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 International Index Fund a series of Lincoln Variable Insurance Products Trust Annual Report December 31, 2020

LVIP SSGA International Index Fund

Index

Commentary 1 Disclosure of Fund Expenses 2 Security Type/Country and Sector Allocations and Top 10 Equity Holdings 3 Statement of Net Assets 5 Statement of Operations 17 Statements of Changes in Net Assets 17 Financial Highlights 18 Notes to Financial Statements 20 Report of Independent Registered Public Accounting Firm 27 Other Fund Information 28 Officer/Trustee Information 30

The 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 an exhibit 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 Fund’s proxy voting procedures and information regarding how the 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 International Index 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 International Index Fund - Standard Class The Fund returned 7.85% (Standard Class shares with distributions LVIP SSGA International Index Fund - Service Class reinvested) for the year ended December 31, 2020, while its MSCI EAFE Index (net dividends) benchmark, the MSCI EAFE® NR Index (net dividends)1, returned $20,000 7.82%. $17,095 $16,597 Little in the way of diagnostics are needed to ascertain the source of $16,188 the havoc that was wreaked upon capital markets during the first $15,000 quarter of 2020. The spread of the Coronavirus Disease 2019 (COVID-19) served as the proximate source, but it was the treatment in the form of social distancing, temporary lock-downs and $10,000 quarantines and other mobility restrictions that inflicted significant harm to the global economy and financial markets. The magnitude of the damage was staggering, with miasmic milestones turning up in every corner of financial markets. $5,000 12/31/10 12/31/20 Markets sold off aggressively towards the end of February and briefly This chart illustrates, hypothetically, that $10,000 was invested in LVIP SSGA stabilized in early March amidst encouraging statements from central International Index Fund shares on 12/31/10. As the chart shows, by 12/31/20, the bankers and a strong showing by Democratic Presidential candidate value of the investment at net asset value, with any dividends and distributions reinvested, would have increased to $16,597 for the Standard Class shares and to Joe Biden at the Super Tuesday primary elections. $16,188 for the Service Class shares. For comparison, look at how the MSCI EAFE® The global economy suffered from an unprecedented shock in March NR Index (net dividends) did over the same period. The same $10,000 investment and April driven by government-imposed lockdowns to contain the would have increased to $17,095. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. spread of the COVID-19 pandemic. Policy makers responded with Past performance is not indicative of future performance. Remember, an investor massive, broad-based fiscal and monetary stimulus to support affected cannot invest directly in an index. An expense waiver was in effect for the Fund workers and businesses in record time. Economic data in May during the period shown. Performance would have been lower had the expense indicated that the stimulus support and re-opening plans were waiver not been in effect. The performance information does not include insurance working, and the economic recovery had begun. company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have Led by the United States, economic growth rebounded strongly across been lower. the globe in the third quarter amid relaxation in COVID-19-related lockdowns, fiscal and monetary policy support and pent up demand Average annual total returns Ended release. Though infection rates were re-surging in some developed on investment 12/31/20 economies, the worst seemed to be behind as key vaccine trials Standard Class Shares continued to make quick progress. Approvals to use vaccines manufactured by Pfizer-BioNTech, Moderna and Oxford-AstraZeneca One Year + 7.85% led to the largest momentum changes in the history of equity markets. Five Years + 7.34% Hard-hit sectors, such as energy, traditional retail, hotels, airlines and Ten Years + 5.20% financials, rallied, while pandemic winners, such as online retail, health care and home improvement, lagged. Service Class Shares One Year + 7.58% On an individual security level, the top positive contributors to the Fund’s performance during the period were ASML Holding NV, Five Years + 7.07% Softbank Group Corp and LVMH Moet Hennessy Louis Vuitton SE. The Ten Years + 4.93% top negative contributors to the Fund’s performance during the period 1 The MSCI EAFE® NR Index (net dividends) is a free float-adjusted market were HSBC Holdings PLC, BP PLC and Royal Dutch Shell Plc Class A. 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 Portfolio Managers: Canada. The net dividends index return calculation assumes reinvestment of SSGA Funds Management, Inc.: Michael Feehily dividends net of withholding taxes. Dwayne Hancock Amy Scofield The views expressed represent the Manager’s assessment of the Fund and market environment as of the most recent quarter end and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.

