Lincoln Variable Insurance Products Trust

President’s Letter

Dear Fellow Investors,

2020 was a year of surprises and uncertainty as the spread of the global pandemic led to the sharpest – but shortest – US recession in modern history. In response, the size and speed of the comprehensive government stimulus was unprecedented as the Federal Reserve Board lowered interest rates to zero, expanded their bond buying, and for the first time ever, purchased corporate debt to calm markets. This monetary stimulus was matched by a historic amount of fiscal stimulus, which provided relief to individuals and small businesses negatively impacted by the pandemic. In turn, after experiencing the single most volatile period in history, equity markets rebounded with the strongest rally out of a bear market since 1932.

As we reflect more deeply on the underlying market drivers throughout the year, 2020 can be characterized by three distinct periods. January 1st through February 19th was a constructive period, as 2020 economic growth was expected to continue at the same solid pace as 2019. However, as markets began to anticipate the economic impact of the rapid onset of the COVID-19 pandemic and the ensuing recession, the S&P 500 declined 35% from February 19th through March 23rd, with the VIX rising from 15 to a high of nearly 83 as evidence of the volatility incurred during this period. From March 23rd through the end of the year, investors began to anticipate a post-pandemic economic rebound, which led to a domestic equity market recovery that eradicated the losses of the short-lived bear market and allowed the S&P 500 to finish the year at a record high.

Domestic fixed income also generated solid returns in 2020. After a relatively normal start to the year, the Federal Reserve preemptively cut the Fed Funds rate to near zero and instituted $2.3 trillion in lending programs as it became clear that both monetary and fiscal stimulus would be required to offset the anticipated steep declines in economic activity that would result from safety measures taken to contain the COVID-19 pandemic. Consequently, return patterns were analogous to those seen in the equity markets. The year started normally, but there was significant movement in rates between February 19th and March 23rd, as the 10-year Treasury yield reached an intraday record low of 0.32% on March 9th, while investment grade corporate and high yield bonds incurred losses during this period. Ultimately, corporate bonds recovered to erase all losses and generated solid returns for the year. The 10-year Treasury yield settled at 0.92% at year end, down from 1.92% at the end of 2019.

Finally, there continued to be dispersion in performance across investment styles and geographies. Like 2017 – 2019, growth stocks continued to materially outperform value. Also, in recent years, large cap equities materially outperformed small caps and US equities outperformed non-US equities, but that began to change in 2020. Specifically, domestic small caps outperformed large caps while domestic large caps and emerging market equities recorded nearly identical returns. But non-US equities in developed markets continued to lag US equities. An emerging trend that bears watching as 2020 ended was that value had a strong fourth quarter relative to growth.

As we move into 2021, we believe that three key macro themes are front and center: The virus - in the early part of 2021 market practitioners expect the pace of the economic recovery to slow before it gets better, as virus case counts are elevated in the winter months and fiscal support from the earlier stimulus subsides. The good news is that the potential for broad-scale distribution of vaccinations is moving forward, and the economy is positioned to reaccelerate in the spring of 2021.

A new government administration - while there will likely be plusses and minuses for the market and the economy over the next few years, the market is anticipating some early positives in the form of fiscal stimulus. President Biden’s fiscal stimulus plan calls for additional direct stimulus payments to individuals, extension of unemployment benefits, as well as state fiscal aid, and new funds for schools and public health funding. On the heels of the proposed plans, we’ve seen leading economists now forecasting 2021 GDP to be over 6.6% and for the unemployment rate to come back down to nearly 4.5%. We believe that this would be great news and very supportive for markets. On the flip side, longer term, the market is certainly keeping an eye on historically elevated equity valuations the potential for higher tax rates.

Monetary policy and the potential return of inflation - Monetary policy is anticipated to remain accommodative, as the Fed waits to see a more sustainable inflationary backdrop, rather than risk pre- emptive tightening and the potential for policy error in the early stages of recovery. And, while it’s unlikely central banks will let bond yields rise too far, there is room for long rates to move higher, as confidence in a sustained recovery grows and pricing pressures create more uncertainty around inflation.

Considering this evolving economic backdrop, it is an important time to evaluate the risks in your portfolio with your financial advisor to ensure you are properly diversified based on your time horizon, financial goals and risk tolerance. We are continuing to enhance our LVIP funds in order to provide a more robust and cost-effective universe of equity, fixed income, passive, rules based and traditional actively managed investment options that can help you achieve your unique objectives.

We hope you find the materials included in this annual report helpful as you evaluate your investments with us. Thank you for your continued trust in Lincoln Financial Group, and we wish you a healthy and prosperous 2021. Sincerely,

Jayson R. Bronchetti

President, Lincoln Variable Insurance Products Trust LVIP SSGA Funds LVIP SSGA Developed International 150 Fund LVIP SSGA Emerging Markets 100 Fund LVIP SSGA Large Cap 100 Fund LVIP SSGA Small-Mid Cap 200 Fund each a series of Lincoln Variable Insurance Products Trust Annual Report December 31, 2020

LVIP SSGA Funds

Index

Commentary 1 Disclosure of Fund Expenses 5 Security Type/Country and Sector Allocations and Top 10 Equity Holdings 7 Statements of Net Assets 11 Statements of Operations 26 Statements of Changes in Net Assets 27 Financial Highlights 28 Notes to Financial Statements 36 Report of Independent Registered Public Accounting Firm 48 Other Fund Information 49 Officer/Trustee Information 52

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of the fiscal year as exhibits to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available without charge on the Commission’s website at http://www.sec.gov. You may also request a copy by calling 1-800-4LINCOLN (454-6265). For a free copy of the Funds’ proxy voting procedures and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, please call 1-800-4LINCOLN (454-6265) or visit the Securities and Exchange Commission’s website at http://www.sec.gov. LVIP SSGA Developed International 150 Fund 2020 Annual Report Commentary (unaudited)

Advised by: Lincoln Investment Advisors Corporation Growth of $10,000 invested 12/31/10 through 12/31/20 Subadvised by: SSGA Funds Management, Inc. LVIP SSGA Developed International 150 Fund - Standard Class The Fund returned (4.10%) (Standard Class shares with distributions LVIP SSGA Developed International 150 Fund - Service Class reinvested) for the year ended December 31, 2020, while its MSCI EAFE® Index (net dividends) 1 benchmark, the MSCI EAFE Index (net dividends) , returned 7.82%. $18,000 $17,095 Value exhibited negative performance and Size exhibited positive $16,000 $14,761 performance globally in 2020. Value factor is comprised of equally $14,397 weighting the Price-to-Earnings Ratio, Price-to-Book Ratio, and $14,000 Dividend Yield while the Size factor is due to equally weighting of the stocks at the time of rebalance. Value’s negativity may have stolen the $12,000 spotlight in 2020, but size quietly staged a turnaround after a tough $10,000 first quarter. After first quarter 2020, small caps were able to slowly work their way back to positive or near-positive territory with a final $8,000 push across all regions in December. Size ended 2020 positive in Developed Markets. $6,000 12/31/10 12/31/20 The Fund used futures in order to gain market exposure for the cash This chart illustrates, hypothetically, that $10,000 was invested in LVIP SSGA position during the period. The Fund’s use of futures detracted Developed International 150 Fund shares on 12/31/10. As the chart shows, by approximately 2bps from Fund performance relative to the 12/31/20, the value of the investment at net asset value, with any dividends and distributions reinvested, would have increased to $14,761 for the Standard Class benchmark. shares and to $14,397 for the Service Class shares. For comparison, look at how the On an individual security level, the top positive contributors to the MSCI EAFE Index (net dividends) did over the same period. The same $10,000 Fund’s performance during the period were Fortescue Metals Group, investment would have increased to $17,095. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for First Chrysler Automobiles N.V., Actividades de Construccion y income taxes. Past performance is not indicative of future performance. Remember, Servicios SA. The top negative contributors to the Fund’s performance an investor cannot invest directly in an index. An expense waiver was in effect for during the period were Stockland, Power Corporation of Canada, and the Fund during the period shown. Performance would have been lower had the easyJet plc (no longer held in the Fund). expense waiver not been in effect. The performance information does not include insurance company separate account fees and variable annuity or variable life Portfolio Managers: contract charges and if these fees and charges were included, then performance SSGA Funds Management, Inc.: Michael Feehily would have been lower. Dwayne Hancock Keith Richardson Average annual total returns Ended Juan Acevedo on investment 12/31/20 The views expressed represent the Manager’s assessment of the funds Standard Class Shares and market environment as of the most recent quarter end and should One Year - 4.10% not be considered a recommendation to buy, hold, or sell any security, Five Years + 4.93% and should not be relied on as research or investment advice. Ten Years + 3.97% Service Class Shares One Year - 4.34% Five Years + 4.67% Ten Years + 3.71% ® 1. The MSCI EAFE Index (net dividends) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets (Europe, Australia/Asia, and the Far East), excluding U.S. and Canada. The net dividends index return calculation assumes reinvestment of dividends net of withholding taxes.

LVIP SSGA Funds–1 LVIP SSGA Emerging Markets 100 Fund 2020 Annual Report Commentary (unaudited) (continued)

Advised by: Lincoln Investment Advisors Corporation Growth of $10,000 invested 12/31/10 through 12/31/20 Subadvised by: SSGA Funds Management, Inc. LVIP SSGA Emerging Markets 100 Fund - Standard Class The Fund returned 2.65% (Standard Class shares with distributions LVIP SSGA Emerging Markets 100 Fund - Service Class reinvested) for the year ended December 31, 2020, while its MSCI Emerging Markets Index (net dividends) benchmark, the MSCI Emerging Markets Index (net dividends)1, $16,000 returned 18.31%. $14,280 $14,000 Value and Size factors exhibited negative performance in 2020 within Emerging Markets. Value factor is comprised of equally weighting the Price-to-Earnings Ratio, Price-to-Book Ratio, and Dividend Yield $12,000 $10,336 while the Size factor is due to equally weighting of the stocks at the $10,080 time of rebalance. The Value and Size factors were negative $10,000 throughout most of the year. However, rotation in Value and Size factors occurred in November, which brought positive returns for the $8,000 factors but not enough to reverse the negative course prior to November for the 2020 calendar year. Since the Fund targeted these $6,000 12/31/10 12/31/20 factors during the period, Fund performance during the period was This chart illustrates, hypothetically, that $10,000 was invested in LVIP SSGA negatively affected and its performance lagged the cap-weighted Emerging Markets 100 Fund shares on 12/31/10. As the chart shows, by 12/31/20, the Index. value of the investment at net asset value, with any dividends and distributions reinvested, would have increased to $10,336 for the Standard Class shares and to The Fund used futures in order to gain market exposure for the cash $10,080 for the Service Class shares. For comparison, look at how the MSCI position during the period. The Fund’s use of futures helped the Fund Emerging Markets Index (net dividends) did over the same period. The same track by approximately 3bps relative to the benchmark. $10,000 investment would have increased to $14,280. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were On an individual security level, the top positive contributors to the made for income taxes. Past performance is not indicative of future performance. Fund’s performance during the period were Great Wall Motor Co., Remember, an investor cannot invest directly in an index. An expense waiver was in Grupo Mexico S.A.B., and Hyundai Motor Company. The top negative effect for the Fund during the period shown. Performance would have been lower contributors to the Fund’s performance during the period were Cogna had the expense waiver not been in effect. The performance information does not Educacao S.A., Redefine Properties, and Woolworths Holdings Limited include insurance company separate account fees and variable annuity or variable (no longer held in the Fund). life contract charges and if these fees and charges were included, then performance would have been lower. Portfolio Managers: SSGA Funds Management, Inc.: Michael Feehily Average annual total returns Ended Amy Cheng on investment 12/31/20 Thomas Coleman Standard Class Shares Lisa Hobart One Year + 2.65% The views expressed represent the Manager’s assessment of the funds Five Years + 6.73% and market environment as of the most recent quarter end and should not be considered a recommendation to buy, hold, or sell any security, Ten Years + 0.33% and should not be relied on as research or investment advice. Service Class Shares One Year + 2.40% Five Years + 6.46% Ten Years + 0.08% 1. The MSCI Emerging Market Index (net dividends) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The net dividends index return calculation assumes reinvestment of dividends net of withholding taxes.

LVIP SSGA Funds–2 LVIP SSGA Large Cap 100 Fund 2020 Annual Report Commentary (unaudited) (continued)

Advised by: Lincoln Investment Advisors Corporation Growth of $10,000 invested 12/31/10 through 12/31/20 Subadvised by: SSGA Funds Management, Inc. LVIP SSGA Large Cap 100 Fund - Standard Class The Fund returned 2.98% (Standard Class shares with distributions LVIP SSGA Large Cap 100 Fund - Service Class reinvested) for the year ended December 31, 2020, while its S&P 500® Index ® 1 benchmark, the S&P 500 Index , returned 18.40%. $40,000 $36,701 The Value factor exhibited negative performance domestically in 2020. $35,000 Value factor is comprised of equally weighting the Price-to-Earnings $29,191 $30,000 $28,472 Ratio, Price-to-Book Ratio, and Dividend Yield while the Size factor is due to equally weighting of the stocks at the time of rebalance. $25,000 Following a poor first quarter, Size had a mixed year but ended up $20,000 marginally positive for 2020. The Value factor was negative throughout most of the year. However, a sharp Value/Momentum rotation occurred $15,000 in the fourth quarter of 2020, which brought positive returns for the $10,000 factor but not enough to reverse the negative course prior to September for the 2020 calendar year. Since the Fund targeted these $5,000 12/31/10 12/31/20 factors during the period, Fund performance during the period was This chart illustrates, hypothetically, that $10,000 was invested in LVIP SSGA Large negatively affected and its performance lagged the cap-weighted Cap 100 Fund shares on 12/31/10. As the chart shows, by 12/31/20, the value of the benchmark. investment at net asset value, with any dividends and distributions reinvested, would have increased to $29,191 for the Standard Class shares and to $28,472 for the The Fund used futures in order to gain market exposure for the cash Service Class shares. For comparison, look at how the S&P 500® Index did over the position during the period. The Fund’s use of futures detracted same period. The same $10,000 investment would have increased to $36,701. approximately 1bps from Fund performance relative to the Earnings from a variable annuity investment compound tax-free until withdrawn, so benchmark. no adjustments were made for income taxes. Past performance is not indicative of future performance. Remember, an investor cannot invest directly in an index. An On an individual security level, the top positive contributors to the expense waiver was in effect for the Fund during the period shown. Performance Fund’s performance during the period were Lennar Corporation, would have been lower had the expense waiver not been in effect. The performance Synchrony Financial, and PulteGroup Inc. The top negative information does not include insurance company separate account fees and contributors to the Fund’s performance during the period were variable annuity or variable life contract charges and if these fees and charges were Capital One Financial Corporation, Marathon Oil Corporation, and included, then performance would have been lower. Weyerhaeuser Company (no longer held in the Fund). Average annual total returns Ended Portfolio Managers: on investment 12/31/20 SSGA Funds Management, Inc.: Michael Feehily Michael Finocchi Standard Class Shares Karl Schneider One Year + 2.98% John Law Five Years + 10.96% The views expressed represent the Manager’s assessment of the funds Ten Years + 11.31% and market environment as of the most recent quarter end and should Service Class Shares not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. One Year + 2.72% Five Years + 10.68% Ten Years + 11.03% 1. The S&P 500® Index is a broad based measurement of changes in stock market conditions based on average performance of 500 widely held U.S. common stocks.

