | (0.703) | (1.525) |
|  Net asset value, end of period | $13.149 | $13.168 | $12.740 | $10.964 | $13.446 |
|  Total return<sup>2</sup> | 33.32% | 5.72% | 19.52% | (13.67%) | 6.07% |
|  **Ratios and supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $224286 | $177033 | $161176 | $133062 | $151360 |
|  Ratio of expenses to average net assets | 0.63% | 0.65% | 0.66% | 0.65% | 0.65% |
|  Ratio of expenses to average net assets prior to expenses waived/reimbursed | 0.64% | 0.66% | 0.67% | 0.66% | 0.66% |
|  Ratio of net investment income to average net assets | 1.29% | 1.65% | 2.07% | 2.26% | 1.92% |
|  Ratio of net investment income to average net assets prior to expenses waived/reimbursed | 1.28% | 1.64% | 2.06% | 2.25% | 1.91% |
|  Portfolio turnover | 76% | 64% | 66% | 71% | 67% |

---

<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 a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

12.0 ------

**General Information** 

The use of the Fund by both annuity and life insurance variable accounts is called mixed funding. Due to differences in redemption rates, tax treatment, or other considerations, the interests of contract owners under the variable life accounts may conflict with those of contract owners under the variable annuity accounts. Violation of the federal tax laws by one variable account investing in the Fund could cause the contracts funded through another variable account to lose their tax-deferred status, unless remedial action was taken. The Fund's Board will monitor for any material conflicts and determine what action, if any, the Fund or a variable account should take.

A conflict could arise that requires a variable account to redeem a substantial amount of assets from the Fund. The redemption could disrupt orderly portfolio management to the detriment of those contract owners still investing in the Fund. Also, the Fund could determine that it has become so large that its size materially impairs investment performance. The Fund would then examine its options, which could include imposition of redemption fees or temporarily closing the Fund to new investors.

You can find additional information in the Fund's SAI, which is on file with the SEC. The Fund incorporates its SAI, dated [May 1], 2023, into its prospectus. The Fund will provide a free copy of its SAI upon request.

You can find detailed information about the Fund's investments in the Fund's annual and semi-annual reports to shareholders. The annual report discusses the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. The Fund will provide a free copy of its annual and semi-annual report upon request.

The Fund will issue unaudited semi-annual reports showing current investments and other information; and annual financial statements audited by the Fund's independent auditors. For an SAI or annual or semi-annual report, either write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or call 1-800-4LINCOLN (454-6265). You may also call this number to request other information about the Fund, or to make inquiries. The Fund's SAI and annual and semi-annual reports are available, free of charge, at https://www.lfg.com/LVIP.

You can also get reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can get copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC File No: 811-08090

------

*Lincoln Variable Insurance Products Trust* 

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund <br> LVIP Franklin Templeton Multi-Factor International Equity Fund LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Statement of Additional Information [May 1], 2023** 

This Statement of Additional Information (SAI), which is not a prospectus, provides more information about the series named in the caption — referred to as "Funds"—of Lincoln Variable Insurance Products Trust. Each Fund offers two classes of shares: Standard Class and Service Class.

[Each Fund's most recent Annual Report to shareholders, which contains each Fund's audited financial statements, is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/914036/000119312522068816/d233993dncsr.htm) This SAI should be read in conjunction with each Fund's prospectus dated [May 1], 2023, as may be amended or supplemented. You may obtain a copy of a Fund's prospectus and annual or semi-annual report upon request and without charge. Please write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801 or call 800-4-LINCOLN (454-6265).

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**Table of Contents** 

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| | |
|:---|:---|
| Item | Page |
|  [Description of the Trust and the Funds](#sai475016_1) | 4 |
|  [Fundamental Investment Restrictions](#sai475016_2) | 4 |
|  [Manager of Managers](#sai475016_3) | 5 |
|  [What are the Underlying Funds?](#sai475016_4) | 5 |
|  [Additional Investment Strategies and Risks](#sai475016_5) | 6 |
|  [Portfolio Transactions and Brokerage](#sai475016_6) | 30 |
|  [Portfolio Turnover](#sai475016_7) | 32 |
|  [Trustees and Officers](#sai475016_8) | 32 |
|  [Investment Adviser and Sub-Advisers](#sai475016_9) | 39 |
|  [Portfolio Managers](#sai475016_10) | 45 |
|  [Principal Underwriter](#sai475016_11) | 47 |
|  [Administration Agreement](#sai475016_12) | 47 |
|  [Securities Lending](#sai475016_13) | 48 |
|  [Accounting Agreement](#sai475016_14) | 48 |
|  [Code of Ethics](#sai475016_15) | 48 |
|  [Description of Shares](#sai475016_16) | 48 |
|  [Control Persons and Principal Holders of Securities](#sai475016_17) | 49 |
|  [Rule 12b-1 Plan](#sai475016_18) | 50 |
|  [Revenue Sharing](#sai475016_19) | 50 |
|  [Valuation of Portfolio Securities](#sai475016_20) | 51 |
|  [Portfolio Holdings Disclosure](#sai475016_21) | 51 |
|  [Purchase and Redemption Information](#sai475016_22) | 52 |
|  [Custodian and Transfer Agent](#sai475016_23) | 53 |
|  [Independent Registered Public Accounting Firm](#sai475016_24) | 53 |
|  [Financial Statements](#sai475016_25) | 53 |
|  [Taxes](#sai475016_26) | 53 |
|  [Appendix A — Long and Short-Term Credit Ratings](#sai475016_27) | 56 |
|  [Appendix B — Proxy Voting Policies and Procedures](#sai475016_28) | 58 |
|  [Appendix C — Compensation Structures and Methodologies of Portfolio Managers](#sai475016_29) | 69 |

---

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**Description of the Trust and the Funds** 

Lincoln Variable Insurance Products Trust (the "Trust"), a Delaware statutory trust formed on February 1, 2003, is an open-end management investment company.

Prior to April 30, 2003, each fund in the Trust in existence at the time was organized as a separate Maryland corporation (each, a predecessor fund). Eleven series of the Trust are successors to a predecessor fund, the assets and liabilities of which were acquired and assumed, respectively, on April 30, 2003.

Each of the Funds is diversified within the meaning of the Investment Company Act of 1940 ("1940 Act").

References to "Adviser" in this SAI include both Lincoln Investment Advisors Corporation ("LIAC") and a Fund's sub-adviser (if applicable) unless the context otherwise indicates.

The following Funds have changed their name within the past five years:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Fund Name** | **Former Fund Name** | **Date of Name Change** |
| &nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | LVIP SSGA Emerging Markets 100 Fund | April 11, 2023 |
| &nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor International Equity Fund | LVIP SSGA Developed International 150 Fund | April 11, 2023 |
| &nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | LVIP SSGA Large Cap 100 Fund | April 11, 2023 |
| &nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | LVIP SSGA Small/Mid Cap 200 Fund | April 11, 2023 |

---

**Fundamental Investment Restrictions** 

Each of the Funds has adopted certain fundamental policies and investment restrictions which may not be changed without a majority vote of a Fund's outstanding shares. Such majority is defined in the 1940 Act as the vote of the lesser of (1) 67% or more of the outstanding voting securities present at a meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (2) more than 50% of the outstanding voting securities. For purposes of the following restrictions: (a) all percentage limitations apply immediately after the making of an investment; and (b) any subsequent change in any applicable percentage resulting from market fluctuations does not require elimination of any security from the portfolio (except for fundamental investment restriction 2 regarding borrowing).

Each Fund may not:

1. Make investments that will result in the concentration — as that term may be defined in the 1940 Act, any rule or
order thereunder, or official interpretation thereof — of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or
guaranteed by the U.S. Government, its agencies or instrumentalities, or in tax-exempt securities or certificates of deposit.

2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or official interpretation
thereof, may permit.

3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition,
disposition or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933.

4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided
that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein.

5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and
provided that this restriction does not prevent the Fund from investing in securities that are secured by physical commodities or engaging in transactions involving financial commodities, such as financial options, financial futures contracts,
options on financial futures contracts, and financial forward contracts.

6. Make loans of any security or make any other loan if, as a result, more than
33<sup>1</sup>⁄<sub>3</sub>% of its total assets would be lent to other parties, provided that this limitation does not apply to purchases of debt obligations, to repurchase agreements,
and to investments in loans, including assignments and participation interests.

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7. (Except for the Non-Diversified Funds) With respect to 75% of its total assets, invest in a security if, as a result
of such investment: (a) more than 5% of its total assets would be invested in the securities of any one issuer or (b) the fund would hold more than 10% of the outstanding voting securities of any one issuer; except that these restrictions
do not apply to (i) securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities or (ii) securities of other investment companies.

The Securities and Exchange Commission's ("SEC") staff has taken the position that, for purposes of the concentration disclosure requirement, a fund investing more than 25% of its assets in an industry may be concentrating in that industry. See *Registration Form Used by Open-End Management Investment Companies*, Investment Company Act Release No. 23064 (Mar. 13, 1998), at note 163. Notwithstanding fundamental investment restriction 1 above, a Fund may concentrate in a particular industry to the extent that such concentration results from the Fund's tracking or replication of an index.

The 1940 Act generally permits an open-end fund to borrow money in amounts of up to one-third of the fund's total assets from banks, and to borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes. To limit the risks attendant to borrowing, the 1940 Act generally requires an open-end fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage generally means the ratio that the value of a fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

"Senior securities" are generally fund obligations that have a priority over the fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act generally prohibits an open-end fund from issuing senior securities, except that a fund may borrow money in amounts of up to one-third of the fund's total assets from banks. A fund also may borrow an amount equal to up to 5% of the fund's total assets from banks or other lenders for temporary purposes, and these borrowings would not be considered senior securities.

**Manager of Managers** 

Certain of the Funds employ a "manager of managers" structure, which means that the Fund's investment adviser may delegate the management of some or all of the 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 Funds' investment adviser – with Board approval – to enter into and amend a sub-advisory agreement for a Fund without shareholder approval, subject to certain conditions. For example, within ninety days of the hiring of a new sub-adviser, a Fund is required to furnish shareholders with information that would be included in a proxy statement regarding the new sub-adviser. In addition, the Funds' Adviser is not permitted to hire affiliated sub-advisers without shareholder approval.

The Funds have also received an SEC exemptive order (Investment Company Release Nos. 34727 and 34749 permits the Funds' Board of Trustees to approve new sub-advisory agreements or material amendments to an existing sub-advisory agreement at a meeting that is not in person, provided that the conditions of the order are satisfied. These conditions include, among others, the requirements that: (i) the Trustees will be able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting; (ii) management will represent that the materials provided to the Board include the same information the Board would have received if approval were sought at an in-person meeting; (iii) the need for considering the proposal at a non-in-person meeting will be explained to the Board; and (iv) the Trustees will have the opportunity to object to considering the proposal at a non-in-person meeting (in which case, the Board will consider the proposal at an in-person meeting unless the objection is rescinded).

**What are the Underlying Funds?** 

Certain of the Funds are fund of funds ("Fund of Funds"), which means that the Fund of Funds invests some or all of its assets in one or more other mutual funds or exchange-traded funds ("Underlying Fund"). For this structure, the Fund of Funds may rely on certain federal securities laws that generally permit a fund to invest in affiliated and non-affiliated funds within certain percentage limitations and in other securities that are not issued by mutual funds. The Trust also has received an exemptive order from the SEC (Release Nos. 29168 and 29196) to permit the Fund of Funds to acquire shares of affiliated and non-affiliated funds beyond the statutory limits, subject to certain conditions. The Fund of Funds may also rely on an exemptive order from the SEC issued to a sub-adviser or an Underlying Fund.

Each Fund of Funds' relative weightings in the Underlying Funds will vary over time. The Fund of Funds are not required to invest in any particular underlying fund. The Adviser or sub-adviser, as appropriate, may add, eliminate or replace underlying funds at any time and without notice and may invest in affiliated or non-affiliated funds or other types of investment securities.

In 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in another investment company. These changes include, among other things, the rescission of certain SEC exemptive relief permitting such investments in excess of statutory limits and the adoption of Rule 12d1-4, which permits such investments in excess of statutory limits, subject to certain conditions. The Fund of Funds began relying on Rule 12d1-4 after January 19, 2021, the compliance date for the Rule.

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**Additional Investment Strategies and Risks** 

The principal investment strategies each Fund uses to pursue its investment objective and the risks of those strategies are discussed in the Fund's prospectus.

Unless otherwise stated in the prospectus, investment strategies and techniques are generally discretionary. This means a Fund's Adviser may elect to engage or not engage in various strategies and techniques in its sole discretion. Investors should not assume that any particular discretionary investment technique or strategy will always or ever be employed by the Adviser to the Funds or by other mutual funds in which a Fund invests.

Below describes additional information concerning the investment strategies that the Funds may employ, either principal or discretionary, and the risks of those investment strategies.

**All Funds Investments** 

The following additional investment strategy and risk information relates to all Funds.

**Borrowing.** Each Fund may borrow money from time to time to the extent permitted under the 1940 Act, any rule or order thereunder, or official interpretation thereof. This means that, in general, each Fund may borrow money from banks for any purpose in an amount up to 1/3 of the Fund's total assets. Each Fund may also borrow money for temporary purposes in an amount not to exceed 5% of the Fund's total assets.

The 1940 Act requires each Fund to maintain continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary purposes. Any borrowings for temporary purposes in excess of 5% of a Fund's total assets must maintain continuous asset coverage. If the 300% asset coverage should decline as a result of market fluctuations or other reasons, a Fund may be required to sell some of its portfolio holdings within three days to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time.

Borrowing may exaggerate the effect on net asset value of any increase or decrease in the market value of a Fund's investment portfolio. Money borrowed will be subject to interest costs and other fees, which could reduce a Fund's return and may or may not be recovered by appreciation of the securities purchased. A Fund also may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. In addition, purchasing securities when a Fund has borrowed money may involve an element of leverage.

**Cybersecurity.** The use of technology is more prevalent in the financial industry, including the Funds' management and operations, than in other industries. As a result, the Funds are more susceptible to risks associated with the technologies, processes and practices designed to protect networks, systems, computers, programs and data from attack, damage or unauthorized access, or "cybersecurity." Such risks may include the theft, loss, misuse, improper release, corruption and/or destruction of, or unauthorized access to, confidential or restricted data relating to the Funds or shareholders, and the compromise or failure of systems, networks, devices and applications relating to Fund operations. A cybersecurity breach may result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial losses to the Funds and shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The inability of the Funds to timely process transactions or conduct trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delays or mistakes in materials provided to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Errors or delays in the calculation of Funds' net asset values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violations of privacy and other laws (including those related to identity theft);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory fines, penalties and reputational damage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance and remediation costs, legal fees and other expenses.

In addition, the noted risks may adversely impact LIAC, a Fund's sub-adviser, if any, the Funds' principal underwriter, administrator and other service providers to the Funds, as well as financial intermediaries (e.g., insurance company record holders) and parties with which the Funds do business. These risks, in turn, could result in losses to the Funds and shareholders and disruptions to the conduct of business between the Funds, shareholders, the Funds' service providers and/or financial intermediaries. While measures have been developed that are designed to reduce cybersecurity risks and to mitigate or lessen resulting damages, there is no guarantee that those measures will be effective, especially as different or unknown risks may emerge in the future. This is particularly the case because the Funds do not directly control the cybersecurity defenses or plans of their service providers, financial intermediaries and other parties with which the Funds transact. There is also the risk that cybersecurity breaches may not be detected.

**Environment, Social, and Governance ("ESG").** Although a Fund does not seek to implement a specific ESG, impact or sustainability strategy unless disclosed in its prospectus, the Fund's investment process may integrate ESG factors with traditional fundamental factors. The weight given to any particular ESG factor varies across asset classes, sectors, and strategies and no one factor is determinative. When integrating ESG factors into the investment process, the Fund may rely on third-party data believed to be reliable, but

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the accuracy of such third-party data is not guaranteed. ESG information from third-party data providers may be incomplete, inaccurate, or unavailable, which may adversely impact the investment process. Moreover, ESG information, regardless of its source, is mostly based on a qualitative and subjective assessment. An element of subjectivity and discretion is therefore inherent to the interpretation and use of ESG data. While the Fund believes that consideration of ESG factors has the potential to identify financial risks and contribute to long-term performance, ESG factors may not be considered for each and every investment decision, and there is no guarantee that the consideration of ESG factors will result in better performance. Investor views on positive or negative ESG characteristics can differ, and the current lack of common standards may result in different approaches to considering ESG factors. Accordingly, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A Fund's approach to ESG integration may evolve and develop over time, both due to a refinement of investment decision-making processes to address ESG factors and risks, and because of legal and regulatory developments.

**Illiquid Investments.** The Funds may invest in securities or other investments that are considered illiquid. An illiquid investment is any investment that may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A security or investment might be illiquid due to the absence of a readily available market or due to legal or contractual restrictions on resale. The adviser determines the liquidity of investments purchased by the Funds, subject to the Fund's liquidity risk management program, as approved by the Board of Trustees.

The Funds may have to bear the expense of registering restricted securities for resale and risk the substantive delays in effecting such registration. However, the Funds may avail themselves of Rule 144A under the Securities Act of 1933, which permits the Funds to purchase securities which have been privately placed and resell such securities to qualified institutional buyers. Certain restricted securities that are not registered for sale to the general public but can be resold to institutional investors may not be considered illiquid, provided that a dealer or institutional trading market exists.

If the value of a Fund's assets invested in illiquid investments at any time exceeds the limitation on illiquid investments, the Fund will take actions, if any are appropriate, to maintain adequate liquidity.

**Investment in Securities of Other Investment Companies.** Under the 1940 Act, a Fund (other than a fund of funds) generally may not own more than 3% of the outstanding voting stock of an investment company, invest more than 5% of its total assets in any one investment company, or invest more than 10% of its total assets in the securities of investment companies. Such investments may include, but are not limited to, open-end investment companies, closed-end investment companies and unregistered investment companies.

A Fund operating as a "fund of funds" may rely on certain federal securities laws to permit it to invest in affiliated investment companies without limit, non-affiliated investment companies within the statutory limits described above and in other securities that are not issued by investment companies. The Funds have received an exemptive order from the SEC (Release Nos. 29168 and 29196) to permit a Fund to acquire shares of affiliated and non-affiliated investment companies beyond the statutory limits described above, subject to certain conditions.

If a Fund invests its assets in shares of underlying funds, the Fund is exposed to the investments made by the underlying funds. By investing in the Fund, therefore, you indirectly assume the same types of risks as investing directly in the underlying funds. A Fund's investment performance is affected by each underlying fund's investment performance, and the Fund's ability to achieve its investment objective depends, in large part, on each underlying fund's ability to meet its investment objective. In addition, Fund shareholders indirectly bear the expenses charged by the underlying funds.

In 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in another investment company. These changes include, among other things, the rescission of certain SEC exemptive relief permitting such investments in excess of statutory limits and the adoption of Rule 12d1-4, which permits such investments in excess of statutory limits, subject to certain conditions. The Fund of Funds began relying on Rule 12d1-4 after January 19, 2021, the compliance date for the Rule.

**Lincoln National Corporation (LNC) Securities.** LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides insurance and financial services nationwide. The Funds are prohibited from directly purchasing securities issued by LNC or any affiliate thereof, except that a Fund may hold shares of LNC or affiliates thereof if the Fund is an index fund (or invests in an index fund) whose investment strategies seek to track the investment performance of a broad-based index. A Fund may indirectly hold shares of LNC or affiliates thereof if the Fund invests in underlying funds which are not advised by affiliates of LNC.

**Money Market Instruments.** Money market instruments include bank time deposits, certificates of deposit, commercial paper, loan participations and bankers' acceptances. Bank time deposits are funds kept on deposit with a bank for a stated period of time in an interest-bearing account. Certificates of deposit are certificates issued against funds deposited in a bank or financial institution, are for a definite period of time, earn a specified rate of return, and are normally negotiable. Commercial paper is a short-term note with a maturity of up to nine months issued by banks, corporations or government bodies. Loan participations are short-term, high-quality participations in selected commercial bank loans issued by creditworthy banks.

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Bankers' acceptances are short-term credit instruments used to finance commercial transactions. Generally, a bankers' acceptance is a time draft or bill of exchange drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then accepted by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. Bankers' acceptances may be purchased in the secondary market at the going rate of discount for a specific maturity. Although maturities for bankers' acceptances can be as long as 270 days, most bankers' acceptances have maturities of six months or less.

Investing in debt obligations, such as money market instruments, primarily involves credit risk and interest rate risk. Credit risk is the risk that the issuer of the debt obligation will be unable to make interest or principal payments on time. A debt obligation's credit rating reflects the credit risk associated with that debt obligation. Higher-rated debt obligations involve lower credit risk than lower-rated debt obligations. Credit risk is generally higher for corporate debt obligations than for U.S. government securities. The value of debt obligations also will typically fluctuate with interest rate changes. These fluctuations can be greater for debt obligations with longer maturities. When interest rates rise, debt obligations will generally decline in value and you could lose money as a result. Periods of declining or low interest rates may negatively impact an investment's yield. A Fund may invest in collective investment vehicles, the assets of which consist principally of money market instruments.

**Operational Risk.** Each Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each Fund and the adviser (and sub-adviser, if any) seek to reduce these operational risks through controls and procedures. However, these measures do not completely eliminate such risk or address every possible risk and may be inadequate to address significant operational risks.

**Pledging Assets.** A Fund may not pledge, hypothecate, mortgage or otherwise encumber its assets in excess of 15% of its total assets (taken at current value) and then only to secure borrowings permitted by the "Borrowing" restriction. The deposit of underlying securities and other assets in escrow and other collateral arrangements with respect to margin for derivative instruments shall not be subject to the foregoing 15% requirement.

**Private companies.** The Funds may invest in private companies which can involve greater risks than those associated with investing in publicly traded companies. For example, the securities of a private company may be subject to the risk that market conditions, developments within the company, investor perception, or regulatory decisions may delay or prevent the company from ultimately offering its securities to the public. Furthermore, these investments are generally considered to be illiquid until a company's public offering and are often subject to additional contractual restrictions on resale that would prevent a Fund from selling their company shares for a period of time following the public offering.

Investments in private companies can offer a Fund significant growth opportunities at attractive prices. However these investments can pose greater risk, and, consequently, there is no guarantee that positive results can be achieved in the future.

**Repurchase Agreements.** In a repurchase agreement, a Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed upon price on an agreed upon date within a number of days (usually not more than seven) from the date of purchase. The resale price reflects the purchase price plus an agreed upon incremental amount that is unrelated to the coupon rate or maturity of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed upon resale price and marked-to-market daily) of the underlying security. Certain Funds may also invest in purchase and sale contracts. A purchase and sale contract is similar to a repurchase agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security paid during the period.

A Fund may engage in a repurchase agreement with respect to any security in which it is authorized to invest. While it is not possible to eliminate all risks from these transactions (particularly the possibility of a decline in the market value of the underlying securities, as well as delays and costs to a Fund in the event of bankruptcy of the seller), it is the policy of a Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory by the adviser. In addition, the collateral will be segregated and will be marked-to-market daily to determine that the full value of the collateral, as specified in the agreement, does not decrease below 102% of the purchase price plus accrued interest. If such decrease occurs, additional collateral will be requested and, when received, added to maintain full collateralization. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, a Fund may incur delay and costs in selling the underlying security or may suffer a loss of principal and interest if the Fund is treated as an unsecured creditor and required to return the underlying collateral to the seller's estate.

**Reverse Repurchase Agreements.** In a reverse repurchase agreement, a Fund sells a security to another party, such as a bank or broker-dealer, in return for cash and agrees to repurchase that security at an agreed-upon price and time. Reverse repurchase agreements may be used to provide cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without the necessity of selling portfolio securities, or to earn additional income on portfolio securities.

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Because a reverse repurchase agreement may constitute borrowing, while a reverse repurchase agreement is outstanding, a Fund will segregate appropriate liquid assets to cover its obligation under the agreement. The Fund will enter into reverse repurchase agreements only with parties that the adviser deems creditworthy. Such transactions may increase fluctuations in the market value of the Fund's assets and may be viewed as a form of leverage.

**Short Sales.** A Fund may engage in short sales, including short sales against the box. Short sales (other than against the box) are transactions in which a Fund sells an instrument it does not own in anticipation of a decline in the market value of that instrument. A short sale against the box is a short sale where at the time of the sale, the Fund owns or has the right to obtain instruments equivalent in kind and amounts. To complete a short sale transaction, the Fund must borrow the instrument to make delivery to the buyer. The Fund then is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. The price at such time may be more or less than the price at which the instrument was sold by the Fund. Until the instrument is replaced, the Fund is required to pay to the lender amounts equal to any interest or dividends which accrue during the period of the loan. To borrow the instrument, the Fund also may be required to pay a premium, which would increase the cost of the instrument sold. There will also be other costs associated with short sales.

The Fund will incur a loss as a result of the short sale if the price of the instrument increases between the date of the short sale and the date on which the Fund replaces the borrowed instrument. Unlike taking a long position in an instrument by purchasing the instrument, where potential losses are limited to the purchase price, short sales have no cap on maximum loss. The Fund will realize a gain if the instrument declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in an instrument.

Until the Fund replaces a borrowed instrument in connection with a short sale, the Fund will (a) designate on its records as collateral cash or liquid assets at such a level that the designated assets plus any amount deposited with the broker as collateral will equal the current value of the instrument sold short or (b) otherwise cover its short position in accordance with applicable law. The amount designated on the Fund's records will be marked to market daily. This may limit the Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.

There is no guarantee that the Fund will be able to close out a short position at any particular time or at an acceptable price. During the time that the Fund is short an instrument, it is subject to the risk that the lender of the instrument will terminate the loan at a time when the Fund is unable to borrow the same instrument from another lender. If that occurs, the Fund may be "bought in" at the price required to purchase the instrument needed to close out the short position, which may be a disadvantageous price. Thus, there is a risk that a Fund may be unable to fully implement its investment strategy due to a lack of available instruments or for some other reason. It is possible that the market value of the instruments a Fund holds in long positions will decline at the same time that the market value of the instruments a Fund has sold short increases, thereby increasing a Fund potential volatility. Short sales also involve other costs. The Fund must normally repay to the lender an amount equal to any dividends or interest that accrues while the loan is outstanding. In addition, to borrow the instrument, the Fund may be required to pay a premium. The Fund also will incur transaction costs in effecting short sales. The amount of any ultimate gain for the Fund resulting from a short sale will be decreased, and the amount of any ultimate loss will be increased, by the amount of premiums, dividends, interest or expenses the Fund may be required to pay in connection with the short sale.

A Fund may enter into short sales on derivative instruments with a counterparty, which will subject the Fund to the risk that the counterparty will not be able to meet its obligations.

When a Fund enters into a short sale against the box, the Fund does not immediately deliver the instruments sold and is said to have a short position in those instruments until delivery occurs. If the Fund effects a short sale of instruments against the box at a time when it has an unrealized gain on the instruments, it may be required to recognize that gain as if it had actually sold the instruments (as a "constructive sale") on the date it effects the short sale. However, such constructive sale treatment may not apply if the Fund closes out the short sale with instruments other than the appreciated Instruments held at the time of the short sale and if certain other conditions are satisfied.

**Special Purpose Acquisition Companies.** The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities that pool funds to seek potential acquisition or merger opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering (IPO) for the purpose of acquiring or merging with an unaffiliated company to be identified subsequent to the SPAC's IPO. SPACs are often used as a vehicle to transition a company from private to publicly traded. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until a transaction is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the SPAC's shareholders, less certain permitted expenses, and any rights or warrants issued by the SPAC will expire worthless. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a suitable transaction. Some SPACs may pursue acquisitions or mergers only within certain industries

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or regions, which may further increase the volatility of their securities' prices. In addition to purchasing publicly traded SPAC securities, a Fund may invest in SPACs through additional financings via securities offerings that are exempt from registration under the federal securities laws (restricted securities). No public market will exist for these restricted securities unless and until they are registered for resale with the SEC, and such securities may be considered illiquid and/or be subject to restrictions on resale. It may also be difficult to value restricted securities issued by SPACs.

An investment in a SPAC is subject to a variety of risks, including that: a significant portion of the funds raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; an attractive acquisition or merger target may not be identified and the SPAC will be required to return any remaining invested funds to shareholders; attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases; any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators; an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; an investment in a SPAC may be diluted by subsequent public or private offerings of securities in the SPAC or by other investors exercising existing rights to purchase securities of the SPAC; SPAC sponsors generally purchase interests in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market; no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC security's value; and the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

**Special Situations.** A Fund may invest in certain securities under special situations. A special situation arises when, in the adviser's opinion, the securities of a particular company will be recognized and will appreciate in value due to a specific development at that company. Developments creating a special situation might include a new product or process, a management change, a technological breakthrough or another event considered significant. Investment in special situations may carry an additional risk of loss in the event that the anticipated development does not occur or does not attract the expected attention.

A Fund may invest in the securities of companies which have been in continuous operation for less than three years, or have capitalizations of less than $250 million at the time of purchase. Securities of these companies may have limited liquidity which can result in their being priced lower than they may be otherwise. Investments in unseasoned or smaller companies are more speculative and involve greater risk than do investments in companies with established operating records or that are larger.

**Temporary Defensive Strategies.** In response to market, economic, political or other conditions, a Fund may temporarily use a different investment strategy or take temporary defensive positions that are inconsistent with the Fund's principal investment strategies, including but not limited to, holding a substantial portion of the Fund's assets in cash or cash equivalents, including securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. If a Fund does so, different factors could affect performance and a Fund may not achieve its investment objectives.

**Equity Investments** 

The following additional investment strategy and risk information relates to each Fund that may invest in equity securities.

**Convertible Securities.** Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at prices above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stock and interest rates. When the underlying common stock declines in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stock rises in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities generally are interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

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**Equity Securities.** Equity securities, such as common stock, represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Common stock generally takes the form of shares in a corporation. In addition to common stock, equity securities may include preferred stock, convertible securities and warrants. Equity securities may decline due to general market conditions, which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed-income securities.

Investments in equity securities are subject to a number of risks, including the financial risk of selecting individual companies that do not perform as anticipated and the general risk that domestic and global economies have historically risen and fallen in periodic cycles. Many factors affect an individual company's performance, such as the strength of its management or the demand for its products or services, and the value of a Fund's equity investments may change in response to stock market movements, information or financial results regarding the issuer, general market conditions, general economic and/or political conditions, and other factors.

**Exchange-Traded Funds ("ETFs").** ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The Funds may invest in ETFs as a principal investment strategy and the Funds may also purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in the market for shares of an ETF could result in it being more volatile. In addition, investments in ETFs involve the risk that the market prices of ETF shares will fluctuate, sometimes rapidly and materially, in response to changes in the ETF's net asset value (NAV), the value of ETF holdings and supply and demand for ETF shares. Although the creation/redemption feature of ETFs generally makes it more likely that ETF shares will trade close to NAV, market volatility, lack of an active trading market for ETF shares, disruptions at market participants (such as authorized participants or market makers) and any disruptions in the ordinary functioning of the creation/redemption process may result in ETF shares trading significantly above (at a "premium") or below (at a "discount") NAV. Additionally, to the extent an ETF holds securities traded in markets that close at a different time from the ETF's listing exchange, liquidity in such securities may be reduced after the applicable closing times. Furthermore, bid/ask spreads and the resulting premium or discount to NAV of the ETF's shares may widen during the time when the ETF's listing exchange is open but after the applicable market closing, fixing or settlement times. Significant losses may result when transacting in ETF shares in these and other circumstances. Neither LIAC nor the Trust can predict whether ETF shares will trade above, below or at NAV. An ETF's investment results are based on the ETF's daily NAV. Investors transacting in ETF shares in the secondary market, where market prices may differ from NAV, may experience investment results that differ from results based on the ETF's daily NAV.

**ETF Authorized Participant Concentration Risk.** For an underlying exchange-traded fund, only an "authorized participant" may engage in creation or redemption transactions directly with the ETF. The ETF may have a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that authorized participants exit the business or are unable to proceed with creation or redemption orders with respect to the ETF and no other authorized participant is able to step forward to create or redeem "creation units," the ETF's shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

**Rights and Warrants.** Each Fund may invest in rights and warrants which entitle the holder to buy equity securities at a specified price for a specific period of time. Rights and warrants do not entitle a holder to dividends or voting rights with respect to the securities which may be purchased, nor do they represent any rights to the assets of the issuing company. The value of a right or warrant may be more volatile than the value of the underlying securities. Also, their value does not necessarily change with the value of the underlying securities. Warrants can be a speculative instrument. The value of a warrant may decline because of a decrease in the value of the underlying stock, the passage of time or a change in perception as to the potential of the underlying stock or any other combination. If the market price of the underlying stock is below the exercise price set forth in the warrant on the expiration date, the warrant will expire worthless. Warrants generally are freely transferable and are traded on the major stock exchanges. Rights and warrants purchased by a Fund which expire without being exercised will result in a loss to the Fund.

**Fixed Income Investments** 

The following additional investment strategy and risk information relates to each Fund that may invest in fixed-income securities.

**Asset-Backed Securities.** Asset-backed securities represent interests in pools of mortgages, loans, receivables or other assets. Payment of interest and repayment of principal may be largely dependent upon the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds, or other credit enhancements. Asset-backed security values may also be affected by other factors, including changes in interest rates, the availability of information concerning the pool and its structure, the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the entities providing any credit enhancement. If the required payments of principal and interest are not made to the trust with respect to the underlying loans after the credit enhancement is exhausted, certificate holders may experience losses or delays in payment.

For many asset-backed securities, the cash flows from the pool are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the first loss from defaults from the bonds or loans in the pool and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected

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from defaults, a senior tranche from an asset-backed security typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, asset-backed security tranches can experience substantial losses.

In addition, these securities may be subject to prepayment risk. Prepayment, which occurs when unscheduled or early payments are made on the underlying obligations, may shorten the effective maturities of these securities and may lower their total returns. Additionally, asset-backed securities are also subject to maturity extension risk. This is the risk that in a period of rising interest rates, prepayments may occur at a slower than expected rate, which may cause these securities to fluctuate more widely in response to changes in interest rates.

A Fund may invest in each of collateralized debt obligations ("CDOs"), collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other special purpose entity (SPE) and is typically backed by a diversified pool of fixed-income securities (which may include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. Although certain CDOs may benefit from credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may use derivatives contracts to create synthetic exposure to assets rather than holding such assets directly, which entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and administrative expenses, which are in addition to those of a Fund.

Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be illiquid. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed securities, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by a Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) risk of forced fire sale liquidation due to technical defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly.

**Debt and Other Fixed-Income Securities.** Fixed-income securities include, but are not limited to, preferred stocks, warrants, stock rights, corporate bonds and debentures and longer-term government securities, Brady Bonds, zero coupon bonds and pay-in-kind bonds. Fixed-income securities also include mortgage-backed securities, which are debt obligations issued by government agencies and other non-government agency issuers. Mortgage-backed securities include obligations backed by a mortgage or pool of mortgages and direct interests in an underlying pool of mortgages. Mortgage-backed securities also include collateralized mortgage obligations (CMOs). The mortgages involved could be those on commercial or residential real estate properties. Fixed-income securities may be issued by U.S. companies, the U.S. Government and its agencies and instrumentalities, foreign companies, foreign governments and their agencies and instrumentalities, and supranational organizations such as (but not limited to) the European Economic Community and the World Bank, or other issuers. The rate of interest on a fixed-income security may be fixed, floating or variable. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as based on a change in the prime rate.

The income earned by a Fund on investments in floating and variable rate securities will generally increase or decrease along with movements in the relevant index, benchmark or base lending rate. Thus, a Fund's income on such investments will be more unpredictable than the income earned on such investments with a fixed rate of interest.

Brady Bonds are debt securities issued under the framework of the Brady Plan as a mechanism for debtor nations to restructure their outstanding external indebtedness (generally, commercial bank debt). Zero coupon bonds are debt obligations which do not entitle the holder to any periodic payments of interest prior to maturity or a specified date when the securities begin paying current interest, and therefore are issued and traded at a discount from their face amounts or par value. Pay-in-kind bonds pay interest through the issuance to holders of additional securities.

As a general matter, the value of debt securities will fluctuate with changes in interest rates, and these fluctuations can be greater for debt securities with longer maturities. The market value of debt securities typically varies inversely to changes in prevailing interest rates. In periods of declining interest rates, the values of debt securities typically increase. In periods of rising interest rates, the values of those securities typically decrease. These fluctuations in the value of debt securities may cause the value of a Fund's shares to fluctuate in value.

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A Fund's share price and yield also depend, in part, on the quality of its investments. U.S. Government securities generally are of high quality. Debt securities that are not backed by the full faith and credit of the United States (including those of foreign governments) may be affected by changes in the creditworthiness of the issuer of the security. The prices of investment grade bonds generally fluctuate less than the prices of bonds that are below investment grade. Investment grade bonds are those rated at the time of purchase in the top four credit rating categories of Moody's Investors Service (Moody's) or Standard & Poor's Financial Services LLC (S&P), or their equivalents from other nationally recognized rating agencies, or are unrated securities judged by the adviser to be of comparable value.

**Delayed Delivery and When-Issued Securities and Forward Commitments.** Some Funds may purchase securities on a delayed delivery or when-issued basis and may purchase or sell securities on a forward commitment basis. When such transactions are negotiated, the price is fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. The securities so purchased are subject to market fluctuation and no interest accrues to the purchaser during this period. The Fund may sell the securities before the settlement date, if it is deemed advisable. At the time a Fund makes the commitment to purchase securities on a when-issued or delayed delivery basis, the Fund will record the transaction and thereafter reflect the value, each day, of such security in determining the net asset value of the Fund. At the time of delivery of the securities, the value may be more or less than the purchase price. A Fund will also segregate cash or liquid assets equal in value to commitments for such when-issued or delayed delivery securities; subject to this requirement, a Fund may purchase securities on such basis without limit. An increase in the percentage of a Fund's assets committed to the purchase of securities on a when-issued or delayed delivery basis may increase the volatility of the Fund's net asset value.

**Exchange-Traded Notes ("ETNs").** A Fund may invest in ETNs. ETNs are typically notes representing senior, unsecured, unsubordinated debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate (reference instrument) to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected.

The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on the ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track. ETNs are also subject to tax risk. No assurance can be given that the Internal Revenue Service will accept, or a court will uphold, how a Fund characterizes and treat ETNs for tax purposes.

There may be restrictions on a Fund's right to redeem its investment in an ETN, which are generally meant to be held until maturity. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. An investor in an ETN could lose some or all of the amount invested.

**Floating Rate Debt Investments (LIBOR).** The London Interbank Offering Rate ("LIBOR") is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the UK Financial Conduct Authority ("FCA") publicly announced that all U.S. Dollar LIBOR settings will either cease to be provided by any administrator or will no longer be representative (i) immediately after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR settings and (ii) immediately after June 30, 2023 for the remaining U.S. Dollar LIBOR settings. As of January 1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the one-, three- and six- month Sterling and Japanese yen LIBOR settings will continue at least through calendar year 2023 on the basis of a changed methodology (known as "synthetic LIBOR"), these rates have been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (*e.g.*, the Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i) existing fallback or

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termination provisions in individual contracts and (ii) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of a Fund's investments may involve individual contracts that have no existing fallback provision or language that contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or reduced liquidity as a result of the transition process. In addition, interest rate provisions included in such contracts may need to be renegotiated in contemplation of the transition away from LIBOR. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on SOFR for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing regulations in respect of the law will follow. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund. Additionally, alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate ("IBOR") with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and non-debt contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

**High Yield Fixed-Income Securities ("Junk" Bonds).** Debt securities rated below investment grade by the primary rating agencies (bonds rated Ba or lower by Moody's or BB or lower by S&P, or their equivalents from other nationally recognized rating agencies) constitute lower-rated fixed-income securities (commonly referred to as high yield bonds or "junk" bonds). See Appendix A to the SAI for a description of these ratings. Unrated bonds or bonds with split ratings are included in this limit if the adviser determines that these securities have the same characteristics as non-investment-grade bonds.

High yield bonds involve a higher degree of credit risk, that is, the risk that the issuer will not make interest or principal payments when due. In the event of an unanticipated default, a Fund would experience a reduction in its income, and could expect a decline in the market value of the securities affected. More careful analysis of the financial condition of each issuer of high yield bonds is necessary. During an economic downturn or substantial period of rising interest rates, issuers of high yield bonds may experience financial stress which would adversely affect their ability to honor their principal and interest payment obligations, to meet projected business goals, and to obtain additional financing.

The market prices of high yield bonds are generally less sensitive to interest rate changes than higher-rated investments, but more sensitive to adverse economic or political changes, or in the case of corporate issuers, to individual corporate developments. Periods of economic or political uncertainty and change can be expected to result in volatility of prices of high yield bonds. High yield bonds also may have less liquid markets than higher-rated securities, and their liquidity as well as their value may be negatively affected by adverse economic conditions. Adverse publicity and investor perceptions as well as new or proposed laws also may have a negative impact on the market for high yield bonds.

The market for high yield bonds may be less active than that for higher-rated debt securities, which may make it difficult to value these securities. If market quotations are not available, high yield bonds will be "fair valued" in accordance with a Fund's procedures. Judgment plays a greater role in valuing high yield bonds than is the case for securities for which more external sources for quotations and last-sale information are available.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates (loans and loan participations), to suppliers of goods or services (trade claims or other receivables), or to other parties. Direct debt instruments involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to the purchaser in the event of fraud or misrepresentation.

Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the borrower for payment of interest and repayment of principal. If scheduled interest or principal payments are not made, the value of the instrument may be adversely affected. The rate of interest on a loan may be fixed, floating or variable. Loans that are fully secured provide more protections than an unsecured loan in the event of the borrower's failure to make scheduled interest or principal payments. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's obligation, or that the collateral could be liquidated. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Direct indebtedness of developing countries also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Investments in loans directly or through direct assignment of a financial institution's interests with respect to a loan may involve additional risks. For example, if a loan is foreclosed, the purchaser could become part owner of any collateral, and would bear the costs

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and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a purchaser could be held liable as a co-lender. Direct debt instruments may also involve a risk of insolvency of the lending bank or other intermediary.

A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Unless, under the terms of the loan or other indebtedness, the purchaser has direct recourse against the borrower, the purchaser may have to rely on the agent to apply appropriate credit remedies against a borrower. If assets held by the agent for the benefit of a purchaser were determined to be subject to the claims of the agent's general creditors, the purchaser might incur certain costs and delays in realizing payment on the loan or loan participation and could suffer a loss of principal or interest.

Direct indebtedness may include letters of credit, revolving credit facilities, or other standby financing commitments that obligate purchasers to make additional cash payments on demand. These commitments may have the effect of requiring the Fund to increase its investment in a borrower at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the amount will ever be repaid.

**Mortgage-Related Securities.** Mortgage-related securities are issued by government and non-government entities such as banks, mortgage lenders, or other institutions. A mortgage-related security is an obligation of the issuer backed by a mortgage or pool of mortgages or a direct interest in an underlying pool of mortgages. Some mortgage-related securities make payments of both principal and interest at a range of specified intervals; others make semiannual interest payments at a predetermined rate and repay principal at maturity (like a typical bond). Mortgage-related securities are based on different types of mortgages, including those on commercial real estate (CMBS) or residential properties (RMBS). Stripped mortgage-related securities are created when the interest and principal components of a mortgage-related security are separated and sold as individual securities. In the case of a stripped mortgage-related security, the holder of the "principal-only" security (PO) receives the principal payments made by the underlying mortgage, while the holder of the "interest-only" security (IO) receives interest payments from the same underlying mortgage.

Mortgage-related securities include collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits (REMICs). CMOs are mortgage-backed bonds whose underlying value is the mortgages that are collected into different pools according to their maturity. CMOs are issued by U.S. government agencies and private issuers. REMICs are privately issued mortgage-backed bonds whose underlying value is a fixed pool of mortgages secured by an interest in real property. Like CMOs, REMICs offer different pools according to the underlying mortgages' maturity. CMOs and REMICs issued by private entities — so-called "non-agency mortgage-backed securities"—are not collateralized by securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities.

As CMOs have evolved, some classes of CMO bonds have become more common. For example, the Funds may invest in parallel-pay and planned amortization class ("PAC") CMOs and multi- class pass through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or non-PAC bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. Consistent with a Fund's investment objectives and policies, a Fund may invest in various tranches of CMO bonds, including support bonds.

Fannie Maes and Freddie Macs are pass-through securities issued by the Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac"), respectively. Fannie Mae and Freddie Mac, which guarantee payment of interest and repayment of principal on Fannie Maes and Freddie Macs, respectively, are federally chartered corporations supervised by the U.S. Government that act as governmental instrumentalities under authority granted by Congress. Fannie Mae is authorized to borrow from the U.S. Treasury to meet its obligations. Fannie Maes and Freddie Macs are not backed by the full faith and credit of the U.S. Government. However, in 2008, due to concerns related to the mortgage crisis, the Federal Housing Finance Agency placed these agencies into conservatorship and the U.S. government provided them with financial support.

The Federal Housing Finance Agency and the White House have made public statements regarding plans to consider ending the conservatorship of Fannie Mae and Freddie Mac. In the event that Fannie Mae and Freddie Mac are taken out of conservatorship, it is unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed and what effects, if any, there may be on their creditworthiness and guarantees of certain mortgage-backed securities. Should Fannie Mae's and Freddie Mac's conservatorship end, there could be an adverse impact on the value of their securities, which could cause losses to a Fund. In addition, under the direction

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of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the "Single Security Initiative") that aligns the characteristics of Fannie Mae and Freddie Mac certificates. The Single Security Initiative was implemented in June 2019, and the effects it may have on the market for mortgage-backed securities are uncertain. There is no assurance that the U.S. government or its agencies will provide Freddie Mac or Fannie Mae with financial support in the future.

The value of mortgage-related securities may change due to shifts in the market's perception of issuers and changes in interest rates. In addition, regulatory or tax changes may adversely affect the mortgage-related securities market as a whole. Non-government mortgage-related securities may offer higher yields than those issued by government entities, but also may be subject to greater price changes than government issues. Mortgage-related securities are subject to prepayment risk, which is the risk that early principal payments made on the underlying mortgages, usually in response to a reduction in interest rates, will result in the return of principal to the investor, causing it to be invested subsequently at a lower current interest rate. Alternatively, in a rising interest rate environment, mortgage-related security values may be adversely affected when prepayments on underlying mortgages do not occur as anticipated, resulting in the extension of the security's effective maturity and the related increase in interest rate sensitivity of a longer-term instrument (extension risk). The prices of stripped mortgage-related securities tend to be more volatile in response to changes in interest rates than those of non-stripped mortgage-related securities.

**Municipal Bonds.** A Fund may invest in obligations issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for Federal income tax purposes (Municipal Bonds). A Fund may also invest in Municipal Bonds that pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/or allow the value of a Fund's shares to be exempt from state and local taxes of the designated state (State Municipal Bonds). A Fund may also invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the manager believes such securities to pay interest excludable from gross income for purposes of Federal income tax and state and local income taxes of the designated state and/or state and local personal property taxes of the designated state (Non-Municipal Tax-Exempt Securities). Non-Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable law. Other types of Municipal Bonds include, but are not limited to, moral obligation bonds, municipal notes, municipal lease obligations, tender option bonds, variable rate demand obligations, municipal interest rate swap transactions, insured municipal bonds and Build America bonds.

The issuer of Municipal Bonds pays a fixed, floating or variable rate of interest, and must repay the principal at maturity. The risks and special considerations involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non-Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain instruments in which a Fund may invest may be characterized as derivatives.

The value of the Municipal Bonds may be highly sensitive to events affecting the fiscal stability of the municipalities, agencies, authorities and other instrumentalities that issue securities. In particular, economic, legislative, regulatory or political developments affecting the ability of the issuers to pay interest or repay principal may significantly affect the value of a Fund's investments. These developments can include or arise from, for example, insolvency of an issuer, uncertainties related to the tax status of municipal securities, tax base erosion, state or federal constitutional limits on tax increases or other actions, budget deficits and other financial difficulties, or changes in the credit ratings assigned to municipal issuers. There will be a limited market for certain Municipal Bonds and a Fund could face illiquidity risks.

Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including certain facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is excluded from gross income for Federal income tax purposes and any applicable state and local taxes. Other types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current Federal tax laws place substantial limitations on the size of such issues. The two principal classifications of Municipal Bonds are general obligation and revenue or special obligation bonds, which latter category includes private activity bonds (or industrial development bonds under pre-1986 law).

**Real Estate Investment Trusts ("REITs").** Equity real estate investment trusts own real estate properties, while mortgage real estate investment trusts make construction, development, and long-term mortgage loans. Their value may be affected by changes in the value of the underlying property of the trusts, the creditworthiness of the issuer, property taxes, interest rates, and tax and regulatory requirements, such as those relating to the environment. Both types of trusts are dependent upon management skill, are not diversified, and are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and the possibility of failing to qualify for tax-free status of income under the Internal Revenue Code and failing to maintain an exemption from the 1940 Act. For taxable years beginning after December 31, 2017 and before January 1, 2026, qualified REIT dividends (i.e., REIT dividends other than capital gain

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dividends and portions of REIT dividends designated as qualified dividend income) are eligible for a 20% federal income tax deduction in the case of individuals, trusts and estates. A Fund that receives qualified REIT dividends may elect to pass the special character of this income through to its shareholders. To be eligible to treat distributions from a Fund as qualified REIT dividends, a shareholder must hold shares of the Fund for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex-dividend with respect to such dividend and the shareholder must not be under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. If a Fund does not elect to pass the special character of this income through to shareholders or if a shareholder does not satisfy the above holding period requirements, the shareholder will not be entitled to the 20% deduction for the shareholder's share of the Fund's qualified REIT dividend income while direct investors in REITS may be entitled to the deduction.

**Real Estate Securities.** A Fund investing significantly in the global real estate industry may carry a much greater risk of adverse developments in the real estate industry than a fund that invests less significantly in that industry. Real estate values rise and fall in response to a variety of factors, including: local, regional, and national and global economic conditions; interest rates; tax and insurance considerations; changes in zoning and other property-related laws; environmental regulations or hazards; overbuilding; increases in property taxes and operating expenses; or value decline in a neighborhood. When economic growth is slow, demand for property decreases and prices may decline.

**To Be Announced (TBA) Investments Risk.** TBA transactions include when-issued and delayed delivery securities and forward commitments. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place after a period longer than the customary settlement period for that type of security. TBA transactions involve the risks that the security the Fund buys will lose value prior to its delivery and that the counterparty will default. The Fund is subject to this risk whether or not the Fund takes delivery of the securities on the settlement date for a transaction. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price. TBAs may also have a leverage-like effect on the Fund and may cause the Fund to be more volatile. To the extent the Fund "rolls over" TBA agreements prior to the settlement date, the Fund may experience higher portfolio turnover and increased taxable gains.

**U.S. Government Securities.** A Fund may invest in securities issued or guaranteed by the U.S. Government. Securities guaranteed by the U.S. Government include: (1) direct obligations of the U.S. Treasury (such as Treasury bills, notes and bonds) and (2) federal agency obligations guaranteed as to principal and interest by the U.S. Treasury (such as Government National Mortgage Association (GNMA) certificates and Federal Housing Administration (FHA) debentures). These securities are of the highest possible credit quality, because the payment of principal and interest is unconditionally guaranteed by the U.S. Government. They are subject to variations in market value due to fluctuations in interest rates, but, if held to maturity are generally deemed to be free of credit risk for the life of the investment.

Securities issued by U.S. Government instrumentalities and certain federal agencies are neither direct obligations of, nor are they guaranteed by, the U.S. Treasury. However, they do generally involve federal sponsorship in one way or another. Some are backed by specific types of collateral. Some are supported by the issuer's right to borrow from the U.S. Treasury. Some are supported by the discretionary authority of the U.S. Treasury to purchase certain obligations of the issuer. Others are supported only by the credit of the issuing government agency or instrumentality. These agencies and instrumentalities include, but are not limited to, Federal Land Banks, Farmers Home Administration, Central Bank for Cooperatives, Federal Intermediate Credit Banks and Federal Home Loan Banks. There is no guarantee that the government will support these types of securities and, therefore, they may involve more risk than other government obligations.

U.S. Government securities may be acquired by a Fund in the form of separately-traded principal and interest segments of selected securities issued or guaranteed by the U.S. Treasury. These segments are traded independently under the Separate Trading of Registered Interest and Principal Securities (STRIPS) program. Under the STRIPS program, the principal and interest parts are individually numbered and separately issued by the U.S. Treasury at the request of depository financial institutions, which then trade the parts independently. Obligations of the Resolution Funding Corp. are similarly divided into principal and interest parts and maintained on the book entry records of the Federal Reserve Banks.

A Fund may also invest in custodial receipts that evidence ownership of future interest payments, principal payments, or both, on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. Such notes and bonds are held in custody by a bank on behalf of the owners of the receipts. These custodial receipts are known by various names, including Treasury Receipts (TRs), Treasury Interest Guarantee Receipts (TIGRs), and Certificates of Accrual on Treasury Securities (CATS) and may not be deemed U.S. Government securities.

A Fund may invest in collective investment vehicles, the assets of which consist principally of U.S. Government securities or other assets substantially collateralized or supported by such securities, such as government trust certificates.

In general, the U.S. Government securities in which a Fund invests do not have as high a yield as do more speculative securities not supported by the U.S. Government or its agencies or instrumentalities.

**Foreign Investments** 

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The following additional investment strategy and risk information relates to each Fund that may invest in foreign securities.

**Foreign Currency Transactions.** A Fund may hold foreign currency deposits from time to time and may convert dollars and foreign currencies in the foreign exchange markets. Although foreign exchange dealers generally do not charge a fee for such conversions, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency at one rate, while offering a lesser rate of exchange should the counterparty desire to resell that currency to the dealer. A Fund also may enter into forward foreign currency exchange contracts (forward contracts). Forward contracts are customized transactions that require a specific amount of a currency to be delivered at a specific exchange rate on a specific date or range of dates in the future. Forward contracts are generally traded in an interbank market directly between currency traders (usually large commercial banks) and their customers. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated currency exchange.

A Fund will exchange foreign currencies for U.S. dollars and for other foreign currencies in the normal course of business and may buy and sell currencies through forward contracts in order to fix a price for securities it has agreed to buy or sell (transaction hedge). A Fund also may hedge some or all of its investments denominated in or exposed to foreign currency against a decline in the value of that currency relative to the U.S. dollar by entering into forward contracts to sell an amount of that currency (or a proxy currency whose performance is expected to replicate the performance of that currency) approximating the value of some or all of its portfolio securities denominated in or exposed to that currency (position hedge) or by participating in options or futures contracts with respect to the currency. A Fund also may enter into a forward contract with respect to a currency where the Fund is considering the purchase of investments denominated in or exposed to that currency but has not yet done so (anticipatory hedge). Certain Funds may also invest in currency forwards to gain exposure to a particular currency or to enhance returns.

A Fund may enter into forward contracts to shift its investment exposure from one currency to another. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, similar to if a Fund had sold a security denominated in one currency and purchased an equivalent security denominated in another. Cross-hedges protect against losses resulting from a decline in the hedged currency, but will cause a Fund to assume the risk of fluctuations in the value of the currency it purchases.

The matching of the increase in value of a forward contract and the decline in the U.S. dollar equivalent value of the foreign currency denominated asset that is the subject of the hedge generally will not be precise. In addition, a Fund may not always be able to enter into forward contracts at attractive prices and may be limited in its ability to use these contracts to hedge Fund assets. Also, with regard to a Fund's use of cross-hedges, there can be no assurance that historical correlations between the movement of certain foreign currencies relative to the U.S. dollar will continue. Poor correlation may exist between movements in the exchange rates of the foreign currencies underlying a Fund's cross-hedges and the movements in the exchange rates of the foreign currencies in which its assets that are the subject of such cross-hedges are denominated.

Successful use of currency management strategies will depend on the adviser's skill in analyzing currency values. Currency management strategies may substantially change a Fund's investment exposure to changes in currency exchange rates and could result in losses to a Fund if currencies do not perform as the adviser anticipates. For example, if a currency's value rose at a time when the adviser had hedged a Fund by selling that currency in exchange for dollars, a Fund would not participate in the currency's appreciation. If the adviser hedges currency exposure through proxy hedges, a Fund could realize currency losses from both the hedge and the security position if the two currencies do not move in tandem. Similarly, if the adviser increases a Fund's exposure to a foreign currency and that currency's value declines, a Fund will realize a loss. There is no assurance that the adviser's use of currency management strategies will be advantageous to a Fund or that it will hedge at appropriate times.

**Foreign Investments.** Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. The value of securities denominated in or indexed to foreign currencies, and of dividends and interest from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices on some foreign markets can be highly volatile. Many foreign countries lack uniform accounting and disclosure standards comparable to those applicable to U.S. companies, and it may be more difficult to obtain reliable information regarding an issuer's financial condition and operations. In addition, the costs of foreign investing, including withholding taxes, brokerage commissions and custodial costs, are generally higher than for U.S. investments and therefore may reduce the value of foreign investments.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers, brokers, and securities markets may be subject to less government supervision. Foreign security trading practices, including those involving the release of assets in advance of payment, may involve increased risks in the event of a failed trade or the insolvency of a broker-dealer, and may involve substantial delays. It may be difficult to enforce legal rights in foreign countries.

Investing abroad involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, tariffs, trade embargoes or other government intervention. There may be a greater possibility of default by foreign governments or foreign

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government-sponsored enterprises. Investments in foreign countries also involve a risk of local political, economic or social instability or collapse, military action or unrest, terrorism, regional conflicts, war or adverse diplomatic developments, which could negatively impact investments in those countries. The foreign countries in which a Fund invests may become subject to economic and trade sanctions or embargoes imposed by the U.S. or foreign governments or the United Nations. Such sanctions or other actions could result in the devaluation of a country's currency or a decline in the value and liquidity of securities of issuers in that country. In addition, such sanctions could result in a freeze on an issuer's securities which would prevent a fund from selling securities it holds. The value of the securities issued by companies that operate in, or have dealings with these countries may be negatively impacted by any such sanction or embargo and may reduce a Fund's returns. The risks related to sanctions or embargoes are greater in emerging and frontier market countries. There is no assurance that the adviser will be able to anticipate these potential events or counter their effects.

Investing in emerging markets involves additional risks. An "emerging market company" generally is any company domiciled or doing a substantial portion of its business in countries represented in the MSCI Emerging Market Index at the time of purchase. The countries included in this definition will change over time. Foreign investment considerations generally are intensified for investments in emerging market countries. Emerging market countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. In many emerging markets, including China, there also is substantially greater risk that company disclosures will be incomplete or misleading and, in the event of investor harm, substantially less access to recourse, in comparison to U.S. domestic companies. Furthermore, with respect to business operations in China, there are significant risks due to the inability of the Public Company Accounting Board to access the audit work papers of Chinese audit firms. Securities of issuers located in China and other emerging market countries tend to have volatile prices and may offer significant potential for loss as well as gain. Securities of issuers located in China and other emerging market countries tend to have volatile prices and may offer significant potential for loss as well as gain.

In addition to investing directly in equity securities, the Funds may invest in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). Generally, ADRs in registered form are U.S. dollar-denominated securities designed for use in the U.S. securities markets, which represent and may be converted into the underlying foreign security. EDRs are typically issued in bearer form and are designed for use in the European securities markets. GDRs are designed for use in the global securities markets. Depositary receipts involve many of the same risks of investing directly in foreign securities, including currency risks and risks of foreign investing. Depositary receipts may be sponsored or unsponsored. Issuers of the stock of unsponsored ADRs, EDRs and GDRs are not obligated to disclose material information in the United States and, therefore, there may not be an accurate correlation between such information and the market value of such depositary receipts.

On January 31, 2020, the United Kingdom officially withdrew from the EU (commonly known as "Brexit"). Negotiators representing the United Kingdom and EU came to a preliminary trade agreement that took effect on January 1, 2021, but many aspects of the United Kingdom-EU trade relationship remain subject to further negotiation. Uncertainties remain relating to certain aspects of the United Kingdom's future economic, trading and legal relationships with the European Union and with other countries. Due to political uncertainty, it is not possible to anticipate the form or nature of the future trading relationship between the United Kingdom and the EU. The UK, EU and broader global economy may experience substantial volatility in foreign exchange markets and a sustained weakness in the British pound's exchange rate against the United States dollar, the euro and other currencies, which may impact Fund returns. Brexit may also destabilize some or all of the other EU member countries and/or the Eurozone. These developments could result in losses to the Funds, as there may be negative effects on the value of a Funds' investments and/or on a Funds' ability to enter into certain transactions or value certain investments. These developments also may make it more difficult for a Fund to exit certain investments at an advantageous time or price. Such events could result from, among other things, increased uncertainty and volatility in the United Kingdom, the EU and other financial markets; fluctuations in asset values; fluctuations in exchange rates; decreased liquidity of investments located, traded or listed within the United Kingdom, the EU or elsewhere; changes in the willingness or ability of financial and other counterparties to enter into transactions or the price and terms on which other counterparties are willing to transact; and/or changes in legal and regulatory regimes to which Fund investments are or become subject. Any of these events, as well as an exit or expulsion of an EU member state other than the United Kingdom from the EU, could negatively impact Fund returns.

**Investments in Russia.** Investments in Russia are subject to the risk that the United States and/or other countries may impose economic sanctions or other similar measures. Other similar measures may include, but are not limited to, banning Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia. Such sanctions or other similar measures – which may impact companies in many sectors, including energy, financial services and defense, among others – may negatively impact a Fund's performance and/or ability to achieve its investment objective. It is also possible that such sanctions or similar measures may prevent U.S.-based entities that provide services to a Fund from transacting with Russian entities. Under such circumstances, a Fund may not receive payments due with respect to certain investments, such as the payments due in connection with the Fund's holding of a fixed income security. In addition, such sanctions and other similar measures, and the Russian government's response, could result in a downgrade of Russia's credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia's currency and/or increased volatility with respect to

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Russian securities and the ruble. More generally, investing in Russian securities is highly speculative and involves significant risks and special considerations not typically associated with investing in the securities markets of the U.S. and most other developed countries.

Russia has attempted, and may attempt in the future, to assert its influence in the region surrounding it through economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact a Fund. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia's economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing, selling and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. Default by the Russian Federation on its sovereign debt will have implications to credit default swaps in relation to the Russian Federation. A Fund's ability to participate in any resulting credit default swap auction or physical settlement process may be limited by, among other things, sanctions or other similar measures.

Poor accounting standards, inept management, pervasive corruption, insider trading and crime, and inadequate regulatory protection for the rights of investors all pose a significant risk, particularly to foreign investors. In addition, there is the risk that the Russian tax system will not be reformed to prevent inconsistent, retroactive, and/or exorbitant taxation, or, in the alternative, the risk that a reformed tax system may result in the inconsistent and unpredictable enforcement of the new tax laws. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Regional armed conflict and its collateral economic and market effects may also pose risks for investments in Russia.

Compared to most national securities markets, the Russian securities market suffers from a variety of problems not encountered in more developed markets. There is little long-term historical data on the Russian securities market because it is relatively new and a substantial proportion of securities transactions in Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities market and the limited volume of trading in securities in the market may make obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed markets. Additionally, because of less stringent auditing and financial reporting standards than apply to U.S. companies, there may be little reliable corporate information available to investors. As a result, it may be difficult to assess the value or prospects of an investment in Russian companies. Securities of Russian companies also may experience greater price volatility than securities of U.S. companies. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government's response.

Because of the recent formation of the Russian securities market as well as the underdeveloped state of the banking and telecommunications systems, settlement, clearing and registration of securities transactions are subject to significant risks. Prior to the implementation of the National Settlement Depository ("NSD"), a recognized central securities depository, there was no central registration system for equity share registration in Russia and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss still can occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be defined according to entries in the company's share register and normally evidenced by extracts from the register or by formal share certificates. These services may be carried out by the companies themselves or by registrars located throughout Russia. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence, or even mere oversight. While a Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent by inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interests. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. Furthermore, significant delays or problems may occur in registering the transfer of securities, which could cause a Fund to incur losses due to a counterparty's failure to pay for securities the Fund has delivered or the Fund's inability to complete its contractual obligations because of theft or other reasons.

In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections.

To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. A Fund may also experience difficulty in obtaining and/or enforcing judgments in Russia.

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The Russian economy is heavily dependent upon the export of a range of commodities including most industrial metals, forestry products, oil, and gas. Accordingly, it is strongly affected by international commodity prices and is particularly vulnerable to any weakening in global demand for these products, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

**Investing through Stock Connect (China and Hong Kong).** Certain Funds may invest in eligible securities ("Stock Connect Securities") listed and traded on the Shanghai Stock Exchange ("SSE") or the Shenzhen Stock Exchange ("SZSE") through the Shanghai – Hong Kong Stock Connect program and the Shenzhen - Hong Kong Stock Connect program (collectively, "Stock Connect"). Stock Connect allows non-Chinese investors (such as the Funds) to purchase certain equities via brokers in Hong Kong. Although Stock Connect is the first program allowing non-Chinese investors to trade Chinese equities without a license, purchases of securities through Stock Connect are subject to market-wide daily quota limitations, which may prevent a Fund from purchasing Stock Connect securities when it is otherwise advantageous to do so. Once such daily quota on SSE or SZSE is used up, acceptance of the corresponding buy orders on SSE or SZSE (as applicable) will be immediately suspended and no further buy orders will be accepted for the remainder of the trading day. Buy orders which have been accepted will not be affected by the using up of the daily quota, while sell orders will continue to be accepted. An investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund's ability to invest in China A-shares through Stock Connect and to enter into or exit trades where it is advantageous to do so on the same trading day. Because Stock Connect trades are routed through Hong Kong brokers and the Hong Kong Stock Exchange, Stock Connect is affected by trading holidays in either the People's Republic of China ("PRC") or Hong Kong, and there are trading days in the PRC when Stock Connect investors will not be able to trade. As a result, prices of Stock Connect may fluctuate at times when the Fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through Stock Connect. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through Stock Connect. The applicable rules as well as trading, settlement and information technology ("IT") systems required to operate Stock Connect are continuing to evolve. In the event that the relevant systems do not function properly, trading through Stock Connect could be disrupted.

Stock Connect is subject to regulations by both Hong Kong and the PRC. Regulators in both jurisdictions are allowed to suspend Stock Connect trading; Chinese regulators may also suspend trading in Chinese issuers (or permit such issuers to suspend trading) during market disruptions, and such suspensions may be widespread. There can be no assurance that further regulations will not affect the availability of securities under Stock Connect, operational arrangements or other limitations. Stock Connect transactions are not covered by investor protection programs of either the Hong Kong, Shanghai or Shenzhen Stock Exchanges, although for defaults by Hong Kong brokers occurring on or after January 1, 2020, the Hong Kong Investor Compensation Fund will cover losses incurred by investors with a cap at HK $500,000 per investor with respect to securities traded on a stock market operated by the SSE and/or SZSE and in respect of which an order for sale or purchase is permitted to be routed through the northbound link of the Stock Connect. In the PRC, Stock Connect securities are held on behalf of ultimate investors (such as the Fund) by the Hong Kong Securities Clearing Company Limited ("HKSCC") as nominee. While Chinese regulators have affirmed that the ultimate investors hold a beneficial interest in Stock Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership and the law surrounding beneficial ownership will continue to evolve. To the extent HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, a Fund has no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In this event, a Fund may not fully recover its losses and the process could be delayed. A Fund may not be able to participate in corporate actions affecting Stock Connect securities due to time constraints or for other operational reasons. Similarly, a Fund will not be able to vote in shareholders' meetings except through HKSCC and will not be able to attend shareholders' meetings. HKSCC as nominee holder shall have no obligation to take any legal action or court proceeding to enforce any rights on behalf of the investors in respect of the Stock Connect securities in the PRC or elsewhere. Therefore, even though a Fund's ownership may be ultimately recognized, the Fund may suffer difficulties or delays in enforcing their rights in A-shares. Stock Connect trades are settled in Renminbi (RMB), the Chinese currency, and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.

Stock Connect trades are either subject to certain pre-trade requirements or must be placed in special segregated accounts that allow brokers to comply with these pre-trade requirements by confirming that the selling shareholder has sufficient Stock Connect securities to complete the sale. If a Fund does not utilize a special segregated account, a Fund will not be able to sell the shares on any trading day where it fails to comply with the pre-trade checks. In addition, these pre-trade requirements may, as a practical matter, limit the number of brokers that a Fund may use to execute trades. While the Fund may use special segregated accounts in lieu of the pre-trade check, relevant market practice with respect to special segregated accounts is continuing to evolve.