LVIP SSGA International Index Fund–1 LVIP SSGA International Index Fund Disclosure OF FUND EXPENSES (unaudited) For the Period July 1, 2020 to December 31, 2020 The Fund sells its shares directly or indirectly to The Lincoln Expense Analysis of an Investment of $1,000 National Life Insurance Company (“Lincoln Life”), Lincoln Life & Expenses Annuity Company of New York (“LNY”), and to unaffiliated insurance Paid companies. Lincoln Life and LNY hold the Fund’s shares in separate Beginning Ending During accounts that support various variable annuity contracts and Account Account Annualized Period Value Value Expense 7/1/20 to variable life insurance contracts. Insurance company separate 7/1/20 12/31/20 Ratio 12/31/20* account beneficial owners incur ongoing costs such as the separate Actual account’s cost of owning shares of the Fund. The ongoing Fund costs Standard Class Shares $1,000.00 $1,210.70 0.38% $2.11 incurred by beneficial owners are included in the Expense Analysis Service Class Shares 1,000.00 1,209.20 0.63% 3.50 table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate Hypothetical (5% return before expenses) Standard Class Shares $1,000.00 $1,023.30 0.38% $1.93 account fees and variable annuity or variable life contract charges. Service Class Shares 1,000.00 1,022.00 0.63% 3.20 As a Fund shareholder, you incur ongoing costs, including * ЉExpenses Paid During PeriodЉ are equal to the Fund’s annualized expense management fees; distribution and/or service (“12b-1”) fees; and ratio, multiplied by the average account value over the period, multiplied by other Fund expenses. Shareholders of other funds may also incur 184/366 (to reflect the one-half year period). transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. This Expense Analysis is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Analysis is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 to December 31, 2020. Actual Expenses The first section of the table, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period. Hypothetical Example for Comparison Purposes The second section of the table, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses cannot be used to estimate the actual ending account balance or expenses 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 table are meant to highlight your ongoing costs only. The Fund does not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Fund’s expenses shown in the table reflect fee waivers in effect.

LVIP SSGA International Index Fund–2 LVIP SSGA International Index 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 Biotechnology 0.99% Common Stock 99.09% Building Products 1.11% Australia 6.93% Capital Markets 2.74% Austria 0.18% Chemicals 3.73% Belgium 0.91% Commercial Services & Supplies 0.39% Chile 0.04% Communications Equipment 0.35% China 0.04% Construction & Engineering 0.79% Denmark 2.49% Construction Materials 0.56% Finland 1.23% Consumer Finance 0.01% France 10.86% Containers & Packaging 0.07% Germany 8.65% Diversified Financial Services 0.79% Greenland 0.17% Diversified Telecommunication Services 1.86% Hong Kong 3.24% Electric Utilities 2.35% Ireland 0.69% Electrical Equipment 2.10% Isle Of Man 0.05% Electronic Equipment, Instruments & Components 2.07% Israel 0.62% Energy Equipment & Services 0.03% Italy 2.18% Entertainment 0.95% Japan 25.40% Equity Real Estate Investment Trusts 1.38% Luxembourg 0.07% Food & Staples Retailing 1.46% Malta 0.00% Food Products 3.39% Mexico 0.02% Gas Utilities 0.46% Netherlands 4.74% Health Care Equipment & Supplies 2.27% New Zealand 0.39% Health Care Providers & Services 0.52% Norway 0.60% Health Care Technology 0.26% Portugal 0.18% Hotels, Restaurants & Leisure 1.43% Singapore 1.05% Household Durables 1.50% Spain 2.43% Household Products 0.90% Sweden 3.29% Independent Power and Renewable Electricity Switzerland 9.87% Producers 0.08% United Kingdom 12.77% Industrial Conglomerates 1.17% Preferred Stocks 0.55% Insurance 5.07% Rights 0.01% Interactive Media & Services 0.34% Warrant 0.00% Internet & Direct Marketing Retail 0.91% IT Services 1.88% Total Investments 99.65% Leisure Products 0.29% Receivables and Other Assets Net of Liabilities 0.35% Life Sciences Tools & Services 0.51% Total Net Assets 100.00% Machinery 3.27% Marine 0.24% Sector designations may be different than the sector designations Media 0.44% presented in other Fund materials. Metals & Mining 3.11% Percentage Multiline Retail 0.47% Sector of Net Assets Multi-Utilities 0.92% Aerospace & Defense 1.12% Oil, Gas & Consumable Fuels 3.09% Air Freight & Logistics 0.63% Paper & Forest Products 0.37% Airlines 0.10% Personal Products 2.16% Auto Components 0.86% Pharmaceuticals 8.18% Automobiles 3.06% Professional Services 1.57% Banks 7.67% Real Estate Management & Development 1.72% Beverages 2.11% Road & Rail 0.81%