LVIP SSGA Funds–3 LVIP SSGA Small-Mid Cap 200 Fund 2020 Annual Report Commentary (unaudited) (continued)

Advised by: Lincoln Investment Advisors Corporation Growth of $10,000 invested 12/31/10 through 12/31/20 Subadvised by: SSGA Funds Management, Inc. LVIP SSGA Small-Mid Cap 200 Fund - Standard Class The Fund returned 5.98% (Standard Class shares with distributions LVIP SSGA Small-Mid Cap 200 Fund - Service Class reinvested) for the year ended December 31, 2020, while its Russell 2000® Index benchmark, the Russell 2000® Index1, returned 19.96%. $30,000 $28,918 Value and Size factors exhibited positive but drastically different $25,000 performance in 2020 with growth outperforming value by over 30% - $22,113 ® ® $21,568 the Russell 2000 Growth Index2 was up 34.6% and Russell 2000 Value Index3 was up 4.6% in 2020. Value factor is comprised of equally $20,000 weighting the Price-to-Earnings Ratio, Price-to-Book Ratio, and Dividend Yield while the Size factor is due to equally weighting of the $15,000 stocks at the time of rebalance. Size had a positive fourth quarter, but it wasn’t enough to lift the factor from the poor performance during $10,000 the year. The Value factor was negative throughout most of the year. However, a sharp Value/Momentum rotation occurred in November, $5,000 12/31/10 12/31/20 which brought positive returns for the factor but not enough to reverse This chart illustrates, hypothetically, that $10,000 was invested in LVIP SSGA the negative course prior to November for the 2020 calendar year. Small-Mid Cap 200 Fund shares on 12/31/10. As the chart shows, by 12/31/20, the Since the Fund targeted these factors during the period, Fund value of the investment at net asset value, with any dividends and distributions performance during the period was negatively affected and its reinvested, would have increased to $22,113 for the Standard Class shares and to performance lagged the cap-weighted benchmark but outperformed $21,568 for the Service Class shares. For comparison, look at how the Russell 2000® ® Russell 2000 Value index. Index did over the same period. The same $10,000 investment would have increased to $28,918. Earnings from a variable annuity investment compound tax-free until The Fund used futures in order to gain market exposure for the cash withdrawn, so no adjustments were made for income taxes. Past performance is not position during the period. The Fund’s use of futures slightly added to indicative of future performance. Remember, an investor cannot invest directly in Fund performance relative to the benchmark. an index. An expense waiver was in effect for the Fund during the period shown. Performance would have been lower had the expense waiver not been in effect. The On an individual security level, the top positive contributors to the performance information does not include insurance company separate account Fund’s performance during the period were Owens & Minor, At Home fees and variable annuity or variable life contract charges and if these fees and Group, and QEP Resources. The top negative contributors to the charges were included, then performance would have been lower. Fund’s performance during Sonic Automotive, Western Asset Average annual total returns Ended Mortgage Capital Corporation, and Redwood Trust (no longer held in on investment 12/31/20 the Fund). Portfolio Managers: Standard Class Shares SSGA Funds Management, Inc.: Michael Feehily One Year + 5.98% Michael Finocchi Five Years + 8.74% Karl Schneider Ten Years + 8.26% Lisa Hobart Service Class Shares The views expressed represent the Manager’s assessment of the funds and market environment as of the most recent quarter end and should One Year + 5.72% not be considered a recommendation to buy, hold, or sell any security, Five Years + 8.47% and should not be relied on as research or investment advice. Ten Years + 7.99% 1. The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000®Index which represents approximately 8% of the market capitalization of the Russell 3000® Index. 2. The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. 3. The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

LVIP SSGA Funds–4 LVIP SSGA Funds Disclosure OF FUND EXPENSES (unaudited) For the Period July 1, 2020 to December 31, 2020 Each Fund sells its shares directly or indirectly to The Lincoln LVIP SSGA Developed International 150 Fund National Life Insurance Company (“Lincoln Life”) and Lincoln Life Expense Analysis of an Investment of $1,000 & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable Expenses Paid annuity contracts and variable life insurance contracts. Insurance Beginning Ending During company separate account beneficial owners incur ongoing costs Account Account Annualized Period such as the separate account’s cost of owning shares of the Fund. The Value Value Expense 7/1/20 to 7/1/20 12/31/20 Ratio 12/31/20* ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis tables. The Expense Analysis tables do not include Actual other costs incurred by beneficial owners, such as insurance Standard Class Shares $1,000.00 $1,223.90 0.40% $2.24 Service Class Shares 1,000.00 1,222.50 0.65% 3.63 company separate account fees and variable annuity or variable life contract charges. Hypothetical (5% return before expenses) Standard Class Shares $1,000.00 $1,023.10 0.40% $2.03 As a Fund shareholder, you incur ongoing costs, including Service Class Shares 1,000.00 1,021.80 0.65% 3.30 management fees; distribution and/or service (“12b-1”) fees; and other Fund expenses. Shareholders of other funds may also incur LVIP SSGA Emerging Markets 100 Fund transaction costs, including sales charges (loads) on purchase Expense Analysis of an Investment of $1,000 payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to Expenses Paid help you understand your ongoing costs (in dollars) of investing in Beginning Ending During the Fund and to compare these costs with the ongoing costs of Account Account Annualized Period investing in other mutual funds. Value Value Expense 7/1/20 to 7/1/20 12/31/20 Ratio 12/31/20* The Expense Analyses are based on an investment of $1,000 invested Actual at the beginning of the period and held for the entire period from Standard Class Shares $1,000.00 $1,273.70 0.44% $2.51 July 1, 2020 to December 31, 2020. Service Class Shares 1,000.00 1,272.10 0.69% 3.94 Actual Expenses Hypothetical (5% return before expenses) The first section of the tables, “Actual”, provides information about Standard Class Shares $1,000.00 $1,022.90 0.44% $2.24 actual account values and actual expenses. You may use the Service Class Shares 1,000.00 1,021.70 0.69% 3.51 information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. LVIP SSGA Large Cap 100 Fund Simply divide your account value by $1,000 (for example, an $8,600 Expense Analysis of an Investment of $1,000 account value divided by $1,000 = 8.6), then multiply the result by Expenses the number in the first section under the heading entitled “Expenses Paid Paid During Period” to estimate the expenses you paid on your Beginning Ending During Account Account Annualized Period account during the period. Value Value Expense 7/1/20 to 7/1/20 12/31/20 Ratio 12/31/20* Hypothetical Example for Comparison Purposes The second section of the tables, “Hypothetical”, provides Actual information about hypothetical account values and hypothetical Standard Class Shares $1,000.00 $1,256.20 0.36% $2.04 expenses based on the Fund’s actual expense ratio and an assumed Service Class Shares 1,000.00 1,254.70 0.61% 3.46 rate of return of 5% per year before expenses, which is not the Fund’s Hypothetical (5% return before expenses) actual return. The hypothetical account values and expenses cannot Standard Class Shares $1,000.00 $1,023.30 0.36% $1.83 be used to estimate the actual ending account balance or expenses Service Class Shares 1,000.00 1,022.10 0.61% 3.10 you paid for the period. You can use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Funds’ expenses shown in the tables reflect fee waivers in effect.

LVIP SSGA Funds–5 LVIP SSGA Funds Disclosure OF FUND EXPENSES (unaudited) (continued)

LVIP SSGA Small-Mid Cap 200 Fund Expense Analysis of an Investment of $1,000 Expenses Paid Beginning Ending During Account Account Annualized Period Value Value Expense 7/1/20 to 7/1/20 12/31/20 Ratio 12/31/20* Actual Standard Class Shares $1,000.00 $1,420.90 0.40% $2.43 Service Class Shares 1,000.00 1,419.10 0.65% 3.95 Hypothetical (5% return before expenses) Standard Class Shares $1,000.00 $1,023.20 0.40% $2.03 Service Class Shares 1,000.00 1,021.90 0.65% 3.30

* ЉExpenses Paid During PeriodЉ are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

LVIP SSGA Funds–6 LVIP SSGA Developed International 150 Fund Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited) As of December 31, 2020

Percentage Percentage Sector of Net Assets Security Type/Country of Net Assets Hotels, Restaurants & Leisure 0.69% Common Stock 96.23% Household Durables 0.31% Australia 3.89% Industrial Conglomerates 1.88% Belgium 1.51% Insurance 4.07% Canada 1.04% IT Services 1.46% Denmark 0.74% Machinery 1.94% Finland 1.77% Media 3.27% France 10.28% Metals & Mining 4.23% Germany 5.61% Multiline Retail 0.72% Hong Kong 4.67% Multi-Utilities 1.04% Italy 2.04% Oil, Gas & Consumable Fuels 2.67% Japan 39.15% Paper & Forest Products 1.53% Netherlands 4.54% Pharmaceuticals 3.54% Singapore 0.76% Professional Services 1.70% Spain 4.04% Real Estate Management & Development 3.59% Switzerland 3.18% Road & Rail 1.03% United Kingdom 13.01% Semiconductors & Semiconductor Equipment 0.86% Preferred Stocks 1.48% Specialty Retail 0.93% Rights 0.02% Technology Hardware, Storage & Peripherals 2.65% Money Market Fund 1.47% Tobacco 1.70% Trading Companies & Distributors 3.76% Total Investments 99.20% Transportation Infrastructure 0.63% Receivables and Other Assets Net of Liabilities 0.80% Wireless Telecommunication Services 0.50% Total Net Assets 100.00% Total 97.73%

Sector designations may be different than the sector designations Holdings are for informational purposes only and are subject to presented in other Fund materials. change at any time. They are not a recommendation to buy, sell, or Percentage hold any security. Sector of Net Assets Auto Components 1.15% Percentage Top 10 Equity Holdings of Net Assets Automobiles 9.09% Banks 10.09% Fortescue Metals Group 1.42% Beverages 1.91% Scentre Group 1.15% Building Products 2.57% Fiat Chrysler Automobiles 1.14% Capital Markets 1.31% Teck Resources Class B 1.04% Chemicals 4.24% Renault 1.02% Commercial Services & Supplies 0.47% Daimler 1.02% Construction & Engineering 3.80% Stora Enso Class R 0.97% Construction Materials 0.85% Peugeot 0.96% Diversified Telecommunication Services 1.86% Cie de Saint-Gobain 0.96% Electric Utilities 2.53% ACS Actividades de Construccion y Servicios 0.96% Electrical Equipment 0.95% Total 10.64% Electronic Equipment, Instruments & Components 2.15% Equity Real Estate Investment Trusts 2.08% IT–Information Technology Food & Staples Retailing 2.78% Food Products 1.41% Gas Utilities 0.51% Health Care Equipment & Supplies 0.69% Health Care Providers & Services 2.59%

LVIP SSGA Funds–7 LVIP SSGA Emerging Markets 100 Fund Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited) As of December 31, 2020

Percentage Percentage Sector of Net Assets Security Type/Country of Net Assets Pharmaceuticals 1.71% Common Stock 98.70% Real Estate Management & Development 3.30% Brazil 3.27% Semiconductors & Semiconductor Equipment 1.29% China 10.91% Specialty Retail 0.96% Hong Kong 11.30% Technology Hardware, Storage & Peripherals 6.38% Hungary 0.94% Textiles, Apparel & Luxury Goods 0.93% India 7.32% Tobacco 0.94% Malaysia 1.92% Water Utilities 0.72% Mexico 5.52% Wireless Telecommunication Services 3.91% Republic of Korea 20.93% Total 99.43% Russia 7.06% South Africa 9.39% Holdings are for informational purposes only and are subject to Taiwan 12.22% change at any time. They are not a recommendation to buy, sell, or Thailand 4.63% hold any security. United Arab Emirates 3.29% Preferred Stock 0.73% Percentage Top 10 Equity Holdings of Net Assets Total Investments 99.43% Great Wall Motor Class H 4.10% Receivables and Other Assets Net of Liabilities 0.57% Kia Motors 2.06% Total Net Assets 100.00% Hyundai Motor 1.96% Sector designations may be different than the sector designations Grupo Mexico 1.78% presented in other Fund materials. Vedanta 1.77% PTT Global Chemical 1.66% Percentage Piramal Enterprises 1.57% Sector of Net Assets Korea Investment Holdings 1.57% Auto Components 1.35% MTN Group 1.46% Automobiles 11.03% POSCO 1.42% Banks 18.60% Total 19.35% Beverages 2.50% Capital Markets 1.57% Chemicals 3.08% Commercial Services & Supplies 0.73% Construction & Engineering 0.64% Construction Materials 2.40% Diversified Financial Services 1.57% Diversified Telecommunication Services 2.82% Electronic Equipment, Instruments & Components 1.99% Equity Real Estate Investment Trusts 2.04% Food & Staples Retailing 1.86% Food Products 1.92% Gas Utilities 1.30% Health Care Providers & Services 1.51% Hotels, Restaurants & Leisure 1.00% Independent Power and Renewable Electricity Producers 1.56% Industrial Conglomerates 4.08% Insurance 0.93% Metals & Mining 8.49% Oil, Gas & Consumable Fuels 5.68% Personal Products 0.64%

LVIP SSGA Funds–8 LVIP SSGA Large Cap 100 Fund Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited) As of December 31, 2020 Sector designations may be different than the sector designations Holdings are for informational purposes only and are subject to presented in other Fund materials. change at any time. They are not a recommendation to buy, sell, or hold any security. Percentage Security Type/Sector of Net Assets Percentage Common Stock 99.76% Top 10 Equity Holdings of Net Assets Aerospace & Defense 0.82% ViacomCBS Class B 1.60% Air Freight & Logistics 1.37% Ally Financial 1.58% Airlines 2.56% Synchrony Financial 1.49% Automobiles 1.25% Royal Caribbean Cruises 1.37% Banks 7.39% FedEx 1.37% Beverages 0.76% Lennar Class A 1.35% Biotechnology 1.65% DR Horton 1.33% Building Products 1.16% Morgan Stanley 1.30% Capital Markets 2.17% Broadcom 1.30% Chemicals 2.51% LyondellBasell Industries Class A 1.28% Communications Equipment 1.72% Total 13.97% Consumer Finance 3.07% Containers & Packaging 1.13% IT–Information Technology Distributors 1.05% Diversified Telecommunication Services 0.65% Electric Utilities 3.21% Electrical Equipment 2.22% Electronic Equipment, Instruments & Components 1.14% Equity Real Estate Investment Trusts 6.56% Food & Staples Retailing 0.56% Food Products 4.27% Health Care Equipment & Supplies 0.92% Health Care Providers & Services 7.44% Hotels, Restaurants & Leisure 3.21% Household Durables 3.91% Insurance 3.17% IT Services 2.72% Leisure Products 0.94% Machinery 4.50% Media 3.38% Metals & Mining 1.05% Multiline Retail 1.11% Multi-Utilities 1.91% Oil, Gas & Consumable Fuels 3.76% Pharmaceuticals 1.63% Road & Rail 1.07% Semiconductors & Semiconductor Equipment 7.48% Software 1.61% Technology Hardware, Storage & Peripherals 1.93% Tobacco 0.80% Total Investments 99.76% Receivables and Other Assets Net of Liabilities 0.24% Total Net Assets 100.00%

LVIP SSGA Funds–9 LVIP SSGA Small-Mid Cap 200 Fund Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited) As of December 31, 2020

Sector designations may be different than the sector designations Percentage presented in other Fund materials. Security Type/Sector of Net Assets

Percentage Money Market Fund 0.12% Security Type/Sector of Net Assets Total Investments 99.59% Common Stock 99.47% Receivables and Other Assets Net of Liabilities 0.41% Aerospace & Defense 0.32% Total Net Assets 100.00% Air Freight & Logistics 0.62% Airlines 1.93% Holdings are for informational purposes only and are subject to Auto Components 1.61% change at any time. They are not a recommendation to buy, sell, or Banks 8.76% hold any security. Biotechnology 3.01% Capital Markets 1.20% Percentage Top 10 Equity Holdings of Net Assets Chemicals 1.88% Commercial Services & Supplies 2.11% MFA Financial 2.94% Communications Equipment 1.66% QEP Resources 1.51% Consumer Finance 0.38% At Home Group 1.51% Containers & Packaging 0.88% Owens & Minor 1.28% Diversified Telecommunication Services 0.29% SM Energy 1.18% Electric Utilities 0.32% Signet Jewelers 1.12% Electronic Equipment, Instruments & Components 6.10% Covetrus 1.09% Equity Real Estate Investment Trusts 6.01% Acadia Healthcare 1.09% Food & Staples Retailing 1.34% MTS Systems 0.98% Gas Utilities 0.60% Evolent Health Class A 0.97% Health Care Equipment & Supplies 3.13% Total 13.67% Health Care Providers & Services 7.20% IT–Information Technology Health Care Technology 2.95% Hotels, Restaurants & Leisure 0.46% Household Durables 1.81% Insurance 2.16% Internet & Direct Marketing Retail 0.59% IT Services 1.60% Machinery 5.17% Media 2.45% Metals & Mining 1.51% Mortgage Real Estate Investment Trusts (REITs) 6.41% Multiline Retail 1.96% Multi-Utilities 0.29% Oil, Gas & Consumable Fuels 3.68% Paper & Forest Products 0.44% Personal Products 0.72% Pharmaceuticals 2.04% Professional Services 1.71% Road & Rail 1.24% Software 0.70% Specialty Retail 7.69% Technology Hardware, Storage & Peripherals 0.36% Textiles, Apparel & Luxury Goods 2.06% Tobacco 0.32% Trading Companies & Distributors 1.51% Wireless Telecommunication Services 0.29%

LVIP SSGA Funds–10 LVIP SSGA Developed International 150 Fund Statement of Net Assets December 31, 2020