**Investing through Bond Connect (China and Hong Kong).** Certain Funds may invest in the China Interbank Bond Market (the "CIBM") through China's Bond Connect Program ("Bond Connect") subject to any applicable regulatory limits. Bond Connect is a bond trading

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and settlement linked program developed by the People's Bank of China ("PBOC"), Hong Kong Monetary Authority ("HKMA"), China Foreign Exchange Trade System and National Interbank Funding Centre ("CFETS"), China Central Depository and Clearing Co., Ltd. ("CCDC"), Shanghai Clearing House ("SCH"), Hong Kong Exchanges and Clearing Limited and Central Moneymarkets Unit ("CMU"), with the aim of achieving mutual bond market access between China and Hong Kong. For the time being, this program allows eligible Hong Kong and overseas investors to invest in the bonds traded in the CIBM through the northbound trading of Bond Connect (the "Northbound Trade Link") only.

Eligible Hong Kong and overseas investors may use their own sources of Renminbi in the Chinese offshore market ("CNH") or convert foreign currencies into the Renminbi to invest in CIBM bonds under Bond Connect. A Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and Renminbi in respect of such investments. Currently, there is no investment quota for the Northbound Trade Link.

By seeking to invest in the CIBM via Bond Connect, a Fund is subject to the following additional risks:

*General Risk.* The relevant regulations are relatively untested and subject to change. There is no certainty as to how they will be applied, which could adversely affect a Fund. Bond Connect requires use of new information technology systems which may be subject to operational risk due to Bond Connect's cross-border nature. If the relevant systems fail to function properly, trading in the CIBM through Bond Connect could be disrupted.

*Market Risk.* A Fund investing in the CIBM is subject to liquidity, valuation and volatility risks. Market volatility and potential lack of liquidity due to possible low trading volume of certain bonds in the CIBM may result in prices of certain bonds traded in the CIBM fluctuating significantly. The bid and offer spreads of the prices of such bonds may be large, and the Fund may therefore incur significant trading and realization costs and may even suffer losses when selling such investments. In addition, Bond Connect is only available on days when markets in both the PRC and Hong Kong are open. As a result, prices of securities purchased through Bond Connect may fluctuate at times when a Fund is unable to add to or exit its position and, therefore, may limit the Fund's ability to trade when it would be otherwise attractive to do so.

To the extent that a Fund transacts in the CIBM, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by failure to deliver relevant securities or to make payment.

*Third Party Agent Risk.* Under the Northbound Trading Link, CFETS or other institutions recognized by PBOC (as the registration agents) shall apply for registration with PBOC for the eligible Hong Kong and overseas investors. In addition, CMU (as the offshore custody agent recognized by the HKMA) shall open a nominee account with CCDC/SCH (as the onshore custody agent) as nominee holder of the CIBM bonds purchased by Hong Kong and overseas investors through Bond Connect.

As the relevant filings, registration with PBOC, and account opening have to be carried out by an onshore settlement agent, offshore custody agent, registration agent or other third parties (as the case may be), a Fund is subject to the risks of default or errors on the part of such third parties.

*Operational Risk*. Bond Connect provides a new channel for investors from Hong Kong and overseas to access the CIBM directly. It is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this program subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant authorities.

The "connectivity" in Bond Connect requires routing of orders across the border. This requires the development of new information technology systems. There is no assurance that the systems of market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in the CIBM through Bond Connect could be disrupted. A Fund's ability to access the CIBM (and hence to pursue its investment strategy) may be adversely affected.

*Regulatory Risk.* The PBOC Bond Connect rules are departmental regulations having legal effect in China. However, the application of such rules is untested, and there is no assurance that Chinese courts will recognize such rules.

Bond Connect is novel in nature and is subject to regulations promulgated by regulatory authorities and implementation rules made by the relevant authorities in China and Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under Bond Connect.

The regulations are currently untested and there is no certainty as to how they will be applied. Moreover, the current regulations are subject to change. There can be no assurance that Bond Connect will not be abolished. A Fund which may invest in the CIBM through Bond Connect may be adversely affected as a result of such changes.

*Legal/Beneficial Ownership Risk.* Where CIBM bonds are held in custody on a cross-border basis there are specific legal and beneficial ownership risks linked to the compulsory requirements of CMU and CCDC/SCH. CIBM bonds will be held by CMU as a nominee holder of the bonds purchased by foreign investors through Bond Connect. The PBOC has made it clear that the ultimate investors are the beneficial owners of the relevant bonds and shall exercise their rights against the bond issuer through CMU as the nominee

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holder. While the distinct concepts of nominee holder and beneficial owner are referred to under PBOC rules or regulations, as well as other laws and regulations in China, the application of such rules is untested, and there is no assurance that Chinese courts will recognize such concepts. Therefore, although a Fund's ownership may be ultimately recognized, it may suffer difficulties or delays in enforcing its rights over CIMB bonds.

*Tax within China.* Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in CIBM bonds through Bond Connect could result in unexpected tax liabilities for a Fund. A Fund's investments in CIBM bonds may cause the Fund to become subject to withholding and other taxes imposed by China.

If a Fund were considered to be a tax resident enterprise of China, it would be subject to Chinese corporate income tax at the rate of 25% on its worldwide taxable income. If a Fund were considered to be a non-tax resident enterprise with a "permanent establishment" in China, it would be subject to Chinese corporate income tax on the profits attributable to the permanent establishment. The Adviser intends to operate the Funds in a manner that will prevent them from being treated as tax resident enterprises of China and from having a permanent establishment in China. It is possible, however, that China could disagree with that conclusion, or that changes in Chinese tax law could affect the Chinese corporate income tax status of a Fund.

Unless reduced or exempted by the applicable tax treaties, China generally imposes withholding income tax at the rate of 10% on dividends, premiums, interest and capital gains originating in China and paid to a company that is not a resident of China for tax purposes and that has no permanent establishment in China.

The Ministry of Finance of China and the State Administration of Taxation of China issued Caishui No. 108 on November 7, 2018 ("Notice 108"), which states that foreign investors will be temporarily exempt from the withholding income tax on their gains derived from CIBM bond interest.

The Adviser or a Fund may also potentially be subject to Chinese value added tax at the rate of 6% on capital gains derived from trading of CIBM bonds and coupon interest income (if any). Notice 108 specifies that foreign investors will also be temporarily exempt from the value added tax exemption on their gains derived from CIBM bond interest. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed based on value added tax liabilities, so if the Adviser or a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

The temporary exemption of withholding tax and value added tax will continue during the period from November 7, 2021 through December 31, 2025. If, in the future, China begins to apply tax rules regarding the taxation of bond interest income derived by foreign investment in CIBM, and/or begins to collect withholding tax and other taxes on such investment, the Adviser or a Fund could be subject to such withholding tax and value added tax

**Derivatives Investments** 

The following additional investment strategy and risk information relates to each Fund that may invest in derivatives.

**Derivatives.** SEC Rule 18f-4 regulates the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies. A Fund's trading of derivatives and other transactions that create future payment or delivery obligations is subject to a value-at-risk ("VaR") leverage limit, certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless a Fund qualifies as a "limited derivatives user," as defined in the final rule. Under the rule, when a Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. The SEC also provided guidance in connection with the rule regarding use of securities lending collateral that may limit the Funds' securities lending activities. In addition, under the rule, a Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under Section 18(g) of the 1940 Act), provided that, (i) the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A Fund may otherwise engage in when-issued, forward-settling and non-standard settlement cycle securities transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, under the rule, the Fund is permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may limit the ability of a Fund to use derivatives and the other relevant transactions as part of its investment strategies. These requirements may increase the cost of a Fund's investments and cost of doing business, which could adversely affect investors. The Investment Adviser cannot predict the effects of these requirements on the Funds. The Investment Adviser intends to monitor developments and seek to manage the Funds in a manner consistent with achieving each Fund's investment objective, but there can be no assurance that it will be successful in doing so.

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**Equity Linked Securities.** Equity linked securities are privately issued derivative securities which have a return component based on the performance of a single security, a basket of securities, or an index. A Fund may invest up to 10% of its net assets in equity linked securities. Equity linked securities may be considered illiquid. In some instances, investments in equity linked securities may be subject to the Fund's limitation on investments in investment companies.

**Foreign Options and Futures Markets.** Options on U.S. Government securities, futures contracts, options on futures contracts, forward contracts and options on foreign currencies may be traded on foreign exchanges and over-the-counter in foreign countries. Such transactions are subject to the risk of governmental actions affecting trading in or the prices of foreign currencies or securities. The value of such positions also could be adversely affected by (1) other complex foreign political and economic factors, (2) lesser availability than in the United States of data on which to make trading decisions, (3) delays in a Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States, (4) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States, and (5) low trading volume.

Special risks are presented by internationally-traded options. Because of time differences between the United States and the various foreign countries, and because different holidays are observed in different countries, foreign options markets may be open for trading during hours or on days when U.S. markets are closed and vice versa. As a result, option premiums may not reflect the current prices of the underlying interest in the United States.

**Futures Contracts.** The Funds may enter into contracts for the purchase or sale for future delivery of fixed-income securities, foreign currencies or contracts based on financial indices, including interest rates or an index of U.S. Government securities, foreign government securities, equity securities, fixed-income securities or commodities. The buyer or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the buyer and seller are required to deposit initial margin for the benefit of a Futures Commission Merchant (FCM) when the contract is entered into and to maintain the required variation margin. In the event of the bankruptcy of an FCM that holds margin on behalf of the Fund, the Fund may be entitled to return of margin owed to it only in proportion to the amount received by FCM's other customers. The adviser will attempt to minimize this risk by careful monitoring of the creditworthiness of the FCMs with which the Fund does business.

The ordinary spreads between prices in the cash and futures markets are subject to distortions due to differences in the nature of those markets. First, all participants in the futures market are subject to initial margin and variation margin requirements. Rather than meeting additional variation margin requirements, investors may close out futures contracts through offsetting transactions, which can distort the normal price relationship between the cash and futures markets. Second, the liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced and prices in the futures market distorted. Third, from the point of view of speculators, the margin deposit requirements in the futures market are less onerous than margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions. Due to the possibility of the foregoing distortions, a correct forecast of cash price trends by the adviser still may not result in a successful use of futures.

Because futures contracts are generally settled within a day from the date they are closed out, compared with a settlement period of three days for some types of securities, the futures markets may provide superior liquidity compared to the securities markets. Nevertheless, there is no assurance that a liquid secondary market will exist for any particular futures contract at any particular time. In addition, futures exchanges may establish daily price fluctuation limits for futures contracts and may halt trading if a contract's price fluctuates by more than the limit on a given day. On volatile trading days when the price fluctuation limit is reached, it may be impossible for a Fund to enter into new positions or close out existing positions. If the secondary market for a futures contract is not liquid because of price fluctuation limits or otherwise, the Fund may not be able to promptly liquidate unfavorable futures positions and potentially could be required to continue to hold a futures position until the delivery date, regardless of changes in its value. As a result, a Fund's access to other assets held to cover its futures positions also could be impaired.

Although a Fund would deposit with the FCM margin consisting of cash and liquid assets, these assets would be available to a Fund immediately upon closing out the futures position, while settlement of securities transactions could take several days. However, because a Fund is required to post cash or other assets as margin that may otherwise be invested would be held uninvested or invested in liquid assets so long as the futures position remains open, a Fund's return could be diminished due to the opportunity losses of foregoing other potential investments.

Successful use of futures contracts as a hedge is subject to the ability of the adviser to correctly predict movements in the direction of interest rates or changes in market conditions. These predictions involve skills and techniques that may be different from those involved in the management of the portfolio being hedged. In addition, there can be no assurance that there will be a correlation between movements in the price of the underlying index or securities and movements in the price of the securities which are the subject of the hedge. A decision of whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected trends in interest rates or markets.

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Pursuant to rules adopted by the Commodity Futures Trading Commission (CFTC), each Fund has filed a notice claiming an exclusion from the definition of the term "commodity pool operator" (CPO) and, therefore, is not subject to registration or regulation as a commodity pool under the Commodity Exchange Act (CEA). Funds operating as "funds of funds" have also claimed a temporary exemption from the definition of CPO under the CEA and, therefore, are not currently subject to registration or regulation as commodity pools under the CEA. These exemptions impose limitations on the amount of commodity interests that may be held directly or indirectly by a Fund.To the extent any Funds are, or become, no longer eligible to claim an exclusion from CFTC regulation, these Funds may consider steps, such as substantial investment strategy changes, in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to CFTC regulation. With respect to Funds operating as "funds of funds," when the temporary exemption expires (which will occur when specific regulatory guidance is issued by the CFTC), each Fund will evaluate whether it continues to be eligible to claim an exclusion from CFTC regulation or if, considering any factors relevant based on the nature of the regulatory guidance when it is issued, it should register and operate under CFTC regulation. Consequently, these Funds may incur additional expenses relating to CFTC compliance.

**Indexed Securities.** Indexed securities are instruments whose prices are indexed to the prices of other securities, securities indices, currencies, or other financial indicators. Indexed securities typically, but not always, are debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic.

Inflation-indexed bonds are fixed-income securities or other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index (CPI) accruals as part of a semi-annual coupon.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. A Fund may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if a Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates. While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

Mortgage-indexed securities, for example, could be structured to replicate the performance of mortgage securities and the characteristics of direct ownership.

Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies and may offer higher yields than U.S. dollar-denominated securities. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign-denominated instrument, or their maturity value may decline when foreign currency values increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities may also have prices that depend on the value of a number of different foreign currencies relative to each other.

The performance of indexed securities depends to a great extent on the performance of the security, currency, or other instrument to which they are indexed, and may also be influenced by interest rate changes in the United States and abroad. Indexed securities may be more volatile than the underlying investments. Indexed securities are also subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Common issuers of indexed securities have included banks, corporations, and certain U.S. Government agencies.

**Options and Futures Relating to Foreign Currencies.** Currency futures contracts are similar to forward contracts, except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency

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futures contracts call for payment or delivery in U.S. dollars. The underlying instrument of a currency option may be a foreign currency, which generally is purchased or delivered in exchange for U.S. dollars, or may be a futures contract. The purchaser of a currency call obtains the right to purchase the underlying currency, and the purchaser of a currency put obtains the right to sell the underlying currency.

The uses and risks of currency options and futures are similar to those of options and futures relating to securities or indices, as discussed below. A Fund may purchase and sell currency futures and may purchase and write currency options to increase or decrease its exposure to different foreign currencies. Currency options may also be purchased or written in conjunction with each other or with currency futures or forward contracts. Currency futures and options values can be expected to correlate with exchange rates, but may not reflect other factors that affect the value of a Fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in the Yen, but will not protect a Fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of a Fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of the Fund's investments exactly over time.

Unlike transactions entered into by a Fund in futures contracts and options on futures contracts, certain options on foreign currencies and forward contracts are not traded on contract markets regulated by the CFTC or (with the exception of certain foreign currency options) by the SEC. Such instruments are traded through financial institutions acting as market-makers, although foreign currency options are also traded on certain national securities exchanges, such as the CBOE Options Exchanges, subject to SEC regulation. Similarly, options on currencies may be traded over-the-counter. In an over-the-counter trading environment, many of the protections afforded to exchange participants will not be available. For example, there are no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over a period of time. Although the buyer of an option cannot lose more than the amount of the premium plus related transaction costs, this entire amount could be lost. Moreover, an option writer and a buyer or seller of futures or forward contracts could lose amounts substantially in excess of any premium received or initial margin or collateral posted due to the potential additional margin and collateral requirements associated with such positions.

Options on foreign currencies traded on national securities exchanges are within the jurisdiction of the SEC, as are other securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all foreign currency option positions entered into on a national securities exchange are cleared and guaranteed by the Options Clearing Corp. (OCC), thereby reducing the risk of counterparty default. Further, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the over-the-counter market, potentially permitting a Fund to liquidate open positions at a profit before exercise or expiration, or to limit losses in the event of adverse market movements.

**Options on Futures Contracts.** A Fund may purchase and sell (write) call and put options on futures contracts and enter into closing transactions with respect to such options to terminate existing positions. A Fund may use options on futures contracts in lieu of writing or buying options directly on the underlying securities or purchasing and selling the underlying futures contracts. For example, to hedge against a possible decrease in the value of its portfolio securities, a Fund may purchase put options or write call options on futures contracts rather than selling futures contracts. Similarly, a Fund may purchase call options or write put options on futures contracts as a substitute for the purchase of futures contracts to hedge against a possible increase in the price of securities which the Fund expects to purchase. Such options generally operate in the same manner as options purchased or written directly on the underlying investments.

As with options on securities, the holder or writer of an option may terminate the position by selling or purchasing an offsetting option. There is no guarantee that such closing transactions can be effected.

A Fund will be required to deposit initial margin and maintenance margin with respect to put and call options on futures contracts written by it pursuant to brokers' requirements similar to those described above.

**Options on Securities.** The Funds may purchase and sell (write) put and call options on securities that are traded on United States and foreign securities exchanges and over-the-counter and on indices of securities. By purchasing a put option, the purchaser obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the purchaser pays the current market price for the option (known as the option premium). Options have various types of underlying instruments, including specific securities, indices of securities prices, and futures contracts. The purchaser may terminate its position in a put option by allowing it to expire or by exercising the option. If the option is allowed to expire, the purchaser will lose the entire premium. If the option is exercised, the purchaser completes the sale of the underlying instrument at the strike price. A purchaser may also terminate a put option position by closing it out in the secondary market at its current price, if a liquid secondary market exists.

The buyer of a typical put option can expect to realize a gain if security prices fall substantially. However, if the underlying instrument's price does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss (limited to the amount of the premium, plus related transaction costs).

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A call buyer typically attempts to participate in

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potential price increases of the underlying instrument with risk limited to the cost of the option if security prices fall. At the same time, the buyer can expect to suffer a loss if security prices do not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, the writer of a put option assumes the obligation to pay the strike price for the option's underlying instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by closing out the option in the secondary market at its current price. If the secondary market is not liquid for a put option, however, the writer must continue to be prepared to pay the strike price while the option is outstanding, regardless of price changes. When writing an option on a futures contract, a Fund will be required to make margin payments to a futures commission merchant (FCM) as described below for futures contracts.

If security prices rise, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received. If security prices remain the same over time, it is likely that the writer will also profit, because it should be able to close out the option at a lower price. If security prices fall, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing the underlying instrument directly, however, because the premium received for writing the option should mitigate the effects of the decline.

Writing a call option obligates the writer to sell or deliver the option's underlying instrument, in return for the strike price, upon exercise of the option. The characteristics of writing call options are similar to those of writing put options, except that writing calls generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer mitigates the effects of a price decline. At the same time, because a call writer must be prepared to deliver the underlying instrument in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in security price increases.

The successful use of a Fund's options strategies depends on the ability of the adviser to forecast correctly market movements. For example, if the Fund were to write a call option based on the adviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if the Fund were to write a put option based on the adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

When the Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by the Fund in the underlying security, since the Fund will not lose any of its investment in such security if the price does not change.

The effective use of options also depends on a Fund's ability to terminate option positions at times when the adviser deems it desirable to do so. Although a Fund will take an option position only if the adviser believes there is a liquid secondary market for the option, there is no assurance that a Fund will be able to effect closing transactions at any particular time or at an acceptable price.

If a secondary market in options were to become unavailable, a Fund could no longer engage in closing transactions. Lack of investor interest might adversely affect the liquidity of the market for particular options or series of options. A market may discontinue trading of a particular option or options generally. In addition, a market could become temporarily unavailable if unusual events, such as volume in excess of trading or clearing capability, were to interrupt its normal operations.

A market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. For example, if an underlying security ceases to meet qualifications imposed by the market or the OCC, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. If an options market were to become unavailable, the Fund as a holder of an option would be able to realize profits or limit losses only by exercising the option, and the Fund, as option writer, would remain obligated under the option until expiration or exercise.

Disruption in the markets for the securities underlying options purchased or sold by the Fund could result in losses on the option. If trading is interrupted in an underlying security, the trading of options on that security is normally halted as well. As a result, the Fund as purchaser or writer of an option will be unable to close out its positions until options trading resumes, and it may be faced with considerable losses if trading in the security reopens at a substantially different price. In addition, the OCC or other options markets may impose exercise restrictions. If a prohibition on exercise is imposed at the time when trading in the option has also been halted, the Fund as purchaser or writer of an option will be locked into its position until one of the two restrictions has been lifted. If the OCC were to determine that the available supply of an underlying security appears insufficient to permit delivery by the writers of all outstanding calls in the event of exercise, it may prohibit indefinitely the exercise of put options. The Fund, as holder of such a put option could lose its entire investment if the prohibition remained in effect until the put option's expiration and the Fund was unable either to acquire the underlying security or to sell the put option in the market.

**OTC Options.** Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of over-the-counter (OTC) options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the purchaser or writer greater

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flexibility to tailor an option to its needs, OTC options generally involve greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded.

**Spreads and Straddles.** In addition to the options strategies described previously, a Fund may engage in spread transactions in which it purchases and writes a put or call option on the same underlying instrument, with the options having different exercise prices and/or expiration dates. A Fund may also engage in so-called straddles, in which it purchases or sells combinations of put and call options on the same instrument. Spread and straddle transactions require the Fund to purchase and/or write more than one option simultaneously. Accordingly, a Fund's ability to enter into such transactions and to liquidate its positions when necessary or deemed advisable may be more limited than if a Fund were to purchase or sell a single option. Similarly, costs incurred by a Fund in connection with these transactions will in many cases be greater than if a Fund were to purchase or sell a single option.

**Stock Index Futures.** A stock index futures contract does not require the physical delivery of securities, but merely provides for profits and losses resulting from changes in the market value of the contract to be credited or debited at the close of each trading day to the respective accounts of the parties to the contract. On the contract's expiration date, a final cash settlement occurs and the futures positions are simply closed out. Changes in the market value of a particular stock index futures contract reflect changes in the specified index of equity securities on which the future is based. Stock index futures may be used to hedge the equity portion of a Fund's securities portfolio with regard to market risk (involving the market's assessment of over-all economic prospects), as distinguished from stock-specific risk (involving the market's evaluation of the merits of the issuer of a particular security). By establishing an appropriate "short" position in stock index futures, a Fund may seek to protect the value of its portfolio against an overall decline in the market for equity securities. Alternatively, in anticipation of a generally rising market, a Fund can seek to avoid losing the benefit of apparently low current prices by establishing a "long" position in stock index futures and later liquidating that position as particular equity securities are in fact acquired. To the extent that these hedging strategies are successful, a Fund will be affected to a lesser degree by adverse overall market price movements, unrelated to the merits of specific portfolio equity securities, than would otherwise be the case.

**Structured Products.** A Fund may invest in structured products, including instruments such as credit-linked securities, commodity-linked notes and structured notes, which are potentially high-risk derivatives. For example, a structured product may combine a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a structured product is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a benchmark). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a structured product may be increased or decreased, depending on changes in the value of the benchmark. An example of a structured product could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a structured product would be a combination of a bond and a call option on oil.

Structured products can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management, and increased total return. Structured products may not bear interest or pay dividends. The value of a structured product or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a structured product. Under certain conditions, the redemption value of a structured product could be zero. Thus, an investment in a structured product may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of structured products also exposes a Fund to the credit risk of the issuer of the structured product. These risks may cause significant fluctuations in the net asset value of a Fund.

Certain structured products may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments (commodity-linked notes). Commodity-linked notes may be either equity or debt securities, leveraged or unleveraged, and have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. The purchase of commodity-linked notes will expose a Fund to the credit risk of the issuer of the commodity-linked product. Commodity-linked notes may also be more volatile, relatively less liquid, and more difficult to price accurately than less complex securities and instruments or more traditional debt securities.

Structured notes are derivative debt instruments, the interest rate or principal of which is determined by an unrelated indicator (for example, a currency, security, commodity or index thereof). The terms of the instrument may be structured by the purchaser and the borrower issuing the note. The terms of structured notes may provide that in certain circumstances no principal is due at maturity, which may result in a loss of invested capital. Issuers of structured notes include corporations and banks. Structured notes may be positively or negatively indexed, so that appreciation of the unrelated indicator may produce an increase or a decrease in the interest rate or the value of the structured note at maturity may be calculated as a specified multiple of the change in the value of the unrelated indicator. Therefore, the value of such notes and securities may be very volatile. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the unrelated indicator. Structured notes also may be more volatile, relatively less liquid, and more difficult to accurately price than less complex securities and instruments or more traditional debt securities.

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Certain issuers of structured products may be deemed to be investment companies as defined in the 1940 Act. As a result, a Fund's investments in these structured products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

**Swaps.** Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differential in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, or in a "basket" of securities representing a particular index.

An interest rate swap is a contract in which two parties exchange different types of interest payment streams, pegged to an underlying notional principal amount. Another type of swap is an inflation swap in which one party transfers inflation risk to another party through an exchange of cash flows. One of the parties pays a fixed rate tied to a notional principal amount, while the other party pays a floating rate tied to an inflation index.

A cap is a contract for which the buyer pays a fee, or premium, to obtain protections against a rise in a particular interest rate above a certain level. For example, an interest rate cap may cover a specified principal amount of a loan over a designated time period, such as a calendar quarter. If the covered interest rate rises above the rate ceiling, the seller of the rate cap pays the purchaser an amount of money equal to the average rate differential times the principal amount times one-quarter. A floor is a contract in which the seller agrees to pay to the purchaser, in return for the payment of a premium, the difference between current interest rates and an agreed (strike) rate times the notional amount, should interest rates fall below the agreed level (the floor). A floor contract has the effect of a string of interest rate guarantees.

Swap transactions, caps and floors are typically net basis contracts (i.e., the two payment streams are netted out, with the Fund receiving or paying as the case may be, only the net amount of the two payments). The net amount of the excess, if any, of a Fund's obligations over its entitlement with respect to each transaction will be calculated on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to the accrued excess may be required to be posted as collateral with the counterparty as security for such obligations.

A Fund may enter into a credit default swap (CDS) contract, which is an instrument by which one party transfers to another party the financial risk of a certain credit event as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection given by the seller of the CDS contract, the purchaser of the protection agrees to pay the seller of the protection a periodic premium. The Fund might use CDS contracts to limit or to reduce the risk exposure of the Fund to defaults of the issuers of its holdings or to decreases in certain markets. The Fund might also sell protection and use CDS contracts to increase or vary exposure to certain securities or markets. As the seller of protection, in the event a credit event occurs, the seller of protection has the obligation to make the purchaser whole or pay an agreed upon amount in return for the transfer to the seller of protection of the reference securities.

CDS contracts do not involve netting, but require the payment of a premium by the purchaser of protection and if a credit event occurs, the delivery to the seller of protection of the reference securities, securities equal in value to the reference securities or the negotiated monetary value of the obligation. If a credit event occurs, the seller of protection has the obligation to make the purchaser of protection whole or pay an agreed upon amount. The Fund will post cash or other liquid assets as collateral to cover its obligations under the swap transaction.

A Fund may enter into currency swaps. Currency swaps are transactions in which one currency is simultaneously bought for a second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically require the delivery of the entire principal value of one designated currency in exchange for the other designated currency.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio transactions. Whether the Fund's use of these transactions will be successful in furthering its investment objective will depend on a sub-adviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments.

A significant risk in swap transactions is the creditworthiness of the counterparty because the integrity of the transaction depends on the ability of the counterparty to meet its contractual obligations. If there is a default by the other party to such a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction. In the event of a counterparty's (or its affiliate's) insolvency, a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the EU and various other jurisdictions. Such regimes generally provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In the EU, the regulatory authorities could reduce, eliminate or convert to equity the liabilities to a fund of a

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counterparty subject to such proceedings (sometimes referred to as a "bail in"). Currently, some transactions are required to be centrally cleared. Swap transactions that are not centrally cleared may be relatively less liquid than exchange-traded instruments and are subject to margin requirements that will be implemented on a phased-in basis. Central clearing is expected to decrease counterparty

risk by interposing the central clearinghouse as the counterparty to each of the parties to the original bi-lateral swap contract.

**SEC Names Rule Requirement** 

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund.** The Fund's policy of normally investing at least 80% of its net assets in stocks of emerging market companies is a non-fundamental policy changeable only upon 60 days' prior notice to shareholders.

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund.** The Fund's policy of normally investing at least 80% of its net assets in stocks of large U.S. companies by market capitalization is a non-fundamental policy changeable only upon 60 days' prior notice to shareholders.

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund.** The Fund's policy of normally investing at least 80% of its net assets in stocks of small and mid-cap companies is a non-fundamental policy changeable only upon 60 days' prior notice to shareholders.

**Portfolio Transactions and Brokerage** 

The Funds' Adviser or sub-advisers (as applicable) (collectively referred to as the Adviser) are responsible for decisions to buy and sell securities and other investments for each Fund, and for the selection of brokers and dealers to effect the transactions and the negotiation of brokerage commissions, if any. Purchases and sales of securities on an exchange are effected through brokers who charge a commission for their services. A particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions in foreign securities generally involve the payment of fixed brokerage commissions, which are generally higher than those in the United States. There is generally no stated commission in the case of securities traded in the over-the-counter markets, but the price paid by the Fund usually includes an undisclosed dealer commission or mark-up. In the U.S. Government securities market, securities are generally traded on a net basis with dealers acting as principal for their own accounts without a stated commission, although the price of the securities usually includes a profit to the dealer. In underwritten offerings, securities are purchased at a fixed price which includes an amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. On occasion, certain money market instruments may be purchased directly from an issuer, in which case no commissions or discounts are paid.

The Adviser currently provides investment advice to a number of other clients. The Adviser will allocate purchase and sale transactions among each of the Funds and other clients whose assets are managed in such manner as is deemed equitable. In making such allocations, among the major factors the Adviser considers are the investment objectives of the relevant Fund, the relative size of portfolio holdings of the same or comparable securities, the availability of cash for investment, the size of investment commitments generally held, and the opinions of the persons responsible for managing the Funds and other client accounts. Securities of the same issuer may be purchased, held, or sold at the same time by a Fund or other accounts or companies for which the Adviser provides investment advice (including affiliates of the Adviser, as the case may be).

On occasions when the Adviser deems the purchase or sale of a security to be in the best interest of a Fund, as well as its other clients, the Adviser, to the extent permitted by applicable laws and regulations, may aggregate such securities to be sold or purchased for a Fund with those to be sold or purchased for its other clients in order to obtain best execution. 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 Adviser in a manner it considers to be equitable and consistent with its fiduciary obligations to all such clients, including a Fund. In some instances, the procedures may impact the price and size of the position obtainable for a Fund.

In connection with effecting portfolio transactions, consideration will be given to securing the most favorable price and efficient execution. Within the framework of this policy, the reasonableness of commission or other transaction costs is a major factor in the selection of brokers and is considered together with other relevant factors, including financial responsibility, confidentiality (including trade anonymity), research and investment information and other services provided by such brokers. It is expected that, as a result of such factors, transaction costs charged by some brokers may be greater than the amounts other brokers might charge. The Adviser may determine in good faith that the amount of such higher transaction costs is reasonable in relation to the value of the brokerage and research services provided.

The Board of Trustees will review the reasonableness of commissions and other transaction costs incurred from time to time and will receive reports regarding brokerage practices. The nature of the research services provided to the Adviser by brokerage firms varies from time to time but generally includes current and historical financial data concerning particular companies and their securities; information and analysis concerning securities markets and economic and industry matters; and technical and statistical studies and data dealing with various investment opportunities; and risks and trends, all of which the Adviser regards as a useful supplement of its own internal research capabilities.

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The Adviser may from time to time direct trades to brokers which have provided specific brokerage or research services for the benefit of the clients of the Adviser; in addition, the Adviser may allocate trades among brokers that generally provide such services. Research services furnished by brokers are for the benefit of all the clients of the Adviser and not solely or necessarily for the benefit of the Funds. The Adviser believes that the value of research services received is not determinable and does not significantly reduce its expenses. A Fund does not reduce its fee to the Adviser by any amount that might be attributable to the value of such services.