LVIP SSGA International Index Fund–3 LVIP SSGA International Index Fund Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited) (continued)

Percentage Holdings are for informational purposes only and are subject to Sector of Net Assets change at any time. They are not a recommendation to buy, sell, or Semiconductors & Semiconductor Equipment 2.49% hold any security. Software 1.70% Percentage Specialty Retail 0.97% Top 10 Equity Holdings of Net Assets Technology Hardware, Storage & Peripherals 0.43% Nestle 2.14% Textiles, Apparel & Luxury Goods 3.00% Roche Holding 1.54% Tobacco 0.89% Novartis 1.31% Trading Companies & Distributors 1.35% ASML Holding 1.29% Transportation Infrastructure 0.49% LVMH Moet Hennessy Louis Vuitton 1.09% Water Utilities 0.11% Toyota Motor 1.03% Wireless Telecommunication Services 1.61% Unilever 0.99% Total 99.65% BHP Group 0.96% AIA Group 0.92% Royal Dutch Shell 0.86% Total 12.13%

IT–Information Technology

LVIP SSGA International Index Fund–4 LVIP SSGA International Index Fund Statement of Net Assets December 31, 2020

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK–99.09% ΔCOMMON STOCK (continued) Australia–6.93% Australia (continued) †Afterpay...... 40,713 $ 3,701,043 South32 (London Stock AGL Energy...... 127,014 1,172,386 Exchange) ...... 368,248 $ 696,271 AMP ...... 714,559 858,701 Stockland ...... 429,346 1,386,174 Ampol ...... 47,268 1,036,522 Suncorp Group ...... 252,449 1,899,799 APA Group...... 223,823 1,665,348 †Sydney Airport ...... 275,092 1,361,656 Aristocrat Leisure ...... 104,625 2,512,147 †Tabcorp Holdings ...... 405,855 1,221,922 ASX ...... 36,750 2,039,515 Telstra ...... 792,262 1,819,514 Aurizon Holdings ...... 325,129 976,827 †TPG Telecom...... 79,097 439,301 AusNet Services ...... 423,665 574,186 Transurban Group ...... 510,515 5,379,705 Australia & New Zealand Treasury Wine Estates ... 138,038 998,545 Banking Group...... 532,380 9,342,274 Vicinity Centres ...... 683,296 844,875 BHP Group ...... 556,455 18,181,912 Washington H Soul BlueScope Steel ...... 86,097 1,162,721 Pattinson & Co...... 25,511 593,434 Brambles...... 288,390 2,365,458 Wesfarmers ...... 212,650 8,265,091 †CIMIC Group...... 20,732 389,972 Westpac Banking ...... 669,668 9,965,543 Coca-Cola Amatil ...... 