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK–96.23% ΔCOMMON STOCK (continued) Australia–3.89% Hong Kong–4.67% AGL Energy...... 461,986 $ 4,264,300 CK Asset Holdings ...... 893,000 $ 4,569,390 Fortescue Metals Group . 735,364 13,282,439 CK Hutchison Holdings .. 698,514 4,876,906 Scentre Group ...... 5,002,377 10,745,044 Henderson Land Sonic Healthcare ...... 325,900 8,074,766 Development ...... 1,153,300 4,480,169 36,366,549 Hongkong Land Holdings ...... 1,149,700 4,748,451 Belgium–1.51% Jardine Matheson Ageas ...... 137,380 7,295,854 Holdings ...... 93,400 5,224,620 Anheuser-Busch InBev .. 96,965 6,764,927 New World Development . 1,026,000 4,773,369 14,060,781 Sino Land ...... 3,806,557 4,953,532 Sun Hung Kai Properties. 342,000 4,373,830 Canada–1.04% Wharf Real Estate †Teck Resources Class B .. 534,700 9,703,488 Investment ...... 1,085,000 5,638,863 9,703,488 43,639,130 Denmark–0.74% Italy–2.04% †Danske Bank...... 417,542 6,900,886 Atlantia ...... 328,190 5,926,436 6,900,886 Intesa Sanpaolo ...... 2,468,574 5,835,011 Mediobanca Banca di Finland–1.77% Credito Finanziario .... 792,272 7,333,925 Fortum...... 307,053 7,418,439 19,095,372 Stora Enso Class R ...... 473,927 9,074,617 16,493,056 Japan–39.15% AGC ...... 191,600 6,700,068 France–10.28% Asahi Group Holdings ... 137,400 5,658,433 †Atos ...... 69,000 6,300,778 Asahi Kasei ...... 691,000 7,082,841 AXA ...... 247,291 5,930,616 Astellas Pharma ...... 312,000 4,830,933 †BNP Paribas ...... 141,251 7,456,950 Bridgestone...... 148,400 4,866,903 Bouygues ...... 133,766 5,501,524 Brother Industries ...... 290,500 5,996,925 †Cie de Saint-Gobain ..... 195,556 8,994,085 Canon ...... 202,344 3,919,914 †Creditricole...... 555,526 7,022,916 Chubu Electric Power ... 341,800 4,124,834 Klepierre ...... 179,495 4,048,324 Chugoku Electric Power . 330,500 3,878,591 Orange...... 336,667 4,008,030 ENEOS Holdings...... 1,293,000 4,644,070 †Peugeot ...... 328,568 8,998,047 Fuji Electric ...... 219,700 7,930,299 Publicis Groupe ...... 156,461 7,776,321 FUJIFILM Holdings ..... 99,500 5,248,824 †Renault ...... 218,542 9,566,003 Hitachi...... 167,826 6,623,974 Sanofi...... 52,268 5,065,972 Honda Motor...... 201,000 5,671,472 †Societe Generale ...... 251,679 5,232,055 Inpex ...... 826,300 4,455,665 TOTAL ...... 128,264 5,536,156 Isuzu Motors ...... 654,900 6,234,408 Unibail-Rodamco-Westfield. 59,594 4,641,471 ITOCHU ...... 209,017 6,011,353 96,079,248 Japan Post Holdings..... 582,000 4,533,279 Japan Tobacco ...... 246,246 5,020,254 Germany–5.61% Kajima ...... 466,400 6,256,758 Bayerische Motoren Kansai Electric Power ... 444,700 4,206,003 Werke ...... 86,302 7,616,717 KDDI ...... 156,100 4,628,403 Covestro ...... 139,766 8,611,458 Kirin Holdings...... 231,300 5,461,686 Daimler ...... 134,085 9,503,850 Komatsu ...... 274,500 7,575,724 Fresenius & Co...... 118,514 5,480,301 Kyocera ...... 79,200 4,861,170 Fresenius Medical Care Kyushu Railway ...... 151,200 3,261,829 &Co...... 69,441 5,790,501 LIXIL Group ...... 384,200 8,332,017 HeidelbergCement ...... 106,530 7,931,742 Marubeni...... 825,716 5,501,258 Siemens...... 51,783 7,459,155 Mazda Motor...... 769,700 5,152,295 52,393,724 Medipal Holdings ...... 256,100 4,816,035 Mitsubishi ...... 201,500 4,967,342

LVIP SSGA Funds–11 LVIP SSGA Developed International 150 Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK (continued) ΔCOMMON STOCK (continued) Japan (continued) Singapore–0.76% Mitsubishi Chemical Wilmar International.... 2,026,158 $ 7,133,750 Holdings ...... 742,600 $ 4,498,928 7,133,750 Mitsubishi Heavy Industries ...... 171,400 5,249,311 Spain–4.04% Mitsubishi UFJ Financial ACS Actividades de Group ...... 1,126,900 4,989,482 Construccion y Mitsui & Co...... 310,500 5,692,797 Servicios ...... 270,366 8,982,403 Mitsui Chemicals ...... 232,500 6,829,764 Banco Bilbao Vizcaya Mizuho Financial Group . 376,730 4,781,524 Argentaria ...... 1,266,909 6,279,564 NEC ...... 135,800 7,293,770 Banco de Sabadell ...... 8,213,043 3,554,294 NGK Insulators...... 341,300 5,273,672 Banco Santander ...... 1,654,309 5,158,696 NH Foods...... 137,600 6,060,515 Enagas...... 218,467 4,806,214 Nikon ...... 459,600 2,903,695 Repsol ...... 543,525 5,475,535 Nippon Express...... 94,300 6,343,247 Telefonica ...... 832,546 3,311,559 Nippon Telegraph & Telefonica ...... 49,030 194,369 Telephone...... 194,500 4,990,672 37,762,634 Nomura Holdings ...... 1,060,800 5,608,521 Obayashi ...... 563,400 4,864,714 Switzerland–3.18% Oji Holdings ...... 915,600 5,212,598 Adecco Group ...... 116,694 7,772,211 Ono Pharmaceutical .... 223,100 6,723,072 †Glencore ...... 2,802,411 8,899,879 Otsuka Holdings ...... 131,600 5,638,587 Novartis ...... 57,522 5,416,150 Resona Holdings...... 1,403,434 4,913,097 †Siemens Energy ...... 26,161 958,788 Ricoh ...... 579,200 3,808,749 †UBS Group ...... 473,345 6,664,617 Seiko Epson ...... 392,200 5,828,140 29,711,645 Seven & i Holdings ...... 141,700 5,017,677 Shimizu ...... 602,400 4,385,048 United Kingdom–13.01% Shionogi & Co...... 99,300 5,428,883 Aegon...... 1,631,629 6,508,349 SUMCO ...... 366,400 8,045,529 Aviva ...... 1,479,355 6,580,220 Sumitomo ...... 381,700 5,058,650 British American Sumitomo Chemical..... 1,545,200 6,228,360 Tobacco...... 139,698 5,187,946 Sumitomo Electric BT Group...... 2,713,601 4,891,155 Industries ...... 446,900 5,921,780 Carnival...... 337,419 6,417,791 Sumitomo Mitsui Centrica...... 8,613,869 5,465,663 Financial Group...... 169,600 5,257,286 Fiat Chrysler Taisei ...... 160,600 5,540,464 Automobiles ...... 591,365 10,683,636 TDK ...... 57,300 8,645,622 HSBC Holdings (London Tohoku Electric Power... 491,200 4,053,953 Shares) ...... 696,819 3,599,237 Toppan Printing ...... 307,500 4,342,382 Imperial Brands ...... 268,924 5,640,569 Tosoh ...... 406,100 6,344,971 ITV ...... 6,006,668 8,752,838 Toyota Tsusho ...... 195,700 7,919,296 J Sainsbury ...... 1,764,294 5,422,923 Yamaha Motor...... 377,800 7,711,280 Kingfisher ...... 2,363,246 8,732,526 Lloyds Banking Group ... 10,646,213 5,307,754 365,859,596 Marks & Spencer Group . 3,600,546 6,678,589 Netherlands–4.54% Pearson ...... 722,773 6,633,791 ABN AMRO Bank ...... 449,913 4,408,647 Rio Tinto ...... 101,129 7,612,293 ING Groep ...... 672,201 6,250,017 Tesco ...... 1,651,717 5,212,433 Koninklijke Ahold Wm Morrison Delhaize ...... 192,443 5,429,073 Supermarkets...... 2,008,663 4,860,372 †Koninklijke Philips...... 119,321 6,427,528 WPP ...... 683,995 7,411,762 NN Group ...... 166,080 7,179,674 121,599,847 †Randstad ...... 125,035 8,093,851 Total Common Stock Royal Dutch Shell (Cost $808,144,266)...... 899,244,747 Class B ...... 274,726 4,656,251 42,445,041

LVIP SSGA Funds–12 LVIP SSGA Developed International 150 Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) PREFERRED STOCKS–1.48% MONEY MARKET FUND–1.47% Germany–1.48% State Street Institutional Porsche Automobil U.S. Government Money Holding ...... 103,647 $ 7,159,606 Market Fund Premier Volkswagen 2.67%...... 35,665 6,665,209 Class (seven-day Total Preferred Stocks effective yield 0.01%).... 13,697,512 $ 13,697,512 (Cost $12,716,146) ...... 13,824,815 Total Money Market Fund (Cost $13,697,512) ...... 13,697,512 RIGHTS–0.02% Spain–0.02% †Repsol ...... 548,525 188,099 Total Rights (Cost $192,501)...... 188,099

TOTAL INVESTMENTS–99.20% (Cost $834,750,425) ...... 926,955,173 RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.80%...... 7,481,768 NET ASSETS APPLICABLE TO 122,462,366 SHARES OUTSTANDING–100.00%...... $934,436,941

NET ASSET VALUE PER SHARE–LVIP SSGA DEVELOPED INTERNATIONAL 150 FUND STANDARD CLASS ($792,062,630 / 103,807,678 Shares) ...... $7.630

NET ASSET VALUE PER SHARE–LVIP SSGA DEVELOPED INTERNATIONAL 150 FUND SERVICE CLASS ($142,374,311 / 18,654,688 Shares) ...... $7.632

COMPONENTS OF NET ASSETS AT DECEMBER 31, 2020: Shares of beneficial interest (unlimited authorization–no par) ...... $984,730,815 Distributable earnings/(accumulated loss) ...... (50,293,874) TOTAL NET ASSETS...... $934,436,941

Δ Securities have been classified by country of origin. † Non-income producing. ૽ Includes $1,679,040 cash collateral held at broker for futures contracts, $1,472 payable for securities purchased, $305,387 payable for fund shares redeemed, $77,824 other accrued expenses payable, $305,022 due to manager and affiliates and $182,337 variation margin due to broker on futures contracts as of December 31, 2020. The following futures contracts were outstanding at December 31, 2020:

Futures Contract1 Value/ Value/ Notional Notional Expiration Unrealized Unrealized Contracts to Buy (Sell) Amount Cost (Proceeds) Date Appreciation2 Depreciation2 Equity Contract: 212 E-mini MSCI EAFE Index $22,586,480 $22,108,651 3/19/21 $477,829 $— The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets. 1 See Note 7 in Notes to Financial Statements. 2 Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2020.

LVIP SSGA Funds–13 LVIP SSGA Developed International 150 Fund Statement of Net Assets (continued)

Summary of Abbreviations: EAFE–Europe Australasia Far East HSBC–Hong Kong and Shanghai Banking Corporation MSCI–Morgan Stanley Capital International See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–14 LVIP SSGA Emerging Markets 100 Fund Statement of Net Assets December 31, 2020

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK–98.70% ΔCOMMON STOCK (continued) Brazil–3.27% Hong Kong (continued) Ambev ...... 1,819,000 $ 5,499,084 Sinopharm Group Hypera ...... 708,900 4,688,182 Class H ...... 1,818,400 $ 4,411,118 Petrobras Distribuidora.. 1,378,300 5,881,895 68,888,315 Telefonica Brasil...... 428,600 3,853,501 19,922,662 Hungary–0.94% Richter Gedeon ...... 229,544 5,760,536 China–10.91% 5,760,536 Agricultural Bank of China Class H...... 10,676,000 3,909,996 India–7.32% Bank of China Class H ... 10,899,100 3,688,839 Hero MotoCorp ...... 188,101 8,016,159 †Beijing Enterprises Indian Oil ...... 3,853,930 4,802,675 Water Group ...... 10,936,000 4,399,672 NTPC ...... 3,808,260 5,185,367 China CITIC Bank Oil & Natural Gas ...... 4,914,532 6,269,967 Class H ...... 8,460,000 3,593,674 Piramal Enterprises..... 489,977 9,582,847 China Everbright Vedanta ...... 4,868,994 10,786,111 Environment Group.... 7,827,000 4,421,278 44,643,126 China Petroleum & Chemical Class H...... 9,178,000 4,087,330 Malaysia–1.92% China Resources Power †CIMB Group Holdings ... 5,212,100 5,580,386 Holdings ...... 4,044,238 4,353,467 Genting ...... 5,499,900 6,108,861 China Shenhua Energy 11,689,247 Class H ...... 2,388,500 4,502,288 China Unicom Hong Mexico–5.52% Kong ...... 6,976,000 3,979,629 Arca Continental ...... 1,025,500 4,903,971 CITIC ...... 3,791,000 2,684,142 Coca-Cola Femsa ...... 1,052,950 4,849,512 Country Garden Fibra Uno Holdings ...... 3,731,744 5,150,827 Administracion ...... 5,821,911 6,585,654 Fosun International..... 3,810,500 5,984,595 Gruma Class B ...... 542,660 6,467,633 Hengan International Grupo Mexico ...... 2,557,200 10,844,600 Group ...... 554,500 3,926,188 33,651,370 Industrial & Commercial Bank of China Class H.. 6,083,000 3,908,262 Republic of Korea–20.93% Kunlun Energy ...... 9,142,000 7,923,228 Hana Financial Group ... 262,399 8,357,762 66,513,415 †Hyundai Mobis ...... 34,863 8,205,565 †Hyundai Motor ...... 67,386 11,944,368 Hong Kong–11.30% †Industrial Bank of Korea. 753,846 6,147,307 Bank of Communications †KB Financial Group ..... 172,792 6,862,782 Class H ...... 6,868,000 3,632,903 Kia Motors...... 218,211 12,572,608 Brilliance China Korea Investment Automotive Holdings... 5,566,000 5,081,014 Holdings ...... 131,049 9,549,315 China Construction Bank †KT&G...... 74,694 5,718,991 Class H ...... 5,006,000 3,775,920 LG ...... 97,398 7,859,321 China Minsheng Banking LG Uplus ...... 513,379 5,559,045 Class H ...... 5,845,000 3,331,929 Lotte Chemical...... 33,817 8,610,561 China Mobile ...... 554,500 3,160,899 POSCO...... 34,620 8,650,826 China National Building †Shinhan Financial Material Class H ...... 3,856,000 4,641,429 Group ...... 210,242 6,238,522 China Railway Group SK Holdings...... 37,590 8,339,692 Class H ...... 8,842,000 3,902,024 SK Telecom ...... 29,448 6,471,651 China Telecom Class H .. 13,766,000 3,797,468 †Woori Financial Group... 724,585 6,501,096 Great Wall Motor Class H. 7,261,500 24,983,833 127,589,412 Guangzhou Automobile Group Class H ...... 4,151,200 4,629,677 Russia–7.06% Postal Savings Bank of †Alrosa PJSC ...... 5,397,100 7,176,794 China Class H...... 6,265,000 3,540,101 Gazprom PJSC ADR ..... 897,776 5,012,406

LVIP SSGA Funds–15 LVIP SSGA Emerging Markets 100 Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK (continued) ΔCOMMON STOCK (continued) Russia (continued) Taiwan (continued) Novolipetsk Steel GDR... 274,159 $ 7,585,496 Pou Chen...... 5,073,000 $ 5,675,214 Sberbank of Russia PJSC. 1,658,630 6,080,829 Taiwan Cement...... 3,364,454 5,179,890 Severstal PAO ...... 378,667 6,735,954 Walsin Technology ...... 767,000 6,311,096 Surgutneftegas PJSC .... 11,310,400 5,526,239 Wistron ...... 5,784,000 6,399,732 VTB Bank PJSC ...... 9,717,730,000 4,956,042 74,539,369 43,073,760 Thailand–4.63% South Africa–9.39% Charoen Pokphand †Absa Group ...... 901,523 7,370,074 Foods...... 5,878,891 5,249,010 Growthpoint Properties.. 6,842,166 5,861,233 †Kasikornbank NVDR .... 1,674,700 6,314,602 †Life Healthcare Group †PTT Global Chemical .... 5,192,900 10,139,674 Holdings ...... 4,182,250 4,774,658 Siam Commercial Bank †MTN Group ...... 2,159,644 8,913,228 NVDR...... 2,242,600 6,544,508 †Nedbank Group...... 902,524 7,970,208 28,247,794 Old Mutual ...... 7,018,300 5,695,719 Shoprite Holdings...... 631,492 6,016,256 United Arab Emirates–3.29% SPAR Group...... 413,797 5,328,371 Abu Dhabi Commercial Vodacom Group...... 626,458 5,302,832 Bank PJSC ...... 3,021,301 5,113,440 57,232,579 Aldar Properties PJSC... 9,408,101 8,084,976 †Emaar Properties PJSC .. 7,146,538 6,890,028 Taiwan–12.22% 20,088,444 Asia Cement ...... 3,143,000 4,840,739 Total Common Stock Asustek Computer ...... 686,000 6,126,462 (Cost $506,196,866)...... 601,840,029 Catcher Technology ..... 640,000 4,705,925 Compal Electronics ..... 7,473,000 5,514,828 PREFERRED STOCK–0.73% Hon Hai Precision Russia–0.73% Industry ...... 1,766,000 5,790,614 Transneft PJSC...... 2,337 4,435,626 Inventec ...... 5,836,000 4,992,072 Total Preferred Stock Lite-On Technology ..... 3,100,000 5,500,110 (Cost $6,739,783) ...... 4,435,626 Nanya Technology ...... 2,527,000 7,834,449 Pegatron ...... 2,361,000 5,668,238 TOTAL INVESTMENTS–99.43% (Cost $512,936,649) ...... 606,275,655 ૽RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.57%...... 3,468,850 NET ASSETS APPLICABLE TO 71,492,140 SHARES OUTSTANDING–100.00%...... $ 609,744,505

NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS 100 FUND STANDARD CLASS ($431,291,846 / 50,572,420 Shares) ...... $8.528

NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS 100 FUND SERVICE CLASS ($178,452,659 / 20,919,720 Shares) ...... $8.530

COMPONENTS OF NET ASSETS AT DECEMBER 31, 2020: Shares of beneficial interest (unlimited authorization–no par) ...... $ 747,326,958 Distributable earnings/(accumulated loss) ...... (137,582,453) TOTAL NET ASSETS...... $ 609,744,505

Δ Securities have been classified by country of origin. † Non-income producing.