During the last three fiscal years ended December 31, 2021, 2020 and 2019, the following Funds incurred brokerage commissions as follows:

**Brokerage and Research Services** 

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| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  LVIP American Century Select Mid Cap Managed Volatility Fund | $130461 | $185422 | $78782 |
|  LVIP Baron Growth Opportunities Fund | 40850 | 48945 | 94275 |
|  LVIP BlackRock Dividend Value Managed Volatility Fund | 387936 | 661700 | 423421 |
|  LVIP BlackRock Global Real Estate Fund | 279583 | 536785 | 1060229 |
|  LVIP BlackRock Inflation Protected Bond Fund | 57931 | 62967 | 53851 |
|  LVIP Blended Large Cap Growth Managed Volatility Fund | 187955 | 365769 | 277630 |
|  LVIP Blended Mid Cap Managed Volatility Fund | 75675 | 145875 | 71925 |
|  LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund | 74559 | 114808 | 82304 |
|  LVIP Delaware Bond Fund | 62433 | 117350 | 307302 |
|  LVIP Delaware Diversified Floating Rate Fund | 2147 | 9447 | 73 |
|  LVIP Delaware Mid Cap Value Fund | 128304 | 222870 | 203172 |
|  LVIP Delaware Social Awareness Fund | 46782 | 64104 | 67063 |
|  LVIP Dimensional International Core Equity Fund | 36650 | 51085 | 33718 |
|  LVIP Dimensional International Equity Managed Volatility Fund | 10795 | 71113 | 17029 |
|  LVIP Dimensional U.S. Core Equity 1 Fund | 16926 | 25537 | 19026 |
|  LVIP Dimensional U.S. Core Equity 2 Fund | 13787 | 20133 | 15408 |
|  LVIP Dimensional U.S. Equity Managed Volatility Fund | 4693 | 58095 | 28650 |
|  LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund | 2549 | 24231 | 14648 |
|  LVIP Franklin Templeton Global Equity Managed Volatility Fund | 326425 | 603138 | 465032 |
|  LVIP Franklin Templeton Multi-Asset Opportunities Fund | 2031 | 880 | 372 |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | 379610 | 237280 | 520016 |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund | 261419 | 257226 | 331624 |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | 214410 | 273858 | 210446 |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | 291002 | 349798 | 265924 |
|  LVIP Global Income Fund | 108649 | 3491 | 2909 |
|  LVIP Invesco Select Equity Income Managed Volatility Fund | 129201 | 123175 | 89726 |
|  LVIP JPMorgan High Yield Fund | 3375 | 1000 | 3119 |
|  LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund | 166965 | 283505 | 192361 |
|  LVIP Loomis Sayles Global Growth Fund | 87047 | 170436 | 177328 |
|  LVIP MFS International Equity Managed Volatility Fund | 10734 | 64802 | 11957 |
|  LVIP MFS International Growth Fund | 208367 | 269739 | 200692 |
|  LVIP MFS Value Fund | 68037 | 127278 | 131762 |
|  LVIP Mondrian International Value Fund | 138252 | 133135 | 147885 |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund | 1073 | 7442 | 3497 |
|  LVIP PIMCO Low Duration Bond Fund | 64433 | 66177 | 94355 |
|  LVIP SSGA Emerging Markets Equity Index Fund | 188380 | 253677 | 333103 |
|  LVIP SSGA International Index Fund | 92459 | 323804 | 150217 |
|  LVIP SSGA International Managed Volatility Fund | 7205 | 56045 | 17892 |
|  LVIP SSGA Large Cap Managed Volatility Fund | 3622 | 42279 | 20328 |
|  LVIP SSGA Mid-Cap Index Fund | 37792 | 79951 | 38116 |
|  LVIP SSGA Nasdaq-100 Index Fund | 2809 | N/A | N/A |
|  LVIP SSGA S&P 500 Index Fund | 81626 | 98065 | 62044 |
|  LVIP SSGA Small-Cap Index Fund | 174169 | 257418 | 162164 |
|  LVIP SSGA SMID Cap Managed Volatility Fund | 4596 | 60315 | 30492 |
|  LVIP T. Rowe Price Growth Stock Fund | 140445 | 221472 | 169199 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2021** | **2020** | **2020** | **2019** | **2019** |
|  LVIP T. Rowe Price Structured Mid-Cap Growth Fund |  | 70409 |  | 115363 |  | 46036 |
|  LVIP Wellington Capital Growth Fund |  | 99239 |  | 86416 |  | 76451 |
|  LVIP Wellington SMID Cap Value Fund |  | 162546 |  | 215177 |  | 116712 |
|  LVIP Western Asset Core Bond Fund |  | 212384 |  | 182023 |  | 200145 |

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**Purchases of Securities of "Regular" Brokers or Dealers** 

As of the fiscal year ended December 31, 2022, the Funds listed below held investments in securities of their regular broker dealers:

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| | | |
|:---|:---|:---|
| **Fund Name** | **Regular Broker/Dealer** | **Aggregate Holdings** <br>**of Securities ($)** |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | Citigroup | &nbsp;&nbsp;&nbsp;&nbsp;$454193 |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | State Street | &nbsp;&nbsp;&nbsp;&nbsp;$174135301 |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund | State Street | &nbsp;&nbsp;&nbsp;&nbsp;$221293951 |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | State Street | &nbsp;&nbsp;&nbsp;&nbsp;$299564336 |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | State Street | &nbsp;&nbsp;&nbsp;&nbsp;$119633972 |

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**No Commissions to Finance Distribution** 

The 1940 Act permits a Fund to use its selling brokers to execute transactions in portfolio securities only if the Fund or its adviser has implemented policies and procedures designed to ensure that the selection of brokers for portfolio securities transactions is not influenced by considerations relating to the sale of Fund shares. Accordingly, the Funds maintain, among other policies, a policy that prohibits them from directing to a broker-dealer in consideration for the promotion or sale of Fund shares: (a) Fund portfolio securities transactions; or (b) any commission or other remuneration received or to be received from the Fund's portfolio transactions effected through any other broker-dealer. The Funds have also established other policies and procedures designed to ensure that a Fund's brokerage commissions are not used to finance the distribution of Fund shares.

**Portfolio Turnover** 

A portfolio turnover rate is the percentage computed by dividing the lesser of a Fund's purchases or sales of securities (excluding short-term securities) by the average market value of the Fund's portfolio securities. The Adviser intends to manage each Fund's assets by buying and selling securities to help attain its investment objective. This may result in increases or decreases in a Fund's current income available for distribution to its shareholders. While the Funds are not managed with the intent of generating short-term capital gains, each Fund may dispose of investments (including money market instruments) regardless of the holding period if, in the opinion of the Adviser, an issuer's creditworthiness or perceived changes in a company's growth prospects or asset value make selling them advisable. Such an investment decision may result in a high portfolio turnover rate during a given period, resulting in increased transaction costs, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and reinvestment in other securities. These effects of higher than normal portfolio turnover may adversely affect a Fund's performance.

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| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund<sup>1</sup> | 76% | 64% |

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<sup>1</sup> The Fund's portfolio turnover increased in 2021 due to increased trade activity.

**Trustees and Officers** 

The Board of Trustees ("Board of Trustees" or the "Board") oversees the management of the Funds and elects the Trust's officers. The Trustees of the Trust ("Trustees") have the power to amend the Trust's bylaws, to declare and pay dividends, and to exercise all the powers of the Trust except those granted to the shareholders. The Trustees hold their position until their resignation, retirement, or their successors are elected and qualified. The Trust has a mandatory retirement policy for its Board of Trustees. Such policy requires that a Trustee retire from the Board no later than the end of the calendar year (December 31) that occurs after the earliest of (1) the Independent Trustee's 75<sup>th</sup> birthday or (2) the 20<sup>th</sup> anniversary of the Trustee becoming a Board member.

The Trust's officers are responsible for the Funds' day-to-day operations. Information pertaining to the Trustees and Executive Officers of the Trust is set forth below. The Trustee that is deemed an "interested person," as defined in the 1940 Act, is included in the table titled, "Interested Trustee." Trustees who are not interested persons are referred to as Independent Trustees.

The term Fund Complex includes the 109 series of the Trust.

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**Interested Trustee** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held With**<br> **the Funds** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **during Past**<br> **Five Years** | **Number of**<br> **Funds in**<br> **Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee** | **Other Board**<br> **Memberships**<br> **Held by Trustee**<br> **during Past Five Years** |
| **Jayson R. Bronchetti**\*<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1979 | Chairman and<br> Trustee | Since June 2021 | Since April 2016, Director and<br>President, Lincoln Investment<br> AdvisorsCorporation; SVP, Head of<br>Funds Management &<br> Corporate Fixed Income, The<br>Lincoln National Life<br>Insurance Company. | 109 | Lincoln Investment Advisors<br> Corporation; CITRS, Inc. |

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\* Mr. Bronchetti is an interested person of the Trust because he is a Director and an Officer of Lincoln Investment Advisors Corporation, the investment adviser to the Trust, and an officer of The Lincoln National Life Insurance Company, the parent company of the Trust's investment adviser. 

**Independent Trustees** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held With**<br> **the Funds** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **during Past**<br> **Five Years** | **Number of**<br> **Funds in**<br> **Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee** | **Other Board**<br> **Memberships**<br> **Held by Trustee**<br> **during Past Five Years** |
| **Steve A. Cobb**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1971 | Trustee | Since January 2013 | Managing Director, CID<br>Capital (private equity firm) | 109 |  |
| **Ken C. Joseph**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1962 | Trustee | Since January 2022 | Managing Director & Head of<br> Financial ServicesCompliance and Regulatory<br>Consulting in the Americas,<br>Kroll LLC; Formerly:<br> Associate Director, Division of<br> Examinations, U.S.<br> Securities & Exchange<br>Commission | 109 | Board of Directors of<br> University Settlement**;** <br> Board of Directors of<br> Harvard Kennedy School NY/<br>NJ/CT Alumni Network<br>(President)**;** Board of<br> Directors of the University of<br>North Carolina, School of Law<br> Alumni Association |
| **Barbara L. Lamb**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1954 | Trustee | Since February 2019 | Retired; Formerly:<br> Managing Director for<br> Finance and<br> Administration, WH<br> Trading, LLC (derivatives<br>trading firm); Formerly:<br>Managing Director, Cheiron<br>Trading LLC (derivatives<br>trading firm) | 109 | South Suburban Humane<br>Society; Formerly: Trustee of<br>Henderson Global Funds<br>(2014-2017) |
| **Gary D. Lemon, Ph.D.**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1948 | Trustee | Since February 2006 | Professor of Economics and<br>Management, DePauw<br> University, Chair ofEconomics and<br> Management DePauw<br> University; Formerly:<br> Joseph Percival Allen, III,<br>University Professor;<br> James W. Emison Director of<br>the Robert C.<br> McDermond Center for<br>Management and<br> Entrepreneurship | 109 |  |
| **Thomas A. Leonard**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1949 | Trustee | Since December 2013 | Retired; Formerly: Partner of<br> PricewaterhouseCoopers LLP (accounting<br>firm) | 109 | Copeland Capital Trust since<br>2010 (2 portfolios); |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held With**<br> **the Funds** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **during Past**<br> **Five Years** | **Number of**<br> **Funds in**<br> **Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee** | **Other Board**<br> **Memberships**<br> **Held by Trustee**<br> **during Past Five Years** |
| **Charles I. Plosser**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1948 | Trustee | Since January 2018 | Retired; Formerly: Chief<br> Executive Officer andPresident of Federal<br> Reserve Bank of<br> Philadelphia, Inc. | 109 | Public Governor for the<br> Financial IndustryRegulatory Authority<br> (FINRA) |
| **Pamela L. Salaway**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1957 | Trustee | Since December 2013 | Retired; Formerly: Chief Risk<br> Officer, Bank ofMontreal/Harris Financial<br>Corp. U.S. Operations | 109 |  |
| **Manisha A. Thakor**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1970 | Trustee | Since January 2022 | Founder of MoneyZen LLC;<br>Formerly: Vice President,<br>Brighton Jones; Formerly:<br> Director of WealthStrategies for Women,<br>Buckingham Financial | 109 | Board Member at The<br> National Endowment for<br>Financial Education since 2017 |
| **Brian W. Wixted**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1959 | Trustee | Since February 2019 | Senior Consultant, CKC<br>Consulting and an Advisory<br> Partner, AI Capital;Formerly: Senior Vice<br> President, Finance, and Fund<br> Treasurer, Oppenheimer<br>Funds, Inc. (mutual fund<br>complex) | 109 | Thornbury Income Builder<br>Opportunities Trust since 2020 |
| **Nancy B. Wolcott**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1954 | Trustee | Since October 2017 | Retired; Formerly: EVP, BNY<br>Mellon; President, PNC<br>Global Investment Servicing | 109 | FundVantage Trust since 2011<br>(40 portfolios); Third Avenue<br>Trust since 2019 (4 portfolios);<br>Third Avenue Variable Series<br>Trust since 2019 (1 portfolio) |

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**Officers of the Trust** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held With**<br> **the Funds** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **during Past**<br> **Five Years** |
| **Jayson R. Bronchetti**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1979 | President | Since April 2016; Formerly: Vice President August 2015 to April 2016 | Director and President, Lincoln Investment<br> Advisors Corporation; Chief Investment Officer<br> of The Lincoln National Life<br> Insurance Company; Formerly: Director, Senior<br> Vice President and Head of Funds Management. |
| **William P. Flory, Jr.**<br> 1301 S. Harrison Street<br> Fort Wayne, IN 46802<br> YOB: 1961 | Vice President, Treasurer, and Chief Accounting Officer | Vice President since June 2011; Chief Accounting Officer since May 2006;<br> Treasurer since June 2019 | Vice President and Treasurer, Lincoln<br>Investment Advisors Corporation; Vice President<br>and Director of Separate Account Operations<br>and Mutual Fund Administration, The Lincoln<br> National Life InsuranceCompany; Formerly: Second Vice President,<br>Director of Separate Account Operations, The<br>Lincoln National Life Insurance<br> Company. |
| **Samuel K. Goldstein**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1976 | Vice President and Assistant Secretary | Since June 2019 | Vice President and Assistant Secretary, Lincoln<br>Investment Advisors Corporation; Vice<br>President, The Lincoln National Life Insurance<br>Company; Vice President, Lincoln Life & Annuity<br>Company of New York; Vice President, Lincoln<br>National Corporation. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held With**<br> **the Funds** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **during Past**<br> **Five Years** |
| **Ronald A. Holinsky**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1970 | Senior Vice President,<br> Secretary, and Chief Legal<br> Officer | Since August 2018; Formerly:<br> Vice President<br> since October 2016 | Senior Vice President and Chief Counsel,<br>Investment Mangement, The Lincoln National<br>Life Insurance Company; Senior Vice President,<br>Secretary, and Chief Legal Officer, Lincoln<br>Investment Advisors Corporation; Formerly:<br>Vice President and Chief Counsel – Funds<br>Management, The Lincoln National Life<br>Insurance Company; Vice President, Chief<br>Compliance Officer and Assistant General<br>Counsel, Lincoln National Corporation; Vice<br>President, Secretary, and Chief Legal Officer,<br>Lincoln Investment Advisors Corporation. |
| **Jennifer M. Matthews**<br> 1301 S. Harrison Street<br> Fort Wayne, IN 46802<br> YOB: 1976 | Vice President | Since April 2018 | Vice President, Lincoln Investment Advisors<br>Corporation; Vice President, The Lincoln<br>National Life Insurance Company. |
| **Benjamin A. Richer**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1984 | Senior Vice President | Since March 2022; Formerly:<br> Vice President<br> since April 2018 | Senior Vice President and Head of Funds<br>Management, Lincoln Investment Advisors<br>Corporation; Senior Vice President, Lincoln<br>National Corporation; Senior Vice President,<br> TheLincoln National Life Insurance<br> Company; Senior Vice President, Lincoln Life &<br>Annuity Company of New York; Formerly:<br>Director of Asset Strategies, Nationwide Fund<br>Advisors. |
| **John (Jack) A. Weston**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1959 | Vice President and Chief<br> Compliance Officer | Since May 2007 | Vice President and Chief Compliance Officer,<br>Lincoln Investment Advisors Corporation; Vice<br>President, The Lincoln National Life Insurance<br>Company. |
| **Amber Williams**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1979 | Senior Vice President | Since March 2022; Formerly,<br> Vice President since May 2019 | Senior Vice President and Head of Client<br>Investment Strategies, Lincoln Investment<br>Advisors Corporation; Senior Vice President,<br>Lincoln Life & Annuity Company of New York;<br>Senior Vice President, Lincoln National<br>Corporation; Senior Vice President, The Lincoln<br>National Life Insurance Company; Formerly,<br>Head of Product Management, Nationwide<br>Investment Management Group |
| **Yajun (Alex) Zeng**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1982 | Vice President | Since April 2018 | Vice President and Managing Director, Lincoln<br>Investment Advisors Corporation; Vice<br>President, The Lincoln National Life Insurance<br>Company. |

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**Trustee Qualifications** 

The following is a brief description of the experience and attributes of each Trustee that led the Board to conclude that each Trustee is qualified to serve on the Trust's Board of Trustees. References to the experience and attributes of Trustees are pursuant to requirements of the Securities and Exchange Commission (SEC), and are not holding out the Board of Trustees or any Trustee as having any special expertise and shall not impose any greater responsibility or liability on any Trustee or on the Board of Trustees.

**Jayson R. Bronchetti.** Mr. Bronchetti has served as Director and President of Lincoln Investment Advisors Corporation since August 2016. Mr. Bronchetti also serves as an officer of The Lincoln National Life Insurance Company. Mr. Bronchetti joined Lincoln Financial Group in 2013. Mr. Bronchetti previously served as Executive Director of Debt Capital Markets for J.P. Morgan. He has also held positions in private equity, fixed income asset management, credit research, and trading with Macquarie Investments and Bank of America. He is a founding Chapter Executive of the Chartered Alternative Investment Analyst ("CAIA") Society of Philadelphia and has served as a board member on several private equity owned companies and charitable foundations. Mr. Bronchetti received a bachelor's degree in finance, with a minor in economics, from Miami University in Oxford, Ohio. He is also a graduate of the Executive Development Program at the Wharton School of the University of Pennsylvania. Mr. Bronchetti is a member of the CFA Society of Philadelphia, and holds Series 7, Series 79, and Series 63 securities licenses.

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**Steve A. Cobb.** Mr. Cobb has served as a Trustee of Lincoln Variable Insurance Products Trust since 2013. He is currently a Managing Director of CID Capital (CID), a private equity firm he joined in 2001. Mr. Cobb is currently a director of Grandview Gallery (designer and distributor of residential lighting products), Classic Accessories (a provider of outdoor cover products), and Fit and Fresh (a manufacturer of consumer housewares products). He has previously served as a director of multiple other companies. Mr. Cobb is a founder and past Director of the Indiana Chapter of the Association for Corporate Growth. He is a past director of several community non-profit organizations. Prior to joining CID, Mr. Cobb was a finance manager with Procter & Gamble where he held a variety of operational and financial roles, including financial analysis, accounting, and internal controls. Through his experience, Mr. Cobb provides the Board with over twenty years of financial, accounting and business management insight.

**Ken C. Joseph**. Mr. Joseph has served as a Trustee of Lincoln Variable Insurance Products Trust since 2022. He is currently a Managing Director & Head of Financial Services Compliance and Regulatory Consulting in the Americas for Kroll LLC (formerly Duff & Phelps, LLC). Mr. Joseph previously served for over 20 years at the U.S. Securities & Exchange Commission, including as Associate Director/Senior Officer in the Division of Examinations (formerly known as the Office of Compliance Inspections and Examinations), and as an Assistant Director in the Division of Enforcement. He previously served as an Associate Dean of St. John's University, NY. Currently, he serves on the Board of Directors of the Harvard Kennedy School NY/NJ/CT Alumni Network (President), University Settlement, and the University of North Carolina, School of Law Alumni Association. Mr. Joseph provides the board with compliance, securities law and business experience.

**Barbara L. Lamb.** Ms. Lamb has served as a Trustee of Lincoln Variable Insurance Products Trust since 2019. She retired from WH Trading LLC in 2022. Ms. Lamb served as a Managing Director of Finance and Administration for WH Trading LLC from 2015-2022. She previously served as a Managing Director of Cheiron Trading LLC from 2012-2015 and a Financial Officer for Valorem Law Group, LLC from 2008-2009. Previously, she served as Chief Development Officer for Market Liquidity, LLC from 1999-2001. Ms. Lamb served as Chief Credit Officer, Senior Vice President, and Director for The Chicago Corporation from 1986-1998 and in several finance and development positions from 1980-1986. Ms. Lamb holds the Chartered Financial Analyst Designation and is a member of the CFA Institute of Chicago. Through her experience, Ms. Lamb provides the board with risk management and investing insight.

**Gary D. Lemon, Ph.D.** Dr. Lemon has served as Advisory Trustee of Lincoln Variable Insurance Products Trust from 2004 to 2006 and as a Trustee since 2006. Dr. Lemon has a Master's Degree and Ph.D. in Economics. Since 1976, Dr. Lemon has been a Professor of Economics and Management at DePauw University and is the current Chair of the Economics and Management department. Dr. Lemon was formerly the James W. Emison Director of the Robert C. McDermond Center for Management and Entrepreneurship at DePauw University. He is a former member of the Greencastle City Council and the Greencastle Redevelopment Commission. He is an author of a book on investing. He has also served on several other committees and in various advisory roles in both the community and university settings. Through his experience, Dr. Lemon brings academic and investment insight.

**Thomas A. Leonard.** Mr. Leonard has served as a Trustee of Lincoln Variable Insurance Products Trust since 2013. Mr. Leonard retired from Pricewaterhouse Coopers, LLP in 2008, where he had served as Financial Services Industry Leader in the firm's Philadelphia office from 2000-2008 and from 1982-2008 as a Partner providing services to clients predominately in the asset management business with a focus on global fund complexes and insurance company retail and variable funds. Mr. Leonard is currently a board member of Copeland Capital Trust and was previously a board member of AlphaOne Capital and WT Mutual Fund. Since 2012, Mr. Leonard has served as a consultant to the FundVantage Trust. Through his experience, Mr. Leonard provides the Board with accounting, auditing and financial services industry experience.

**Charles I. Plosser.** Mr. Plosser has served as a Trustee of Lincoln Variable Insurance Products Trust since 2018. Since January 2016, he has served as a Public Governor for FINRA, the Financial Industry Regulatory Authority, where he serves on the Investment Committee and the Finance, Operations and Technology Committee. Mr. Plosser served as the Chief Executive Officer and President of Federal Reserve Bank of Philadelphia, Inc. from August 2006 to March 2015 and as Chairman of the Investment Committee of the Federal Reserve System Retirement Systems. Mr. Plosser was the John M. Olin Distinguished Professor of Economics and Public Policy and Director of the Bradley Policy Research Center at the William E. Simon Graduate School of Business Administration at the University of Rochester, where he also served as Dean from 1993 to 2003. Mr. Plosser was also a professor of economics in the Department of Economics at the University of Rochester, a senior research associate at the Rochester Center for Economic Research in the University's College of Arts and Science and a research associate at the National Bureau of Economic Research in Cambridge, Massachusetts. He has also been a visiting scholar at the Bank of England and Federal Reserve Bank of Minneapolis. He has served as a consultant to numerous corporations, including Chase Manhattan Bank, Eastman Kodak Company and The Wyatt Company, on topics ranging from strategic planning and forecasting to portfolio and pension fund management, capital budgeting and financial analysis. Through his experience, Mr. Plosser provides federal banking experience and economic knowledge.

**Pamela L. Salaway.** Ms. Salaway has served as a Trustee of Lincoln Variable Insurance Products Trust since 2013. Ms. Salaway retired from the Bank of Montreal/Harris Financial Corp in 2010 where she most recently had served as Chief Risk Officer of BMO's U.S. operations from 2007 to 2009 and as the Harris Financial Corp Personal & Commercial Line of Business Chief Credit Officer/Chief Risk Officer from 2007 to 2010. From 2000 to 2006, she served in a variety of Executive Management positions within the Risk Management Group of BMO Harris Bank. During this time, she participated in audit committee meetings of the board and coordinated risk oversight committee meetings of the board. Through her experience, Ms. Salaway provides the Board with risk management and business experience.

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**Manisha A. Thakor**. Ms. Thakor has served as a Trustee of Lincoln Variable Insurance Products Trust since 2022. Ms. Thakor currently serves at MoneyZen LLC, which she founded in 2009. From 2018-2020, Ms. Thakor served as Vice President at Brighton Jones. From 2015-2017, Ms. Thakor served as Director of Wealth Strategies for Women at Buckingham Financial. She is a Board member of The National Endowment for Financial Education. Ms. Thakor is also a Chartered Financial Analyst (CFA) charterholder and Certified Financial Planner (CFP<sup>®</sup>). Ms. Thakor provides the Board with investment management experience and financial services industry insight.

**Brian W. Wixted.** Mr. Wixted has served as a Trustee of Lincoln Variable Insurance Products Trust since 2019. Since 2016, he has served as a consultant for CKC Consulting and since 2019, as an Advisory Partner with AI Capital. Mr. Wixted served as the Senior Vice President of Finance and Fund Treasurer of the Oppenheimer Funds from 1999-2016. He served as the Principal and Chief Operating Officer of Bankers Trust Company's Mutual Funds Group from 1995-1999 and the Vice President and Chief Financial Officer for CS First Boston Investment Management Corp from 1991-1995. Mr. Wixted served as Vice President and Accounting Manager with Merrill Lynch Asset Management from 1987-1991. From 1981-1987, he held several accounting positions with brokerage and accounting firms. Mr. Wixted holds a Certified Public Accountant designation and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. Through his experience, Mr. Wixted provides mutual fund, investment management and financial services industry insight.

**Nancy B. Wolcott.** Ms. Wolcott has served as a Trustee of Lincoln Variable Insurance Products Trust since 2017. She was Executive Vice President and Head of GFI Client Service Delivery at BNY Mellon Asset Servicing from 2012 to 2014. Ms. Wolcott served as Executive Vice President and Head of U.S. Funds Services at BNY Mellon Asset Servicing from July 2010 to January 2012. She served as the President of BNY Mellon Distributors Holdings Inc. (formerly, PNC Global Investment Servicing Inc.) from December 2008 to July 2010 and served as its Chief Operating Officer from 2007 to 2008. Prior to that, Ms. Wolcott served as Executive Vice President of the predecessor firm, PFPC Worldwide Inc., from 2006 to 2007. She joined PNC in 1996 and served as its Executive Vice President with PNC Advisors before coming to Global Investment Servicing in 2000. Prior to PNC, she served as the Head of Corporate and Institutional Trust at HarrisBank/Bank of Montreal. Through her experience, Ms. Wolcott provides banking and financial insight.

**Board Oversight** 

The primary responsibility of the Board of Trustees is to represent the interests of the Trust's shareholders and to provide oversight of the management. The Trust's day-to-day operations are managed by the adviser and other service providers who have been approved by the Board. The Board is currently composed of twelve trustees, eleven of whom are classified under the 1940 Act as "non-interested" persons of the Trust (Independent Trustees) and one of whom is classified as an interested person of the Trust (Trustee). The Interested Trustee serves as the Chairperson of the Board.

The Board has a Lead Independent Trustee that serves as the primary liaison between Trust management and the Independent Trustees. The Lead Independent Trustee is selected by the Independent Trustees and serves until a successor is selected. Mr. Leonard currently serves as the Lead Independent Trustee.

Generally, the Board acts by majority vote of all the Trustees, including a majority vote of the Independent Trustees if required by applicable law. The Board establishes the policies and reviews and approves contracts and their continuance. The Board regularly requests and/or receives reports from the investment adviser, the Trust's other service providers and the Trust's Chief Compliance Officer. The Board has established three standing committees and has delegated certain responsibilities to those committees. The Board and its committees meet periodically throughout the year to oversee the Trust's activities, review the Fund's expenses, oversee compliance with regulatory requirements, and review investment performance. The Independent Trustees are represented by independent legal counsel at Board meetings.

As part of its general oversight of the Trust, the Board is involved in the risk oversight of the Trust. The Board/Investment Committee reviews the Fund's investment performance with the Adviser at each of its regularly scheduled quarterly Board meetings. In addition, the Board must approve any material changes to a Fund's investment policies or restrictions. With respect to compliance matters, the Trust's Chief Compliance Officer provides the annual compliance report required by Rule 38a-1 under the 1940 Act, a quarterly report to the Audit Committee and the Board regarding the operation of the Trust's compliance policies and procedures and any material compliance issues that arose during the quarter, and meets with the Audit Committee at its quarterly meetings.

The Board considered the number of Funds in the Trust, the total assets of the Trust and the general nature of the Fund's investments and determined that its leadership structure is appropriate given the characteristics of the Trust.

**Board Committees** 

**Audit Committee.** The Board of Trustees has established an Audit Committee. The Audit Committee oversees the Fund's financial reporting process on behalf of the Board of Trustees and reports its activities to the Board. The Audit Committee assists and acts as a liaison with the Board of Trustees in fulfilling the Board's responsibility to shareholders of the Trust and others relating to oversight of Fund accounting, the Trust's systems of controls, the Trust's programs for monitoring compliance with laws and regulations, and the quality and integrity of the financial statements, financial reports, and audit of the Trust. In addition, the Audit Committee oversees the

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Trust's accounting policies, financial reporting and internal control systems. The members of the Audit Committee include Independent Trustees: Ken C. Joseph, Barbara L. Lamb, Thomas A. Leonard, and Brian W. Wixted (Chair). The Audit Committee met four times during the last fiscal year.

**Investment Committee.** The Board of Trustees has established an Investment Committee, which is responsible for overseeing the performance of the Funds and other tasks as requested by the Board. The members of the Investment Committee include Independent Trustees: Steve A. Cobb (Chair), Gary D. Lemon, Charles I. Plosser, Pamela L. Salaway, Manisha A. Thakor and Nancy B. Wolcott. The Investment Committee met four times during the last fiscal year.

**Nominating and Governance Committee.** The Board of Trustees has established a Nominating and Governance Committee. The Nominating and Governance Committee is responsible for, among other things, the identification, evaluation and nomination of potential independent trustee candidates to serve on the Board of Trustees. The Board has adopted a charter for the Nominating and Governance Committee setting forth such Committee's responsibilities. The members of the Nominating and Governance Committee are Independent Trustees: Steve A. Cobb, Ken C. Joseph, Barbara L. Lamb, Gary D. Lemon, Thomas A. Leonard, Charles I. Plosser, Pamela L. Salaway, Manisha A. Thakor, Brian W. Wixted, and Nancy B. Wolcott (Chair). The Nominating and Governance Committee met four times during the last fiscal year. The Nominating and Governance Committee will accept trustee nominations from shareholders. Any such nominations should be sent to the Trust's Nominating and Governance Committee, c/o The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801.

**Ownership of Securities** 

As of December 31, 2021, the Trustees and officers as a group owned variable contracts that entitled them to give voting instructions with respect to less than 1% of the outstanding shares of each Fund. As of December 31, 2021, the dollar range of equity securities owned beneficially by each Trustee in the Funds and in any registered investment companies overseen by the Trustees within the same family of investment companies as the Funds is as follows:

**Interested Trustee** 

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Funds** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered Investment**<br> **Companies Overseen by Trustee in**<br> **Family of Investment Companies** |
| Jayson R. Bronchetti | None | None |

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**Independent Trustees** 

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Funds** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered Investment**<br> **Companies Overseen by Trustee in**<br> **Family of Investment Companies** |
| Steve A. Cobb | LVIP Baron Growth Opportunities Fund – $10,001 – $50,000<br> LVIP Dimensional U.S. Core Equity 2 Fund – $10,001 – $50,000<br> LVIP Dimensional U.S. Equity Managed Volatility Fund – $10,001 – $50,000<br> LVIP SSGA S&P 500 Index Fund – $10,001 – $50,000 | Over $100,000 |
| Ken C. Joseph | LVIP Vanguard Domestic Equity ETF Fund – $50,001 – $100,000 | $50001 – $100000 |
| Barbara L. Lamb | LVIP Dimensional U.S. Core Equity 1 Fund – $10,001 – $50,000<br> LVIP Dimensional U.S. Core Equity 2 Fund – $10,001 – $50,000<br> LVIP Dimensional International Core Equity Fund – $10,001 – $50,000<br> LVIP Vanguard Bond Allocation Fund – $10,001 – $50,000 | Over $100,000 |
| Gary D. Lemon | LVIP Dimensional International Equity Managed Volatility Fund – $10,001 – $50,000<br> LVIP Dimensional U.S. Equity Managed Volatility Fund – $10,001 – $50,000<br> LVIP Vanguard Bond Allocation Fund – $10,001 – $50,000 | Over $100,000 |
| Thomas A. Leonard | LVIP SSGA Moderate Structured Allocation Fund – Over $100,000 | Over $100,000 |
| Charles I. Plosser | LVIP SSGA Moderate Index Allocation Fund – Over $100,000 | Over $100,000 |
| Pamela L. Salaway | LVIP Baron Growth Opportunities Fund – $10,001 – $50,000<br> LVIP Mondrian International Value Fund – $10,001 – $50,000<br> LVIP SSGA S&P 500 Index Fund – Over $100,000 | Over $100,000 |
| Manisha A. Thakor | LVIP SSGA Small Cap Index Fund – $10,001 – $50,000<br> LVIP SSGA Nasdaq-100 Index Fund – $10,001 – $50,000 | $50001 – $100000 |

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Funds** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered Investment**<br> **Companies Overseen by Trustee in**<br> **Family of Investment Companies** |
| Brian W. Wixted | LVIP SSGA S&P 500 Fund – $10,001 – $50,000<br> LVIP SSGA Bond Index Fund – $10,001 – $50,000<br> LVIP SSGA Short-Term Bond Index Fund – $10,001 – $50,000<br> LVIP SSGA Mid Cap Index Fund – Under $10,000<br> LVIP SSGA Small-Cap Index Fund – Under $10,000 | $50001 – $100000 |
| Nancy B. Wolcott | LVIP American Balanced Allocation Fund – $50,001 – $100,000 | $50001 – $100000 |

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Brian Wixted served as officer for OppenheimerFunds, Inc. ("Oppenheimer") from 1999 until his retirement in 2016. He has a deferred compensation plan previously sponsored by Oppenheimer where he receives an annual payout for a fixed number of years based on the performance of phantom share investments in Oppenheimer funds. In 2019, Invesco acquired Oppenheimer and assumed financial responsibility for payments under the former Oppenheimer deferred compensation plan. Invesco began serving as a sub-adviser to certain LVIP Funds on February 1, 2019. Payments under the plan to Mr. Wixted have exceeded $120,000 during the past two calendar years. The payment amounts are determined by previously established factors (*i.e.*, performance of the relevant funds), and the payment amounts are not impacted by the profits of Oppenheimer or Invesco.

**Compensation** 

The following table sets forth the compensation paid to the Trust's Independent Trustees and by the Fund Complex for the fiscal year ended December 31, 2022:

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| | | |
|:---|:---|:---|
| **Name of Person, Position** | **Aggregate Compensation**<br>**from the Trust** | **Total Compensation from the**<br>**Trust and Fund Complex** |
|  **Steve A. Cobb,** Trustee | $341500 | $341500 |
|  **Ken C. Joseph**, Trustee\* | $317500 | $317500 |
|  **Barbara L. Lamb,** Trustee | $317500 | $317500 |
|  **Gary D. Lemon,** Trustee | $317500 | $317500 |
|  **Thomas A. Leonard,** Trustee | $385500 | $385500 |
|  **Charles I. Plosser,** Trustee | $317500 | $317500 |
|  **Pamela L. Salaway,** Trustee | $317500 | $317500 |
|  **Manisha A. Thakor**, Trustee\* | $317500 | $317500 |
|  **Brian W. Wixted,** Trustee | $341500 | $341500 |
|  **Nancy B. Wolcott,** Trustee | $327500 | $327500 |

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\* Effective January 1, 2022, Mr. Joseph and Ms. Thakor were appointed as Independent Trustees of the Trust.

**Investment Adviser and Sub-Advisers** 

**Investment Adviser.** Lincoln Investment Advisors Corporation ("LIAC" or the "Adviser") is the investment adviser to the Funds. LIAC is a registered investment adviser and wholly-owned subsidiary of The Lincoln National Life Insurance Company ("Lincoln Life"). LIAC's address is 150 N. Radnor-Chester Road, Radnor, Pennsylvania 19087. LIAC (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 ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides insurance and financial services nationwide.

Pursuant to the Investment Management Agreement, LIAC manages each Fund's portfolio investments and reports to the Board of Trustees. Each Fund pays LIAC a monthly fee equal to a percentage of the average daily net assets of that Fund. The aggregate annual rates of the fees payable by each Fund to LIAC may vary according to the level of assets of that Fund.