104,489 1,041,140 WiseTech Global...... 30,236 718,564 †Cochlear ...... 11,375 1,659,786 Woodside Petroleum .... 174,160 3,055,751 Coles Group ...... 240,196 3,355,880 Woolworths Group ...... 236,377 7,164,690 Commonwealth Bank of 206,867,899 Australia ...... 331,202 21,051,859 Computershare...... 101,158 1,138,343 Austria–0.18% †Crown Resorts ...... 79,376 590,753 Erste Group Bank...... 48,919 1,490,205 CSL ...... 85,934 18,775,934 OMV ...... 28,032 1,119,684 Dexus...... 199,042 1,443,638 †Raiffeisen Bank Evolution Mining ...... 282,375 1,086,682 International ...... 31,533 640,802 Fortescue Metals Group . 313,031 5,654,091 Verbund ...... 14,513 1,232,983 Goodman Group ...... 305,211 4,461,413 voestalpine ...... 24,055 858,539 GPT Group ...... 337,644 1,174,437 5,342,213 †Insurance Australia Group ...... 468,032 1,698,521 Belgium–0.91% †James Hardie Industries . 80,323 2,380,535 Ageas ...... 35,067 1,862,307 LendLease Group...... 120,231 1,215,634 †Anheuser-Busch InBev .. 143,340 10,000,357 Macquarie Group ...... 64,941 6,931,762 Colruyt...... 11,289 668,460 Magellan Financial Elia Group...... 6,775 808,666 Group ...... 26,419 1,094,232 †Galapagos ...... 8,399 831,285 Medibank ...... 570,717 1,321,861 Groupe Bruxelles Mirvac Group ...... 701,067 1,423,848 Lambert ...... 21,026 2,119,295 National Australia Bank . 622,142 10,846,322 †KBC Group ...... 45,857 3,209,126 Newcrest Mining ...... 159,555 3,184,359 Proximus ...... 32,419 640,382 Northern Star Resources. 135,629 1,325,635 Sofina...... 2,794 945,144 Oil Search ...... 373,267 1,069,759 Solvay Class A...... 14,260 1,681,746 Orica ...... 80,976 947,079 UCB ...... 23,050 2,381,004 Origin Energy ...... 352,592 1,294,495 Umicore...... 39,728 1,909,529 †Qantas Airways...... 154,254 578,414 27,057,301 QBE Insurance Group ... 271,525 1,769,915 †Ramsay Health Care..... 32,540 1,563,572 Chile–0.04% REA Group ...... 8,586 983,504 Antofagasta...... 66,473 1,304,145 Rio Tinto (Australian 1,304,145 Securities Exchange) .. 69,054 6,072,714 Santos ...... 350,731 1,698,487 China–0.04% †Scentre Group ...... 907,792 1,949,926 Budweiser Brewing ..... 349,200 1,153,524 †SEEK ...... 56,009 1,227,990 1,153,524 Sonic Healthcare ...... 86,376 2,140,123 South32 ...... 484,212 925,409 Denmark–2.49% Ambu Class B ...... 27,691 1,189,589