LVIP SSGA Funds–16 LVIP SSGA Emerging Markets 100 Fund Statement of Net Assets (continued)

૽ Includes $381,600 cash collateral held at broker for futures contracts, $22,365 variation margin due from broker on futures contracts, $287,933 payable for fund shares redeemed, $114,352 other accrued expenses payable, $218,883 due to manager and affiliates, $378,886 due to custodian and $1,221,281 foreign capital gain taxes payable as of December 31, 2020. The following futures contracts were outstanding at December 31, 2020:

Futures Contract1 Value/ Value/ Notional Notional Expiration Unrealized Unrealized Contracts to Buy (Sell) Amount Cost (Proceeds) Date Appreciation2 Depreciation2 Equity Contract: 80 E-mini MSCI Emerging Markets Index $5,152,800 $5,028,525 3/19/21 $124,275 $— The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets. 1 See Note 7 in Notes to Financial Statements. 2 Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2020. Summary of Abbreviations: ADR–American Depositary Receipt GDR–Global Depository Receipt MSCI–Morgan Stanley Capital International NVDR–Non-Voting Depository Receipt PJSC–Public Joint Stock Company See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–17 LVIP SSGA Large Cap 100 Fund Statement of Net Assets December 31, 2020

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) COMMON STOCK–99.76% COMMON STOCK (continued) Aerospace & Defense–0.82% Communications Equipment (continued) General Dynamics ...... 84,597 $ 12,589,726 Cisco Systems ...... 250,344 $ 11,202,894 12,589,726 26,248,027 Air Freight & Logistics–1.37% Consumer Finance–3.07% FedEx...... 80,281 20,842,553 Ally Financial ...... 675,639 24,093,287 20,842,553 Synchrony Financial ...... 654,045 22,701,902 46,795,189 Airlines–2.56% †Delta Air Lines ...... 359,140 14,441,019 Containers & Packaging–1.13% †Southwest Airlines ...... 255,806 11,923,118 International Paper ...... 345,337 17,170,156 †United Airlines Holdings ... 292,489 12,650,149 17,170,156 39,014,286 Distributors–1.05% Automobiles–1.25% Genuine Parts...... 158,829 15,951,196 †General Motors...... 457,597 19,054,339 15,951,196 19,054,339 Diversified Telecommunication Services–0.65% Banks–7.39% AT&T ...... 343,639 9,883,058 Citigroup ...... 237,514 14,645,113 9,883,058 Citizens Financial Group... 542,686 19,406,451 Fifth Third Bancorp ...... 670,062 18,473,609 Electric Utilities–3.21% Huntington Bancshares.... 1,297,231 16,384,028 Duke Energy ...... 135,044 12,364,629 KeyCorp...... 986,471 16,187,989 Edison International ...... 191,650 12,039,453 Regions Financial...... 1,089,179 17,557,566 Exelon ...... 279,235 11,789,302 Wells Fargo & Co...... 333,771 10,073,209 PPL ...... 454,592 12,819,494 112,727,965 49,012,878 Beverages–0.76% Electrical Equipment–2.22% †Molson Coors Beverage Eaton ...... 135,634 16,295,069 Class B...... 257,115 11,619,027 Emerson Electric ...... 217,948 17,516,480 11,619,027 33,811,549 Biotechnology–1.65% Electronic Equipment, Instruments & Components–1.14% †Alexion Pharmaceuticals... 112,408 17,562,626 Corning ...... 482,274 17,361,864 Gilead Sciences ...... 130,668 7,612,718 17,361,864 25,175,344 Equity Real Estate Investment Trusts–6.56% Building Products–1.16% †Host Hotels & Resorts ..... 867,336 12,689,126 Johnson Controls Medical Properties Trust... 677,234 14,756,929 International ...... 380,722 17,737,838 Omega Healthcare 17,737,838 Investors ...... 382,624 13,896,904 VEREIT ...... 434,095 16,404,450 Capital Markets–2.17% VICI Properties...... 736,845 18,789,547 Bank of New York Mellon .. 310,846 13,192,304 Vornado Realty Trust ...... 285,068 10,644,439 Morgan Stanley...... 290,193 19,886,927 WP Carey...... 183,089 12,922,421 33,079,231 100,103,816 Chemicals–2.51% Food & Staples Retailing–0.56% Dow ...... 339,150 18,822,825 Walgreens Boots Alliance .. 212,823 8,487,381 LyondellBasell Industries 8,487,381 Class A...... 212,893 19,513,772 38,336,597 Food Products–4.27% Archer-Daniels-Midland ... 298,814 15,063,214 Communications Equipment–1.72% Conagra Brands ...... 363,831 13,192,512 †Arista Networks ...... 51,778 15,045,133 General Mills ...... 199,768 11,746,358

LVIP SSGA Funds–18 LVIP SSGA Large Cap 100 Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) COMMON STOCK (continued) COMMON STOCK (continued) Food Products (continued) Machinery (continued) JM Smucker ...... 91,372 $ 10,562,603 Stanley Black & Decker.... 107,013 $ 19,108,241 Kraft Heinz ...... 420,078 14,559,904 68,681,352 65,124,591 Media–3.38% Health Care Equipment & Supplies–0.92% Comcast Class A ...... 278,666 14,602,098 Medtronic ...... 119,890 14,043,915 Fox Class A ...... 432,262 12,587,470 14,043,915 ViacomCBS Class B ...... 653,701 24,356,899 51,546,467 Health Care Providers & Services–7.44% AmerisourceBergen ...... 120,615 11,791,322 Metals & Mining–1.05% Anthem ...... 49,065 15,754,281 Nucor ...... 301,884 16,057,210 †Centene...... 197,714 11,868,771 16,057,210 Cigna ...... 65,600 13,656,608 CVS Health ...... 177,295 12,109,249 Multiline Retail–1.11% Humana...... 41,132 16,875,226 Target...... 95,805 16,912,457 Quest Diagnostics...... 121,819 14,517,170 16,912,457 †Universal Health Services Class B...... 123,371 16,963,513 Multi-Utilities–1.91% 113,536,140 CenterPoint Energy ...... 707,073 15,301,060 Public Service Enterprise Hotels, Restaurants & Leisure–3.21% Group...... 236,351 13,779,263 †Carnival...... 705,941 15,290,682 29,080,323 †Las Vegas Sands ...... 214,866 12,806,014 †Royal Caribbean Cruises ... 280,132 20,923,059 Oil, Gas & Consumable Fuels–3.76% 49,019,755 Exxon Mobil ...... 272,653 11,238,757 Occidental Petroleum ..... 899,034 15,562,279 Household Durables–3.91% Phillips 66 ...... 211,880 14,818,887 DR Horton ...... 293,597 20,234,705 Valero Energy ...... 278,195 15,737,491 Lennar Class A ...... 270,775 20,641,178 57,357,414 PulteGroup ...... 436,615 18,826,839 59,702,722 Pharmaceuticals–1.63% Bristol-Myers Squibb ...... 196,093 12,163,649 Insurance–3.17% Pfizer ...... 324,424 11,942,047 MetLife ...... 349,087 16,389,634 †Viatris ...... 40,125 751,943 Principal Financial Group.. 325,511 16,148,601 24,857,639 Prudential Financial ...... 203,012 15,849,147 48,387,382 Road & Rail–1.07% Norfolk Southern ...... 68,686 16,320,480 IT Services–2.72% 16,320,480 Cognizant Technology Solutions Class A ...... 207,720 17,022,654 Semiconductors & Semiconductor Equipment–7.48% International Business Analog Devices ...... 103,039 15,221,952 Machines...... 91,532 11,522,048 Applied Materials...... 213,897 18,459,311 Leidos Holdings ...... 123,020 12,931,863 Broadcom ...... 45,304 19,836,356 41,476,565 Intel ...... 183,762 9,155,023 †Maxim Integrated Leisure Products–0.94% Products ...... 200,677 17,790,016 Hasbro ...... 152,958 14,307,691 †Micron Technology...... 222,741 16,745,668 14,307,691 Skyworks Solutions ...... 110,431 16,882,691 114,091,017 Machinery–4.50% Caterpillar...... 95,272 17,341,409 Software–1.61% Cummins ...... 77,557 17,613,195 NortonLifeLock ...... 557,018 11,574,834 PACCAR...... 169,431 14,618,507 Oracle ...... 201,457 13,032,253 24,607,087

LVIP SSGA Funds–19 LVIP SSGA Large Cap 100 Fund Statement of Net Assets (continued)

Number of Value Shares (U.S. $) COMMON STOCK (continued) Technology Hardware, Storage & Peripherals–1.93% Hewlett Packard Enterprise...... 1,077,876 $ 12,772,830 NetApp...... 251,832 16,681,352 29,454,182 Tobacco–0.80% Altria Group ...... 298,216 12,226,856 12,226,856 Total Common Stock (Cost $1,092,395,646) ...... 1,521,793,265

TOTAL INVESTMENTS–99.76% (Cost $1,092,395,646) ...... 1,521,793,265 RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.24%...... 3,616,861 NET ASSETS APPLICABLE TO 118,151,167 SHARES OUTSTANDING–100.00%...... $1,525,410,126

NET ASSET VALUE PER SHARE–LVIP SSGA LARGE CAP 100 FUND STANDARD CLASS ($1,182,575,819 / 91,553,290 Shares)...... $12.917

NET ASSET VALUE PER SHARE–LVIP SSGA LARGE CAP 100 FUND SERVICE CLASS ($342,834,307 / 26,597,877 Shares) ...... $12.890

COMPONENTS OF NET ASSETS AT DECEMBER 31, 2020: Shares of beneficial interest (unlimited authorization–no par) ...... $1,244,873,413 Distributable earnings/(accumulated loss) ...... 280,536,713 TOTAL NET ASSETS...... $1,525,410,126

† Non-income producing. ૽ Includes $286,000 cash collateral held at broker for futures contracts, $31,977 variation margin due from broker on futures contracts, $479,748 payable for fund shares redeemed, $65,389 other accrued expenses payable, $495,187 due to manager and affiliates and $1,184,647 due to custodian as of December 31, 2020. The following futures contracts were outstanding at December 31, 2020:

Futures Contract1 Value/ Value/ Notional Notional Expiration Unrealized Unrealized Contracts to Buy (Sell) Amount Cost (Proceeds) Date Appreciation2 Depreciation2 Equity Contract: 26 E-mini S&P 500 Index $4,873,440 $4,750,566 3/19/21 $122,874 $— The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets. 1 See Note 7 in Notes to Financial Statements. 2 Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2020. Summary of Abbreviations: IT–Information Technology S&P–Standard & Poor’s See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–20 LVIP SSGA Small-Mid Cap 200 Fund Statement of Net Assets December 31, 2020

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) COMMON STOCK–99.47% COMMON STOCK (continued) Aerospace & Defense–0.32% Capital Markets (continued) National Presto Industries . 16,081 $ 1,422,043 Janus Henderson Group ... 87,703 $ 2,851,225 1,422,043 5,322,973 Air Freight & Logistics–0.62% Chemicals–1.88% †Atlas Air Worldwide Eastman Chemical ...... 28,856 2,893,680 Holdings ...... 50,663 2,763,160 Kronos Worldwide ...... 146,342 2,181,959 2,763,160 Trinseo...... 63,404 3,246,919 8,322,558 Airlines–1.93% †Alaska Air Group ...... 41,760 2,171,520 Commercial Services & Supplies–2.11% †Hawaiian Holdings ...... 117,938 2,087,503 ACCO Brands ...... 288,253 2,435,738 †Mesa Air Group...... 351,139 2,349,120 Ennis ...... 71,196 1,270,849 †SkyWest ...... 47,847 1,928,712 Knoll ...... 132,367 1,943,147 8,536,855 Pitney Bowes ...... 598,099 3,684,290 9,334,024 Auto Components–1.61% †Cooper-Standard Holdings . 113,612 3,938,928 Communications Equipment–1.66% †Dana ...... 163,067 3,183,068 †CommScope Holding ...... 130,096 1,743,286 7,121,996 Comtech Telecommunications ..... 87,007 1,800,175 Banks–8.76% Juniper Networks...... 61,776 1,390,578 Associated Banc-Corp ..... 98,730 1,683,346 †NETGEAR ...... 59,271 2,408,181 Bank OZK ...... 68,034 2,127,423 7,342,220 Cadence BanCorp...... 211,342 3,470,236 CIT Group ...... 73,473 2,637,681 Consumer Finance–0.38% Comerica...... 39,489 2,205,856 Navient ...... 170,224 1,671,600 First Horizon National ..... 321,504 4,102,391 1,671,600 FNB ...... 176,581 1,677,519 Great Western Bancorp .... 63,248 1,321,883 Containers & Packaging–0.88% Hope Bancorp...... 150,654 1,643,635 Greif Class A ...... 41,028 1,923,392 Midland States Bancorp ... 74,580 1,332,745 WestRock...... 45,664 1,987,754 Pacific Premier Bancorp ... 72,868 2,282,954 3,911,146 PacWest Bancorp ...... 72,065 1,830,451 People’s United Financial .. 104,063 1,345,535 Diversified Telecommunication Services–0.29% Popular ...... 37,690 2,122,701 †Liberty Latin America Simmons First National Class C...... 114,731 1,272,367 Class A...... 68,878 1,487,076 1,272,367 Synovus Financial ...... 76,371 2,472,129 Umpqua Holdings...... 113,212 1,714,030 Electric Utilities–0.32% Valley National Bancorp ... 171,586 1,672,963 OGE Energy...... 44,492 1,417,515 WesBanco ...... 54,811 1,642,138 1,417,515 38,772,692 Electronic Equipment, Instruments & Components–6.10% Biotechnology–3.01% †Arrow Electronics ...... 23,043 2,242,084 †Anika Therapeutics ...... 43,799 1,982,343 Avnet ...... 47,236 1,658,456 †Arena Pharmaceuticals .... 28,604 2,197,645 Benchmark Electronics.... 66,982 1,809,184 †Enanta Pharmaceuticals ... 25,237 1,062,478 †Insight Enterprises ...... 29,917 2,276,384 †OPKO Health...... 845,287 3,338,883 †Kimball Electronics ...... 109,297 1,747,659 †United Therapeutics ...... 13,611 2,066,014 Methode Electronics ...... 47,936 1,834,990 †Vanda Pharmaceuticals .... 137,300 1,804,122 †MTS Systems...... 74,324 4,322,684 †X4 Pharmaceuticals ...... 132,324 850,843 PC Connection ...... 31,042 1,467,976 †Sanmina ...... 49,275 1,571,380 13,302,328 †ScanSource ...... 58,948 1,555,048 Capital Markets–1.20% †SYNNEX...... 14,906 1,213,945 Invesco ...... 141,810 2,471,748 †TTM Technologies ...... 120,184 1,657,938