For the fiscal year ended December 31, 2021, each Fund paid fees to LIAC equal to the following aggregate annual rates, expressed as a percentage of average daily net assets of the Fund:

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| | |
|:---|:---|
| **Fund** | **Aggregate Annual Rate as a**<br>**Percentage of Average Daily Net Assets** |
|  LVIP American Century Select Mid Cap Managed Volatility Fund | 0.75% |
|  LVIP Baron Growth Opportunities Fund | 0.83% |

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| | |
|:---|:---|
| **Fund** | **Aggregate Annual Rate as a**<br>**Percentage of Average Daily Net Assets** |
|  LVIP BlackRock Dividend Value Managed Volatility Fund | 0.57% |
|  LVIP BlackRock Global Real Estate Fund | 0.67% |
|  LVIP BlackRock Inflation Protected Bond Fund | 0.42% |
|  LVIP Blended Large Cap Growth Managed Volatility Fund | 0.61% |
|  LVIP Blended Mid Cap Managed Volatility Fund | 0.65% |
|  LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund | 0.64% |
|  LVIP Delaware Bond Fund | 0.31% |
|  LVIP Delaware Diversified Floating Rate Fund | 0.55% |
|  LVIP Delaware Mid Cap Value Fund | 0.36% |
|  LVIP Delaware Social Awareness Fund | 0.37% |
|  LVIP Dimensional International Core Equity Fund | 0.58% |
|  LVIP Dimensional International Equity Managed Volatility Fund | 0.20% |
|  LVIP Dimensional U.S. Core Equity 1 Fund | 0.33% |
|  LVIP Dimensional U.S. Core Equity 2 Fund | 0.42% |
|  LVIP Dimensional U.S. Equity Managed Volatility Fund | 0.25% |
|  LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund | 0.08% |
|  LVIP Franklin Templeton Global Equity Managed Volatility Fund | 0.63% |
|  LVIP Franklin Templeton Multi-Asset Opportunities Fund | 0.32% |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | 0.33% |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund | 0.32% |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | 0.30% |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | 0.31% |
|  LVIP Global Income Fund | 0.56% |
|  LVIP Government Money Market Fund | 0.01% |
|  LVIP Invesco Select Equity Income Managed Volatility Fund | 0.56% |
|  LVIP JPMorgan High Yield Fund | 0.59% |
|  LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund | 0.69% |
|  LVIP Loomis Sayles Global Growth Fund | 0.68% |
|  LVIP MFS International Equity Managed Volatility Fund | 0.14% |
|  LVIP MFS International Growth Fund | 0.71% |
|  LVIP MFS Value Fund | 0.59% |
|  LVIP Mondrian International Value Fund | 0.69% |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund | 0.24% |
|  LVIP PIMCO Low Duration Bond Fund | 0.47% |
|  LVIP SSGA Bond Index Fund | 0.27% |
|  LVIP SSGA Emerging Markets Equity Index Fund | 0.34% |
|  LVIP SSGA International Index Fund | 0.27% |
|  LVIP SSGA International Managed Volatility Fund | 0.23% |
|  LVIP SSGA Large Cap Managed Volatility Fund | 0.22% |
|  LVIP SSGA Mid-Cap Index Fund | 0.27% |
|  LVIP SSGA Nasdaq-100 Index Fund | 0.29% |
|  LVIP SSGA S&P 500 Index Fund | 0.17% |
|  LVIP SSGA Short-Term Bond Index Fund | 0.28% |
|  LVIP SSGA Small-Cap Index Fund | 0.31% |
|  LVIP SSGA SMID Cap Managed Volatility Fund | 0.22% |
|  LVIP T. Rowe Price Growth Stock Fund | 0.60% |
|  LVIP T. Rowe Price Structured Mid-Cap Growth Fund | 0.65% |
|  LVIP Wellington Capital Growth Fund | 0.63% |
|  LVIP Wellington SMID Cap Value Fund | 0.70% |
|  LVIP Western Asset Core Bond Fund | 0.43% |

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**Advisory Fees Paid by Each Fund** 

For the last three fiscal years ended December 31, the Funds paid the net amounts, as reflected in the table below, for investment advisory services:

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| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  LVIP American Century Select Mid Cap Managed Volatility Fund | $4296966 | $3716011 | $2447025 |
|  LVIP Baron Growth Opportunities Fund | 8274142 | 6587876 | 6165326 |
|  LVIP BlackRock Dividend Value Managed Volatility Fund | 11051627 | 9511933 | 7976491 |
|  LVIP BlackRock Global Real Estate Fund | 3117127 | 3011709 | 4268807 |
|  LVIP BlackRock Inflation Protected Bond Fund | 6642301 | 5940008 | 6619299 |
|  LVIP Blended Large Cap Growth Managed Volatility Fund | 10553915 | 8151167 | 6933824 |
|  LVIP Blended Mid Cap Managed Volatility Fund | 6274471 | 5116416 | 4601276 |
|  LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund | 3888593 | 3379254 | 2637607 |
|  LVIP Delaware Bond Fund | 23402698 | 20882740 | 19433143 |
|  LVIP Delaware Diversified Floating Rate Fund | 4716234 | 4528447 | 4959434 |
|  LVIP Delaware Mid Cap Value Fund | 3577743 | 2834861 | 2481646 |
|  LVIP Delaware Social Awareness Fund | 3112436 | 2636293 | 2632818 |
|  LVIP Dimensional International Core Equity Fund | 3008457 | 2389432 | 2219891 |
|  LVIP Dimensional International Equity Managed Volatility Fund | 1338919 | 1134125 | 1125076 |
|  LVIP Dimensional U.S. Core Equity 1 Fund | 5382410 | 4479359 | 4544400 |
|  LVIP Dimensional U.S. Core Equity 2 Fund | 3785496 | 3033358 | 2875591 |
|  LVIP Dimensional U.S. Equity Managed Volatility Fund | 2692432 | 2309595 | 2237360 |
|  LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund | 434453 | 347506 | 342471 |
|  LVIP Franklin Templeton Global Equity Managed Volatility Fund | 7283638 | 6467388 | 6562146 |
|  LVIP Franklin Templeton Multi-Asset Opportunities Fund | 129854 | 108271 | 90633 |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | 1989236 | 1777121 | 2228067 |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund | 3114534 | 2739957 | 3072638 |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | 4967020 | 4132381 | 4116426 |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | 1568883 | 1159728 | 1160751 |
|  LVIP Global Income Fund | 4410475 | 4311079 | 4629079 |
|  LVIP Government Money Market Fund | 56822 | 2156274 | 2849087 |
|  LVIP Invesco Select Equity Income Managed Volatility Fund | 2986715 | 2689594 | 1929896 |
|  LVIP JPMorgan High Yield Fund | 4997561 | 4358057 | 4653056 |
|  LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund | 4904547 | 4328486 | 4610655 |
|  LVIP Loomis Sayles Global Growth Fund | 2386265 | 2267265 | 369491 |
|  LVIP MFS International Equity Managed Volatility Fund | 914306 | 1027906 | 1009356 |
|  LVIP MFS International Growth Fund | 11938964 | 10430841 | 11375140 |
|  LVIP MFS Value Fund | 12252096 | 9938999 | 9427744 |
|  LVIP Mondrian International Value Fund | 6758523 | 6274943 | 7100149 |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund | 299501 | 201357 | 202095 |
|  LVIP PIMCO Low Duration Bond Fund | 4325325 | 4256461 | 4671534 |
|  LVIP SSGA Bond Index Fund | 8536044 | 8139362 | 7858412 |
|  LVIP SSGA Emerging Markets Equity Index Fund | 3133503 | 2465278 | 2107671 |
|  LVIP SSGA International Index Fund | 8316817 | 8041348 | 7713346 |
|  LVIP SSGA International Managed Volatility Fund | 884542 | 811056 | 895096 |
|  LVIP SSGA Large Cap Managed Volatility Fund | 2044358 | 1694158 | 1467933 |
|  LVIP SSGA Mid-Cap Index Fund | 2857900 | 2491782 | 2450394 |
|  LVIP SSGA Nasdaq-100 Index Fund | 271943<sup>1</sup> | N/A | N/A |
|  LVIP SSGA S&P 500 Index Fund | 17819905 | 15146913 | 13600295 |
|  LVIP SSGA Short-Term Bond Index Fund | 712589 | 634028 | 464138 |
|  LVIP SSGA Small-Cap Index Fund | 7945102 | 6509917 | 7043004 |
|  LVIP SSGA SMID Cap Managed Volatility Fund | 1608482 | 1312964 | 1240965 |
|  LVIP T. Rowe Price Growth Stock Fund | 11540896 | 9773576 | 9262121 |
|  LVIP T. Rowe Price Structured Mid-Cap Growth Fund | 8423095 | 6774390 | 6093962 |
|  LVIP Wellington Capital Growth Fund | 5725267 | 4679023 | 3862893 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2021** | **2020** | **2020** | **2019** | **2019** |
|  LVIP Wellington SMID Cap Value Fund |  | 2365292 |  | 1783494 |  | 1674915 |
|  LVIP Western Asset Core Bond Fund |  | 10359688 |  | 9137999 |  | 8103498 |

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<sup>1</sup> The Fund commenced operations on February 18, 2021.

**Expense Reimbursements** 

For the last three fiscal years ended December 31, LIAC reimbursed the Funds, as reflected in the table below, under the applicable expense reimbursement agreement:

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| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  LVIP American Century Select Mid Cap Managed Volatility Fund | N/A | N/A | $93114 |
|  LVIP Baron Growth Opportunities Fund | N/A | N/A | 38656 |
|  LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund | 211565 | 248340 | 253471 |
|  LVIP Dimensional International Core Equity Fund | 471517 | 332060 | 78955 |
|  LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund | 234492 | 245320 | 224432 |
|  LVIP Franklin Templeton Multi-Asset Opportunities Fund | 41127 | 47533 | 45211 |
|  LVIP Invesco Select Equity Income Managed Volatility Fund | 500872 | 592352 | 378236 |
|  LVIP Loomis Sayles Global Growth Fund | N/A | 32159 | 51180 |
|  LVIP MFS International Equity Managed Volatility Fund | 393895 | 429468 | 343496 |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund | 196055 | 177620 | 163724 |
|  LVIP PIMCO Low Duration Bond Fund | 74643 | 150231 | 104774 |
|  LVIP SSGA Emerging Markets Equity Index Fund | 202165 | 522964 | 37415 |
|  LVIP SSGA International Managed Volatility Fund | 196873 | 240700 | 235109 |
|  LVIP SSGA Large Cap Managed Volatility Fund | 310996 | 317361 | 269091 |
|  LVIP SSGA Nasdaq-100 Index Fund | 6428<sup>1</sup> | N/A | N/A |
|  LVIP SSGA Short-Term Bond Index Fund | 79477 | 128744 | 74397 |
|  LVIP SSGA SMID Cap Managed Volatility Fund | 283234 | 307726 | 292603 |

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<sup>1</sup> The Fund commenced operations on February 18, 2021.

With respect to the LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, the Adviser has contractually agreed to waive the following portion of its advisory fee: 0.065% on the first $50 million of average daily net assets of the Fund, 0.025% on the next $50 million of average daily net assets of the Fund, and 0.005% on the next $400 million of average daily net assets of the Fund. The agreement will continue at least through April 30, 2023 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

With respect to the LVIP Franklin Templeton Multi-Factor International Equity Fund, the Adviser has contractually agreed to waive the following portion of its advisory fee: 0.07% on the first $50 million of average daily net assets of the Fund and 0.01% on the next $450 million of average daily net assets of the Fund. The agreement will continue at least through April 30, 2023 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

With respect to the LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund, the Adviser has contractually agreed to waive the following portion of its advisory fee: 0.08% on the first $50 million of average daily net assets of the Fund, and 0.015% on the next $450 million of average daily net assets of the Fund. The agreement will continue at least through April 30, 2023 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

With respect to the LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund, the Adviser has contractually agreed to waive the following portion of its advisory fee: 0.065% on the first $50 million of average daily net assets of the Fund. The agreement will continue at least through April 30, 2023 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

There can be no assurance that the above fee waivers or expense limitations will continue beyond the dates indicated.

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**Sub-Advisers.** As adviser, LIAC is primarily responsible for investment decisions affecting each of the Funds under its management. For some Funds, LIAC has delegated day-to-day portfolio management responsibility to investment management firms that serve as sub-advisers. Each sub-adviser makes investment decisions for its respective Fund in accordance with that Fund's investment objectives and places orders on behalf of that Fund to effect those decisions. With respect to the Funds that are sub-advised, LIAC provides ongoing oversight, including review of returns on a relative and absolute basis, a sub-adviser's use of soft dollars, evaluation of execution quality and brokerage allocation and on-site compliance reviews.

---

| | |
|:---|:---|
| **Fund** | **Sub-Adviser** |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | Franklin Advisers, Inc.<br> One Franklin Parkway<br> San Mateo, CA 94403 |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund | Franklin Advisers, Inc.<br> One Franklin Parkway<br> San Mateo, CA 94403 |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | Franklin Advisers, Inc.<br> One Franklin Parkway<br> San Mateo, CA 94403 |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | Franklin Advisers, Inc.<br> One Franklin Parkway<br> San Mateo, CA 94403 |

---

LIAC, not the Funds, pays each sub-adviser a monthly fee equal to a percentage of the average daily net assets of the portion of the Fund for which the sub-adviser provides investment sub-advisory services. The aggregate annual rates of the fees that LIAC pays to a sub-adviser may vary according to the level of assets the sub-adviser manages. For the fiscal year ended December 31, 2021, LIAC paid fees to each sub-adviser equal to the following aggregate annual rates, expressed as a percentage of average daily net assets of the Fund:

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| | |
|:---|:---|
| **Fund** | **Aggregate Annual Rate as a**<br>**Percentage of Average Daily Net Assets** |
|  LVIP American Century Select Mid Cap Managed Volatility Fund | 0.43% |
|  LVIP Baron Growth Opportunities Fund | 0.46% |
|  LVIP BlackRock Dividend Value Managed Volatility Fund | 0.24% |
|  LVIP BlackRock Global Real Estate Fund | 0.33% |
|  LVIP BlackRock Inflation Protected Bond Fund | 0.06% |
|  LVIP Blended Large Cap Growth Managed Volatility Fund | 0.24% |
|  LVIP Blended Mid Cap Managed Volatility Fund | 0.38% |
|  LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund | 0.34% |
|  LVIP Delaware Bond Fund | 0.11% |
|  LVIP Delaware Diversified Floating Rate Fund | 0.20% |
|  LVIP Delaware Mid Cap Value Fund | 0.20% |
|  LVIP Delaware Social Awareness Fund | 0.20% |
|  LVIP Dimensional International Core Equity Fund | 0.18% |
|  LVIP Dimensional International Equity Managed Volatility Fund | 0.03% |
|  LVIP Dimensional U.S. Core Equity 1 Fund | 0.10% |
|  LVIP Dimensional U.S. Core Equity 2 Fund | 0.15% |
|  LVIP Dimensional U.S. Equity Managed Volatility Fund | 0.03% |
|  LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund | 0.03% |
|  LVIP Franklin Templeton Global Equity Managed Volatility Fund | 0.41% |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | 0.05% |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund | 0.04% |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | 0.02% |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | 0.05% |
|  LVIP Global Income Fund | 0.26% |
|  LVIP Government Money Market Fund | 0.03% |
|  LVIP Invesco Select Equity Income Managed Volatility Fund | 0.30% |
|  LVIP JPMorgan High Yield Fund | 0.30% |
|  LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund | 0.45% |
|  LVIP Loomis Sayles Global Growth Fund | 0.25% |

---

------

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| | |
|:---|:---|
| **Fund** | **Aggregate Annual Rate as a**<br>**Percentage of Average Daily Net Assets** |
|  LVIP MFS International Equity Managed Volatility Fund | 0.03% |
|  LVIP MFS International Growth Fund | 0.34% |
|  LVIP MFS Value Fund | 0.30% |
|  LVIP Mondrian International Value Fund | 0.36% |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund | 0.03% |
|  LVIP PIMCO Low Duration Bond Fund | 0.22% |
|  LVIP SSGA Bond Index Fund | 0.01% |
|  LVIP SSGA Emerging Markets Equity Index Fund | 0.03% |
|  LVIP SSGA International Index Fund | 0.02% |
|  LVIP SSGA International Managed Volatility Fund | 0.03% |
|  LVIP SSGA Large Cap Managed Volatility Fund | 0.03% |
|  LVIP SSGA Mid-Cap Index Fund | 0.01% |
|  LVIP SSGA Nasdaq-100 Index Fund | 0.02% |
|  LVIP SSGA S&P 500 Index Fund | 0.01% |
|  LVIP SSGA Short-Term Bond Index Fund | 0.03% |
|  LVIP SSGA Small-Cap Index Fund | 0.01% |
|  LVIP SSGA SMID Cap Managed Volatility Fund | 0.03% |
|  LVIP T. Rowe Price Growth Stock Fund | 0.29% |
|  LVIP T. Rowe Price Structured Mid-Cap Growth Fund | 0.38% |
|  LVIP Wellington Capital Growth Fund | 0.37% |
|  LVIP Wellington SMID Cap Value Fund | 0.44% |
|  LVIP Western Asset Core Bond Fund | 0.12% |

---

**Sub-Advisory Fees Paid by Each Fund** 

During the last three fiscal years ended December 31, the following amounts were paid for investment sub-advisory services with respect to the management of each Fund. LIAC, not the Fund, pays all sub-advisory fees owed.

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| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  LVIP American Century Select Mid Cap Managed Volatility Fund | $2491937 | $2188977 | $1547844 |
|  LVIP Baron Growth Opportunities Fund | 4571874 | 3547098 | 3290644 |
|  LVIP BlackRock Dividend Value Managed Volatility Fund | 4597765 | 4098446 | 3744878 |
|  LVIP BlackRock Global Real Estate Fund | 1542710 | 1488301 | 2160058 |
|  LVIP BlackRock Inflation Protected Bond Fund | 1019038 | 931251 | 1016162 |
|  LVIP Blended Large Cap Growth Managed Volatility Fund | 4115512 | 3492483 | 3279208 |
|  LVIP Blended Mid Cap Managed Volatility Fund | 3684412 | 3128845 | 3105133 |
|  LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund | 2058562 | 1849788 | 1595805 |
|  LVIP Delaware Bond Fund | 8324461 | 7596822 | 7161943 |
|  LVIP Delaware Diversified Floating Rate Fund | 1717782 | 1645557 | 1811321 |
|  LVIP Delaware Mid Cap Value Fund | 2011829 | 1516574 | 1281097 |
|  LVIP Delaware Social Awareness Fund | 1701624 | 1384195 | 1381879 |
|  LVIP Dimensional International Core Equity Fund | 950740 | 908257 | 1033398 |
|  LVIP Dimensional International Equity Managed Volatility Fund | 195939 | 213831 | 317824 |
|  LVIP Dimensional U.S. Core Equity 1 Fund | 1714286 | 1506130 | 1643760 |
|  LVIP Dimensional U.S. Core Equity 2 Fund | 1340455 | 1260888 | 1337484 |
|  LVIP Dimensional U.S. Equity Managed Volatility Fund | 329686 | 356402 | 497472 |
|  LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund | 173781 | 177884 | 256853 |
|  LVIP Franklin Templeton Global Equity Managed Volatility Fund | 4732326 | 4161792 | 4466394 |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | 300642 | 268463 | 336828 |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund | 389317 | 342495 | 384080 |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | 331635 | 275992 | 274928 |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | 250230 | 182038 | 182209 |
|  LVIP Global Income Fund | 2067947 | 2144273 | 2294229 |
|  LVIP Government Money Market Fund | 347673 | 501004 | 381515 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **2021** | **2020** | **2019** |
|  LVIP Invesco Select Equity Income Managed Volatility Fund | 1598746 | 1465892 | 1141482 |
|  LVIP JPMorgan High Yield Fund | 2548670 | 2199850 | 2377757 |
|  LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund | 3211841 | 2857573 | 3231274 |
|  LVIP Loomis Sayles Global Growth Fund | 877303 | 833553 | 135842 |
|  LVIP MFS International Equity Managed Volatility Fund | 203179 | 222210 | 300910 |
|  LVIP MFS International Growth Fund | 5665985 | 5539619 | 6195070 |
|  LVIP MFS Value Fund | 6156487 | 5123567 | 4897563 |
|  LVIP Mondrian International Value Fund | 3550067 | 3535383 | 4016753 |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund | 37438 | 32399 | 48503 |
|  LVIP PIMCO Low Duration Bond Fund | 2010907 | 2030649 | 2215126 |
|  LVIP SSGA Bond Index Fund | 445963 | 443308 | 426315 |
|  LVIP SSGA Emerging Markets Equity Index Fund | 303453 | 290033 | 247961 |
|  LVIP SSGA International Index Fund | 563566 | 856002 | 818869 |
|  LVIP SSGA International Managed Volatility Fund | 117939 | 141840 | 233503 |
|  LVIP SSGA Large Cap Managed Volatility Fund | 272581 | 286852 | 369116 |
|  LVIP SSGA Mid-Cap Index Fund | 139321 | 139463 | 137149 |
|  LVIP SSGA Nasdaq-100 Index Fund | 18755<sup>1</sup> | N/A | N/A |
|  LVIP SSGA S&P 500 Index Fund | 807320 | 910432 | 813768 |
|  LVIP SSGA Short-Term Bond Index Fund | 76349 | 67932 | 49729 |
|  LVIP SSGA Small-Cap Index Fund | 313874 | 408432 | 441750 |
|  LVIP SSGA SMID Cap Managed Volatility Fund | 214464 | 225478 | 319685 |
|  LVIP T. Rowe Price Growth Stock Fund | 5515903 | 4658565 | 4410455 |
|  LVIP T. Rowe Price Structured Mid-Cap Growth Fund | 4842560 | 4079760 | 3883430 |
|  LVIP Wellington Capital Growth Fund | 3344948 | 2734653 | 2258570 |
|  LVIP Wellington SMID Cap Value Fund | 1481599 | 1090158 | 1019768 |
|  LVIP Western Asset Core Bond Fund | 2817331 | 2440554 | 2171177 |

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<sup>1</sup> The Fund commenced operations on February 18, 2021.

**Service marks.** The Funds' service marks and the name "Lincoln" are used by the Funds with the permission of LNC, and their continued use is subject to LNC's right to withdraw this permission in the event LIAC ceases to be the Funds' investment adviser.

In the prospectus and sales literature, the name Franklin Templeton will be used LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, LVIP Franklin Templeton Multi-Factor International Equity Fund, LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund and LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund. The continued use of these names is subject to the right of the respective sub-adviser to withdraw its permission in the event it ceases to be the sub-adviser to the particular Fund it advises or a change to the underlying fund of a particular fund.

**Fund Expenses.** Expenses specifically assumed by each Fund under its Investment Management Agreement include, among others, compensation and expenses of the Trustees who are not interested persons; custodian fees; independent auditor fees; brokerage commissions; legal and accounting fees; registration and other fees in connection with maintaining required Fund and share registration with the SEC and state securities authorities; and the expenses of printing and mailing updated prospectuses, proxy statements and shareholder reports to current contract owners.

**Proxy Voting Policies and Procedures.** The Board of Trustees has delegated to LIAC or each Fund's sub-adviser (as applicable) responsibility for voting any proxies relating to portfolio securities held by the Fund in accordance with the adviser's or sub-adviser's proxy voting policies and procedures. Summaries of the proxy voting policies and procedures to be followed on behalf of the Funds, including procedures to be used when a vote represents a conflict of interest, are attached hereto as Appendix B.

Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 800-4LINCOLN (454-6265); and (2) on the SEC's website at http:// www.sec.gov.

**Portfolio Managers** 

The following provides information regarding each portfolio manager's other accounts managed, material conflicts of interest, compensation, and any ownership of securities in a Fund. Each portfolio manager is referred to in this section as a "portfolio manager."

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**Other Accounts Managed** 

The following chart lists certain information about types of other accounts for which each portfolio manager was primarily responsible as of December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adviser/Sub-Adviser**<br> *Portfolio Manager(s)* | **Total Number of**<br>**Other Accounts** | **Total Assets**<br>**(in millions)**<br>**of Other Accounts** | **Number of Other**<br>**Accounts Paying**<br>**Performance Fees** | **Total Assets**<br>**(in millions)**<br>**of Other Accounts**<br>**Paying Performance Fees** |
|  **Franklin Advisers, Inc.** |  |  |  |  |
|  *Sundaram Chettiappan, Ph.D.* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 15 | $4325 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 9 | $1074 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 3 | $70 | 0 | $0 |
|  *Christopher W. Floyd* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 17 | $3115 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 9 | $682 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 10 | $339 | 0 | $0 |
|  *Joseph S. Giroux* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 15 | $1866 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 8 | $572 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 5 | $40 | 0 | $0 |
|  *Jose Maldonado, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 6 | $2104 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 1 | $110 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 4 | $272 | 0 | $0 |
|  *Chandrakanth Seethamraju, Ph.D.* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 10 | $3758 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 7 | $1057 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 4 | $88 | 0 | $0 |

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**Material Conflicts of Interest** 

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment account.

Individual portfolio managers may perform investment management services for other funds or accounts (Accounts) similar to those provided to the Funds and the investment action for each such other Account and the Funds may differ. For example, an Account may be selling a security, while a Fund may be purchasing or holding the same security. As a result, transactions executed for one Account may adversely affect the value of securities held by another Account or a fund. Additionally, the management of multiple Accounts and funds may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple Accounts and funds. LIAC and the sub-advisers, if any, have adopted procedures designed to allocate investments fairly across multiple funds and Accounts.

The information below relates solely to the Fund(s) managed by the particular adviser or sub-adviser.

**Franklin Advisers, Inc., Franklin Mutual Advisers, LLC, and Templeton Investment Counsel, LLC** 

Portfolio managers that provide investment services to the Funds may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund and may include performance-based compensation. This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.

The management of multiple funds and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest.

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In some situations, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, a single Fund or account may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager's marketing or sales efforts and his or her bonus.

Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the investment manager has adopted a code of ethics which they believe contains provisions designed to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

The investment manager and the Fund have adopted certain compliance procedures that are designed to address these, and other,

types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

**Compensation Structures and Methods** 

Information regarding each portfolio manager's compensation is attached hereto as Appendix C.

**Beneficial Interest of Portfolio Managers** 

Information regarding securities of each Fund beneficially owned, if any, by portfolio managers is disclosed below. In order to own securities of a fund, a portfolio manager would need to own a Lincoln Life variable life insurance policy or variable annuity contract. Portfolio managers are not required to own Fund shares, but may invest their personal assets in Fund shares in accordance with their individual investment goals. A portfolio manager's personal investment, or lack of investment, is not an indicator of that portfolio manager's confidence in, or commitment to, a particular Fund or its investment strategy.

As of the Funds' fiscal year ended December 31, 2022, no portfolio manager of any Fund beneficially owned shares of any Fund.

**Principal Underwriter** 

Lincoln Financial Distributors, Inc. (LFD), 130 North Radnor-Chester Road, Radnor, Pennsylvania 19087, serves as the principal underwriter for the Trust pursuant to a Principal Underwriting Agreement with the Trust dated January 1, 2012. LFD is an affiliate of LIAC, the Funds' investment adviser. Under the agreement, the Trust has appointed LFD as the principal underwriter and distributor of the Trust to sell shares of each class of each Fund within the Trust at net asset value in a continuous offering to insurance company separate accounts or employer-sponsored products. LFD will not retain underwriting commissions from the sale of Fund shares. The offering of each such class is continuous.

For fiscal years ended December 31, 2021, 2020 and 2019, LFD received $208,355,341, $173,124,472, and $168,111,614, respectively, in compensation from the Trust.

**Administration Agreement** 

The Trust has entered into an Administration Agreement with Lincoln Life, an affiliate of LIAC and LFD, pursuant to which Lincoln Life provides various administrative services necessary for the operation of the Funds. These services 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. The Trust reimburses Lincoln Life for the cost of administrative, internal legal and corporate secretary services.

For the fiscal years ended December 31, 2021, 2020 and 2019, the Trust paid Lincoln Life $9,183,600, $11,452,717, and $10,730,919, respectively, in administrative services reimbursement.

The Trust compensates Lincoln Life for contractholder servicing provided by Lincoln Life with respect to the Funds. These contractholder services include, among others: 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. In addition, Lincoln Life provides certain corporate-level services to each of the Funds, such as: anti-money

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laundering and fraud prevention; privacy and data security; disaster recovery; and services related to regulatory duties, such as duties of confidentiality and disclosure.

For the fiscal years ended December 31, 2021 and 2020, the Trust paid Lincoln Life $33,707,685 and $28,243,675, respectively, in contractholder servicing and corporate-level services reimbursement.

**Securities Lending** 

None of the Funds engaged in any securities lending for the fiscal year ended December 31, 2022.

**Accounting Agreement** 

The Trust has entered into a fund accounting and financial administration services agreement ("Accounting Agreement") with State Street Bank and Trust Company ("State Street"), effective October 15, 2018 (November 19, 2018 for the funds of funds and master feeder funds), pursuant to which State Street provides certain accounting services for the Fund. Services provided under the Accounting Agreement include, among others, functions related to calculating the daily net asset values ("NAV") of the Fund's shares, providing financial reporting information, regulatory compliance testing and other related accounting services. For these services, the Fund pays State Street either a flat, annual fee or an asset-based fee based on the total value of assets in the Trust, plus certain additional service fees and out-of-pocket expenses.

For fiscal years ended December 31, 2021, 2020 and 2019, the Trust paid $11,022,662, $10,363,301, and $9,336,151, respectively, pursuant to its Accounting Agreement.

**Code of Ethics** 

The Trust, LIAC and LFD have each adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. The Board of Trustees has reviewed and approved these Codes of Ethics. Subject to certain limitations and procedures, these Codes permit personnel that they cover, including employees of LIAC who regularly have access to information about securities purchased for the Funds, to invest in securities for their own accounts. This could include securities that may be purchased by Funds. The Codes are intended to prevent these personnel from taking inappropriate advantage of their positions and to prevent fraud on the Funds. The Trust's Code of Ethics requires reporting to the Board of Trustees of material compliance violations.

**Description of Shares** 

The Trust was organized as a Delaware statutory trust on February 1, 2003 and is registered with the SEC as an open-end, management investment company. The Trust's Certificate of Trust is on file with the Secretary of State of Delaware. The Trust's Agreement and Declaration of Trust authorizes the Board of Trustees to issue an unlimited number of shares, which are shares of beneficial interest, without par value. The Trust currently consists of 109 funds organized as separate series of shares. The Agreement and Declaration of Trust authorizes the Board of Trustees to divide or redivide any unissued shares of the Trust into one or more additional series by setting or changing in any one or more respects their respective preferences, conversion or other rights, voting power, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption, and to establish separate classes of shares.

Each Fund currently offers two classes of shares: Standard Class and Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service plan (Plan). The Plan allows each Fund to pay distribution and service fees of up to 0.35% per year to those organizations that sell and distribute Service Class shares and provide services to Service Class shareholders and contract owners. The Plan for the Service Class is discussed in the "Rule 12b-1 Plan" section of this SAI.

Each Fund's shares (all classes) have no subscription or preemptive rights and only such conversion or exchange rights as the Board of Trustees may grant in its discretion. When issued for payment as described in the prospectus and this SAI, the shares will be fully paid and non-assessable, which means that the consideration for the shares has been paid in full and the issuing Fund may not impose levies on shareholders for more money. In the event of a liquidation or dissolution of the Trust, shareholders of each Fund are entitled to receive the assets available for distribution belonging to that Fund, and a proportionate distribution, based upon the relative asset values of the respective Funds, of any general assets not belonging to any particular Fund which are available for distribution, subject to any differential class expenses.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each Fund affected by the matter. For purposes of determining whether the approval of a majority of the outstanding shares of a Fund will be required in connection with a matter, a Fund will be deemed to be affected by a matter unless it is clear that the interests of each Fund in the matter are identical, or that the matter does not affect any interest of the Fund.

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Under Rule 18f-2, the approval of an investment advisory agreement or any change in investment policy would be effectively acted upon with respect to a Fund only if approved by a majority of the outstanding shares of that Fund. However, Rule 18f-2 also provides that the ratification of independent public accountants (for Funds having the same independent accountants), the approval of principal underwriting contracts, and the election of trustees may be effectively acted upon by shareholders of the Trust voting without regard to individual Funds. In such matters, all shares of the Trust have equal voting rights.

Unless otherwise required by the 1940 Act, ordinarily it will not be necessary for the Trust to hold annual meetings of shareholders. As a result, shareholders may not consider each year the election of Trustees or the appointment of auditors. However, the holders of at least 10% of the shares outstanding and entitled to vote may require the Trust to hold a special meeting of shareholders for purposes of removing a trustee from office. Shareholders may remove a Trustee by the affirmative vote of two-thirds of the Trust's outstanding voting shares. In addition, the Board of Trustees will call a meeting of shareholders for the purpose of electing Trustees if, at any time, less than a majority of the Trustees then holding office have been elected by shareholders.

**Control Persons and Principal Holders of Securities** 

Because the Funds are available as investments for variable annuity contracts and variable life insurance policies (Variable Contracts) 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, and in proportion to, voting instructions received by owners of the Variable Contracts. A small number of Contract Holders could therefore determine whether Fund proposals are approved.

For these Funds, the insurance companies include, without limitation, (1) Lincoln Life, an Indiana insurance company, at 1301 S. Harrison Street, Fort Wayne, IN 46802; (2) Lincoln Life & Annuity Company of New York (Lincoln New York), a New York insurance company, at 100 Madison Street, Suite 1860, Syracuse, NY 13202-2802; and (3) other third-party insurance companies.

As of April 1, 2022, there were no shareholders of the Funds that held 5% or more (or 25% 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. The fund of funds generally will vote their shares of underlying funds in the same proportion as the vote of all of the other holders of the underlying fund's shares, a technique known as "echo voting."

As of April 1, 2022, the record shareholders listed below held 5% or more (or 25% or more) of the outstanding shares of a Fund.