LVIP SSGA International Index Fund–5 LVIP SSGA International Index Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK (continued) ΔCOMMON STOCK (continued) Denmark (continued) France (continued) AP Moller - Maersk †Cie de Saint-Gobain ..... 95,066 $ 4,372,311 Class A ...... 656 $ 1,355,152 Cie Generale des AP Moller - Maersk Etablissements Class B ...... 1,159 2,579,067 Michelin ...... 32,512 4,186,142 Carlsberg Class B ...... 18,862 3,023,812 †CNP Assurances ...... 36,584 594,381 †Chr Hansen Holding..... 18,361 1,897,089 Covivio...... 10,450 958,912 Coloplast Class B ...... 21,378 3,269,313 †Creditricole...... 208,652 2,637,762 †Danske Bank...... 124,239 2,053,348 Danone ...... 115,805 7,620,680 †Demant ...... 23,525 929,841 †Dassault Aviation ...... 534 581,485 DSV Panalpina ...... 38,709 6,505,503 Dassault Systemes ...... 24,528 4,974,755 †Genmab...... 11,930 4,837,542 Edenred...... 44,248 2,512,899 GN Store Nord ...... 23,990 1,912,341 †Eiffage ...... 14,950 1,445,095 H Lundbeck...... 14,854 508,512 †Electricite de France.... 108,270 1,713,301 Novo Nordisk Class B .... 321,860 22,452,676 †Engie ...... 339,973 5,211,789 Novozymes Class B...... 41,254 2,349,825 EssilorLuxottica ...... 53,331 8,310,804 Orsted ...... 35,374 7,237,704 †Eurazeo ...... 8,562 581,786 †Pandora...... 17,850 1,997,732 †Faurecia ...... 16,181 829,060 Rockwool International Gecina ...... 8,101 1,259,706 Class B ...... 1,524 570,366 †Getlink...... 77,105 1,334,009 Tryg ...... 25,758 810,119 Hermes International ... 5,915 6,360,269 Vestas Wind Systems .... 36,884 8,713,082 Iliad ...... 2,271 466,155 74,192,613 Ipsen ...... 8,038 664,647 Kering ...... 14,268 10,354,765 Finland–1.23% Klepierre ...... 30,955 698,158 Elisa...... 28,903 1,584,441 La Francaise des Jeux Fortum...... 77,853 1,880,938 SAEM ...... 18,848 863,918 Kesko Class B ...... 51,648 1,325,629 Legrand ...... 49,492 4,427,384 Kone Class B...... 63,374 5,163,723 L’Oreal...... 47,608 18,164,927 Neste ...... 78,730 5,716,094 LVMH Moet Hennessy †Nokia ...... 1,046,555 4,042,133 Louis Vuitton ...... 51,980 32,539,530 †Nordea Bank...... 603,260 4,943,720 †Natixis ...... 195,108 668,540 Orion Class B ...... 22,258 1,022,420 Orange...... 370,596 4,411,955 Sampo Class A ...... 90,834 3,883,476 †Orpea...... 8,949 1,173,500 Stora Enso Class R ...... 115,102 2,203,940 Pernod Ricard...... 39,823 7,647,866 UPM-Kymmene...... 103,790 3,870,500 †Peugeot ...... 106,769 2,923,938 Wartsila ...... 94,584 946,633 Publicis Groupe ...... 39,613 1,968,819 36,583,647 Remy Cointreau ...... 4,852 905,654 †Renault ...... 36,247 1,586,601 France–10.86% †Safran ...... 60,164 8,527,270 †Accor ...... 33,285 1,207,606 Sanofi...... 214,098 20,751,023 †Aeroports de Paris ...... 6,327 818,566 Sartorius Stedim Air Liquide ...... 89,435 14,662,584 Biotech ...... 5,114 1,819,277 †Airbus ...... 110,834 12,163,380 Schneider Electric ...... 101,869 14,722,864 †Alstom ...... 47,677 2,715,636 †SCOR ...... 33,793 1,096,128 †Amundi ...... 12,897 1,051,129 SEB ...... 4,812 874,984 Arkema ...... 12,087 1,383,017 SES FDR ...... 77,639 728,657 †Atos ...... 19,646 1,793,987 †Societe Generale ...... 148,252 3,081,952 AXA ...... 363,019 8,706,044 Sodexo ...... 16,053 1,357,662 BioMerieux ...... 6,841 962,834 STMicroelectronics ..... 117,291 4,339,268 †BNP Paribas ...... 211,746 11,178,535 Suez ...... 58,012 1,149,755 Bollore...... 187,188 774,986 Teleperformance ...... 10,696 3,550,871 Bouygues ...... 42,213 1,736,135 Thales ...... 18,645 1,705,882 †Bureau Veritas ...... 50,111 1,337,700 TOTAL ...... 471,522 20,351,926 Capgemini...... 29,815 4,637,791 †Ubisoft Entertainment... 17,718 1,707,458 Carrefour...... 123,033 2,106,868 Unibail-Rodamco-Westfield. 164,321 1,880,237