LVIP SSGA Funds–21 LVIP SSGA Small-Mid Cap 200 Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) COMMON STOCK (continued) COMMON STOCK (continued) Electronic Equipment, Instruments & Components (continued) Health Care Providers & Services (continued) Vishay Intertechnology .... 86,918 $ 1,800,072 †Triple-S Management †Vishay Precision Group .... 58,157 1,830,782 Class B...... 100,522 $ 2,146,145 26,988,582 31,854,447 Equity Real Estate Investment Trusts–6.01% Health Care Technology–2.95% †Apple Hospitality REIT .... 153,826 1,985,894 †Allscripts Healthcare BRT Apartments...... 136,079 2,068,401 Solutions ...... 198,634 2,868,275 †Chatham Lodging Trust .... 245,332 2,649,586 †Computer Programs and †CoreCivic...... 118,290 774,799 Systems ...... 57,168 1,534,389 Diversified Healthcare †Evolent Health Class A .... 267,505 4,288,105 Trust ...... 380,405 1,567,269 †HMS Holdings ...... 52,964 1,946,427 GEO Group ...... 111,183 985,081 †NextGen Healthcare ...... 132,398 2,414,940 Macerich ...... 162,322 1,731,976 13,052,136 †Park Hotels & Resorts ..... 159,226 2,730,726 Pebblebrook Hotel Trust ... 121,186 2,278,297 Hotels, Restaurants & Leisure–0.46% RLJ Lodging Trust ...... 199,140 2,817,831 †Bluegreen Vacations Service Properties Trust ... 231,139 2,655,787 Holding ...... 149,921 2,028,431 †Summit Hotel Properties... 298,418 2,688,746 2,028,431 †Sunstone Hotel Investors .. 146,174 1,656,151 Household Durables–1.81% 26,590,544 †Beazer Homes USA...... 210,586 3,190,378 Food & Staples Retailing–1.34% Ethan Allen Interiors...... 102,164 2,064,734 Andersons ...... 66,297 1,624,939 Hooker Furniture ...... 85,016 2,741,766 Ingles Markets Class A .... 33,282 1,419,810 7,996,878 SpartanNash ...... 98,727 1,718,837 Village Super Market Insurance–2.16% Class A...... 52,445 1,156,937 American National Group .. 16,700 1,605,204 CNO Financial Group...... 106,719 2,372,363 5,920,523 FBL Financial Group Gas Utilities–0.60% Class A...... 33,753 1,772,370 National Fuel Gas...... 33,259 1,367,943 Old Republic International . 86,476 1,704,442 †Southwest Gas Holdings ... 20,963 1,273,502 Unum Group ...... 92,127 2,113,394 2,641,445 9,567,773 Health Care Equipment & Supplies–3.13% Internet & Direct Marketing Retail–0.59% †AngioDynamics...... 124,479 1,908,263 Qurate Retail ...... 236,900 2,598,793 †Envista Holdings...... 88,616 2,989,018 2,598,793 †Integer Holdings...... 23,475 1,905,935 †Invacare ...... 199,773 1,787,968 IT Services–1.60% †LENSAR...... 33,526 243,064 Alliance Data Systems ..... 28,526 2,113,776 †Meridian Bioscience ...... 176,031 3,290,019 Cass Information Systems.. 36,501 1,420,254 †OraSure Technologies ..... 164,724 1,743,604 †Concentrix ...... 14,960 1,476,552 †DXC Technology ...... 79,920 2,057,940 13,867,871 7,068,522 Health Care Providers & Services–7.20% †Acadia Healthcare ...... 95,715 4,810,636 Machinery–5.17% †Covetrus ...... 168,038 4,829,412 Greenbrier ...... 79,149 2,879,441 †Magellan Health ...... 31,806 2,634,809 Hillenbrand...... 69,545 2,767,891 †MEDNAX ...... 121,568 2,983,279 †Manitowoc...... 139,865 1,861,603 National HealthCare ...... 17,266 1,146,635 Miller Industries...... 43,873 1,668,051 Owens & Minor...... 209,366 5,663,350 Park-Ohio Holdings ...... 79,389 2,453,120 Patterson...... 69,700 2,065,211 †Terex ...... 95,440 3,329,902 Premier Class A ...... 41,449 1,454,860 Timken...... 40,328 3,119,774 †Tivity Health ...... 210,317 4,120,110 Trinity Industries ...... 74,050 1,954,180

LVIP SSGA Funds–22 LVIP SSGA Small-Mid Cap 200 Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) COMMON STOCK (continued) COMMON STOCK (continued) Machinery (continued) Personal Products–0.72% Wabash National...... 165,140 $ 2,845,362 Nu Skin Enterprises 22,879,324 Class A...... 58,341 $ 3,187,169 3,187,169 Media–2.45% †Cumulus Media Class A .... 254,688 2,220,879 Pharmaceuticals–2.04% †Emerald Holding ...... 442,856 2,400,280 †Evofem Biosciences ...... 54,482 131,302 †Entercom Communications †Jazz Pharmaceuticals ..... 12,531 2,068,241 Class A...... 814,844 2,012,665 †Lannett ...... 162,305 1,058,229 †Meredith ...... 90,731 1,742,035 Perrigo...... 26,422 1,181,592 †Tribune Publishing...... 178,452 2,444,792 †Prestige Consumer 10,820,651 Healthcare ...... 36,951 1,288,481 †Supernus Pharmaceuticals . 70,745 1,779,944 Metals & Mining–1.51% †Viatris ...... 80,055 1,500,231 Schnitzer Steel Industries 9,008,020 Class A...... 95,302 3,041,087 Steel Dynamics...... 57,698 2,127,325 Professional Services–1.71% SunCoke Energy ...... 344,336 1,497,862 Heidrick & Struggles 6,666,274 International ...... 60,495 1,777,343 †Kelly Services Class A ..... 110,311 2,269,097 Mortgage Real Estate Investment Trusts (REITs)–6.41% ManpowerGroup...... 21,735 1,960,062 Cherry Hill Mortgage Resources Connection ..... 124,603 1,566,260 Investment ...... 227,208 2,076,681 7,572,762 Chimera Investment ...... 159,173 1,631,523 †Exantas Capital ...... 430,010 1,715,740 Road & Rail–1.24% Great Ajax ...... 240,681 2,517,523 ArcBest ...... 63,284 2,700,328 MFA Financial ...... 3,340,879 12,996,020 Ryder System ...... 45,241 2,794,084 PennyMac Mortgage 5,494,412 Investment Trust ...... 209,915 3,692,405 Ready Capital ...... 300,949 3,746,815 Software–0.70% 28,376,707 Ebix ...... 81,471 3,093,454 3,093,454 Multiline Retail–1.96% Big Lots ...... 77,901 3,344,290 Specialty Retail–7.69% †Kohl’s...... 72,637 2,955,599 †Abercrombie & Fitch †Macy’s ...... 211,876 2,383,605 Class A...... 131,242 2,672,087 8,683,494 American Eagle Outfitters . 148,108 2,972,528 †At Home Group...... 430,794 6,660,075 Multi-Utilities–0.29% Caleres...... 207,972 3,254,762 Avista ...... 31,756 1,274,686 †Cato Class A ...... 100,398 962,817 1,274,686 †Conn’s ...... 250,721 2,930,928 †Designer Brands Class A ... 175,602 1,343,355 Oil, Gas & Consumable Fuels–3.68% Foot Locker...... 58,994 2,385,717 †Berry ...... 464,560 1,709,581 †Gap...... 148,304 2,994,258 †Peabody Energy ...... 370,017 891,741 Penske Automotive Group.. 48,553 2,883,563 †QEP Resources ...... 2,794,489 6,678,829 †Signet Jewelers ...... 182,033 4,964,040 SM Energy...... 852,044 5,214,509 34,024,130 †Southwestern Energy...... 604,997 1,802,891 16,297,551 Technology Hardware, Storage & Peripherals–0.36% Xerox Holdings ...... 68,589 1,590,579 Paper & Forest Products–0.44% 1,590,579 †Domtar ...... 61,095 1,933,657 1,933,657 Textiles, Apparel & Luxury Goods–2.06% †Fossil Group ...... 322,931 2,799,812 †G-III Apparel Group...... 176,350 4,186,549

LVIP SSGA Funds–23 LVIP SSGA Small-Mid Cap 200 Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) COMMON STOCK (continued) MONEY MARKET FUND–0.12% Textiles, Apparel & Luxury Goods (continued) State Street Institutional †Movado Group...... 129,162 $ 2,146,672 U.S. Government Money 9,133,033 Market Fund -Premier Class (seven-day effective Tobacco–0.32% yield 0.01%)...... 531,023 $ 531,023 Universal ...... 28,761 1,398,072 Total Money Market Fund 1,398,072 (Cost $531,023)...... 531,023 Trading Companies & Distributors–1.51% Air Lease ...... 53,779 2,388,863 GATX ...... 20,129 1,674,330 Triton International...... 48,437 2,349,679 †WESCO International ..... 3,256 255,596 6,668,468 Wireless Telecommunication Services–0.29% Telephone & Data Systems . 69,700 1,294,329 1,294,329 Total Common Stock (Cost $279,331,892)...... 440,086,194

TOTAL INVESTMENTS–99.59% (Cost $279,862,915) ...... 440,617,217 RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.41%...... 1,792,784 NET ASSETS APPLICABLE TO 33,563,151 SHARES OUTSTANDING–100.00%...... $442,410,001

NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-MID CAP 200 FUND STANDARD CLASS ($265,376,932 / 20,119,171 Shares) ...... $13.190

NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-MID CAP 200 FUND SERVICE CLASS ($177,033,069 / 13,443,980 Shares) ...... $13.168

COMPONENTS OF NET ASSETS AT DECEMBER 31, 2020: Shares of beneficial interest (unlimited authorization–no par) ...... $384,366,435 Distributable earnings/(accumulated loss) ...... 58,043,566 TOTAL NET ASSETS...... $442,410,001

† Non-income producing. ૽ Includes $150,000 cash collateral held at broker for futures contracts, $320,322 payable for fund shares redeemed, $35,507 other accrued expenses payable, $167,585 due to manager and affiliates and $62,877 variation margin due to broker on futures contracts as of December 31, 2020. The following futures contracts were outstanding at December 31, 2020:

Futures Contract1 Value/ Value/ Notional Notional Expiration Unrealized Unrealized Contracts to Buy (Sell) Amount Cost (Proceeds) Date Appreciation2 Depreciation2 Equity Contract: 25 E-mini Russell 2000 Index $2,468,500 $2,443,475 3/19/21 $25,025 $— The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

LVIP SSGA Funds–24 LVIP SSGA Small-Mid Cap 200 Fund Statement of Net Assets (continued)

1 See Note 7 in Notes to Financial Statements. 2 Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2020. Summary of Abbreviations: IT–Information Technology REIT–Real Estate Investment Trust See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–25 LVIP SSGA Funds Statements of Operations Year Ended December 31, 2020

LVIP LVIP LVIP LVIP SSGA Developed SSGA Emerging SSGA Large Cap SSGA Small-Mid International 150 Fund Markets 100 Fund 100 Fund Cap 200 Fund INVESTMENT INCOME: Dividends from unaffiliated investments ...... $ 26,400,986 $ 27,541,957 $ 43,075,211 $ 8,406,864 Non-cash dividends ...... 3,020,355 — — — Interest ...... — 566 505 815 Foreign taxes withheld ...... (2,235,408) (3,685,524) — (17,167) 27,185,933 23,856,999 43,075,716 8,390,512 EXPENSES: Management fees...... 2,819,957 1,841,855 4,239,883 1,192,229 Distribution fees-Service Class ...... 319,280 389,889 777,321 361,224 Shareholder servicing fees...... 248,309 155,709 400,189 105,582 Accounting and administration expenses...... 170,874 111,106 260,256 89,629 Custodianfees...... 84,146 146,001 24,815 5,922 Professional fees ...... 52,733 51,209 49,295 35,380 Pricing fees ...... 29,982 29,615 1,661 2,826 Trustees’ fees and expenses...... 21,428 13,198 33,956 8,897 Reports and statements to shareholders ...... 17,198 55,956 35,545 50,513 Consulting fees...... 3,128 2,852 3,384 3,020 Other...... 16,545 10,479 27,569 8,090 3,783,580 2,807,869 5,853,874 1,863,312 Less: Management fees waived ...... (80,000) (64,734) (107,502) (32,501) Total operating expenses ...... 3,703,580 2,743,135 5,746,372 1,830,811 NET INVESTMENT INCOME ...... 23,482,353 21,113,864 37,329,344 6,559,701

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from: Investments ...... (138,993,414) (106,259,995) (142,152,156) (90,784,875) Foreigncurrencies...... 63,871 (617,824) — — Futures contracts ...... 2,255,466 2,190,978 672,012 230,072 Net realized loss...... (136,674,077) (104,686,841) (141,480,144) (90,554,803) Net change in unrealized appreciation (depreciation) of: Investments ...... 92,495,396 104,319,512 213,499,480 141,293,113 Foreigncurrencies...... 192,933 (65,100) — — Futures contracts ...... (62,309) (349,396) 53,558 (77,954) Net change in unrealized appreciation (depreciation) ...... 92,626,020 103,905,016 213,553,038 141,215,159 NET REALIZED AND UNREALIZED GAIN (LOSS) ...... (44,048,057) (781,825) 72,072,894 50,660,356 NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS ...... $ (20,565,704) $ 20,332,039 $ 109,402,238 $ 57,220,057

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–26 LVIP SSGA Funds Statements of Changes in Net Assets

LVIP LVIP LVIP LVIP SSGA Developed SSGA Emerging SSGA Large Cap SSGA Small-Mid International 150 Fund Markets 100 Fund 100 Fund Cap 200 Fund Year Ended Year Ended Year Ended Year Ended 12/31/20 12/31/19 12/31/20 12/31/19 12/31/20 12/31/19 12/31/20 12/31/19 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Netinvestmentincome...... $ 23,482,353 $ 38,374,368 $ 21,113,864 $ 22,735,256 $ 37,329,344 $ 35,568,639 $ 6,559,701 $ 8,049,416 Net realized gain (loss) ...... (136,674,077) 715,068 (104,686,841) (74,618,807) (141,480,144) 32,727,860 (90,554,803) (9,704,872) Net change in unrealized appreciation (depreciation) ...... 92,626,020 102,792,069 103,905,016 87,818,302 213,553,038 262,769,764 141,215,159 69,971,408 Net increase (decrease) in net assets resulting from operations...... (20,565,704) 141,881,505 20,332,039 35,934,751 109,402,238 331,066,263 57,220,057 68,315,952 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM: Distributable earnings: Standard Class ...... (19,064,729) (43,469,160) (13,436,455) (15,396,090) (52,272,019) (105,545,518) (5,424,451) (6,915,470) Service Class ...... (3,146,093) (7,439,490) (5,220,058) (6,182,908) (14,119,454) (31,891,927) (3,357,988) (4,495,551) Return of capital: Standard Class ...... — — — (139,850) — — (809,988) — Service Class ...... — — — (56,162) — — (501,422) — (22,210,822) (50,908,650) (18,656,513) (21,775,010) (66,391,473) (137,437,445) (10,093,849) (11,411,021) CAPITAL SHARE TRANSACTIONS: Proceeds from shares sold: Standard Class ...... 150,076,349 104,849,801 76,877,418 96,012,239 282,904,545 126,160,202 73,914,882 54,824,598 Service Class ...... 21,596,416 15,741,062 19,301,214 19,064,086 47,467,476 35,201,596 39,372,240 28,781,995 Reinvestment of dividends and distributions: Standard Class ...... 19,064,729 43,469,160 13,436,455 15,535,940 52,272,019 105,545,518 6,234,439 6,915,470 Service Class ...... 3,146,093 7,439,490 5,220,058 6,239,070 14,119,454 31,891,927 3,859,410 4,495,551 193,883,587 171,499,513 114,835,145 136,851,335 396,763,494 298,799,243 123,380,971 95,017,614 Cost of shares redeemed: Standard Class ...... (176,665,493) (159,493,085) (82,794,190) (242,759,482) (326,309,992) (175,107,809) (80,610,438) (69,395,675) Service Class ...... (24,614,395) (29,822,664) (26,800,835) (30,564,046) (71,314,773) (63,519,338) (41,817,291) (27,427,444) (201,279,888) (189,315,749) (109,595,025) (273,323,528) (397,624,765) (238,627,147) (122,427,729) (96,823,119) Increase (decrease) in net assets derived from capital share transactions ...... (7,396,301) (17,816,236) 5,240,120 (136,472,193) (861,271) 60,172,096 953,242 (1,805,505) NET INCREASE (DECREASE) IN NET ASSETS...... (50,172,827) 73,156,619 6,915,646 (122,312,452) 42,149,494 253,800,914 48,079,450 55,099,426 NET ASSETS: Beginning of year ...... 984,609,768 911,453,149 602,828,859 725,141,311 1,483,260,632 1,229,459,718 394,330,551 339,231,125 End of year...... $934,436,941 $ 984,609,768 $ 609,744,505 $ 602,828,859 $1,525,410,126 $1,483,260,632 $ 442,410,001 $394,330,551