*25% Plus Record Holders* 

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| | |
|:---|:---|
| **Fund Name / Shareholder Name** | **Percentage (%) of**<br>**Shareholder Ownership in Fund** |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund |  |
|  *LVIP Global Growth Allocation Managed Risk Fund* | 27.45% |

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*5% Plus Record Holders* 

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| | |
|:---|:---|
| **Fund Name / Shareholder Name** | **Percentage (%) of**<br>**Shareholder Ownership in Fund** |
|  *LVIP Franklin Templeton Multi-Factor International Equity Fund – Standard Class* |  |
|  LVIP Global Growth Allocation Managed Risk Fund | 27.64% |
|  LVIP Global Moderate Allocation Managed Risk Fund | 20.74% |
|  LVIP SSGA Global Tactical Allocation Managed Volatility Fund | 9.97% |
|  LVIP SSGA Moderate Structured Allocation Fund | 11.24% |
|  LVIP SSGA Moderately Aggressive Structured Allocation Fund | 7.66% |
|  *LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund – Standard Class* |  |
|  LVIP Global Growth Allocation Managed Risk Fund | 14.30% |
|  LVIP Global Moderate Allocation Managed Risk Fund | 12.49% |
|  LVIP SSGA Global Tactical Allocation Managed Volatility Fund | 5.28% |
|  LVIP SSGA Moderate Structured Allocation Fund | 13.49% |
|  LVIP SSGA Moderately Aggressive Structured Allocation Fund | 13.93% |

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| | |
|:---|:---|
| **Fund Name / Shareholder Name** | **Percentage (%) of**<br>**Shareholder Ownership in Fund** |
|  *LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund – Standard Class* |  |
|  LVIP Global Growth Allocation Managed Risk Fund | 35.69% |
|  LVIP Global Moderate Allocation Managed Risk Fund | 27.22% |
|  LVIP SSGA Global Tactical Allocation Managed Volatility Fund | 7.59% |
|  LVIP SSGA Moderate Structured Allocation Fund | 8.31% |
|  LVIP SSGA Moderately Aggressive Structured Allocation Fund | 5.58% |
|  *LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund – Standard Class* |  |
|  LVIP SSGA Global Tactical Allocation Managed Volatility Fund | 5.36% |
|  LVIP SSGA Moderate Structured Allocation Fund | 8.93% |
|  LVIP SSGA Moderately Aggressive Structured Allocation Fund | 7.38% |
|  LVIP U.S. Growth Allocation Managed Risk Fund | 15.86% |

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**Rule 12b-1 Plan** 

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a distribution and service plan (Plan) for the Service Class of shares of each Fund. As previously noted, the Trust offers shares of beneficial interest to Insurance Companies for allocation to certain of their Variable Contracts. The Trust may pay Insurance Companies or others, out of the assets of Service Class shares of each Fund for activities primarily intended to sell such shares. The Trust would pay each third-party for these services pursuant to a written agreement with that third-party.

Payments made under the Plan may be used for, among other things: the printing of prospectuses and reports used for sales purposes; preparing and distributing sales literature and related expenses; advertisements; education of shareholders and contract owners or dealers and their representatives; and other distribution-related expenses. Payments made under the Plan may also be used to pay insurance companies, dealers or others for, among other things: service fees as defined under FINRA rules; furnishing personal services or such other enhanced services as the Trust or a Variable Contract offering Service Class may require; or maintaining customer accounts and records.

For the noted services, the Plan authorizes each Fund to pay to Insurance Companies or others, a monthly fee ("Plan Fee") not to exceed 0.35% per annum of the average daily NAV of Service Class shares, respectively, as compensation or reimbursement for services rendered and/or expenses borne. The Plan Fee for the Funds is currently 0.25%. The Plan Fee may be adjusted by the Trust's Board of Trustees from time to time. The Plan does not limit Plan Fees to amounts actually expended by third parties for services rendered and/or expenses borne. A third party, therefore, may realize a profit from Plan Fees in any particular year.

No "interested person", as defined in the 1940 Act, or Independent Trustee had or has a direct or indirect financial interest in the operation of the Plan or any related agreement.

The Board of Trustees, including a majority of the Independent Trustees, has determined that, in the exercise of reasonable business judgment and in light of its fiduciary duties, there is a reasonable likelihood that the Plan will benefit each Fund and Service Class contract owners thereof. Each year, the Trustees must make this determination for the Plan to be continued. The Board of Trustees believes that the Plan will result in greater sales and/or fewer redemptions of Service Class shares, which may benefit each Fund by reducing Fund expense ratios and/or by affording greater flexibility to portfolio managers. However, it is impossible to know for certain the level of sales and redemptions of shares that would occur in the absence of the Plan or under alternative distribution schemes.

For the fiscal year ended December 31, 2021, the Service Class shares of the Trust paid Plan Fees for compensation to broker-dealers of approximately $208,355,341.

**Revenue Sharing** 

LIAC and its affiliates, including LFD, and/or each Fund's sub-adviser may pay compensation at their own expense, including the profits from the advisory fees LIAC receives from the Funds or the sub-advisory fees the sub-advisers receive from LIAC, to affiliated or unaffiliated brokers, dealers or other financial intermediaries (financial intermediaries) in connection with the sale or retention of Fund shares or the sales of insurance products that are funded by the Funds and/or shareholder servicing (distribution assistance). For example, LFD may pay additional compensation to financial intermediaries for various purposes, including, but not limited to, promoting the sale of Fund shares and the products that are funded by the Fund shares; access to their registered representatives; sub-accounting, administrative or shareholder processing services; and marketing and education support. Such payments are in addition to any distribution fees, service fees and/or transfer agency fees that may be payable by the Funds. The additional payments may be

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based on factors, including level of sales, the Funds' advisory fees, some other agreed upon amount, or other measures as determined from time to time.

A significant purpose of these payments is to increase sales of the Funds' shares and the products that contain the Funds. LIAC and/or its affiliates may benefit from these payments of compensation to financial intermediaries through increased fees resulting from additional assets acquired through the sale of insurance products through such intermediaries.

**Valuation of Portfolio Securities** 

**Offering Price/NAV.** The offering price of a Fund's shares is based on the Fund's net asset value ("NAV") per share. A Fund determines its NAV per share by subtracting its liabilities (including accrued expenses and dividends payable) from its total assets (the value of the securities the Fund holds plus cash and other assets, including income accrued but not yet received) and dividing the result by the total number of Fund shares outstanding. A Fund determines its NAV per share as of close of regular trading on the New York Stock Exchange ("NYSE") – normally 4:00 p.m. New York time, each business day.

In addition to the disclosure in each Fund's prospectus under the "Pricing of Fund Shares" section, the value of each Fund's investments is determined as follows:

**Foreign Equity Securities.** Foreign equity securities are generally valued based on their closing price on the principal foreign exchange for those securities, which may occur earlier than the NYSE close. A Fund then may adjust for market events, occurring between the close of the foreign exchange and the NYSE close. An independent statistical service has been retained to assist in determining the value of certain foreign equity securities. This service utilizes proprietary computer models to determine adjustments for market events. Quotations of foreign securities in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents.

**Over-the-Counter ("OTC") Investments.** OTC investments (including swaps and options) are generally valued by pricing services that use evaluated prices from various observable market and other factors. Certain forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates.

**Exchange-Traded Futures, Options and Swaps.** Exchange-traded futures, options and swaps are normally valued at the reported settlement price determined by the relevant exchange. Exchange-traded futures, options and swaps for which no settlement prices are reported are generally valued at the mean between the most recent bid and ask prices obtained from pricing services, established market makers, or from broker-dealers.

**Portfolio Holdings Disclosure** 

The Trust's Board of Trustees has adopted policies and procedures designed to ensure that disclosure of information regarding a Fund's portfolio securities is in the best interests of Fund shareholders. In accordance with these policies and procedures, Fund management will make shareholders reports or other regulatory filings containing the Funds' portfolio holdings available free of charge to individual investors, institutional investors, intermediaries that distribute the Funds' shares, and affiliated persons of the Fund that make requests for such holdings information. Shareholder reports are available 60 days after the end of each semi-annual reporting period.

Each Fund posts its top-ten holdings shortly after each quarter-end to Lincoln Life and other insurance companies who include the Funds in their products (Insurance Companies). All Insurance Companies that receive nonpublic portfolio holdings information must sign a confidentiality agreement agreeing to keep this nonpublic portfolio information strictly confidential and not to engage in trading on the basis of the information. The Insurance Companies may include this information in marketing and other public materials (including via website posting) 15 days after the end of the quarter.

Each Fund will post all of its holdings to a publicly available website no earlier than 25 calendar days after quarter end. In addition, each Fund may post all of its holdings no earlier than 25 calendar days after inception, rebalance, or after any material changes are made to the holdings. At the time of the disclosure on the website, the portfolio holdings of these Funds will be deemed public.

Each Fund also may provide holdings information following the end of the quarterly reporting period under a confidentiality agreement to third-party service providers, including independent rating and ranking organizations, which conduct market analyses of the Fund's portfolio holdings against benchmarks or securities market indices. All such third parties must sign a confidentiality agreement agreeing to keep the non-public portfolio information strictly confidential and not to engage in trading on the basis of the information. These parties may disseminate the portfolio holdings information when the portfolio holdings are deemed to be public.

Certain Funds provide daily holdings information to affiliated persons of the Funds to better facilitate Fund and related insurance product operations. In this regard, each Managed Volatility Fund provides daily post-trade position reports, as well as reports showing the Fund's daily futures transactions pursuant to the managed volatility strategy, to the annuity pricing group and market risk management group within Lincoln Life, LIAC's parent company. In addition, certain Funds provide monthly portfolio holdings on a post-trade

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basis to Lincoln Life approximately 20 days after the end of each month. The pricing group uses Fund information to support the group's oversight of risk management functions for the Managed Volatility Funds and Lincoln Life, but does not engage in any trading activities. The risk management group uses the information to hedge portfolio risks for Lincoln Life and for Lincoln insurance products and annuities. Lincoln's internal risk management functions are integral to supporting the relevant Funds and their associated insurance products. Each of these information sharing arrangements is subject to: (1) a non-disclosure agreement; and (2) protections against (a) inappropriate trading based on the information and (b) conflicts of interest between the Funds and their affiliated persons.

Fund sub-advisers have an ongoing arrangement with the following third parties to make available information about a Fund's portfolio holdings: (1) ratings organizations, such as Moodys, and S&P, provided generally on a monthly basis for the purpose of reviewing the particular fund; (2) portfolio analysis companies, such as Commicise, BBH Infomediary, IDS GmBH, IEX Data Analytics LLC, Morningstar, Lipper, Factset Research Systems, Financial Recovery Technologies, Intex, Performance Attribution System, Linedata Services, Inc., Investment Technology Group Inc., Wilshire Associates, Inc., Bloomberg L.P., Bloomberg PORT, BarraOne/MSCI Barra, Inc., Barclays Capital, BlackRock Aladdin, Trade Informatics, Investor Tools Perform, BARRA Aegis Systems, Global Trading Analytics, LLC, Citigroup, Hedgemark, ICE Data Pricing and Reference Data, LLC, MoneyMate, Omgeo, Barclays Capital Point, Acuity Knowledge Partners, Virtu Americas LLC, Virtu Financial, Virtu ITG LLC, Markit/Wall Street Office and Axioma provided generally on a daily, monthly or quarterly basis for the purpose of compiling reports, preparing comparative analysis data and trade execution evaluation; (3) proxy voting or class action services, such as Broadridge Financial Solutions, Inc., Glass, Lewis & Co., or Institutional Shareholder Services (ISS) - ISS/RiskMetrics provided generally on a daily basis or bi-monthly basis for the purpose of voting proxies relating to portfolio holdings or providing corporate actions services and trade confirmation; Securities Class Action Services; (4) computer systems, products, services and software vendors, such as BestX, Electra Securities, TriOptima, FIS XSPrisa (XSP) SaaS, FX Connect, OMEGO LLC, Infinit Outsourcing, Inc., Limited, Cogent Consulting, Abel Noser, Charles River Communications, StarCompliance, Tradeweb, provided generally on a daily basis for the purpose of providing computer products, services, software and accounting systems to the sub-advisers; MetroProof Inc., and (5) operational services such as Accenture LLP, Bank of New York Mellon, Brown Brothers Harriman & Co., Fidelity Corporate Action Solutions, StarCompliance, State Street Bank and Trust Company, State Street Global Services, State Street Investment Manager Solutions, ION and Northern Trust, provided generally on a daily basis for the purpose of providing operational functions including, but not limited to, Fund pricing and OTC derivative swap products to the sub-advisers. Each of the above unaffiliated third parties must agree to keep the Fund's holdings information confidential and not engage in trading on the basis of the information. The sub-advisers do not receive compensation in connection with these arrangements.

Each Fund may provide, at any time, portfolio holdings information to: (a) Fund service providers and affiliates, such as the Funds' investment adviser, or sub-advisers, trading services providers, class action service provider (Kessler Topaz Meltzer & Check, LLP), custodian and independent registered public accounting firm, to the extent necessary to perform services for the Funds; and (b) state and federal regulators and government agencies as required by law or judicial process. These entities are subject to duties of confidentiality imposed by law, contract, or fiduciary obligations.

The Funds will disclose their portfolio holdings in public SEC filings. The Trust's Board of Trustees also may, on a case-by-case basis, authorize disclosure of the Funds' portfolio holdings, provided that, in its judgment, such disclosure is not inconsistent with the best interests of shareholders, or may impose additional restrictions on the dissemination of portfolio information.

Neither the Funds, the Adviser, nor any affiliate receive any compensation or consideration in connection with the disclosure of the Funds' portfolio holdings information.

The Funds are responsible for ensuring appropriate disclosure is made regarding these procedures in the Funds' prospectuses and/or SAI.

The Trust's Board of Trustees exercises oversight of these policies and procedures. Management for the Funds will inform the Trustees if any substantial changes to the procedures become necessary to ensure that the procedures are in the best interest of Fund shareholders. The officers will consider any possible conflicts between the interest of Fund shareholders, on the one hand, and those of the Funds' investment adviser and other Fund affiliates, on the other. Moreover, the Funds' Chief Compliance Officer will address the operation of the Funds' procedures in the annual compliance review and will recommend any remedial changes to the procedures.

**Purchase and Redemption Information** 

Shares of a Fund may not be purchased or redeemed by individual investors directly but may be purchased or redeemed only through variable annuity contracts or variable life contracts offered by Lincoln Life, LNY and other insurance companies. Shares of the Funds may also be purchased by the Trust's funds of funds, which invest their assets in other mutual funds. The offering price of a Fund's shares is equal to its net asset value per share.

If conditions exist which make payment of redemption proceeds wholly in cash unwise or undesirable, a Fund may make payment wholly or partly in securities or other investment instruments which may not constitute securities as such term is defined in the applicable securities laws. If a redemption is paid wholly or partly in securities or other property, a shareholder would incur transaction costs in disposing of the redemption proceeds.

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**Custodian and Transfer Agent** 

All securities, cash and other similar assets of the Funds are currently held in custody by State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111.

The custodian shall: receive and disburse money; receive and hold securities; transfer, exchange, or deliver securities; present for payment coupons and other income items, collect interest and cash dividends received, hold stock dividends, etc.; cause escrow and deposit receipts to be executed; register securities; and deliver to the Funds proxies, proxy statements, etc.

Lincoln Life performs the Funds' dividend and transfer agent functions.

**Independent Registered Public Accounting Firm** 

The Board of Trustees has engaged Ernst & Young LLP, One Commerce Square, Suite 700, 2005 Market Street, Philadelphia, PA 19103, to serve as the Funds' Independent Registered Public Accounting Firm. In addition to the audits of the Funds' financial statements, Ernst & Young LLP also reviews certain regulatory reports, reviews the Funds' federal income tax returns, and performs other tax and advisory services when engaged to do so by the Trust.

**Financial Statements** 

<u>[Each Fund's most recent Annual Report to shareholders, which contains each Fund's audited financial statements, is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/914036/000119312522068816/d233993dncsr.htm)</u>. The audited financial statements and the reports for the year ended December 31, 2022, of Ernst & Young LLP thereon are incorporated by reference to each Fund's annual report. We will provide a copy of each Fund's annual report, once available, on request and without charge. Either write: The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or call: 1-800-4LINCOLN (454-6265).

**Taxes** 

**Regulated Investment Company.** Each Fund intends to qualify, and has elected to be taxed as, a regulated investment company under the Internal Revenue Code (the "Code"). A regulated investment company's ordinary income and net realized capital gains, if distributed to shareholders, will not be subject to corporate income tax. Each Fund, as a regulated investment company, must, among other things, annually derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans and gains from the sale of stock or securities or foreign currencies, or other income, such as income derived from interests in "qualified publicly traded partnerships," gains from options, futures, or forward contracts, derived with respect to the Fund's other investments (the Income Requirement).

Each Fund also intends to comply with diversification requirements that apply to mutual funds investing in variable contracts. Generally, a Fund will be required to diversify its investments so that on the end of each calendar quarter: no more than 55% of total assets is represented by any one investment; no more than 70% is represented by any two; no more than 80% is represented by any three; and no more than 90% is represented by any four.

For this purpose, securities of a given issuer are treated as one investment, but each U.S. government agency or instrumentality is treated as a separate issuer. Any security issued, guaranteed, or insured by the U.S. government or an agency or instrumentality of the U.S. government is treated as a security issued by such. A Fund may satisfy an alternative asset diversification test under certain circumstances.

Each Fund may sell its shares directly to certain qualified pension and retirement plans, and to separate accounts established and maintained by insurance companies for the purpose of funding variable annuity and variable life insurance contracts. If a Fund were to sell its shares to other categories of shareholders, the Fund may fail to comply with applicable Treasury requirements regarding investor control. If a Fund should fail to comply with the investor control requirements, the Contract owners would be treated as the Fund's shareholders, and the contracts invested in the Fund would not be treated as annuity, endowment, or life insurance contracts under the Code. All income and gain earned from those contracts both in past years and currently would be taxed currently to the Contract owners, and income and gain would remain subject to taxation as ordinary income thereafter.

If a Fund fails to qualify as a regulated investment company, the Fund would be subject to tax as an ordinary corporation on all of its taxable income and gain, whether or not distributed to shareholders. Moreover, if a Fund were to fail to qualify as a regulated investment company, the Fund's distributions would be characterized as ordinary dividend income to its shareholders, and Contract owners would be required to include in ordinary income any income earned under the contracts for the current and all prior taxable years. A Fund's failure to satisfy the diversification requirements may also result in adverse tax consequences for the insurance company issuing the contracts. Under certain circumstances inadvertent failures to satisfy the diversification requirements may be corrected.

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Certain Funds may invest in exchange traded vehicles that track commodity returns. Under the Code, these investments are not considered "securities" for purposes of the Income Requirement. As a result, any income generated by such investments is not included in determining compliance with the Income Requirement's 90% test. Each Fund intends to manage its commodities exposure to ensure that the Income Requirement is met at the end of the Fund's tax year. To the extent that a Fund's income from commodities exceeds 10% of the Fund's gross income, the Fund may be subject to taxation on that portion of commodities income that exceeds 10% of the Fund's gross income.

**Medicare Tax.** A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, taxable dividends, taxable annuity payments, and net gain from investments) of certain individuals, trusts and estates.

**Fund Distributions.** Dividends that a Fund pays from its ordinary income and distributions of a Fund's net realized capital gains are includable in the respective Insurance Company's gross income. Distributions of a Fund's net realized long-term capital gains retain their character as long-term capital gains in the hands of the Insurance Companies if certain requirements are met. The tax treatment of such dividends and distributions depends on the respective Insurance Company's tax status. To the extent that income of a Fund represents dividends on common or preferred stock, rather than interest income, its distributions to the Insurance Companies will be eligible for the present 70% dividends received deduction applicable to life insurance companies under the Code. See the Contracts Prospectus for a description of the respective Insurance Company's tax status and the charges that may be made to cover any taxes attributable to the Separate Account. Not later than 60 days after the end of each calendar year, each Fund will send to the Insurance Companies a written notice reporting the amount and character of any distributions made during such year. Any benefits reported will inure to the benefit of the Insurance Companies and will not be shared with Contract owners.

**Foreign Investments.** Dividends or other income received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign jurisdictions. Tax conventions, such as treaties, between certain countries and the United States may reduce or eliminate such taxes in some cases. If more than 50% of a Fund's total assets at the close of its taxable year consists of stock or securities in foreign corporations or in other regulated investment companies, the Fund may elect to treat its foreign income tax payments as paid by the Insurance Companies for U.S. income tax purposes. A Fund may qualify for and make this election in some, but not necessarily all, of its taxable years. If a Fund were to make this election, the Insurance Companies would be required to take into account an amount equal to their pro rata portions of such foreign taxes in computing their taxable income. Not later than 60 days after any year for which it makes such an election, a Fund will report to the Insurance Companies the amount per share of such foreign income tax that must be included in gross income and the amount that will be available for the deduction or credit. Certain limitations apply to the credit (but not the deduction) for foreign taxes that an Insurance Company may claim. Foreign taxes each Fund pays will reduce the return on the Fund's investments. Any benefits of a foreign tax credit or deduction as a result of this election will inure to the benefit of the Insurance Companies and will not be shared with Contract owners.

A Fund or Underlying Fund that invests in non-U.S. securities may be subject to non-U.S. income taxes and non-U.S. financial transactions taxes. Each Fund and underlying fund that is eligible to do so may elect to "pass through" to its investors the amount of non-U.S. income taxes paid by the Fund or underlying fund, depending on the circumstances.

**Contract Owner Taxes.** Since individual Contract owners are generally not treated as shareholders of the Funds, no discussion is included regarding the federal income tax consequences at the Contract owner level. The discussion of federal income tax considerations in the prospectus, in conjunction with the foregoing, is a general and abbreviated summary of the applicable provisions of the Code and Treasury Regulations currently in effect. These interpretations can be changed at any time. The above discussion covers only federal tax considerations with respect to the Funds. State and local taxes vary.

Each Fund also intends to comply with diversification regulations under Section 817(h) of the Code that apply to mutual funds underlying variable contracts. Generally, a Fund will be required to diversify its investments so that on the last day of each quarter of a calendar year, no more than 55% of the value of its total assets is represented by any one investment, no more than 70% is represented by any two investments, no more than 80% is represented by any three investments, and no more than 90% is represented by any four investments. For this purpose, securities of a given issuer are treated as one investment, but each U.S. government agency or instrumentality is treated as a separate issuer. Any security issued, guaranteed, or insured (to the extent so guaranteed or insured) by the U.S. government or an agency or instrumentality of the U.S. government is treated as a security issued by the U.S. government or its agency or instrumentality, whichever is applicable. An alternative asset diversification test may be satisfied under certain circumstances.

Each Fund may sell its shares directly to separate accounts established and maintained by insurance companies for the purpose of funding variable annuity and variable life insurance contracts and to certain qualified pension and retirement plans; if a Fund were to sell its shares to other categories of shareholders, the Fund may fail to comply with applicable Treasury requirements regarding investor control. If a Fund should fail to comply with the investor control requirements, the Contract holders would be treated as the owners of the shares and the contracts invested in the Fund would not be treated as annuity, endowment or life insurance contracts under the Code and all income and gain earned in past years and currently inside the contracts would be taxed currently to the Contract holders, and income and gain would remain subject to taxation as ordinary income thereafter.

Failure by a Fund to both qualify as a regulated investment company and satisfy the Section 817(h) diversification requirements would generally cause Variable Contracts that include the Fund as an underlying investment to lose their favorable tax status and require

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contract holders to include in ordinary income any income under the contracts for the current and all prior taxable years. Under certain circumstances described in the applicable Treasury regulations, inadvertent failure to satisfy the applicable diversification requirements may be corrected, but such a correction would require a payment to the Internal Revenue Service (IRS) based on the tax contract holders would have incurred if they were treated as receiving the income on the contract for the period during which the diversification requirements were not satisfied. Any such failure may also result in adverse tax consequences for the insurance company issuing the contracts. Failure by a Fund to qualify as a regulated investment company would also subject a Fund to federal and state income taxation on all of its taxable income and gain, whether or not distributed to shareholders.

A Fund or an underlying fund, if invested in non-U.S. securities, may be subject to non-U.S. income taxes and non-U.S. financial transactions taxes. Each Fund and underlying fund that is permitted to do so may elect to "pass through" to its investors, including a Fund, the amount of non-U.S. income taxes paid by the Fund or underlying fund. A Fund itself will be eligible to elect to "pass through" such amounts to its stockholders and may do so, depending upon circumstances.

A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, taxable dividends, taxable annuity payments and net gain from investments) of certain individuals, trusts and estates.

Dividends paid by the Company from its ordinary income and distributions of the Company's net realized capital gains are includable in the respective Insurance Company's gross income. Distributions of the Company's net realized long-term capital gains retain their character as long-term capital gains in the hands of the Insurance Companies if certain requirements are met. The tax treatment of such dividends and distributions depends on the respective Insurance Company's tax status. To the extent that income of the Company represents dividends on common or preferred stock, rather than interest income, its distributions to the Insurance Companies will be eligible for the present 70% dividends received deduction applicable in the case of a life insurance company as provided in the Code. See the Prospectus for the Contracts for a description of the respective Insurance Company's tax status and the charges which may be made to cover any taxes attributable to the Separate Account. Not later than 60 days after the end of each calendar year, the Company will send to the Insurance Companies a written notice required by the Code reporting the amount and character of any distributions made during such year. Any benefits of such designation will inure to the benefit of the Insurance Companies and will not be shared with Contract holders.

Dividends or other income (including, in some cases, capital gains) received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes in some cases. If more than 50% of a Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations or in other regulated investment companies, the Fund may elect for U.S. income tax purposes to treat foreign income taxes paid by it as paid by the Insurance Companies. A Fund may qualify for and make this election in some, but not necessarily all, of its taxable years. If a Fund were to make an election, the Insurance Companies would be required to take into account an amount equal to their pro rata portions of such foreign taxes in computing their taxable income and then treat an amount equal to those foreign taxes as a U.S. Federal income tax deduction or as a foreign tax credit against their U.S. Federal income taxes. Not later than 60 days after any year for which it makes such an election, a Fund will report to the Insurance Companies the amount per share of such foreign income tax that must be included in gross income and the amount which will be available for the deduction or credit. Certain limitations will be imposed on the extent to which the credit (but not the deduction) for foreign taxes may be claimed. Foreign taxes paid by each Fund will reduce the return from the Fund's investments. Any benefits of such reporting will inure to the benefit of the Insurance Companies and will not be shared with Contract holders.

Since individual contract owners are generally not treated as shareholders of the Funds, no discussion is included regarding the federal income tax consequences at the shareholder level.

The discussion of federal income tax considerations in the prospectus, in conjunction with the foregoing, is a general and abbreviated summary of the applicable provisions of the Code and Treasury Regulations currently in effect as interpreted by the Courts and the IRS. These interpretations can be changed at any time. The above discussion covers only federal tax considerations with respect to the Funds. State and local taxes vary.

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**Appendix A — Long and Short-Term Credit Ratings** 

Certain of the Funds' investment policies and restrictions include reference to bond (long-term) and commercial paper (short-term) ratings. The following is a discussion of the rating categories of Moody's Investor Service, Inc. and Standard & Poor's Financial Services LLC.

**<u>Background</u>**

***Moody's***

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.

***S&P Global Ratings***

A Standard & Poor's issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program. The opinion reflects Standard & Poor's view of the obligor's capacity and willingness to meet its financial commitments as they come due.

**Long-Term Credit Ratings** 

Long-term ratings are generally the credit risk of fixed-income obligation with an original maturity of one year or more.

***Moody's***

Aaa – Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa - Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A - Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa - Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba - Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B - Obligations rated B are considered speculative and are subject to high credit risk.

Caa - Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca - Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C - Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

***S&P Global Ratings***

AAA - An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA - An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A - An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB – An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitment on the obligation.

BB; B; CCC; CC; and C – Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

D - An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

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\*Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Short-Term Credit Ratings** 

Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days — including commercial paper.

***Moody's***

P1 - Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P2 - Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P3 - Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP - Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

***S&P Global Ratings***

A-1 - A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2 - A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A-3 - A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitment on the obligation.

B - A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

C - A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

D - A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

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**Appendix B — Proxy Voting Policies and Procedures** 

**Lincoln Investment Advisors Corporation** 

**I. Introduction** 

The Board of Trustees (the "Board") of each series of Lincoln Variable Insurance Products Trust (collectively, the "Lincoln Funds") has adopted these Proxy Voting Policies and Procedures (the "Policies and Procedures") to govern each Lincoln Fund's proxy voting. The Board has delegated implementation of these Policies and Procedures, and the responsibility for all proxy voting, or further delegation of proxy voting, to the Lincoln Funds' investment adviser, Lincoln Investment Advisors Corporation ("LIAC").

LIAC has adopted these Policies and Procedures to govern LIAC's implementation of proxy voting for LIAC's clients, which include the Lincoln Funds.

**II. Policies** 

LIAC shall vote proxies for which it has discretionary authority in the best interests of its clients. Such clients may include the Lincoln Funds, non-Lincoln mutual funds, private funds, and separate accounts (collectively, "Clients").

Proxy voting decisions with respect to a Client's holdings shall be made in the manner LIAC believes will most likely protect and promote such Client's long-term economic value. Absent unusual circumstances or specific instructions, LIAC votes proxies on a particular matter with this fundamental premise on behalf of each Client, regardless of a Client's individual investment style or strategies.

In exercise voting authority LIAC will comply with Rule 206(4)-6 under the Investment Advisers Act of 1940. The Rule requires an investment adviser to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes client
securities in the best interest of clients, which procedures must include how material conflicts are addressed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose to clients how they may obtain information about how the adviser voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describe to clients the adviser's proxy voting policies and procedures and, upon request, furnish a copy of the
policies and procedures to the requesting client.

**III. Procedures** 

**A. Direct Investments** 

LIAC may invest directly in equity and fixed income securities, and other types of investments. LIAC will cast votes for proxies in accordance with the Client's proxy voting procedures or other direction. If the Client does not direct proxy voting in the Client's account, LIAC will vote proxies in the Client's best interests, as determined by LIAC. In making such determination, LIAC may rely on analysis from proxy voting consultants or third-party proxy voting services. LIAC will consider each proxy that it votes and evaluate it based on the particular facts and circumstances of that proxy. LIAC may determine not to vote all or some shares eligible to vote if that course of action would be in the Client's best interests under the circumstances. Such circumstances could include, but are not limited to, cases where the cost of voting exceeds any expected benefits (e.g., foreign proxies), or where voting results in restrictions on trading.

**B. Sub-Advised Funds** 

LIAC advises mutual funds and separate accounts that are offered through variable contracts and which are sub-advised by unaffiliated third-party sub-advisers ("sub-advised funds"). Each sub-advised fund delegates responsibility for voting proxies relating to the sub-advised fund's securities to the sub-adviser, subject to the Board's continued oversight. The sub-adviser votes all proxies relating to the sub-advised funds' portfolio securities and uses the sub-adviser's own proxy voting policies and procedures adopted in conformance with Rule 206(4)-6. LIAC shall review each sub-adviser's proxy voting policies and procedures as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Before a sub-adviser is retained, LIAC's compliance staff will review the proposed sub-adviser's proxy voting
policies and procedures and confirm that the sub-adviser will vote the proxies in the best interests of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each quarter, LIAC's compliance staff surveys each sub-adviser, via a compliance questionnaire, and reviews any
reported changes or exceptions to their compliance policies and procedures, including proxy voting. LIAC's compliance staff reviews these reported changes or exceptions and, if material, summarizes them and reports such event's to the
sub-advised fund's board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During contract renewal of sub-advisory agreements for Clients that are registered mutual funds, LIAC reviews the
sub-adviser's responses to the Section 15(c) information request sent by Funds Management, which includes pertinent questions relating to the sub-adviser's proxy voting policies and procedures.

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**C. Funds of Funds** 

LIAC advises certain funds of funds that invest substantially all of their assets in shares of other affiliated and/or unaffiliated mutual funds (each an "underlying fund"). A fund of funds may also invest directly in equity and fixed income securities and other types of investments.

When an underlying fund, whose shares are held by a fund of funds, solicits a shareholder vote on any matter, LIAC shall vote such shares of the underlying fund in the same proportion as the vote of all other holders of shares of such underlying fund. This type of voting structure is commonly referred to as "mirror voting."

When a fund of funds invests directly in securities other than mutual funds, LIAC shall follow the procedures outlined in "Direct Investments" above.

**D. Master-Feeder Funds** 

LIAC advises certain master-feeder funds. A feeder fund does not buy investment securities directly. Instead, it invests in a master fund which in turn purchases investment securities. Each feeder fund has the same investment objective and strategies as its master fund.

If a master fund in a master-feeder structure calls a shareholder meeting and solicits proxies, the feeder fund (that owns shares of the master fund) shall seek voting instructions from the feeder fund's shareholders, and will vote proxies as directed. Proxies for which no instructions are received shall be voted in accordance with mirror voting, in the same proportion as the proxies for which instructions were timely received from the feeder fund's shareholders.

Proxies for the portfolio securities owned by the master fund will be voted pursuant to the master fund's own proxy voting policies and procedures.

**E. Material Conflicts** 

In the event that LIAC identifies a potential material conflict of interest between: a Client and LIAC, or any LIAC-affiliated entity, LIAC will advise the chief compliance officer ("CCO") of the potential conflict. The CCO then will convene an ad hoc committee which will include, without limitation, the CCO, legal counsel, and the president of LIAC. The ad hoc committee will determine if an actual conflict exists, and if so, it will vote the proxy in accordance with the Client's best interests. If the conflict relates specifically to a Client that is a registered mutual fund, the CCO shall report to the fund's board, at its next regularly scheduled meeting, the nature of the conflict, how the proxy vote was cast, and the rationale for the vote.

**IV. Disclosure** 

**A. Form ADV** 

LIAC shall disclose information regarding these Policies and Procedures as required in Item 17 of Form ADV, Part 2A. Among other things, LIAC will disclose how Clients may obtain information about how LIAC voted their portfolio securities and how Clients may obtain a copy of these Policies and Procedures.

**B. Statement of Additional Information (SAI)** 

Each of the Lincoln Funds shall include in its SAI a copy or a summary of these Policies and Procedures, and, if applicable, any sub-advisers' policies and procedures (or a summary of such policies and procedures).

**C. Annual Reports** 

Each of the Lincoln Funds shall disclose in its annual and semi-annual shareholder reports that a description of these Policies and Procedures, including any sub-adviser policies and procedures, and the Lincoln Fund's proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission's (SEC) website by calling a specified toll-free telephone number.

**D. Proxy Voting Record on Form N-PX** 

The Lincoln Funds annually will file their complete proxy voting record with the SEC on Form N-PX. Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that year.

**V. Recordkeeping** 

LIAC shall retain the following documents for not less than seven (7) years from the end of the year in which the proxies were voted, the first two (2) years at an on-site location:

(a) Proxy Voting Policies and Procedures;

(b) Proxy voting records (this requirement may be satisfied by a third party who has agreed in writing to do so);

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(c) A copy of any document that LIAC, or an ad hoc committee convened for purposes of voting proxies, creates that was
material in making its voting decision, or that memorializes the basis for such decision; and

(d) A copy of each written request from a Client, and any response to the Client, for information on how LIAC voted the
Client's proxies.