LVIP SSGA International Index Fund–6 LVIP SSGA International Index Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK (continued) ΔCOMMON STOCK (continued) France (continued) Germany (continued) Valeo ...... 41,370 $ 1,631,809 †QIAGEN...... 43,250 $ 2,242,904 Veolia Environnement ... 103,995 2,564,239 Rational...... 968 900,517 †Vinci...... 98,433 9,804,845 RWE ...... 119,576 5,058,930 Vivendi...... 154,261 4,975,605 SAP ...... 195,243 25,287,615 Wendel...... 5,771 688,711 Scout24 ...... 20,155 1,646,942 †Worldline...... 44,173 4,291,321 Siemens...... 144,789 20,856,334 323,790,045 Siemens Healthineers ... 48,722 2,507,294 Symrise ...... 23,587 3,135,734 Germany–8.65% †TeamViewer ...... 28,507 1,531,322 †adidas ...... 35,893 13,058,043 Telefonica Deutschland Allianz ...... 78,918 19,388,010 Holding ...... 190,187 523,828 Aroundtown ...... 172,110 1,283,240 Uniper ...... 34,941 1,210,699 BASF ...... 173,150 13,686,236 United Internet ...... 19,309 812,814 Bayer ...... 185,027 10,900,154 Volkswagen ...... 5,406 1,127,169 Bayerische Motoren Vonovia ...... 96,412 7,041,360 Werke ...... 61,687 5,444,282 †Zalando ...... 29,429 3,273,430 Bechtle ...... 5,162 1,125,019 258,079,644 Beiersdorf ...... 18,253 2,098,358 Brenntag ...... 27,379 2,129,032 Greenland–0.17% Carl Zeiss Meditec Ferguson ...... 41,711 5,067,905 Class B ...... 8,578 1,137,596 5,067,905 †Commerzbank...... 167,606 1,083,148 Continental...... 20,051 2,984,294 Hong Kong–3.24% Covestro ...... 33,739 2,078,774 AIA Group ...... 2,261,800 27,562,563 Daimler ...... 161,118 11,419,930 ASM Pacific Technology . 65,000 858,434 †Delivery Hero ...... 23,631 3,695,626 Bank of East Asia ...... 277,746 594,173 †Deutsche Bank ...... 359,510 3,954,245 BOC Hong Kong Deutsche Boerse ...... 35,476 6,040,580 Holdings ...... 668,000 2,024,858 †Deutsche Lufthansa..... 50,640 670,059 CK Asset Holdings ...... 501,424 2,565,736 Deutsche Post...... 185,866 9,207,013 CK Hutchison Holdings .. 522,660 3,649,123 Deutsche Telekom ...... 628,122 11,464,850 CK Infrastructure Deutsche Wohnen...... 61,497 3,281,159 Holdings ...... 141,000 757,226 E.ON...... 417,212 4,619,887 CLP Holdings ...... 320,500 2,963,547 Evonik Industries ...... 40,700 1,330,260 †ESR Cayman ...... 318,200 1,142,228 Fresenius & Co...... 76,086 3,518,354 †Galaxy Entertainment Fresenius Medical Care Group ...... 423,000 3,292,859 &Co...... 38,355 3,198,322 Hang Lung Properties ... 431,000 1,135,797 GEA Group ...... 25,921 927,121 Hang Seng Bank ...... 146,900 2,535,207 Hannover Rueck...... 10,828 1,725,510 Henderson Land HeidelbergCement ...... 28,088 2,091,306 Development ...... 236,149 917,357 †HelloFresh ...... 27,945 2,161,605 HK Electric Investments . 564,808 555,882 Henkel & Co...... 19,599 1,888,570 HKT Trust ...... 806,592 1,046,093 HOCHTIEF ...... 5,270 512,832 Hong Kong & China Gas . 2,078,437 3,109,564 Infineon Technologies ... 246,944 9,430,447 Hong Kong Exchanges & KION Group ...... 12,297 1,066,421 Clearing ...... 226,908 12,446,288 Knorr-Bremse ...... 13,717 1,871,464 Hongkong Land LANXESS...... 15,612 1,187,303 Holdings ...... 248,700 1,027,172 LEG Immobilien...... 12,969 2,012,073 Jardine Matheson Merck...... 23,601 4,047,909 Holdings ...... 39,700 2,220,743 MTU Aero Engines ...... 9,472 2,469,058 Jardine Strategic Muenchener Holdings ...... 35,900 893,192 Rueckversicherungs-Gesellschaft Link REIT ...... 380,210 3,452,981 in Muenchen Class R... 26,265 7,804,020 †Melco Resorts & Nemetschek ...... 12,664 941,167 Entertainment ADR ... 44,746 830,038 †Puma ...... 17,680 1,989,475 MTR ...... 283,296 1,584,371