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–27 LVIP SSGA Developed International 150 Fund Financial Highlights Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA Developed International 150 Fund Standard Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 8.154 $ 7.450 $ 9.392 $ 7.925 $ 7.663

Income (loss) from investment operations: Net investment income1...... 0.187 0.323 0.287 0.269 0.289 Net realized and unrealized gain (loss) ...... (0.524) 0.818 (1.698) 1.593 0.453 Total from investment operations ...... (0.337) 1.141 (1.411) 1.862 0.742

Less dividends and distributions from: Netinvestmentincome...... (0.187) (0.344) (0.320) (0.395) (0.300) Net realized gain ...... — (0.093) (0.211) — (0.180) Total dividends and distributions...... (0.187) (0.437) (0.531) (0.395) (0.480)

Net asset value, end of period...... $ 7.630 $ 8.154 $ 7.450 $ 9.392 $ 7.925

Total return2 ...... (4.10%) 15.42% (15.23%) 23.58% 9.73%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $792,063 $835,302 $769,179 $905,853 $745,352 Ratio of expenses to average net assets ...... 0.40% 0.39% 0.40% 0.39% 0.38% Ratio of expenses to average net assets prior to expenses waived/reimbursed .... 0.41% 0.40% 0.41% 0.40% 0.39% Ratio of net investment income to average net assets...... 2.78% 4.04% 3.18% 3.02% 3.77% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 2.77% 4.03% 3.17% 3.01% 3.76% Portfolio turnover ...... 52% 53% 49% 55% 63%

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

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–28 LVIP SSGA Developed International 150 Fund Financial Highlights (continued) Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA Developed International 150 Fund Service Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 8.158 $ 7.454 $ 9.395 $ 7.928 $ 7.668

Income (loss) from investment operations: Net investment income1...... 0.170 0.303 0.264 0.247 0.270 Net realized and unrealized gain (loss) ...... (0.527) 0.817 (1.697) 1.593 0.451 Total from investment operations ...... (0.357) 1.120 (1.433) 1.840 0.721

Less dividends and distributions from: Netinvestmentincome...... (0.169) (0.323) (0.297) (0.373) (0.281) Net realized gain ...... — (0.093) (0.211) — (0.180) Total dividends and distributions...... (0.169) (0.416) (0.508) (0.373) (0.461)

Net asset value, end of period...... $ 7.632 $ 8.158 $ 7.454 $ 9.395 $ 7.928

Total return2 ...... (4.34%) 15.13% (15.44%) 23.25% 9.46%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $142,374 $149,308 $142,274 $170,736 $143,630 Ratio of expenses to average net assets ...... 0.65% 0.64% 0.65% 0.64% 0.63% Ratio of expenses to average net assets prior to expenses waived/reimbursed ...... 0.66% 0.65% 0.66% 0.65% 0.64% Ratio of net investment income to average net assets...... 2.53% 3.79% 2.93% 2.77% 3.52% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 2.52% 3.78% 2.92% 2.76% 3.51% Portfolio turnover ...... 52% 53% 49% 55% 63%

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

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–29 LVIP SSGA Emerging Markets 100 Fund Financial Highlights Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA Emerging Markets 100 Fund Standard Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 8.581 $ 8.289 $ 9.923 $ 8.232 $ 7.325

Income (loss) from investment operations: Net investment income1...... 0.293 0.292 0.380 0.284 0.223 Net realized and unrealized gain (loss) ...... (0.075) 0.327 (1.593) 1.669 0.914 Total from investment operations ...... 0.218 0.619 (1.213) 1.953 1.137

Less dividends and distributions from: Netinvestmentincome...... (0.271) (0.324) (0.381) (0.262) (0.230) Return of capital ...... — (0.003) (0.040) — — Total dividends and distributions...... (0.271) (0.327) (0.421) (0.262) (0.230)

Net asset value, end of period...... $ 8.528 $ 8.581 $ 8.289 $ 9.923 $ 8.232

Total return2 ...... 2.65% 7.61% (12.31%) 23.83% 15.44%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $431,292 $422,524 $546,245 $621,221 $462,296 Ratio of expenses to average net assets ...... 0.44% 0.49% 0.44% 0.43% 0.44% Ratio of expenses to average net assets prior to expenses waived/reimbursed .... 0.45% 0.50% 0.45% 0.44% 0.45% Ratio of net investment income to average net assets...... 4.00% 3.44% 4.03% 2.99% 2.86% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 3.99% 3.43% 4.02% 2.98% 2.85% Portfolio turnover ...... 46% 54% 46% 56% 73%

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

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–30 LVIP SSGA Emerging Markets 100 Fund Financial Highlights (continued) Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA Emerging Markets 100 Fund Service Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 8.585 $ 8.292 $ 9.925 $ 8.235 $ 7.329

Income (loss) from investment operations: Net investment income1...... 0.275 0.270 0.356 0.260 0.204 Net realized and unrealized gain (loss) ...... (0.078) 0.329 (1.593) 1.668 0.913 Total from investment operations ...... 0.197 0.599 (1.237) 1.928 1.117

Less dividends and distributions from: Netinvestmentincome...... (0.252) (0.303) (0.358) (0.238) (0.211) Return of capital ...... — (0.003) (0.038) — — Total dividends and distributions...... (0.252) (0.306) (0.396) (0.238) (0.211)

Net asset value, end of period...... $ 8.530 $ 8.585 $ 8.292 $ 9.925 $ 8.235

Total return2 ...... 2.40% 7.35% (12.54%) 23.51% 15.16%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $178,453 $180,305 $178,896 $208,125 $177,698 Ratio of expenses to average net assets ...... 0.69% 0.74% 0.69% 0.68% 0.69% Ratio of expenses to average net assets prior to expenses waived/reimbursed ...... 0.70% 0.75% 0.70% 0.69% 0.70% Ratio of net investment income to average net assets...... 3.75% 3.19% 3.78% 2.74% 2.61% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 3.74% 3.18% 3.77% 2.73% 2.60% Portfolio turnover ...... 46% 54% 46% 56% 73%

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

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–31 LVIP SSGA Large Cap 100 Fund Financial Highlights Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA Large Cap 100 Fund Standard Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 13.128 $ 11.363 $ 13.915 $ 13.786 $ 12.878

Income (loss) from investment operations: Net investment income1 ...... 0.313 0.339 0.325 0.343 0.342 Net realized and unrealized gain (loss) ...... 0.032 2.700 (1.762) 2.188 2.302 Total from investment operations...... 0.345 3.039 (1.437) 2.531 2.644

Less dividends and distributions from: Netinvestmentincome...... (0.322) (0.337) (0.296) (0.430) (0.316) Net realized gain ...... (0.234) (0.937) (0.819) (1.972) (1.420) Total dividends and distributions ...... (0.556) (1.274) (1.115) (2.402) (1.736)

Net asset value, end of period ...... $ 12.917 $ 13.128 $ 11.363 $ 13.915 $ 13.786

Total return2 ...... 2.98% 27.29% (11.11%) 18.76% 21.53%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $1,182,576 $1,130,811 $928,043 $949,169 $1,081,971 Ratio of expenses to average net assets ...... 0.36% 0.36% 0.37% 0.36% 0.34% Ratio of expenses to average net assets prior to expenses waived/reimbursed ...... 0.37% 0.37% 0.38% 0.37% 0.35% Ratio of net investment income to average net assets ...... 2.76% 2.65% 2.38% 2.33% 2.56% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 2.75% 2.64% 2.37% 2.32% 2.55% Portfolio turnover ...... 56% 49% 53% 64% 57%

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

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–32 LVIP SSGA Large Cap 100 Fund Financial Highlights (continued) Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA Large Cap 100 Fund Service Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 13.106 $ 11.347 $ 13.895 $ 13.771 $ 12.870

Income (loss) from investment operations: Net investment income1...... 0.284 0.306 0.291 0.306 0.306 Net realized and unrealized gain (loss) ...... 0.027 2.695 (1.759) 2.183 2.298 Total from investment operations ...... 0.311 3.001 (1.468) 2.489 2.604

Less dividends and distributions from: Netinvestmentincome...... (0.293) (0.305) (0.261) (0.393) (0.283) Net realized gain ...... (0.234) (0.937) (0.819) (1.972) (1.420) Total dividends and distributions...... (0.527) (1.242) (1.080) (2.365) (1.703)

Net asset value, end of period...... $ 12.890 $ 13.106 $ 11.347 $ 13.895 $ 13.771

Total return2 ...... 2.72% 26.99% (11.33%) 18.47% 21.22%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $342,834 $352,450 $301,416 $367,538 $323,820 Ratio of expenses to average net assets ...... 0.61% 0.61% 0.62% 0.61% 0.59% Ratio of expenses to average net assets prior to expenses waived/reimbursed ...... 0.62% 0.62% 0.63% 0.62% 0.60% Ratio of net investment income to average net assets...... 2.51% 2.40% 2.13% 2.08% 2.31% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 2.50% 2.39% 2.12% 2.07% 2.30% Portfolio turnover ...... 56% 49% 53% 64% 57%

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

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–33 LVIP SSGA Small-Mid Cap 200 Fund Financial Highlights Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA Small-Mid Cap 200 Fund Standard Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 12.754 $ 10.973 $ 13.461 $ 14.163 $ 11.701

Income (loss) from investment operations: Net investment income1...... 0.196 0.280 0.339 0.309 0.315 Net realized and unrealized gain (loss) ...... 0.546 1.887 (2.091) 0.550 3.107 Total from investment operations ...... 0.742 2.167 (1.752) 0.859 3.422

Less dividends and distributions from: Netinvestmentincome...... (0.266) (0.252) (0.412) (0.367) (0.281) Net realized gain ...... — (0.134) (0.324) (1.194) (0.679) Return of capital ...... (0.040) — — — — Total dividends and distributions...... (0.306) (0.386) (0.736) (1.561) (0.960)

Net asset value, end of period...... $ 13.190 $ 12.754 $ 10.973 $ 13.461 $ 14.163

Total return2 ...... 5.98% 19.83% (13.46%) 6.33% 30.09%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $265,377 $233,154 $206,169 $200,815 $146,614 Ratio of expenses to average net assets ...... 0.40% 0.41% 0.40% 0.40% 0.40% Ratio of expenses to average net assets prior to expenses waived/reimbursed .... 0.41% 0.42% 0.41% 0.41% 0.41% Ratio of net investment income to average net assets...... 1.90% 2.32% 2.51% 2.17% 2.50% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 1.89% 2.31% 2.50% 2.16% 2.49% Portfolio turnover ...... 64% 66% 71% 67% 74%

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

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–34 LVIP SSGA Small-Mid Cap 200 Fund Financial Highlights (continued) Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA Small-Mid Cap 200 Fund Service Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 12.740 $ 10.964 $ 13.446 $ 14.150 $ 11.696

Income (loss) from investment operations: Net investment income1...... 0.171 0.249 0.305 0.273 0.283 Net realized and unrealized gain (loss) ...... 0.537 1.882 (2.084) 0.548 3.099 Total from investment operations ...... 0.708 2.131 (1.779) 0.821 3.382

Less dividends and distributions from: Netinvestmentincome...... (0.244) (0.221) (0.379) (0.331) (0.249) Net realized gain ...... — (0.134) (0.324) (1.194) (0.679) Return of capital ...... (0.036) — — — — Total dividends and distributions...... (0.280) (0.355) (0.703) (1.525) (0.928)

Net asset value, end of period...... $ 13.168 $ 12.740 $ 10.964 $ 13.446 $ 14.150

Total return2 ...... 5.72% 19.52% (13.67%) 6.07% 29.76%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $177,033 $161,176 $133,062 $151,360 $139,525 Ratio of expenses to average net assets ...... 0.65% 0.66% 0.65% 0.65% 0.65% Ratio of expenses to average net assets prior to expenses waived/reimbursed ...... 0.66% 0.67% 0.66% 0.66% 0.66% Ratio of net investment income to average net assets...... 1.65% 2.07% 2.26% 1.92% 2.25% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 1.64% 2.06% 2.25% 1.91% 2.24% Portfolio turnover ...... 64% 66% 71% 67% 74%

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

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Funds–35 LVIP SSGA Funds Notes to Financial Statements December 31, 2020

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 94 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the “1940 Act”) and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP SSGA Developed International 150 Fund, LVIP SSGA Emerging Markets 100 Fund, LVIP SSGA Large Cap 100 Fund, and LVIP SSGA Small-Mid Cap 200 Fund (each, a “Fund”, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”), and may also sell its shares to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. The investment objective of each Fund is to seek to maximize long-term capital appreciation.

1. Significant Accounting Policies Each Fund is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Funds. Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”). Futures contracts are valued at the daily quoted settlement prices. Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds’ federal income tax returns through the year ended December 31, 2020 and for all open tax years (years ended December 31, 2017-December 31, 2019), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended December 31, 2020, the Funds did not incur any interest or tax penalties. Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP SSGA Funds–36 LVIP SSGA Funds Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued) Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material. Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. In addition, the Funds may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Funds accrue such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on non convertible bonds are amortized/accreted to interest income using the effective interest method. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date. Subject to seeking best execution, the Funds may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Funds in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2020.

2. Management Fees and Other Transactions With Affiliates Lincoln Investment Advisors Corporation (“LIAC”) is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LIAC is responsible for overall management of the Funds’ investment portfolios, including monitoring of the Funds’ investment sub-adviser, and providing certain administrative services to each Fund. The management fees, net of waivers, are calculated daily and paid monthly. For its services, LIAC receives a management fee at an annual rate of each Fund’s average daily net assets as follows:

LVIP SSGA LVIP SSGA Developed Emerging LVIP SSGA LVIP SSGA International Markets 100 Large Cap 100 Small-Mid Cap 150 Fund Fund Fund 200 Fund On the first $100 million ...... 0.40% 0.40% 0.40% 0.40% In excess of $100 million ...... 0.32% 0.33% 0.30% 0.30% LIAC has contractually agreed to waive a portion of its advisory fee. This agreement will continue at least through April 30, 2021, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. The waiver amount of each Fund’s average daily net assets are as follows:

LVIP SSGA Developed LVIP SSGA LVIP SSGA LVIP SSGA International Emerging Markets Large Cap Small-Mid Cap 150 Fund 100 Fund 100 Fund 200 Fund On the first $50 million 0.070% 0.065% 0.080% 0.065% On the next $50 million 0.010% 0.025% 0.015% —% On the next $400 million. 0.010% 0.005% 0.015% —% SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays the Sub-Adviser a fee based on each Fund’s average daily net assets.