**Franklin Advisers, Inc.** 

**Franklin Mutual Advisers, LLC** 

**Templeton Investment Counsel, LLC** 

**RESPONSIBILITY OF THE INVESTMENT MANAGER TO VOTE PROXIES** 

Franklin Advisers, Inc., Franklin Mutual Advisers, LLC and Templeton Investment Counsel, LLC (hereinafter the "Investment Manager") has delegated its administrative duties with respect to voting proxies for securities to the Proxy Group within Franklin Templeton Companies, LLC (the "Proxy Group"), a wholly-owned subsidiary of Franklin Resources, Inc. Franklin Templeton Companies, LLC provides a variety of general corporate services to its affiliates, including, but not limited to, legal and compliance activities. Proxy duties consist of analyzing proxy statements of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Manager) that has either delegated proxy voting administrative responsibility to the Investment Manager or has asked for information and/or recommendations on the issues to be voted. The Investment Manager will inform Advisory Clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Manager's views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Manager.

The Proxy Group will process proxy votes on behalf of, and the Investment Manager votes proxies solely in the best interests of, separate account clients, the Investment Manager-managed investment company shareholders, or shareholders of funds that have appointed Franklin Templeton International Services S.à.r.l. ("FTIS S.à.r.l.") as the Management Company, provided such funds or clients have properly delegated such responsibility in writing, or, where employee benefit plan assets subject to the Employee Retirement Income Security Act of 1974, as amended, are involved ("ERISA accounts"), in the best interests of the plan participants and beneficiaries (collectively, "Advisory Clients"), unless (i) the power to vote has been specifically retained by the named fiduciary in the documents in which the named fiduciary appointed the Investment Manager or (ii) the documents otherwise expressly prohibit the Investment Manager from voting proxies. The Investment Manager recognizes that the exercise of voting rights on securities held by ERISA plans for which the Investment Manager has voting responsibility is a fiduciary duty that must be exercised with care, skill, prudence and diligence.

In certain circumstances, Advisory Clients are permitted to direct their votes in a solicitation pursuant to the Investment Management Agreement. An Advisory Client that wishes to direct its vote shall give reasonable prior written notice to the Investment Manager indicating such intention and provide written instructions directing the Investment Manager or the Proxy Group to vote regarding the solicitation. Where such prior written notice is received, the Proxy Group will vote proxies in accordance with such written notification received from the Advisory Client.

The Investment Manager has adopted and implemented Proxy Voting Policies and Procedures ("Proxy Policies") that it believes are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with its fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Manager has a subadvisory agreement with an affiliated investment manager (the "Affiliated Subadviser") with respect to a particular Advisory Client, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Manager may also delegate proxy voting responsibility to a subadviser that is not an Affiliated Subadviser in certain limited situations as disclosed to fund shareholders (e.g., where an Investment Manager to a pooled investment vehicle has engaged a subadviser that is not an Affiliated Subadviser to manage all or a portion of the assets).

**HOW THE INVESTMENT MANAGER VOTES PROXIES** 

**Fiduciary Considerations** 

All proxies received by the Proxy Group will be voted based upon the Investment Manager's instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Manager subscribes to Institutional Shareholder Services Inc. ("ISS"), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and vote recommendations. In addition, the Investment Manager subscribes to ISS's Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations, account maintenance, vote execution, ballot reconciliation,

\* Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures"). 

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vote record maintenance, comprehensive reporting capabilities, and vote disclosure services. Also, the Investment Manager subscribes to Glass, Lewis & Co., LLC ("Glass Lewis"), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research. Although analyses provided by ISS, Glass Lewis, and/or another independent third-party proxy service provider (each a "Proxy Service") are thoroughly reviewed and considered in making a final voting decision, the Investment Manager does not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Manager's ultimate decision. Rather, the Investment Manager exercises its independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Manager and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of Advisory Clients.

For ease of reference, the Proxy Policies often refer to all Advisory Clients. However, our processes and practices seek to ensure that proxy voting decisions are suitable for individual Advisory Clients. In some cases, the investment manager's evaluation may result in an individual Advisory Client or Investment Manager voting differently, depending upon the nature and objective of the fund or account, the composition of its portfolio, whether the Investment Manager has adopted a specialty or custom voting policy, and other factors.

**Circumstances Where the Investment Manager May Generally Rely on the Recommendations of a Proxy Service** 

Certain of the Investment Manager's clients' accounts are separate accounts or funds (or a portion thereof) that follow a smart beta strategy, are passively managed to track a particular securities index, or employ a quantitative strategy. These accounts include certain client accounts managed by Franklin Templeton Investment Solutions ("FTIS"), a business unit of the Investment Manager that are managed systematically to either (i) track a specified securities index (including but not limited to exchange traded funds ("ETFs")) or (ii) seek to achieve other stated investment objectives.

In the case of accounts managed to track an index, the primary criteria for determining whether a security should be included (or continue to be included) in an investment portfolio is whether such security is a representative component of the securities index that the account is seeking to track. For other systematically-managed accounts that do not track a specific index, FTIS's proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively-managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS's non-US Benchmark guidelines, ISS's specialty guidelines (in particular, ISS's Sustainability guidelines), or Glass Lewis's US guidelines (the "ISS and Glass Lewis Proxy Voting Guidelines") and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.

The Investment Manager, however, retains the ability to vote a proxy differently than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients (for example, where an issuer files additional solicitation materials after a Proxy Service has issued its voting recommendations but sufficiently before the vote submission deadline and these materials would reasonably be expected to affect the Investment Manager's voting determination).

**Conflicts of Interest** 

All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Manager is an affiliate of a large, diverse financial services firm with many affiliates and makes its best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Manager takes the position that relationships between certain affiliates acquired as a result of the Legg Mason transaction that do not use the "Franklin Templeton" name ("Legg Mason Affiliates") and an issuer (e.g., an investment management relationship between an issuer and a Legg Mason Affiliate) do not present a conflict of interest for the Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Manager operates as an independent business unit from the Legg Mason Affiliate business units, and (ii) informational barriers exist between the Investment Manager and the Legg Mason Affiliate business units. Franklin Templeton employees are under an obligation to bring any conflicts of interest, including conflicts of interest which may arise because of an attempt by a Legg Mason Affiliate business unit or officer or employee to influence proxy voting by the Investment Manager to the attention of Franklin Templeton's compliance department.

Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Manager's or an affiliate's (other than a Legg Mason Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family relationship with an issuer or proponent. Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this information on a best-efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.

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Nonetheless, even though a potential conflict of interest between the Investment Manager or an affiliate (other than a Legg Mason Affiliate as described above) and an issuer may exist: (1) the Investment Manager may vote in opposition to the recommendations of an issuer's management even if contrary to the recommendations of a third-party proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting instructions of the Investment Manager; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own corporate accounts, such shares may be voted without regard to these conflict procedures.

Otherwise, in situations where a material conflict of interest is identified between the Investment Manager or one of its affiliates (other than Legg Mason Affiliates) and an issuer, the Proxy Group may vote consistent with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory Clients with the Investment Manager's recommendation regarding the vote for approval.

Where the Proxy Group refers a matter to an Advisory Client, it may rely upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee of the board, or an appointed delegate in the case of a U.S. registered investment company, a conducting officer in the case of a fund that has appointed FTIS S.à.r.l as its Management Company, the Independent Review Committee for Canadian investment funds, or a plan administrator in the case of an employee benefit plan. A quorum of the board of directors or trustees or of a committee of the board can be reached by a majority of members, or a majority of non-recused members. The Proxy Group may determine to vote all shares held by Advisory Clients of the Investment Manager and affiliated Investment Managers (other than Legg Mason Affiliates) in accordance with the instructions of one or more of the Advisory Clients.

The Investment Manager may also decide whether to vote proxies for securities deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Investment Manager may consider various factors in deciding whether to vote such proxies, including the Investment Manager's long-term view of the issuer's securities for investment, or it may defer the decision to vote to the applicable Advisory Client. The Investment Manager also may be unable to vote, or choose not to vote, a proxy for securities deemed to present a conflict of interest for any of the reasons outlined in the first paragraph of the section of these policies entitled "Proxy Procedures."

To address certain affiliate conflict situations (e.g., under Section 12 of the 1940 Act), the Investment Manager will employ pass- through voting or mirror voting when required pursuant to a fund's governing documents or applicable law.

**Weight Given Management Recommendations** 

One of the primary factors the Investment Manager considers when determining the desirability of investing in a particular company is the quality and depth of that company's management. Accordingly, the recommendation of management on any issue is a factor that the Investment Manager considers in determining how proxies should be voted. However, the Investment Manager does not consider recommendations from management to be determinative of the Investment Manager's ultimate decision. Each issue is considered on its own merits, and the Investment Manager will base its decision on its own analysis, proxy guidelines, and its judgment as to what is the best interest of the client. The recommendation of management will be an input into this analysis.

**Engagement with Issuers** 

The Investment Manager believes that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Manager may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the proposals. The Investment Manager may also engage with management on a range of environmental, social or corporate governance ("ESG") issues throughout the year. We take a proactive approach focusing on long-term, financially material ESG risks and opportunities that may affect a company's valuation and ability to create value.

The Investment Manager may choose engagement as the preferred route to achieving change over voting for a proposal, which may be poorly written or overly burdensome, but where there is a legitimate issue being raised. In such cases, the Investment Manager will consider management's response to such engagement in future votes.

**THE PROXY GROUP** 

The Proxy Group is part of the Franklin Templeton Companies, LLC Legal Department and is overseen by legal counsel. Full- time staff members and support staff (which includes individuals that are employees of affiliates of Franklin Templeton Companies, LLC) are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are held by the Investment Manager's managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Manager's research analyst and relevant portfolio manager(s), working with the Investment Manager's ESG professionals and Chief Investment Officer, are responsible for making the final voting decision based on

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their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company, the investment objectives of the client if known, and any other information publicly available.

In situations where the Investment Manager has not responded with vote recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group must obtain voting instructions from the Investment Manager's research analyst, relevant portfolio manager(s), legal counsel and/or the Advisory Client prior to submitting the vote. In the event that an account holds a security that the Investment Manager did not purchase on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.

**GENERAL PROXY VOTING GUIDELINES** 

The Investment Manager has adopted general guidelines for voting proxies as summarized below. In keeping with its fiduciary obligations to its Advisory Clients, the Investment Manager reviews all proposals, even those that may be considered to be routine matters. Although these guidelines are to be followed as a general policy, in all cases each proxy and proposal (including both management and shareholder proposals) will be considered based on the relevant facts and circumstances on a case-by- case basis. The Investment Manager may deviate from the general policies and procedures when it determines that the particular facts and circumstances warrant such deviation to protect the best interests of the Advisory Clients. These guidelines cannot provide an exhaustive list of all the issues that may arise, nor can the Investment Manager anticipate all future situations. Corporate governance issues are diverse and continually evolving and the Investment Manager devotes significant time and resources to monitor these changes.

**THE INVESTMENT MANAGER'S PROXY VOTING POLICIES AND PRINCIPLES** 

The Investment Manager's proxy voting positions have been developed based on years of experience with proxy voting and corporate governance issues. These principles have been reviewed by various members of the Investment Manager's organization, including portfolio management, legal counsel, and the Investment Manager's officers. Potential changes to the proxy voting policies are considered on an annual basis, and the Board of Directors of Franklin Templeton's U.S.-registered investment companies will approve the proxy voting policies and procedures annually.

The following guidelines reflect what the Investment Manager believes to be good corporate governance and behavior:

**Board of Directors:** The election of directors and an independent board are key to good corporate governance. Directors are expected to be competent individuals and they should be accountable and responsive to shareholders. The Investment Manager supports an independent, diverse board of directors, and believes that key committees such as audit, nominating, and compensation committees should be comprised of independent directors. The Investment Manager supports boards with strong risk management oversight.

In evaluating its vote for directors, the Investment Manager will consider the individual's qualifications, their ability to devote sufficient time to the Board, and their independence from management, as well as the overall composition of the Board. As it relates to the composition of a Board, the Investment Manager will consider current local market best practices and governance structures. Consideration will be given to the different qualifications and expertise of each director and the relevance of their experience to the company's operations, how representative the Board is of the company's operations, diversity of experience and backgrounds and other factors deemed relevant to that specific situation. Additionally, the Investment Manager will consider withholding votes from directors chairing or serving on committees which in its view have not been sufficiently responsive to shareholder concerns.

The Investment Manager will generally vote against management efforts to classify a board and will generally support proposals to declassify the board of directors. The Investment Manager will consider withholding votes from directors who have attended less than 75% of meetings without a valid reason. The Investment Manager will generally vote in favor of separating Chair and CEO positions, although consideration will be given to whether there is a strong Lead Independent Director as well as the company's corporate governance performance generally. The Investment Manager evaluates proposals to restore or provide for cumulative voting on a case-by-case basis and considers such factors as corporate governance provisions as well as relative performance. The Investment Manager generally will support non-binding shareholder proposals to require a majority vote standard for the election of directors; however, if these proposals are binding, the Investment Manager will give careful review on a case-by-case basis of the potential ramifications of such implementation. In control situations, the Investment Manager will consider the specific circumstances of the situation. In general, the Investment Manager will focus on the protection of minority shareholder rights, and the history of the exercise of control by the controlling shareholder(s). While the general proxy voting guidelines generally apply to control situations as well, the Investment Manager will be mindful of the specifics of the situation in evaluating any matter up for vote.

In the event of a contested election, the Investment Manager will review a number of factors in making a decision including management's track record, the company's financial performance, qualifications of candidates on both slates, and the strategic plan of the dissidents and/or shareholder nominees.

**Ratification of Auditors:** The Investment Manager will closely scrutinize the independence, role, and performance of auditors. On a case-by-case basis, The Investment Manager will examine proposals relating to non-audit relationships and non-audit fees. The Investment Manager will also consider, on a case-by-case basis, proposals to rotate auditors, and will vote against the ratification of

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auditors when there is clear and compelling evidence of a lack of independence, accounting irregularities or negligence attributable to the auditors. The Investment Manager may also consider whether the ratification of auditors has been approved by an appropriate audit committee that meets applicable composition and independence requirements.

Management & Director Compensation: A company's equity-based compensation plan should be in alignment with the shareholders' long-term interests. The Investment Manager believes that executive compensation should be directly linked to the performance of the company. The Investment Manager evaluates plans on a case-by-case basis by considering several factors to determine whether the plan is fair and reasonable. The Investment Manager reviews the ISS quantitative model utilized to assess such plans and/or the Glass Lewis evaluation of the plan. The Investment Manager will generally oppose plans that have the potential to be excessively dilutive and will almost always oppose plans that are structured to allow the repricing of underwater options, or plans that have an automatic share replenishment "evergreen" feature. The Investment Manager will generally support employee stock option plans in which the purchase price is at least 85% of fair market value, and when potential dilution is 10% or less.

Severance compensation arrangements will be reviewed on a case-by-case basis, although the Investment Manager will generally oppose "golden parachutes" that are considered excessive or include tax gross-ups. The Investment Manager will normally support proposals that require that a percentage of directors' compensation be in the form of common stock, as it aligns their interests with those of the shareholders.

The Investment Manager will generally support holding say-on-pay votes annually. The Investment Manager will review non-binding say-on-pay proposals on a case-by-case basis. The Investment Manager will consider ISS's and/or Glass Lewis's analysis of the plan, the alignment of pay and performance, the overall structure of the plan, the metrics used to judge performance and management performance. This will all be considered in light of current best practice for the local market. The Investment Manager will generally seek strong disclosure of the basis and rationale for pay decisions. Any discretionary elements of the compensation plan will be reviewed on the basis of sound judgement. Repricing of compensation awards, retroactive adjustments favoring management, or discretion which is considered poorly exercised will lead to strong consideration of a vote against the compensation decision. The Investment Manager will generally support the inclusion of material, measurable, and clearly disclosed ESG metrics in executive remuneration Anti-Takeover Mechanisms and Related Issues: The Investment Manager generally opposes anti-takeover measures since they tend to reduce shareholder rights. However, as with all proxy issues, the Investment Manager conducts an independent review of each anti-takeover proposal. On occasion, the Investment Manager may vote with management when the research analyst has concluded that the proposal is not onerous and would not harm Advisory Clients' interests as stockholders. The Investment Manager generally supports proposals that require shareholder rights plans ("poison pills") to be subject to a shareholder vote. The Investment Manager will closely evaluate shareholder rights' plans on a case-by-case basis to determine whether or not they warrant support. The Investment Manager will generally vote against any proposal to issue stock that has unequal or subordinate voting rights. In addition, the Investment Manager generally opposes any supermajority voting requirements as well as the payment of "greenmail." The Investment Manager usually supports "fair price" provisions and confidential voting. The Investment Manager will review a company's proposal to reincorporate to a different state or country on a case-by-case basis taking into consideration financial benefits such as tax treatment as well as comparing corporate governance provisions and general business laws that may result from the change in domicile. The Investment Manager will generally support strong rights for shareholders as it relates to calling special meetings and acting by written consent.

**Changes to Capital Structure:** The Investment Manager realizes that a company's financing decisions have a significant impact on its shareholders, particularly when they involve the issuance of additional shares of common or preferred stock or the assumption of additional debt. The Investment Manager will carefully review, on a case-by-case basis, proposals by companies to increase authorized shares and the purpose for the increase. The Investment Manager will generally not vote in favor of dual- class capital structures to increase the number of authorized shares where that class of stock would have superior voting rights. The Investment Manager will generally vote in favor of the issuance of preferred stock in cases where the company specifies the voting, dividend, conversion and other rights of such stock and the terms of the preferred stock issuance are deemed reasonable. The Investment Manager will review proposals seeking preemptive rights on a case-by-case basis.

**Mergers and Corporate Restructuring:** Mergers and acquisitions will be subject to careful review by the research analyst to determine whether they would be beneficial to shareholders. The Investment Manager will analyze various economic and strategic factors in making the final decision on a merger or acquisition. Corporate restructuring proposals are also subject to a thorough examination on a case-by-case basis.

**Environmental and Social Issues:** The Investment Manager believes that environmental and social issues can have significant impact on a company's performance over time. Companies may face significant financial, legal and reputational risks resulting from poor environmental and social practices, or negligent oversight of environmental and social issues. Appropriate oversight and handling of such issues can benefit corporate culture and performance over time. More information on the Investment Manager's approach to incorporation of ESG issues into its investments can be found at <u>https://www.franklintempleton.com/investor/our- firm/sustainable-investing.</u>

The Investment Manager believes that corporations have a responsibility to provide strong oversight of ESG issues, both at the Board and management level, and that the oversight process should be explained clearly to shareholders. The Investment Manager also

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believes that corporations should provide strong disclosures of their performance on relevant ESG metrics, which should be based upon one or more of the available reporting frameworks, such as SASB, TCFD, CDP, CDSB, or GRI, but the Investment Manager will consider the overall quality and level of disclosure provided, as well as that planned to be provided, in considering its support for any proposal advocating a specific type of disclosure or report. It is important that shareholders have sufficient information to assess the ESG-related risks and opportunities of the company, and the management of those risks. The Investment Manager may hold directors accountable in situations where disclosures or business practices are deemed inadequate.

**Climate Change/Net Zero:** The Investment Manager recognizes the impact of climate change and the need for society to accelerate the transition toward global net zero greenhouse gas emissions ("Net Zero"). The Investment Manager believes that corporations have a responsibility to understand and manage the risks associated with the potential for changing regulatory environments and societal preferences as a result of the efforts to accelerate toward Net Zero. The Investment Manager further believes that corporations should take appropriate steps, consistent with the interests of shareholders, to position their business for a Net Zero future. The Investment Manager also recognizes that a Net Zero future does not require every individual asset type to be Net Zero, and that the path to achieve Net Zero is uncertain. Accordingly, the Investment Manager will consider each proposal relating to carbon emissions or Net Zero on its own merits, in light of the relevant regulatory environment(s) and economic impact on the business. The Investment Manager will consider such proposals on the basis of seeking to ensure that companies are exercising strong oversight, considering and disclosing relevant information, and taking reasonable, economic steps to position the business for a Net Zero future.

**Political Lobbying:** The Investment Manager believes that companies should have strong oversight of lobbying spending and political contributions, with the oversight process clearly explained to shareholders. The Investment Manager believes such spending and contributions should be thoroughly disclosed and readily accessible. The Investment Manager believes all lobbying spending should be consistent with the company's stated strategies and policies. The Investment Manager will consider any shareholder proposals related to lobbying and political contributions based on the specifics of the situation, with these guidelines in mind.

**Human Capital Management & Diversity:** The Investment Manager will generally support reasonable shareholder resolutions requesting disclosure of diversity data and targets and disclosure on gender pay gaps within companies, while considering existing policies and procedures of the company, local market norms, and whether the proposed information is useful to shareholders.

**Governance Matters:** The Investment Manager generally supports the right of shareholders to call special meetings and act by written consent. However, the Investment Manager will review such shareholder proposals on a case-by-case basis in an effort to ensure that such proposals do not disrupt the course of business or require a disproportionate or inappropriate use of company resources.

**Proxy Access:** The Investment Manager will consider shareholder proxy access proposals on a case-by-case basis, taking into account factors such as the size of the company, ownership thresholds and holding periods, nomination limits (e.g., number of candidates that can be nominated), the responsiveness of management, the intentions of the shareholder proponent, company performance, and shareholder base.

**Global Corporate Governance:** The Investment Manager manages investments in countries worldwide. Many of the tenets discussed above generally apply to the Investment Manager's proxy voting decisions around the world, subject to local market best practices. Principles of good corporate governance may vary by country, given the constraints of a country's laws and acceptable practices in the markets. As a result, it is on occasion difficult to apply a consistent set of governance practices to all issuers. As experienced money managers, the Investment Manager's analysts are skilled in understanding the complexities of the regions in which they specialize and are trained to analyze proxy issues germane to their regions.

**PROXY PROCEDURES** 

The Proxy Group is fully cognizant of its responsibility to process proxies and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Manager understands its fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Manager will generally attempt to process every proxy it receives for all domestic and foreign securities. However, there may be situations in which the Investment Manager may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if the Investment Manager votes a proxy or where the Investment Manager is prohibited from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment Manager held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian in the market; (ix) due to either system error or human error, the Investment Manager's intended vote is not correctly submitted; (x) the Investment Manager believes it is not in the best interest of the Advisory Client to vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.

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Even if the Investment Manager uses reasonable efforts to vote a proxy on behalf of its Advisory Clients, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer for which the Investment Manager does not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Manager. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Manager's votes are not received, or properly tabulated, by an issuer or the issuer's agent.

The Investment Manager or its affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Manager or its affiliates, determine to use its best efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on a material event that may affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes. The Investment Manager will not generally make such efforts on behalf of other Advisory Clients or notify such Advisory Clients or their custodians that the Investment Manager or its affiliates has learned of such a vote.

There may be instances in certain non-U.S. markets where split voting is not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton Investment Manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager with accounts holding the greatest number of shares of the security within the omnibus structure.

The Investment Manager may vote against an agenda item where no further information is provided, particularly in non-U.S. markets. For example, if "Other Business" is listed on the agenda with no further information included in the proxy materials, the Investment Manager will generally vote against the item as no information has been provided prior to the meeting in order to make an informed decision. The Investment Manager may also enter a "withhold" vote on the election of certain directors from time to time based on individual situations, particularly where the Investment Manager is not in favor of electing a director and there is no provision for voting against such director.

If several issues are bundled together in a single voting item, the Investment Manager will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.

The following describes the standard procedures that are to be followed with respect to carrying out the Investment Manager's proxy policy:

1. The Proxy Group will identify all Advisory Clients, maintain a list of those clients, and indicate those Advisory Clients
who have delegated proxy voting authority in writing to the Investment Manager. The Proxy Group will periodically review and update this list. If the agreement with an Advisory Client permits the Advisory Client to provide instructions to the
Investment Manager regarding how to vote the client's shares, the Investment Manager will make a best-efforts attempt to vote per the Advisory Client's instructions.

2. All relevant information in the proxy materials received (e.g., the record date of the meeting) will be recorded promptly
by the Proxy Group to maintain control over such materials.

3. The Proxy Group will review and compile information on each proxy upon receipt of any agendas, materials, reports,
recommendations from a Proxy Service, or other information. The Proxy Group will then forward (or otherwise make available) this information to the appropriate research analyst for review and voting instructions.

4. In determining how to vote, the Investment Manager's analysts and relevant portfolio manager(s) will consider the
General Proxy Voting Guidelines set forth above, their in-depth knowledge of the company, any readily available information and research about the company and its agenda items, and the recommendations of a Proxy Service.

5. The Proxy Group is responsible for maintaining the documentation that supports the Investment Manager's voting
decision. Such documentation may include, but is not limited to, any information provided by a Proxy Service and, with respect to an issuer that presents a potential conflict of interest, any board or audit committee memoranda describing the
position it has taken. Additionally, the Proxy Group may include documentation obtained from the research analyst, portfolio manager and/or legal counsel; however, the relevant research analyst may, but is not required to, maintain additional
documentation that was used or created as part of the analysis to reach a voting decision, such as certain financial statements of an issuer, press releases, or notes from discussions with an issuer's management.

6. After the proxy is completed but before it is returned to the issuer and/or its agent, the Proxy Group may review those
situations including special or unique documentation to determine that the appropriate documentation has been created, including conflict of interest screening. If the Proxy Group learns that an issuer has filed additional solicitation materials
sufficiently prior to the submission deadline, the Proxy Group will disseminate this information to the Investment Manager so that the Investment Manager may consider this information and determine whether it is material to its voting decision.

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7. The Proxy Group will make every effort to submit the Investment Manager's vote on all proxies to ISS by the cut-off
date. However, in certain foreign jurisdictions or instances where the Proxy Group did not receive sufficient notice of the meeting, the Proxy Group will use its best efforts to send the voting instructions to ISS in time for the vote to be
processed.

8. With respect to proprietary products, the Proxy Group will file Powers of Attorney in all jurisdictions that require such
documentation on a best-efforts basis; the Proxy Group does not have authority to file Powers of Attorney on behalf of other Advisory Clients. On occasion, the Investment Manager may wish to attend and vote at a shareholder meeting in person. In
such cases, the Proxy Group will use its best efforts to facilitate the attendance of the designated Franklin Templeton employee by coordinating with the relevant custodian bank.

9. The Proxy Group prepares reports for each separate account client that has requested a record of votes cast. The report
specifies the proxy issues that have been voted for the Advisory Client during the requested period and the position taken with respect to each issue. The Proxy Group sends one copy to the Advisory Client, retains a copy in the Proxy Group's
files and forwards a copy to either the appropriate portfolio manager or the client service representative. While many Advisory Clients prefer quarterly or annual reports, the Proxy Group will provide reports for any timeframe requested by an
Advisory Client.

10. If the Franklin Templeton Services, LLC Global Trade Services learns of a vote that may affect a security on loan from a
proprietary registered investment company, Global Trade Services will notify the Investment Manager. If the Investment Manager decides that the vote is material and it would be in the best interests of shareholders to recall the security, the
Investment Manager will advise Global Trade Services to contact the lending agent in an effort to retrieve the security. If so requested by the Investment Manager, Global Trade Services shall use its best efforts to recall any security on loan and
will use other practicable and legally enforceable means to ensure that the Investment Manager is able to vote proxies for proprietary registered investment companies with respect to such loaned securities. However, there can be no guarantee that
the securities can be retrieved for such purposes. Global Trade Services will advise the Proxy Group of all recalled securities. Many Advisory Clients have entered into securities lending arrangements with agent lenders to generate additional
revenue. Under normal circumstances, the Investment Manager will not make efforts to recall any security on loan for voting purposes on behalf of other Advisory Clients or notify such clients or their custodians that the Investment Manager or its
affiliates have learned of such a vote.

11. The Proxy Group participates in Franklin Templeton Investment's Business Continuity and Disaster Preparedness
programs. The Proxy Group will conduct disaster recovery testing on a periodic basis in an effort to ensure continued operations of the Proxy Group in the event of a disaster. Should the Proxy Group not be fully operational, then the Proxy Group may
instruct ISS to vote all meetings immediately due per the recommendations of the appropriate third-party proxy voting service provider.

12. The Proxy Group, in conjunction with legal staff responsible for coordinating Fund disclosure, on a timely basis, will
file all required Form N-PXs, with respect to proprietary U.S. registered investment companies, disclose that each U.S.-registered fund's proxy voting record is available on the Franklin Templeton web site, and will make available the
information disclosed in each fund's Form N-PX as soon as is reasonably practicable after filing Form N-PX with the SEC. The Proxy Group will work with legal staff in other jurisdictions, as needed, to help support required proxy voting
disclosure in such markets.

13. The Proxy Group, in conjunction with legal staff responsible for coordinating Fund disclosure, will ensure that all
required disclosure about proxy voting of the proprietary U.S. registered investment companies is made in such clients' disclosure documents.

14. The Proxy Group is subject to periodic review by Internal Audit and compliance groups.

15. The Investment Manager will review the guidelines of each Proxy Service, with special emphasis on the factors they use
with respect to proxy voting recommendations.

16. The Proxy Group will update the proxy voting policies and procedures as necessary for review and approval by legal,
compliance, investment officers, and/or other relevant staff.

17. The Proxy Group will familiarize itself with the procedures of ISS that govern the transmission of proxy voting
information from the Proxy Group to ISS and periodically review how well this process is functioning. The Proxy Group, in conjunction with the compliance department, will conduct periodic due diligence reviews of each Proxy Service via on-site
visits or by written questionnaires. As part of the periodic due diligence process, the Investment Manager assesses the adequacy and quality of each Proxy Service's staffing and personnel to ensure each Proxy Service has the capacity and
competency to adequately analyze proxy issues and the ability to make proxy voting recommendations based on materially accurate information. In the event the Investment Manager discovers an error in the research or voting recommendations provided by
a Proxy Service, it will take reasonable steps to investigate the error and seek to determine whether the Proxy Service is taking reasonable steps to reduce similar errors in the future. In addition, the Investment Manager assesses the robustness of
Proxy Service's policies regarding (1) ensuring proxy voting recommendations are based on current and accurate information, and (2) identifying and addressing any conflicts of interest. The Investment Manager also considers the
independence of each Proxy Service on an on- going basis.

18. The Proxy Group will investigate, or cause others to investigate, any and all instances where these Procedures have been
violated or there is evidence that they are not being followed. Based upon the findings of these investigations, the Proxy Group, if practicable, will recommend amendments to these Procedures to minimize the likelihood of the reoccurrence of non-
compliance.

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19. At least annually, the Proxy Group will verify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A sampling of proxies received by Franklin Templeton Investments has been voted in a manner consistent with the Proxy
Voting Policies and Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A sampling of proxies received by Franklin Templeton Investments has been voted in accordance with the instructions of
the Investment Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Adequate disclosure has been made to clients and fund shareholders about the procedures and how proxies were voted in
markets where such disclosures are required by law or regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Timely filings were made with applicable regulators, as required by law or regulation, related to proxy voting.

The Proxy Group is responsible for maintaining appropriate proxy voting records. Such records will include, but are not limited to, a copy of all materials returned to the issuer and/or its agent, the documentation described above, listings of proxies voted by issuer and by client, each written client request for proxy voting policies/records and the Investment Manager's written response to any client request for such records, and any other relevant information. The Proxy Group may use an outside service such as ISS to support this recordkeeping function. All records will be retained in either hard copy or electronic format for at least five years, the first two of which will be on-site. Advisory Clients may request copies of their proxy voting records by calling the Proxy Group collect at 1- 954-527-7678, or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. The Investment Manager does not disclose to third parties (other than ISS) the proxy voting records of its Advisory Clients, except to the extent such disclosure is required by applicable law or regulation or court order. Advisory Clients may review the Investment Manager's proxy voting policies and procedures on-line at <u>www.franklintempleton.com</u> and may request additional copies by calling the number above. For U.S. proprietary registered investment companies, an annual proxy voting record for the period ending June 30 of each year will be posted to <u>www.franklintempleton.com</u> no later than August 31 of each year. For proprietary Canadian mutual fund products, an annual proxy voting record for the period ending June 30 of each year will be posted to <u>www.franklintempleton.ca</u> no later than August 31 of each year. For proprietary Australian mutual fund products, an annual proxy voting record for the period ending June 30 of each year will be posted to <u>www.franklintempleton.com.au</u> no later than September 30 of each year. The Proxy Group will periodically review the web site posting and update the posting when necessary. In addition, the Proxy Group is responsible for ensuring that the proxy voting policies, procedures and records of the Investment Manager are available as required by law and is responsible for overseeing the filing of such U.S. registered investment company voting records with the SEC.

**PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS** 

From time to time, certain custodians may process events for fixed income securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the Investment Manager for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Manager, the Proxy Group will take no action on the event. The Investment Manager may be unable to vote a proxy for a fixed income security, or may choose not to vote a proxy, for the reasons described under the section entitled "Proxy Procedures."

In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.

The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the Investment Manager may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Manager will report such decisions on an annual basis to Advisory Clients as may be required.

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**Appendix C — Compensation Structures and Methodologies of Portfolio Managers** 

The following describes the structure of, and the method(s) used to determine the different types of compensation (e.g., salary, bonus, deferred compensation, retirement plans and arrangements) for each Fund's portfolio manager as of each Fund's fiscal year ended December 31, 2022:

**Franklin Advisers, Inc.** 

**Franklin Mutual Advisers, LLC** 

**Templeton Investment Counsel, LLC** 

The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Each portfolio manager's compensation consists of the following three elements:

***Base salary*** Each portfolio manager is paid a base salary.

***Annual bonus*** Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash and equity which vest over a three-year period. The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the mutual funds they advise. The bonus plan seeks to provide a competitive level of annual bonus compensation, commensurate with the portfolio manager's consistently strong investment performance. In accordance with investment adviser's guidelines, the Chief Investment Officer and/or other officers of the portfolio manager who also bear responsibility for the account, have discretion in granting of annual bonuses. The following factors are generally used in determining bonuses under the plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Stock Selection.*** The quality and success of a portfolio manager's purchase and sale recommendations are
considered when granting bonus awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Investment performance.*** Primary consideration is given to the historic performance of their portfolios
relative to those portfolios with similar objectives and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Non-investment performance.*** The more qualitative contributions of the portfolio manager to the investment
manager's business and the investment management team, such as superior client service, are evaluated in determining the amount of any bonus award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Responsibilities.*** The characteristics and complexity of accounts managed by the portfolio manager are
factored in the manager's appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Research.*** Where the portfolio management team also has research responsibilities, each portfolio manager is
evaluated on productivity and quality of recommendations over time.