LVIP SSGA International Index Fund–7 LVIP SSGA International Index Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK (continued) ΔCOMMON STOCK (continued) Hong Kong (continued) Italy (continued) New World Development . 280,869 $ 1,306,717 DiaSorin ...... 4,246 $ 886,525 PCCW...... 819,483 493,491 Enel ...... 1,536,459 15,633,052 Power Assets Holdings... 254,000 1,375,571 Eni ...... 471,876 4,926,248 Sands China ...... 423,468 1,849,453 Ferrari ...... 23,451 5,439,256 Sino Land ...... 682,363 887,970 †FinecoBank Banca †SJM Holdings ...... 422,591 473,800 Fineco ...... 108,256 1,785,360 Sun Hung Kai Properties. 255,005 3,261,253 Infrastrutture Wireless Swire Pacific Class A .... 106,000 583,891 Italiane ...... 52,629 637,993 Swire Properties...... 249,361 725,000 †Intesa Sanpaolo ...... 3,095,768 7,317,519 Techtronic Industries ... 264,500 3,780,610 Mediobanca Banca di WH Group ...... 1,768,293 1,482,805 Credito Finanziario .... 101,836 942,678 Wharf Real Estate †Moncler ...... 35,950 2,210,228 Investment ...... 317,000 1,647,483 †Nexi SpA ...... 83,097 1,653,556 †Wynn Macau ...... 332,353 559,171 Poste Italiane ...... 111,347 1,138,942 Xinyi Glass Holdings .... 344,000 962,182 Prysmian ...... 42,244 1,503,575 96,554,829 Recordati Industria Chimica e Ireland–0.69% Farmaceutica...... 16,947 942,403 CRH ...... 146,559 6,232,651 Snam ...... 388,864 2,196,146 †Flutter Entertainment... 28,751 5,846,089 Telecom Italia...... 1,310,035 608,051 Kerry Group Class A..... 29,457 4,278,435 Telecom Italia RSP...... 1,284,683 669,402 †Kingspan Group ...... 29,527 2,070,513 Tenaris...... 100,642 815,577 Smurfit Kappa Group.... 45,926 2,134,253 Terna Rete Elettrica 20,561,941 Nazionale ...... 268,067 2,059,875 †UniCredit...... 387,676 3,632,290 Isle Of Man–0.05% 65,063,071 †GVC Holdings ...... 102,403 1,588,353 1,588,353 Japan–25.40% ABC-Mart ...... 7,000 389,216 Israel–0.62% Acom ...... 85,100 363,356 Azrieli Group ...... 9,046 574,937 Advantest ...... 37,400 2,801,329 †Bank Hapoalim...... 203,905 1,400,469 Aeon...... 125,500 4,117,198 Bank Leumi Le-Israel ... 284,784 1,681,010 Aeon Mall ...... 21,790 359,879 †Check Point Software AGC ...... 34,200 1,195,941 Technologies ...... 20,064 2,666,706 Air Water ...... 31,800 565,824 †CyberArk Software...... 8,000 1,292,720 Aisin Seiki...... 34,700 1,040,625 Elbit Systems ...... 5,177 682,451 Ajinomoto ...... 86,600 1,962,332 ICL Group ...... 150,076 766,092 Alfresa Holdings ...... 41,800 766,164 Israel Discount Bank Amada ...... 70,600 776,895 Class A ...... 248,083 957,864 †ANA Holdings ...... 24,500 541,342 Mizrahi Tefahot Bank ... 29,977 695,392 Asahi Group Holdings ... 85,900 3,537,550 †Nice ...... 12,035 3,404,912 Asahi Intecc ...... 33,700 1,230,902 †Teva Pharmaceutical Asahi Kasei ...... 226,400 2,320,630 Industries ...... 139,930 1,351,880 Astellas Pharma ...... 347,200 5,375,961 †Teva Pharmaceutical Azbil...... 23,300 1,274,558 Industries ADR ...... 55,369 534,311 Bandai Namco Holdings . 36,700 3,178,247 †Wix.com...... 10,400 2,599,584 Bank of Kyoto ...... 11,300 589,163 18,608,328 Bridgestone...... 100,600 3,299,262 Brother Industries ...... 47,500 980,564 Italy–2.18% Calbee ...... 17,100 515,471 †Amplifon ...... 23,545 978,675 Canon ...... 194,700 3,771,830 Assicurazioni Generali... 215,042 3,765,039 Capcom ...... 16,600 1,076,554 †Atlantia ...... 91,704 1,655,986 Casio Computer ...... 39,300 719,209 †CNH Industrial ...... 199,711 2,510,449 Central Japan Railway... 26,100 3,690,628 Davide Campari-Milano.. 100,699 1,154,246 Chiba Bank ...... 80,000 441,461