LVIP SSGA Funds–37 LVIP SSGA Funds Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued) Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statements of Operations. For the year ended December 31, 2020, costs for these administrative and legal services were as follows:

LVIP SSGA LVIP SSGA Developed Emerging LVIP SSGA LVIP SSGA International Markets Large Cap Small-Mid Cap 150 Fund 100 Fund 100 Fund 200 Fund Administrative...... $53,128 $33,096 $84,882 $22,167 Legal...... 9,404 5,858 15,015 3,921 Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statements of Operations. Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the year ended December 31, 2020, these fees were as follows:

LVIP SSGA LVIP SSGA Developed Emerging LVIP SSGA LVIP SSGA International Markets Large Cap Small-Mid Cap 150 Fund 100 Fund 100 Fund 200 Fund Printing and mailing ...... $8,570 $50,095 $21,859 $46,114 The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly. At December 31, 2020, each Fund had liabilities payable to affiliates as follows:

LVIP SSGA LVIP SSGA Developed Emerging LVIP SSGA LVIP SSGA International Markets Large Cap Small-Mid Cap 150 Fund 100 Fund 100 Fund 200 Fund Management fees payable to LIAC ...... $251,911 $166,676 $385,248 $118,713 Distribution fees payable to LFD...... 30,211 37,097 72,637 37,949 Printing and mailing fees payable to Lincoln Life ...... 71 500 — — Shareholder servicing fees payable to Lincoln Life ...... 22,829 14,610 37,302 10,923 Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

3. Investments For the year ended December 31, 2020, each Fund made purchases and sales of investment securities other than short-term investments as follows:

LVIP SSGA LVIP SSGA Developed Emerging LVIP SSGA LVIP SSGA International Markets Large Cap Small-Mid Cap 150 Fund 100 Fund 100 Fund 200 Fund Purchases ...... $435,317,382 $253,886,640 $771,814,422 $237,844,064 Sales...... 441,211,449 240,186,665 799,588,919 231,151,358

LVIP SSGA Funds–38 LVIP SSGA Funds Notes to Financial Statements (continued)

3. Investments (continued) At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

LVIP SSGA LVIP SSGA Developed Emerging LVIP SSGA LVIP SSGA International Markets Large Cap Small-Mid Cap 150 Fund 100 Fund 100 Fund 200 Fund Cost of investments and derivatives ...... $852,252,012 $523,021,825 $1,120,833,585 $286,755,809 Aggregate unrealized appreciation of investments and derivatives ...... $139,913,209 $124,823,798 $ 416,089,166 $160,727,742 Aggregate unrealized depreciation of investments and derivatives ...... (65,211,521) (41,569,968) (15,129,487) (6,891,360) Net unrealized appreciation of investments and derivatives...... $ 74,701,688 $ 83,253,830 $ 400,959,679 $153,836,382

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below. Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts) Level 2–other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing) Level 3–inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP SSGA Funds–39 LVIP SSGA Funds Notes to Financial Statements (continued)

3. Investments (continued) The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of December 31, 2020: LVIP SSGA Developed International 150 Fund

Level 1 Level 2 Level 3 Total Investments: Assets: Common Stock Australia...... $ — $ 36,366,549 $— $ 36,366,549 Belgium ...... — 14,060,781 — 14,060,781 Canada ...... 9,703,488 — — 9,703,488 Denmark ...... — 6,900,886 — 6,900,886 Finland...... — 16,493,056 — 16,493,056 France...... — 96,079,248 — 96,079,248 Germany...... — 52,393,724 — 52,393,724 Hong Kong ...... — 43,639,130 — 43,639,130 Italy...... — 19,095,372 — 19,095,372 Japan...... — 365,859,596 — 365,859,596 Netherlands...... — 42,445,041 — 42,445,041 Singapore...... — 7,133,750 — 7,133,750 Spain...... — 37,762,634 — 37,762,634 Switzerland ...... 958,788 28,752,857 — 29,711,645 United Kingdom ...... — 121,599,847 — 121,599,847 Preferred Stocks...... — 13,824,815 — 13,824,815 Rights...... 188,099 — — 188,099 Money Market Fund...... 13,697,512 — — 13,697,512 Total Investments ...... $24,547,887 $902,407,286 $— $926,955,173

Derivatives: Assets: Futures Contract ...... $477,829 $— $— $477,829

There were no Level 3 investments at the beginning or end of the year. As a result of utilizing International fair value pricing at December 31, 2020, a portion of the Fund’s common stock investments was categorized as Level 2.

LVIP SSGA Funds–40 LVIP SSGA Funds Notes to Financial Statements (continued)

3. Investments (continued) LVIP SSGA Emerging Markets 100 Fund

Level 1 Level 2 Level 3 Total Investments: Assets: Common Stock Brazil ...... $ — $ 19,922,662 $— $ 19,922,662 China...... — 66,513,415 — 66,513,415 Hong Kong ...... — 68,888,315 — 68,888,315 Hungary ...... — 5,760,536 — 5,760,536 India...... — 44,643,126 — 44,643,126 Malaysia ...... — 11,689,247 — 11,689,247 Mexico...... 33,651,370 — — 33,651,370 Republic of Korea...... — 127,589,412 — 127,589,412 Russia ...... 23,299,064 19,774,696 — 43,073,760 South Africa...... 11,319,088 45,913,491 — 57,232,579 Taiwan...... — 74,539,369 — 74,539,369 Thailand...... 15,388,684 12,859,110 — 28,247,794 United Arab Emirates ...... — 20,088,444 — 20,088,444 Preferred Stock...... — 4,435,626 — 4,435,626 Total Investments ...... $83,658,206 $522,617,449 $— $606,275,655

Derivatives: Assets: Futures Contract ...... $124,275 $— $— $124,275

There were no Level 3 investments at the beginning or end of the year. As a result of utilizing International fair value pricing at December 31, 2020, a portion of the Fund’s common stock investments was categorized as Level 2. LVIP SSGA Large Cap 100 Fund

Level 1 Level 2 Level 3 Total Investments: Assets: Common Stock ...... $1,521,793,265 $— $— $1,521,793,265 Total Investments ...... $1,521,793,265 $— $— $1,521,793,265

Derivatives: Assets: Futures Contract ...... $122,874 $— $— $122,874

There were no Level 3 investments at the beginning or end of the year.

LVIP SSGA Funds–41 LVIP SSGA Funds Notes to Financial Statements (continued)

3. Investments (continued) LVIP SSGA Small-Mid Cap 200 Fund

Level 1 Level 2 Level 3 Total Investments: Assets: Common Stock ...... $440,086,194 $— $— $440,086,194 Money Market Fund...... 531,023 — — 531,023 Total Investments ...... $440,617,217 $— $— $440,617,217

Derivatives: Assets: Futures Contract ...... $25,025 $— $— $25,025

There were no Level 3 investments at the beginning or end of the year.

4. Dividend and Distribution Information Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to wash sales, passive foreign investment companies (“PFIC”) and mark-to-market of futures contracts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 were as follows:

LVIP SSGA LVIP SSGA Developed Emerging LVIP SSGA LVIP SSGA International Markets 100 Large Cap 100 Small-Mid Cap 150 Fund Fund Fund 200 Fund Year ended December 31, 2020 Ordinaryincome...... $22,210,822 $18,656,513 $ 36,672,712 $ 8,782,439 Long-term capital gains...... — — 29,718,761 — Return of capital ...... — — — 1,311,410 Total...... $22,210,822 $18,656,513 $ 66,391,473 $10,093,849

Year ended December 31, 2019 Ordinaryincome...... $40,791,284 $21,578,998 $ 47,230,295 $ 7,264,638 Long-term capital gains...... 10,117,366 — 90,207,150 4,146,383 Return of capital ...... — 196,012 — — Total...... $50,908,650 $21,775,010 $137,437,445 $11,411,021

5. Components of Distributable Earnings on a Tax Basis As of December 31, 2020, the components of distributable earnings on a tax basis were as follows:

LVIP SSGA LVIP SSGA Developed Emerging LVIP SSGA LVIP SSGA International Markets Large Cap Small-Mid Cap 150 Fund 100 Fund 100 Fund 200 Fund Undistributed ordinary income ...... $ 2,344,761 $ 6,540,846 $ 698,634 $ — Capital loss carryforward ...... (127,515,419) (226,134,097) (121,121,600) (95,817,841) Other temporary differences ...... — (2) (2) (1) Net unrealized appreciation ...... 74,876,784 82,010,800 400,959,681 153,861,408 Distributable earnings/(accumulated loss)...... $ (50,293,874) $(137,582,453) $ 280,536,713 $ 58,043,566

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2020, there were no permanent differences requiring a reclassification. The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act made changes to several tax rules, including providing for the unlimited carryover of future capital losses. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss.

LVIP SSGA Funds–42 LVIP SSGA Funds Notes to Financial Statements (continued)

5. Components of Distributable Earnings on a Tax Basis (continued) As of December 31, 2020, the below Funds had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration) LVIP SSGA Developed LVIP SSGA International 150 LVIP SSGA Emerging LVIP SSGA Large Small-Mid Cap 200 Fund Markets 100 Fund Cap 100 Fund Fund Short-Term...... $867,320 $32,851,188 $10,662,027 $12,129,794 Long-Term...... 126,648,099 193,282,909 110,459,573 83,688,047 Total ...... $127,515,419 $226,134,097 $121,121,600 $95,817,841

6. Capital Shares Transactions in capital shares were as follows:

LVIP SSGA LVIP SSGA LVIP SSGA Developed International Emerging Markets Large Cap 150 Fund 100 Fund 100 Fund Year Ended Year Ended Year Ended 12/31/20 12/31/19 12/31/20 12/31/19 12/31/20 12/31/19 Shares sold: Standard Class ...... 25,147,103 13,510,621 11,028,177 11,380,257 29,582,572 9,884,653 Service Class ...... 3,499,343 1,989,737 2,836,035 2,268,015 4,682,939 2,783,490 Shares reinvested: Standard Class ...... 2,539,388 5,381,959 1,632,222 1,874,284 4,347,574 8,249,891 Service Class ...... 419,004 921,044 633,887 752,239 1,178,678 2,500,377 31,604,838 21,803,361 16,130,321 16,274,795 39,791,763 23,418,411 Shares redeemed: Standard Class ...... (26,319,704) (19,699,329) (11,330,258) (29,914,939) (28,511,685) (13,671,307) Service Class ...... (3,565,082) (3,696,410) (3,552,501) (3,591,922) (6,156,944) (4,953,093) (29,884,786) (23,395,739) (14,882,759) (33,506,861) (34,668,629) (18,624,400) Netincrease(decrease)...... 1,720,052 (1,592,378) 1,247,562 (17,232,066) 5,123,134 4,794,011

LVIP SSGA Small-Mid Cap 200 Fund Year Ended 12/31/20 12/31/19 Shares sold: Standard Class ...... 8,720,314 4,603,743 Service Class ...... 4,369,832 2,409,849 Shares reinvested: Standard Class ...... 504,737 551,285 Service Class ...... 314,502 359,471 13,909,385 7,924,348 Shares redeemed: Standard Class ...... (7,387,013) (5,662,000) Service Class ...... (3,891,714) (2,254,521) (11,278,727) (7,916,521) Netincrease(decrease)...... 2,630,658 7,827

7. Derivatives U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity’s results of operations and financial position. Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds’ existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds’ investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded.

LVIP SSGA Funds–43 LVIP SSGA Funds Notes to Financial Statements (continued)

7. Derivatives (continued) Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. During the year ended December 31, 2020, each Fund used futures contracts to facilitate investments in portfolio securities; as a cash management tool and to reduce transaction costs. Fair values of derivative instruments as of December 31, 2020 were as follows: LVIP SSGA Developed International 150 Fund

Asset Derivatives Liability Derivatives Statement of Net Assets Location Fair Value Statement of Net Assets Location Fair Value Futures contracts Receivables and other assets net of Receivables and other assets net of (Equity contracts) . . liabilities $477,829 liabilities $— The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2020 was as follows:

Change in Unrealized Realized Gain Appreciation (Loss) on (Depreciation) on Derivatives Derivatives Location of Gain (Loss) on Derivatives Recognized in Recognized in Recognized in Income Income Income Futures contracts (Equity Net realized gain (loss) from futures contracts and net contracts) ...... change in unrealized appreciation (depreciation) of futures contracts $2,255,466 $(62,309) LVIP SSGA Emerging Markets 100 Fund

Asset Derivatives Liability Derivatives Statement of Net Assets Location Fair Value Statement of Net Assets Location Fair Value Futures contracts Receivables and other assets net of Receivables and other assets net of (Equity contracts) . . liabilities $124,275 liabilities $— The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2020 was as follows:

Change in Unrealized Realized Gain Appreciation (Loss) on (Depreciation) on Derivatives Derivatives Location of Gain (Loss) on Derivatives Recognized in Recognized in Recognized in Income Income Income Futures contracts (Equity Net realized gain (loss) from futures contracts and net contracts) ...... change in unrealized appreciation (depreciation) of futures contracts $2,190,978 $(349,396) LVIP SSGA Large Cap 100 Fund

Asset Derivatives Liability Derivatives Statement of Net Assets Location Fair Value Statement of Net Assets Location Fair Value Futures contracts Receivables and other assets net of Receivables and other assets net of (Equity contracts) . . liabilities $122,874 liabilities $—

LVIP SSGA Funds–44 LVIP SSGA Funds Notes to Financial Statements (continued)

7. Derivatives (continued) The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2020 was as follows:

Change in Unrealized Realized Gain Appreciation (Loss) on (Depreciation) on Derivatives Derivatives Location of Gain (Loss) on Derivatives Recognized in Recognized in Recognized in Income Income Income Futures contracts (Equity Net realized gain (loss) from futures contracts and net contracts) ...... change in unrealized appreciation (depreciation) of futures contracts $672,012 $53,558 LVIP SSGA Small-Mid Cap 200 Fund

Asset Derivatives Liability Derivatives Statement of Net Assets Location Fair Value Statement of Net Assets Location Fair Value Futures contracts Receivables and other assets net of Receivables and other assets net of (Equity contracts) . . liabilities $25,025 liabilities $— The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2020 was as follows:

Change in Unrealized Realized Gain Appreciation (Loss) on (Depreciation) on Derivatives Derivatives Location of Gain (Loss) on Derivatives Recognized in Recognized in Recognized in Income Income Income Futures contracts (Equity Net realized gain (loss) from futures contracts and net contracts) ...... change in unrealized appreciation (depreciation) of futures contracts $230,072 $(77,954) Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by each Fund during the year ended December 31, 2020.

Long Derivative Short Derivative Volume Volume Futures Futures Contracts Contracts (Average (Average Notional Value) Notional Value) LVIP SSGA Developed International 150 Fund ...... $21,414,558 $— LVIP SSGA Emerging Markets 100 Fund...... 9,147,370 — LVIP SSGA Large Cap 100 Fund ...... 4,176,160 — LVIP SSGA Small-Mid Cap 200 Fund ...... 4,644,847 — In order to better define its contractual rights and to secure rights to help the Funds mitigate its counterparty risk, the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Net Assets. At December 31, 2020, the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund had no open derivatives that are subject to offsetting provisions.

LVIP SSGA Funds–45 LVIP SSGA Funds Notes to Financial Statements (continued)

8. Risk Factors Some countries in which the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets are held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments in which the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund invest to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency exchange rates. Currency exchange rates may fluctuate significantly over short periods of time. The LVIP SSGA Emerging Markets 100 Fund currently invests a significant portion of its assets in companies located in China, and therefore the Fund has more exposure to the risks specific to China. China is a developing market and may be subject to considerable degrees of economic, political and social instability. In the past couple of decades, the Chinese government has reformed economic and market practices and expanded the sphere of private ownership in China. Nevertheless, in general the Chinese markets continue to experience inefficiency, volatility and pricing anomalies that result from government influence, a lack of publicly available information, and/or political and social instability. Internal social unrest or confrontations with neighboring countries could also disrupt economic developments in China. Reduction in spending on Chinese products and services, institutions of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may adversely impact the Chinese economy. In addition, from time to time, China has experienced outbreaks of infectious illnesses, diseases or public health emergencies, and could again in the future. Any of these events could reduce consumer demand and/or economic output, result in closure of markets, impose restrictions on travel or quarantines, and could generally significantly impact the Chinese economy, which would adversely affect the Fund’s investments in securities of issuers located in China. The LVIP SSGA Small-Mid Cap 200 Fund may invest a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines. The Funds may invest in REITs and are subject to the risks associated with that industry. If the Funds acquire a direct interest in real estate as a result of defaults or receive rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Funds had no direct real estate holdings during the year ended December 31, 2020. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations. The Funds may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Funds’ Board has delegated to LIAC, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s limit on investments in illiquid securities. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. 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 Funds’ portfolio investments.

9. Contractual Obligations The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown; however, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of material loss to be remote.

LVIP SSGA Funds–46 LVIP SSGA Funds Notes to Financial Statements (continued)

10. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. The ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. As of December 31, 2018, the Trust had early adopted the removal of applicable disclosures. The ASU was fully adopted in the current period and the implementation of the ASU did not have an impact on the Funds’ financial statements.