***Additional long-term equity-based compensation*** Portfolio managers may also be awarded restricted shares or units of Franklin Resources' stock or restricted shares or units of one or more mutual funds. Vesting of such deferred equity-based compensation awards is subject to achievement of key corporate and investment management metrics, designed to retain key talent through attractive incentives, whilst maintaining line of sight to both corporate and Fund performance.

Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

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**Part C - Other Information**

**<u>Item 28. Exhibits</u>**

Defined Terms for Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Investment Advisors Corporation ("LIAC")

&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;(a) *Declaration of Trust.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<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;(2) [<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;(b) *By-laws.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<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;(c) *Instruments Defining Rights of Security Holders.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;(d) *Investment Advisory Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Investment Management Agreement, dated April 30, 2007, between LVIP Trust and LIAC, previously filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923d1a.txt) [<u>41 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;(a) [<u>Amendment to Schedule A to the Investment Management Agreement, dated June 17, 2022, between LVIP</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522190066/d345087dex996a1.htm) [<u>Trust and LIAC, previously filed with the Trust's Registration Statement on Form N-14 on July 8, 2022.</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522190066/d345087dex996a1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Investment Management Agreement, dated March 20, 2019, between LVIP BlackRock Global Allocation Fund Cay-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d2.htm) [<u>man, Ltd. and LIAC, 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;(3) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *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;(a) [<u>Sub-Advisory Agreement dated April 1, 2021, between LIAC and AllianceBernstein, L.P., previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4a.htm) [<u>with 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;(b) [<u>Sub-Advisory Agreement dated April 30, 2019, between LIAC and American Century Investment Manage-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d44.htm) [<u>ment 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;(c) [<u>Sub-Advisory Agreement dated June 5, 2007, between LIAC and BAMCO, Inc., pertaining to the LVIP</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d3.txt) [<u>Baron 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 October 1, 2016, between LIAC and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4bi.htm) [<u>BAMCO, Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4bi.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;(d) [<u>Sub-Advisory Agreement dated March 21, 2016, between LIAC 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;(e) [<u>Sub-Advisory Agreement dated April 30, 2010, between LIAC 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;(f) [<u>Sub-Advisory Agreement dated August 27, 2012, between LIAC 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 LIAC 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 LIAC</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;(g) [<u>Sub-Advisory Agreement dated January 1, 2017, between LIAC 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;&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 LIAC</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;(h) 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;(i) [<u>Sub-Advisory Agreement dated May 20, 2022 between LIAC and Channing Capital Management LLC, pre-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4j.htm) [<u>viously 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 LIAC 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;(j) [<u>Sub-Advisory Agreement dated January 4, 2010, between LIAC and Delaware Management Company (cur-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d8.txt) [<u>rently known as Delaware Investments Fund Advisers), previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d8.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 March 1, 2021, between LIAC and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4ji.htm) [<u>Delaware Investments Fund Advisers, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4ji.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;(k) [<u>Sub-Advisory Agreement dated May 1, 2010, between LIAC and Delaware Management Company (cur-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d10.txt) [<u>rently known as Delaware Investments Fund Advisers), previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d10.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, 2015, between LIAC and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ji.htm) [<u>Delaware Investments Fund Advisers, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ji.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;(l) [<u>Sub-Advisory Agreement dated October 1, 2014, between LIAC and Delaware Investments Fund Advisers,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516424708/d108186dex99d12.htm) [<u>previously filed with PEA 164 on January 8, 2016</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516424708/d108186dex99d12.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 May 1, 2017, between LIAC and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ki.htm) [<u>Delaware Investments Fund Advisers, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ki.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;(m) [<u>Assignment and Assumption of Sub-Advisory Agreements, dated June 20, 2013, between LIAC and Dela-</u>](https://www.sec.gov/Archives/edgar/data/914036/000168386320003417/f3368d3.htm) [<u>ware 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;(n) 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;(o) [<u>Amendment to Sub-Advisory Agreements, dated January 10, 2019, between LIAC and Delaware Invest-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d13c.htm) [<u>ments Fund Advisers, previously filed with PEA 199 on April 30, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d13c.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;(p) [<u>Sub-Advisory Agreement dated May 1, 2015, between LIAC 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 LIAC 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;(q) [<u>Sub-Advisory Agreement dated April 30, 2014, between LIAC 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 to Schedule A to Sub-Advisory Agreement dated April 1, 2018, between LIAC and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d15b.htm) [<u>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;(r) [<u>Amended & Restated Sub-Advisory Agreement dated August 7, 2021, between LIAC and Franklin Advis-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4r.htm) [<u>ers, 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;(s) [<u>Sub-Advisory Agreement dated January 27, 2016, between LIAC and Franklin Mutual Advisers, LLC, previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d17.htm) [<u>ously 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;(t) [<u>Sub-Advisory Agreement dated April 30, 2014, between LIAC and Goldman Sachs Asset Management,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d16.htm) [<u>L.P., 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 LIAC 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;(u) [<u>Sub-Advisory Agreement dated February 8, 2019, between LIAC 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;(v) [<u>Sub-Advisory Agreement dated February 8, 2019, between LIAC 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;(w) [<u>Sub-Advisory Agreement dated September 21, 2012, between LIAC and J.P. Morgan Investment Manage-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d15.htm) [<u>ment 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 LIAC 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 LIAC 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;&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 LIAC 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 State-</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522107913/d318391dex99166d22iv.htm) [<u>ment 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;(x) [<u>Sub-Advisory Agreement dated April 30, 2010, between LIAC and J.P. Morgan Investment Management</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d13.txt) [<u>Inc., 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 LIAC 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 LIAC 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;(y) [<u>Sub-Advisory Agreement dated April 30, 2018, between LIAC and Loomis, Sayles & Company, L.P., previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4w.htm) [<u>ously 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;(z) [<u>Sub-Advisory Agreement dated October 30, 2018, between LIAC 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;(aa) [<u>Sub-Advisory Agreement dated October 1, 2010, between LIAC 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 LIAC</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;(bb) [<u>Sub-Advisory Agreement dated April 30, 2007, between LIAC and Massachusetts Financial Services Com-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d16.txt) [<u>pany, 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 LIAC 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;(cc) [<u>Sub-Advisory Agreement dated May 1, 2016, between LIAC 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 LIAC 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;(dd) [<u>Sub-Advisory Agreement dated March 1, 2021, between LIAC and Milliman Financial Risk Management</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4dd.htm) [<u>LLC, 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 LIAC</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4dd1.htm) [<u>and Milliman Financial Risk Management LLC, previously filed with PEA 225 on September 7,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4dd1.htm) [<u>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;(ee) [<u>Sub-Advisory Agreement dated July 12, 2011, between LIAC 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 LIAC 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;(ff) [<u>Sub-Advisory Agreement dated July 12, 2011, between LIAC 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 LIAC 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;(gg) [<u>Sub-Advisory Agreement dated April 30, 2014, between LIAC and Pacific Investment Management Com-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d24.htm) [<u>pany 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 LIAC 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;(hh) 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;(ii) [<u>Sub-Advisory Agreement effective April 28, 2020, between LIAC 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;(jj) [<u>Sub-Advisory Agreement dated April 30, 2008, between LIAC and SSGA Funds Management, Inc., previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d19.txt) [<u>ously 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 LIAC</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;&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 LIAC</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kkii.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/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;(kk) [<u>Sub-Advisory Agreement dated February 8, 2016, between LIAC and T. Rowe Price Associates, Inc., previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d33.htm) [<u>ously 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 LIAC 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 LIAC 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;(ll) [<u>Sub-Advisory Agreement dated February 1, 2018, between LIAC and T. Rowe Price Associates, Inc., previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518027355/d468914dex9928d42a.htm) [<u>ously 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 LIAC 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;(mm) [<u>Sub-Advisory Agreement dated April 30, 2007, between LIAC and T. Rowe Price Associates, Inc., previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d21.txt) [<u>ously 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 LIAC</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d34b.htm) [<u>and T. Rowe Price Associates, Inc., previously filed with PEA 186 from 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;(nn) [<u>Sub-Advisory Agreement dated April 30, 2007, between LIAC and T. Rowe Price Associates, Inc., previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d22.txt) [<u>ously 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 LIAC 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 LIAC 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;(oo) [<u>Sub-Advisory Agreement dated September 21, 2012, between LIAC 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 LIAC 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;(pp) [<u>Sub-Advisory Agreement dated April 30, 2007, between LIAC 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 LIAC 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;(qq) [<u>Sub-Advisory Agreement dated April 30, 2007, between LIAC 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 LIAC 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;(rr) [<u>Sub-Advisory Agreement dated July 31, 2020, between LIAC 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;(5) *Sub-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;(a) [<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;(b) [<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;(c) [<u>Sub-Sub-Advisory Agreement dated April 30, 2019, between Delaware Investments Fund Advisers and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5b.htm) [<u>Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK"), previously filed with PEA 219 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5b.htm) [<u>April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5b.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-Sub-Advisory Agreement dated October 2, 2020, between Delaware Invest-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5bi.htm) [<u>ments Fund Advisers and MIMAK previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5bi.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-Sub-Advisory Agreement dated May 1, 2021, between Delaware Investments</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5bii.htm) [<u>Fund Advisers and Macquarie Investment MIMAK, previously filed with PEA 225 on September 7,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5bii.htm) [<u>2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5bii.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;(d) [<u>Sub-Sub-Advisory Agreement dated April 30, 2019, between Delaware Investments Fund Advisers and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5c.htm) [<u>Macquarie Investment Management Global Limited ("MIMGL"), previously filed with PEA 219 on April 30,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5c.htm) [<u>2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5c.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;(i) [<u>Amendment to Sub-Sub-Advisory Agreement dated October 2, 2020, between Delaware Invest-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5ci.htm) [<u>ments Fund Advisers and MIMGL, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5ci.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-Sub-Advisory Agreement dated May 1, 2021 between Delaware Investments</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5cii.htm) [<u>Fund Advisers and MIMGL, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5cii.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;(e) [<u>Sub-Sub-Advisory Agreement dated April 30, 2019, between Delaware Investments Fund Advisers and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5d.htm) [<u>Macquarie Investment Management Europe Limited ("MIMEL"), previously filed with PEA 219 on April 30,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5d.htm) [<u>2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5d.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-Sub-Advisory Agreement dated May 1, 2021 between Delaware Investments</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5di.htm) [<u>Fund Advisers and MIMEL, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5di.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;(f) [<u>Sub-Sub-Advisory Agreement dated April 30, 2019, between Delaware Investments Fund Advisers and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5e.htm) [<u>Macquarie Funds Management Hong Kong Limited ("MFMHKL"), previously filed with PEA 219 on April</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5e.htm) [<u>30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5e.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-Sub-Advisory Agreement dated May 1, 2021 between Delaware Investments</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5ei.htm) [<u>Fund Advisers and MFMHKL, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d5ei.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;(g) [<u>Sub-Sub-Advisory Agreement dated April 30, 2014, between Franklin Advisers, Inc. and K2/D&S Manage-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14b.htm) [<u>ment 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;(h) [<u>Sub-Sub-Advisory Agreement dated April 30, 2014, between Franklin Advisers, Inc. and Templeton Invest-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14c.htm) [<u>ment 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;(i) [<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;(j) [<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;(6) *Other 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;(a) [<u>Sub-Advisory Agreement between LIAC, 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;(b) [<u>Amended & Restated Sub-Advisory Agreement dated April 26, 2019, between LIAC, LVIP BlackRock</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm) [<u>Global Allocation Fund Cayman Ltd., and BlackRock Investment Management, LLC, previously filed with</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm) [<u>PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<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;(a) [<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;(f) N/A

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<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;(a) [<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;(h) *Other Material Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<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;(a) [<u>Amendment to Annex I to Fund Accounting and Financial Administration Agreement dated December 29,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h1a.htm) [<u>2020, between LVIP Trust and State Street Bank and Trust Company, previously filed with PEA 225 on Sep-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h1a.htm) [<u>tember 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<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;(a) [<u>Amendment to Administration Agreement dated May 1, 2017, between LVIP Trust and Lincoln Life, previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h2b.htm) [<u>ously 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;(3) [<u>Amended and Restated Expense Limitation Agreement dated April 26, 2019, between LIAC and LVIP Trust, previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99h24.htm) [<u>ously 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Schedule A of Amended and Restated Expense Limitation Agreement dated June 17, 2022,</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522190066/d345087dex9913c4.htm) [<u>previously filed with the Trust's Registration Statement on Form N-14 on July 8, 2022.</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522190066/d345087dex9913c4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Advisory Fee Waiver Agreement dated March 7, 2013, between LIAC and LVIP Trust, previously filed with PEA 145</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d26.htm) [<u>on 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;(a) [<u>Amendment to Schedule A to the Advisory Fee Waiver Agreement dated June 17, 2022, previously filed</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522190066/d345087dex9913d4.htm) [<u>with the Trust's Registration Statement on Form N-14 on July 8, 2022.</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522190066/d345087dex9913d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Administrative Services Agreement dated July 30, 2010, between Capital Research and Management Company and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095006/dex9928h6.txt) [<u>LIAC</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;(6) *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;(a) [<u>Consulting Agreement dated January 1, 2018, between LIAC 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;(7) *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;(a) [<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;(b) [<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;(c) [<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;(d) [<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;(e) [<u>Fund Participation Agreement dated June 5, 2007 between LVIP Trust, LFD, LIAC, Great-West Life & Annu-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h6.txt) [<u>ity Insurance Company, and First-Great West Life & Annuity Insurance Company, previously filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h6.txt) [<u>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;(f) [<u>Amendment to Fund Participation Agreement dated March 15, 2021 between LVIP Trust, LIAC, 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;(g) [<u>Fund Participation Agreement dated June 5, 2007 between LVIP Trust, LFD, LIAC, and Nationwide Finan-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h7.txt) [<u>cial 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;(h) [<u>Amendment to Fund Participation Agreement dated March 10, 2009 between LVIP Trust, LIAC, 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;(i) [<u>Fund Participation Agreement dated June 5, 2007 between LVIP Trust, LFD, LIAC, and New York Life Insur-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h8.txt) [<u>ance 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;(j) [<u>Amendment to Fund Participation Agreement dated April 30, 2012 between LVIP Trust, LIAC, 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;(k) [<u>Amendment to Fund Participation Agreement dated April 1, 2013 between LVIP Trust, LIAC, 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;(l) [<u>Amendment to Fund Participation Agreement dated May 1, 2018 between LVIP Trust, LIAC, 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;(m) [<u>Amendment to Fund Participation Agreement dated November 1, 2019 between LVIP Trust, LIAC, 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;(n) [<u>Amendment to Fund Participation Agreement dated April 10, 2021 between LVIP Trust, LIAC, 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;(o) [<u>Fund Participation Agreement dated June 5, 2007 between LVIP Trust, LFD, Lincoln Investment Advisors</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923h9.txt) [<u>and RiverSource Life 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;(p) [<u>Fund Participation Agreement dated June 5, 2007 between LVIP Trust, LFD, LIAC, 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;(q) [<u>Fund Participation Agreement dated July 30, 2010 between LVIP Trust, Lincoln Life, Lincoln New York,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095006/dex9928h6.txt) [<u>LIAC, American Funds Insurance Series, Capital Research and Management Company, Capital Income</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095006/dex9928h6.txt) [<u>Builder, Intermediate Bond Fund of America, Short-Term Bond Fund of America and American Funds Ser-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511095006/dex9928h6.txt) [<u>vice 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;(r) [<u>Fund Participation Agreement dated June 12, 2009 between LVIP Trust, LFD, LIAC, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [<u>Fund Participation Agreement dated June 12, 2009 between LVIP Trust, LFD, LIAC, and American Interna-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h7a.txt) [<u>tional 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;(t) [<u>Assignment dated November 30, 2010 of Fund Participation Agreement dated June 12, 2009 between LVIP</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h7b.txt) [<u>Trust, LFD, LIAC, and American International Life Assurance Company of New York to United States Life</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312511089972/dex9928h7b.txt) [<u>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;(u) [<u>Amendment to Fund Participation Agreement dated March 15, 2021 between LVIP Trust, LIAC, 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;(v) [<u>Amendment to Fund Participation Agreement dated March 15, 2021 between LVIP Trust, LIAC, LFD and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7v.htm) [<u>The United States Life Insurance Company in the City of New York, previously filed with PEA 225 on Sep-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7v.htm) [<u>tember 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;(w) [<u>Fund Participation Agreement dated May 28, 2009 between LVIP Trust, LFD, LIAC, 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;(x) [<u>Fund Participation Agreement dated May 28, 2009 between LVIP Trust, LFD, LIAC, 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;(y) [<u>Fund Participation Agreement dated April 26, 2021 between LVIP Trust, LFD, LIAC 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;(z) [<u>Fund Participation Agreement dated April 30, 2021 between LVIP Trust, LFD, LIAC and The Guardian Insur-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99h7z.htm) [<u>ance & 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;(aa) [<u>Fund Participation Agreement dated April 26, 2021 between LVIP Trust, LFD, LIAC and Allstate Life Insur-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928h7aa.htm) [<u>ance 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;(bb) [<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;(cc) [<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;(dd) [<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;(8) [<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;(i) *Legal Opinion.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<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;(2) [<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;(j) *Other Opinions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Power of Attorney (LVIP Trust) dated March 8, 2022, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99j1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Consent of Independent Registered Public Accounting Firm, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99j2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Consent of Independent Registered Public Accounting Firm, previously filed with PEA 226 on April 29, 2022</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99j3.htm) .

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Rule 12b-1 Plan.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<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;(a) [<u>Amendment to Schedule I of the Service Class Distribution and Service Plan dated May 1, 2021, previ-</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99m1a.htm) [<u>ously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99m1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<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;(a) [<u>Amendment to Schedule A to the Distribution Services Agreement dated May 1, 2021, between LVIP Trust</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99m2a.htm) [<u>and LFD, previously filed with PEA 225 on September 7, 2021</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99m2a.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Rule 18f-3 Plan.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Rule 18f-3 Multiple Class Plan approved September 15, 2015, previously filed with PEA 165 on January 8, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516424708/d108186dex99n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&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>Code of Ethics for LVIP Trust and LIAC, previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Code of Ethics for LFD, previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Code of Ethics for AllianceBernstein LP, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Code of Ethics for American Century Investment Management, Inc., previously filed with PEA 226 on April 29,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p5.htm) [<u>2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Code of Ethics for BAMCO, Inc., previously filed with PEA 226 on April 29, 2022</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p6.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Code of Ethics for BlackRock affiliated companies, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Code of Ethics for Capital Research and Management Company, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Code of Ethics for Channing Capital Management, LLC, previously filed with PEA 228 on July 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928p9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Code of Ethics for ClearBridge Investments, LLC, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Code of Ethics for Dimensional Fund Advisors LP, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<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;(12) [<u>Code of Ethics for Goldman Sachs Asset Management, L.P., previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Code of Ethics for Invesco affiliated entities., previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Code of Ethics for J.P. Morgan Investment Management Inc. and affiliated companies, previously filed with PEA 219</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p14.htm) [<u>on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Code of Ethics for Loomis, Sayles & Company, L.P., previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Code of Ethics for Macquarie Investment Management, Delaware Funds by Macquarie and Optimum Funds Trust,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99p15.htm) [<u>previously filed with PEA 211 on December 11, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99p15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [<u>Code of Ethics for Macquarie Investment Management Austria Kapitalanlage AG, previously filed with PEA 219 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p17.htm) [<u>April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [<u>Code of Ethics for Macquarie Investment Management Global Limited, previously filed with PEA 219 on April 30,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p18.htm) [<u>2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [<u>Code of Ethics for Massachusetts Financial Services Company, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [<u>Code of Ethics for Milliman Financial Risk Management LLC, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [<u>Code of Ethics for Mondrian Investment Partners Limited, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [<u>Code of Ethics for Pacific Investment Management Company LLC, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [<u>Code of Ethics for SSGA Funds Management, Inc., previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [<u>Code of Ethics for T. Rowe Price Group, Inc., previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99p23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [<u>Code of Ethics for Wellington Management Company, LLP, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [<u>Code of Ethics for Western Asset Management Company, previously filed with PEA 170 on June 30, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516638354/d162142dex99p22.htm)

**<u>iXBRL Exhibits</u>** 

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| | |
|:---|:---|
| EX-101.INS | &nbsp;&nbsp; XBRL Instance Document — the instance document does not appear on the Interactive Data File because its XBRL <br> tags are embedded within the Inline XBRL document.<br>|
| EX-101.SCH | XBRL Taxonomy Extension Schema Document. |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |

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**<u>Item 29. Persons Controlled by or Under Common Control with Registrant</u>**

A diagram of all persons under common control with the Registrant is incorporated by reference to Post-Effective Amendment No. 3 of the Registration Statement of The Lincoln National Life Insurance Company filed on Form N-4 (File No. 333-170695) on March 30, 2012.

See also "Purchase and Sale of Fund Shares" in the Prospectus disclosure forming Part A of this Registration Statement and "Control Persons and Principal Holders of Securities" in the Statement of Additional Information disclosure forming Part B of this Registration Statement. As of the date of this Post-Effective Amendment, the shareholders of the Trust are The Lincoln National Life Insurance

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Company for its Variable Annuity Accounts C, E, H, L, N, Q, T, W, JL-A, JF-I, and JF-II; and for its Flexible Premium Variable Life Accounts D, G, K, M, R, S, Y, JF-A, and JA-C; and for its Separate Account A; and Lincoln Life & Annuity Company of New York for its Variable Annuity Accounts C, H, L, and N and for its Flexible Premium Variable Life Accounts M, R, S, Y, and JA-B; and certain non-registered separate accounts of The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York. Shareholders of the Trust may also include certain unaffiliated insurance companies with respect to the LVIP Baron Growth Opportunities Fund, LVIP SSGA Bond Index Fund, LVIP Franklin Templeton Multi-Factor International Equity Fund, LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, and LVIP SSGA International Index Fund. Certain "fund of funds" of the Trust may also invest in other of the Trust's series of funds.

No persons are controlled by the Registrant.

**<u>Item 30. 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 Investment Advisors Corporation ("LIAC") to liabilities arising from willful misfeasance, bad faith or gross negligence in the performance of its respective duties or from reckless disregard by LIAC 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 31. Business and Other Connections of Investment Adviser</u>**

Information pertaining to any business and other connections of Registrant's adviser, LIAC, is hereby incorporated by reference from the sections captioned "Investment Adviser" or "Investment Adviser and Subadviser" in the Prospectus and Statement of Additional Information ("SAI") disclosures forming Parts A and B, respectively, of this Registration Statement, and Item 7 of Part II of LIAC's Form ADV filed separately with the SEC.

Information regarding any business and other connections of the Registrant's sub-advisers (collectively, the "Sub-Advisers") is incorporated by reference from the sections captioned "Investment Adviser and Subadvisers" of the Prospectus and SAI disclosures forming Parts A and B, respectively, of this Registration Statement and Item 7 of Part II of the Subadvisers' Forms ADV filed separately with the SEC. The Sub-Advisers include:

&nbsp;&nbsp;&nbsp;&nbsp;• AllianceBernstein L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investment Management, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• BAMCO, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Advisors, LLC;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Financial Management, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Investment Management, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Channing Capital Management, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Clearbridge Investments LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Delaware Investments Fund Advisers;

&nbsp;&nbsp;&nbsp;&nbsp;• Dimensional Fund Advisors LP;

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Advisers, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Mutual Advisers, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Goldman Sachs Asset Management, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Advisers Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Capital Management LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Investment Management Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• Loomis, Sayles & Company, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;• Massachusetts Financial Services Company;

&nbsp;&nbsp;&nbsp;&nbsp;• Milliman Financial Risk Management LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Mondrian Investment Partners Limited;

&nbsp;&nbsp;&nbsp;&nbsp;• Pacific Investment Management Company LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Schroder Investment Management North America Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• SSGA Funds Management, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• Templeton Investment Counsel, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Wellington Management Company, LLP; and,

&nbsp;&nbsp;&nbsp;&nbsp;• Western Asset Management Company.

Information concerning the other businesses, professions, vocations, and employment of a substantial nature during the past two years of the directors and officers of LIAC and the Sub-Advisers is incorporated by reference to Schedule A and Schedule D of LIAC's Form ADV and the respective Forms ADV for the Sub-Advisers.

**<u>Item 32. Principal Underwriters</u>**

(a) Lincoln Financial Distributors, Inc. ("LFD") currently serves as principal underwriter for the Trust. LFD also serves as the principal underwriter for: Lincoln National Variable Annuity Account C; Lincoln Life Flexible Premium Variable Life Account D; Lincoln National Variable Annuity Account E; Lincoln Life Flexible Premium Variable Life Account F; Lincoln Life Flexible Premium Variable Life Account G; Lincoln National Variable Annuity Account H; Lincoln Life Flexible Premium Variable Life Account J; Lincoln Life Flexible Premium Variable Life Account K; Lincoln National Variable Annuity Account L; Lincoln Life Flexible Premium Variable Life Account M; Lincoln Life Variable Annuity Account N; Lincoln Life Variable Annuity Account Q; Lincoln Life Flexible Premium Variable Life Account R; Lincoln Life Flexible Premium Variable Life Account S; Lincoln Life Variable Annuity Account T; Lincoln Life Variable Annuity Account W; Lincoln Life Flexible Premium Variable Life Account Y; Lincoln Life Flexible Premium Variable Life Account Z; Lincoln Life Variable Annuity Account JL-A; Lincoln Life Variable Annuity Account JF-H; Lincoln Life Variable Annuity Account JF-I; and Lincoln Life Flexible Premium Variable Life Account JF-A; Lincoln Life Flexible Premium Variable Life Account JF-C.

LFD also serves as principal underwriter for: Lincoln Life & Annuity Variable Annuity Account L; Lincoln Life & Annuity Flexible Premium Variable Life Account JA-B; Lincoln Life & Annuity Flexible Premium Variable Life Account M; Lincoln New York Account N for Variable Annuities; LLANY Separate Account R for Flexible Premium Variable Life Insurance; LLANY Separate Account S for Flexible Premium Variable Life Insurance; Lincoln Life & Annuity Flexible Premium Variable Life Account Y; and Lincoln Life & Annuity Flexible Premium Variable Life Account Z.

(b) Directors and Principal Officers of Lincoln Financial Distributors, Inc.:

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| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with Underwriter** | **Positions and Offices with Trust** |
| John C. Kennedy | Director, Chief Executive Officer, and President | N/A |
| William A. Nash | Director and Senior Vice President | N/A |
| Timothy J. Seifert, Jr. | Director and Senior Vice President | N/A |
| Andrew J. Bucklee | Director and Senior Vice President  | N/A |
| Thomas O'Neill | &nbsp;&nbsp; Senior Vice President, Chief Operating Officer, and Head <br> of Financial Institutions Group<br>| N/A |
| Shantanu Mishra | Senior Vide President, Treasurer | N/A |
| Paul T. Chryssikos | Senior Vice President | N/A |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with Underwriter** | **Positions and Offices with Trust** |
| Ellen J. Duffy | Senior Vice President | N/A |
| Daniel P. Herr | Senior Vice President | N/A |
| Ronald A. Holinsky | Senior Vice President | &nbsp;&nbsp; Senior Vice President, Secretary and Chief Legal <br> Officer<br>|
| Kathleen B. Kavanaugh | Senior Vice President | N/A |
| Patrick J. Lefemine | Senior Vice President | N/A |
| Aadil T. Lokhandwala | Senior Vice President | N/A |
| Richard D. Spenner | Senior Vice President | N/A |
| Daniel P. Wellock | Senior Vice President | N/A |
| Claire H. Hanna | Secretary | N/A |

---

LFD's Principal Business address is 150 N. Radnor-Chester Road, Radnor PA 19087.

(c) N/A

**<u>Item 33. Location of Accounts and Records</u>**

All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by the Adviser, LIAC, 150 N. Radnor-Chester Road, Radnor, PA 19087 and 1301 South Harrison Street, Fort Wayne, Indiana 46802, as well as the Subadvisers at:

&nbsp;&nbsp;&nbsp;&nbsp;• AllianceBernstein L.P., 1345 Avenue of the Americas, New York, New York 10105;

&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investment Management, Inc., 4500 Main Street, Kansas City, Missouri 64111;

&nbsp;&nbsp;&nbsp;&nbsp;• BAMCO, Inc., 767 Fifth Avenue, New York, New York 10153;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Advisors, LLC, 100 Bellevue Parkway, Wilmington, Delaware 19809;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Financial Management, Inc., 40 East 52nd Street, New York, New York 10022;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Investment Management, LLC, 40 East 52nd Street, New York, New York 10022;

&nbsp;&nbsp;&nbsp;&nbsp;• Clearbridge Investments LLC, 620 8<sup>th</sup> Avenue, New York, NY 10018;

&nbsp;&nbsp;&nbsp;&nbsp;• Channing Capital Management, LLC, 10 S. LaSalle, Suite 2401, Chicago, IL 60603;

&nbsp;&nbsp;&nbsp;&nbsp;• Delaware Investments Fund Advisors, 2005 Market Street, Philadelphia, Pennsylvania 19103;

&nbsp;&nbsp;&nbsp;&nbsp;• Dimensional Fund Advisors, L.P., 6300 Bee Cave Road, Building One, Austin, TX 78746,

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Advisers, Inc., One Franklin Parkway, San Mateo, California 94403-1906;

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Mutual Advisers, LLC, 101 John F. Kennedy Parkway, Short Hills, New Jersey 07078;

&nbsp;&nbsp;&nbsp;&nbsp;• Goldman Sachs Asset Management, L.P., 200 West Street, 15th Floor, New York, NY 10282;

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Advisers, Inc., 1555 Peachtree Street, N.E., Atlanta, Georgia 30309;

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515;

&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Investment Management Inc., 270 Park Avenue, New York, New York 10017;

&nbsp;&nbsp;&nbsp;&nbsp;• Loomis, Sayles & Company, L.P., One Financial Center, Boston, Massachusetts 02111;

&nbsp;&nbsp;&nbsp;&nbsp;• Massachusetts Financial Services Company, 500 Boylston Street, Boston, Massachusetts 02116;

&nbsp;&nbsp;&nbsp;&nbsp;• Milliman Financial Risk Management LLC, 71 S. Wacker Drive, 31st Floor, Chicago, Illinois 60606;

&nbsp;&nbsp;&nbsp;&nbsp;• Mondrian Investment Partners Limited, 80 Cheapside, London EC2V6EE;

&nbsp;&nbsp;&nbsp;&nbsp;• Pacific Investment Management Company LLC, 840 Newport Center Drive, Newport Beach, CA 92660;

&nbsp;&nbsp;&nbsp;&nbsp;• Schroder Investment Management North America Inc., 7 Bryant Park, New York, NY 10018

&nbsp;&nbsp;&nbsp;&nbsp;• SSGA Funds Management, Inc., One Lincoln Street, Boston, Massachusetts 02111;

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, Maryland 21202;

&nbsp;&nbsp;&nbsp;&nbsp;• Templeton Investment Counsel, 500 East Broward Boulevard, Suite 2100, Fort Lauderdale, Florida 33394;

&nbsp;&nbsp;&nbsp;&nbsp;• Wellington Management Company, LLP 75 State Street, Boston, Massachusetts 02111; and,

&nbsp;&nbsp;&nbsp;&nbsp;• Western Asset Management Company, 385 East Colorado Boulevard, Pasadena, California 91101.

***and former Subadvisers at:***

&nbsp;&nbsp;&nbsp;&nbsp;• AQR Capital Management, LLC, Two Greenwich Plaza, 4th Floor, Greenwich, CT 06830;

&nbsp;&nbsp;&nbsp;&nbsp;• CBRE Clarion Securities LLC, 201 King of Prussia Road, Suite 600, Radnor, Pennsylvania 19087;

&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers Capital Management, 280 Park Avenue, New York, New York 10017;

&nbsp;&nbsp;&nbsp;&nbsp;• Columbia Management Investment Advisers, LLC, One Financial Center, Boston, Massachusetts 02111;

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Advisory Services, LLC, 55 Challenger Road, Suite 501, Ridgefield Park, New Jersey 07660;

&nbsp;&nbsp;&nbsp;&nbsp;• Ivy Investment Management Company, 6300 Lamar Avenue, Shawnee Mission, KS 66201;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Janus Capital Management LLC, 100 Fillmore Street, Denver, Colorado 80206;

&nbsp;&nbsp;&nbsp;&nbsp;• Metropolitan West Capital Management, LLC, 610 Newport Center Drive, Suite 1000, Newport Beach, California 92660;

&nbsp;&nbsp;&nbsp;&nbsp;• QS Investors, LLC, 880 Third Avenue, 7th Floor, New York, New York 10022;

&nbsp;&nbsp;&nbsp;&nbsp;• Turner Investment Partners, Inc., 1205 Westlakes Drive, Suite 100, Berwyn, Pennsylvania 19312; and,

&nbsp;&nbsp;&nbsp;&nbsp;• UBS Asset Management (Americas) Inc., 1285 Avenue of the Americas, New York, New York 10019.

Also, the Trust's administrator, The Lincoln National Life Insurance Company, 1301 South Harrison Street, Fort Wayne, Indiana 46802; the Trust's custodian, State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111; and the Trust's accounting services provider, State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111.

**<u>Item 34. Management Services</u>**

Not applicable.

**<u>Item 35. Undertakings</u>**

Not applicable.

------

**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 28th day of February 2023.

---

| |
|:---|
| **LINCOLN VARIABLE INSURANCE PRODUCTS TRUST** |
| By: <u>/s/William P. Flory, Jr.</u><br>William P. Flory, Jr.<br> Chief Accounting Officer<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/Jayson R. Bronchetti\*<br>Jayson R. Bronchetti<br>| &nbsp;&nbsp; Chairman of the Board, Trustee and President<br> (Principal Executive Officer)<br>|
| By: | /s/William P. Flory, Jr.<br>William P. Flory, Jr.<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/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/Gary D. Lemon\*<br>Gary D. Lemon | /s/Gary D. Lemon\*<br>Gary D. Lemon | Trustee |
| /s/Thomas A. Leonard\*<br>Thomas A. Leonard | /s/Thomas A. Leonard\*<br>Thomas A. Leonard | Trustee |
| /s/Charles I. Plosser\*<br>Charles I. Plosser | /s/Charles I. Plosser\*<br>Charles I. Plosser | 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/William P. Flory, Jr.</u><br>William P. Flory, Jr.<br>| Attorney-in-Fact |

---

[<u>\*Pursuant to a Power of Attorney filed on December 22, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522311201/d444340dex9916.htm)

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