11. Subsequent Events Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds financial statements.

LVIP SSGA Funds–47 Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of LVIP SSGA Developed International 150 Fund, LVIP SSGA Emerging Markets 100 Fund, LVIP SSGA Large Cap 100 Fund and LVIP SSGA Small-Mid Cap 200 Fund Opinion on the Financial Statements We have audited the accompanying statements of net assets of LVIP SSGA Developed International 150 Fund, LVIP SSGA Emerging Markets 100 Fund, LVIP SSGA Large Cap 100 Fund and LVIP SSGA Small-Mid Cap 200 Fund (collectively referred to as the “Funds”) (four of the series constituting Lincoln Variable Insurance Products Trust (the “Trust”)) as of December 31, 2020, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (ЉPCAOBЉ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more LVIP investment companies since 1981. Philadelphia, Pennsylvania February 26, 2021

LVIP SSGA Funds–48 LVIP SSGA Funds Other Fund Information (unaudited) Approval of Investment Management and Subadvisory Agreements On August 12 and September 1-2, 2020, the Board of Trustees (the “Board”) of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Investment Advisors Corporation (“LIAC”) and (ii) the renewal of the subadvisory agreements with various subadvisers (collectively, with the investment management agreement, the “Advisory Agreements”) for various series of the Trust (collectively the “Funds”). The trustees of the Trust who are not “interested persons” (as such term is defined in the Investment Company Act of 1940) (the “Independent Trustees”) had requested and reviewed materials provided by LIAC, Lincoln National Life Insurance Company (“Lincoln Life”), Morningstar of Broadridge Financial Solutions, Inc. (“Morningstar”), an independent provider of investment company data and the subadvisers prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life, Morningstar and the subadvisers provided information to assist the Independent Trustees in assessing the nature, extent and quality of services provided, information comparing the investment performance, management fees and operating expense ratio of each Fund to other funds, information about estimated profitability and/or financial condition, and compliance and regulatory matters. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC and the applicable subadvisers provided materials in response. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and Lincoln Life employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LIAC quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LIAC quarterly and monitors the Funds’ expenses, among other matters. The Board also receives information about the Funds from LIAC, Lincoln Life and the various portfolio management teams providing services to the Funds throughout the year in connection with the regular quarterly Board meetings. The Board determined that, given the totality of the information provided with respect to each Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

Approval of Investment Management Agreement Nature, Extent and Quality of Services. In considering the renewal of the investment management agreement with LIAC, the Board considered the nature, extent and quality of services provided to the Funds by LIAC, including LIAC personnel and resources and LIAC’s criteria for review of a subadviser’s performance. The Board reviewed the services provided by LIAC in serving as investment adviser, including the backgrounds of the personnel providing the investment management services and the compliance staff. They also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain Lincoln Life personnel provide services to the Funds on behalf of LIAC and that Lincoln Life provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LIAC were satisfactory. Performance. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of each Fund compared to the performance of funds in a peer group of a Morningstar category underlying variable insurance products (“Morningstar peer group”) and a benchmark index for the one-, three-, five- and ten-year periods, as applicable, ended March 31, 2020. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category. The Board referred to information prepared by LIAC evaluating each Fund’s performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund’s performance, such as market conditions and the impact of portfolio construction. The Board considered that LIAC actively monitors each Fund’s performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreement. The Board considered that LIAC does not manage the day-to-day investment portfolio of the Funds and has delegated those duties to unaffiliated subadvisers responsible for investment performance. The Board noted the ongoing oversight activities performed by LIAC, including review of returns on a relative and absolute basis, evaluation of brokerage execution quality and on-site compliance reviews. The Board concluded that LIAC had appropriately reviewed and monitored the subadviser’s investment performance. Management Fee. The Board reviewed each Fund’s investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LIAC had implemented partial advisory fee waivers for each Fund through April 30, 2021. The Board noted that the net investment

LVIP SSGA Funds–49 LVIP SSGA Funds Other Fund Information (unaudited) (continued) Approval of Investment Management Agreement (continued) management fee for each Fund was lower than the median net investment management fee of the respective Morningstar peer group, giving effect to each Fund’s advisory fee waiver. In light of the nature, quality and extent of services provided by LIAC, the Board concluded that each Fund’s investment management fee, coupled with the advisory fee waiver, was reasonable. Economies of Scale. The Board considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that each Fund had a breakpoint in its investment management fee schedule and that LIAC had implemented partial advisory fee waivers for each Fund through April 30, 2021 and concluded that economies of scale were appropriately shared with investors. Profitability. The Board also reviewed the estimated profitability of LIAC with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LIAC in connection with the management of the Funds was not unreasonable. Fallout Benefits. Because of its relationship with the Funds, LIAC and its affiliates may receive certain benefits. The Board reviewed materials provided by LIAC as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by each Fund’s Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. Lincoln Life serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns “dividends received deductions” in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

Approval of Subadvisory Agreement Nature, Extent and Quality of Services. In considering the renewal of the subadvisory agreement between LIAC and SSGA Funds Management, Inc. (“SSGA”) on behalf of the Funds, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources, and investment approach of SSGA. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. Performance. The Board reviewed the LVIP SSGA Developed International 150 Fund’s total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Value funds category and the MSCI EAFE NR USD Index. The Board noted that the Fund’s total return was below the return of the Morningstar peer group median and the benchmark index for the one-year period and the same as the return of the Morningstar peer group median and below the benchmark index for the three-year period and above the return of the Morningstar peer group median and below the benchmark index for the five- and ten-year periods. The Board considered LIAC’s comments that underperformance as compared to the Morningstar peer group median and benchmark index was primarily attributable to the Fund’s deep value and small-cap bias. The Board also noted LIAC’s view that it believes the Fund has the potential to achieve its performance objectives over a full market cycle. The Board concluded that the services provided by SSGA were satisfactory. The Board reviewed the LVIP SSGA Emerging Markets 100 Fund’s total return compared to the total return of a peer group of funds included in the Morningstar Diversified Emerging Markets funds category and the MSCI Emerging Markets NR USD Index. The Board noted that the Fund’s total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board considered LIAC’s view that underperformance was due to the Fund’s deep value and small-cap bias. The Board noted LIAC’s statement that it remains comfortable with the investment process. The Board considered that LIAC would monitor performance closely. The Board concluded that the services provided by SSGA were satisfactory. The Board reviewed the LVIP SSGA Large Cap 100 Fund’s total return compared to the total return of a peer group of funds included in the Morningstar Large Value funds category and the S&P 500 Total Return USD Index. The Board noted that the Fund’s total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three- and five-year periods and above the return of the Morningstar peer group median and below the benchmark index for the ten-year period. The Board considered LIAC’s comments that underperformance as compared to the benchmark index was primarily attributable to the Fund’s value and small-cap bias. The Board also noted LIAC’s view that it believes the Fund has the potential to achieve its performance objectives over a full market cycle. The Board concluded that the services provided by SSGA were satisfactory. The Board reviewed the LVIP SSGA Small-Mid Cap 200 Fund’s total return compared to the total return of a peer group of funds included in the Morningstar Small Value funds category and the Russell 2000 Total Return USD Index. The Board noted that the Fund’s total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board considered LIAC’s comments that underperformance as compared to the benchmark index was primarily attributable to the Fund’s value and small-cap bias. The Board also noted LIAC’s view that the Fund’s longer-term performance and performance attribution have been consistent with its expectations and the prevailing market conditions. The Board concluded that the services provided by SSGA were satisfactory.

LVIP SSGA Funds–50 LVIP SSGA Funds Other Fund Information (unaudited) (continued) Approval of Subadvisory Agreement (continued) Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedules and the average fees charged by SSGA to other clients with investment strategies similar to the Funds. The Board considered that LIAC compensates SSGA from its fees and that the subadvisory fee schedule for each Fund was negotiated between LIAC and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees for each SSGA Fund were reasonable. Profitability and Fallout Benefits. The Board considered information regarding SSGA’s estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Funds in the marketplace and its ability to leverage resources. Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

LVIP SSGA Funds–51 Officer/Trustee Information for Lincoln Variable Insurance Products Trust (unaudited)

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 at the end of the calendar year (December 31) in which the Trustee turns 75 years old. 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 an “interested person” are referred to as Independent Trustees. The term Fund Complex includes the 102 series of Lincoln Variable Insurance Products Trust. Interested Trustee Number of Funds in Fund Other Board Position(s) Term of Office Complex Memberships Held by Name, Address and Held with and Length of Principal Occupation(s) Overseen Trustee during Past Five Year of Birth the Fund Time Served during Past Five Years by Trustee Years Ellen G. Cooper* Chairman Since Executive Vice President and Chief 102 Formerly: Lincoln Radnor Financial and September 2015 Investment Officer, Lincoln Financial Advisors Trust Center, Trustee Group; Director and Chairman, Lincoln 150 N. Radnor-Chester Investment Advisors Corporation; Director, Road, Executive Vice President and Chief Radnor, PA 19087 Investment Officer, The Lincoln National YOB: 1964 Life Insurance Company, First Penn-Pacific Life Insurance Company, Liberty Assignment Corporation, Liberty Life Assurance Company of Boston, Lincoln Life & Annuity Company of New York; Executive Vice President and Chief Investment Officer, Lincoln National Corporation; Director, President, Chief Investment Officer, Lincoln Investment Management Company, Lincoln Investment Solutions, Inc.; Director and President, Jefferson-Pilot Investments, Inc.

* Ellen G. Cooper is an interested person of the Trust because she is a Director and the Chairperson of the Trust’s investment adviser, and a Director and officer of The Lincoln National Life Insurance Company, the parent company of the Trust’s investment adviser. Independent Trustees Number of Funds in Fund Other Board Position(s) Term of Office Complex Memberships Held by Name, Address and Held with and Length of Principal Occupation(s) Overseen Trustee during Past Five Year of Birth the Fund Time Served during Past Five Years by Trustee Years Steve A. Cobb Trustee Since January Managing Director, CID Capital (private 102 Formerly: Lincoln 1300 South Clinton Street, 2013 equity firm) Advisors Trust Fort Wayne, IN 46802 YOB: 1971

LVIP SSGA Funds–52 Officer/Trustee Information for Lincoln Variable Insurance Products Trust (unaudited) (continued)

Independent Trustees Number of Funds in Fund Other Board Position(s) Term of Office Complex Memberships Held by Name, Address and Held with and Length of Principal Occupation(s) Overseen Trustee during Past Five Year of Birth the Fund Time Served during Past Five Years by Trustee Years Barbara L. Lamb Trustee Since February Managing Director for Finance and 102 South Suburban 1300 South Clinton Street, 2019 Administration, WH Trading, LLC Humane Society; Fort Wayne, IN 46802 (derivatives trading firm); Formerly: Trustee of YOB: 1954 Formerly: Managing Director, Cheiron Henderson Global Trading LLC (derivatives trading firm) Funds (2014-2017) Gary D. Lemon, Ph.D. Trustee Since February Professor of Economics and Management, 102 Formerly: Lincoln 1300 South Clinton Street, 2006 DePauw University, Chair of Economics Advisors Trust Fort Wayne, IN 46802 and Management DePauw University; YOB: 1948 Formerly: Joseph Percival Allen, III, University Professor; James W. Emison Director of the Robert C. McDermond Center for Management and Entrepreneurship Thomas A. Leonard Trustee Since December Retired; Formerly: Partner of 102 Copeland Capital Trust 1300 South Clinton Street, 2013 PricewaterhouseCoopers LLP (accounting since 2010 (mutual Fort Wayne, IN 46802 firm) fund); YOB: 1949 Formerly: Lincoln Advisors Trust Charles I. Plosser Trustee Since January Retired; Formerly: Chief Executive Officer 102 Public Governor for 1300 South Clinton Street, 2018 and President of Federal Reserve the Financial Industry Fort Wayne, IN 46802 Bank of Philadelphia, Inc. Regulatory Authority YOB: 1948 (FINRA) Pamela L. Salaway Trustee Since December Retired; Formerly: Chief Risk 102 Formerly: Lincoln 1300 South Clinton Street, 2013 Officer, Bank of Advisors Trust Fort Wayne, IN 46802 Montreal/Harris Financial YOB: 1957 Corp. U.S. Operations Brian W. Wixted Trustee Since February Senior Consultant, 102 None 1300 South Clinton Street, 2019 CKC Consulting and an Advisory Partner, Fort Wayne, IN 46802 AI Capital; YOB: 1959 Formerly: Senior Vice President, Finance, and Fund Treasurer, Oppenheimer Funds, Inc. (mutual fund complex) Nancy B. Wolcott Trustee Since October Retired; Formerly: EVP, BNY Mellon; 102 Trustee of 1300 South Clinton Street, 2017 President, PNC Global Investment FundVantage Trust Fort Wayne, IN 46802 Servicing YOB: 1954

LVIP SSGA Funds–53 Officer/Trustee Information for Lincoln Variable Insurance Products Trust (unaudited) (continued)

Officers of the Trust Position(s) Term of Office Name, Address and Held with and Length of Principal Occupation(s) Year of Birth the Fund Time Served during Past Five Years Jayson R. Bronchetti President Since April 2016; Director and President, Lincoln Radnor Financial Center, Formerly: Vice President August 2015 Investment 150 N. Radnor-Chester to April 2016 Advisors Corporation; Vice President and Road Head of Funds Management, The Lincoln Radnor, PA 19087 National Life Insurance Company. YOB: 1979 William P. Flory, Jr. Vice Vice President since June 2011; Chief Vice President and Treasurer, Lincoln 1300 South Clinton Street, President Accounting Officer since May 2006; Investment Advisors Corporation; Vice Fort Wayne, IN 46802 and Chief Treasurer since June 2019 President and Director of Separate YOB: 1961 Accounting Account Operations and Mutual Fund Officer Administration, The Lincoln National Life Insurance Company; Formerly, Second Vice President, Director of Separate Account Operations, The Lincoln National Life Insurance Company. Samuel K. Goldstein Vice President Since June 2019 Vice President and Assistant Secretary, Radnor Financial Center, and Assistant Lincoln Investment Advisors Corporation; 150 N. Radnor Chester Road Secretary Vice President, The Lincoln National Life Radnor, PA 19087 Insurance Company; Vice President, YOB: 1976 Lincoln Life & Annuity Company of New York; Vice President, Lincoln National Corporation. Ronald A. Holinsky Senior Vice Since August 2018; Senior Vice President and Head of Funds Radnor Financial Center, President, Formerly: Vice Management & Investments Law, The 150 N. Radnor-Chester Secretary, President since October 2016 Lincoln National Life Insurance Company; Road and Senior Vice President, Secretary, and Chief Radnor, PA 19087 Chief Legal Legal Officer, Lincoln Investment Advisors YOB: 1970 Officer Corporation; Formerly: Vice President and Chief Counsel - Funds Management, The Lincoln National Life Insurance Company; Vice President, Chief Compliance Officer and Assistant General Counsel, Lincoln National Corporation; Vice President, Secretary, and Chief Legal Officer, Lincoln Investment Advisors Corporation. Matthew S. MacMillen Vice Since June 2015 Vice President, Lincoln Investment Radnor Financial Center, President Advisors Corporation; Vice President and 150 N. Radnor-Chester Head of Tax, The Lincoln National Life Road Insurance Company; Formerly: Senior Vice Radnor, PA 19087 President and Chief Financial Officer, Sun YOB: 1966 Life Financial – U.S.; Vice President, Investment Finance, Sun Life Financial – U.S. Jennifer M. Matthews Vice Since April 2018 Vice President, Lincoln Investment 1300 South Clinton Street, President Advisors Corporation; Vice Fort Wayne, IN 46802 President, The Lincoln National Life YOB: 1976 Insurance Company

LVIP SSGA Funds–54 Officer/Trustee Information for Lincoln Variable Insurance Products Trust (unaudited) (continued)

Officers of the Trust Position(s) Term of Office Name, Address and Held with and Length of Principal Occupation(s) Year of Birth the Fund Time Served during Past Five Years Benjamin A. Richer Vice Since April 2018 Vice President, Lincoln Investment Radnor Financial Center, President Advisors Corporation; Vice 150 N. Radnor Chester Road President, The Lincoln National Life Radnor, PA 19087 Insurance Company; Formerly: YOB: 1984 Director of Asset Strategies, Nationwide Fund Advisors Harold Singleton III Vice Since September 2014 Vice President, Lincoln Investment Radnor Financial Center, President Advisors 150 N. Radnor-Chester Corporation; Vice President, Head of Road Client Radnor, PA 19087 Portfolio Management, The Lincoln YOB: 1962 National Life Insurance Company; Formerly, Managing Director, Pinebridge Investments. John (Jack) A. Weston Vice Since May 2007 Vice President and Chief Compliance One Granite Place President Officer Lincoln Investment Advisors Concord, NH 03301 and Chief Corporation; Vice President, The Lincoln YOB: 1959 Compliance National Life Insurance Company. Officer Amber Williams Vice President Since May 2019 Vice President, Lincoln Investment Radnor Financial Center, Advisors Corporation; Vice President, 150 N. Radnor-Chester Road Lincoln Life & Annuity Company of New Radnor, PA 19087 York; Vice YOB: 1979 President, Lincoln National Corporation; Vice President, The Lincoln National Life Insurance Company; Formerly, Head of Product Management, Nationwide Investment Management Group Yajun (Alex) Zeng Vice Since April 2018 Vice President, Lincoln Investment Radnor Financial Center, President Advisors Corporation; Vice President, The 150 N. Radnor Chester Road Lincoln National Life Insurance Company Radnor, PA 19087 YOB: 1982

Additional information on the officers and Trustees can be found in the Statement of Additional Information (“SAI”) to the Funds’ prospectus. To obtain a free copy of the SAI, write: The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or call 1-800-4LINCOLN (454-6265). The SAI is also available on the SEC’s web site (http://www.sec.gov).

LVIP SSGA Funds–55