LVIP SSGA International Index Fund–8 LVIP SSGA International Index 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) Japan (continued) Chubu Electric Power ... 115,900 $ 1,398,678 Inpex ...... 206,100 $ 1,111,355 Chugai Pharmaceutical .. 125,300 6,685,400 Isuzu Motors ...... 117,500 1,118,557 Chugoku Electric Power . 59,300 695,917 Ito En...... 11,700 740,868 Coca-Cola Bottlers Japan ITOCHU ...... 252,100 7,250,425 Holdings ...... 26,400 412,376 Itochu Techno-Solutions . 20,500 732,014 Concordia Financial †Japan Airlines...... 24,500 472,466 Group ...... 225,700 796,173 Japan Airport Terminal .. 10,800 655,417 Cosmos Pharmaceutical . 4,300 694,354 Japan Exchange Group .. 97,800 2,498,966 CyberAgent ...... 17,400 1,200,332 Japan Post Bank...... 86,300 709,353 Dai Nippon Printing..... 52,400 942,552 Japan Post Holdings..... 284,400 2,215,231 Daifuku ...... 18,900 2,338,790 Japan Post Insurance ... 47,500 973,945 Dai-ichi Life Holdings ... 207,100 3,120,043 Japan Real Estate Daiichi Sankyo ...... 320,500 10,983,591 Investment ...... 241 1,392,581 Daikin Industries ...... 46,900 10,433,705 Japan Retail Fund Daito Trust Construction. 11,300 1,056,036 Investment ...... 558 1,015,531 Daiwa House Industry ... 109,600 3,258,702 Japan Tobacco ...... 222,900 4,544,296 Daiwa House REIT †JFE Holdings...... 80,600 773,865 Investment ...... 398 984,599 JSR...... 41,000 1,143,186 Daiwa Securities Group.. 260,800 1,187,900 Kajima ...... 73,600 987,344 Denso...... 78,900 4,696,186 Kakaku.com ...... 29,000 793,827 Dentsu ...... 41,900 1,247,022 Kansai Electric Power ... 122,200 1,155,776 Disco ...... 5,700 1,921,087 Kansai Paint ...... 36,800 1,134,373 East Japan Railway ..... 54,700 3,649,332 Kao...... 90,300 6,976,232 Eisai...... 45,400 3,246,697 KDDI ...... 303,300 8,992,919 ENEOS Holdings...... 551,960 1,982,476 Keihan Holdings ...... 20,500 982,836 FANUC ...... 36,000 8,886,565 Keikyu ...... 47,000 806,312 Fast Retailing ...... 11,000 9,863,471 Keio ...... 18,000 1,396,530 Fuji Electric ...... 27,000 974,593 Keisei Electric Railway .. 27,600 934,258 FUJIFILM Holdings ..... 65,100 3,434,155 Keyence...... 34,476 19,393,322 Fujitsu ...... 36,500 5,275,543 Kikkoman ...... 26,900 1,872,158 Fukuoka Financial Kintetsu Group Holdings . 31,600 1,384,879 Group ...... 36,700 654,175 Kirin Holdings...... 154,600 3,650,569 GLP J-REIT...... 633 998,881 Kobayashi GMO Payment Gateway .. 7,700 1,034,752 Pharmaceutical ...... 8,100 990,033 Hakuhodo DY Holdings .. 49,700 682,918 Kobe Bussan ...... 27,000 829,575 Hamamatsu Photonics... 25,300 1,447,509 Koei Tecmo Holdings .... 8,600 525,018 Hankyu Hanshin Koito Manufacturing .... 17,500 1,190,978 Holdings ...... 42,100 1,400,334 Komatsu ...... 159,200 4,393,644 Harmonic Drive Systems . 7,300 653,252 Konami Holdings ...... 19,900 1,119,698 Hikari Tsushin ...... 4,500 1,055,853 Kose ...... 5,400 922,752 Hino Motors ...... 61,200 522,451 Kubota...... 200,000 4,369,523 Hirose Electric ...... 5,387 817,591 Kuraray ...... 68,100 725,071 Hisamitsu Kurita Water Industries.. 21,100 806,541 Pharmaceutical ...... 7,300 433,918 Kyocera ...... 58,000 3,559,947 Hitachi...... 181,200 7,151,837 Kyowa Kirin...... 51,800 1,414,556 Hitachi Construction Kyushu Electric Power .. 80,800 697,049 Machinery...... 22,900 651,127 Kyushu Railway ...... 34,100 735,637 †Hitachi Metals ...... 45,700 694,820 Lasertec ...... 13,500 1,584,534 Honda Motor...... 306,300 8,642,645 Lawson ...... 10,700 497,935 Hoshizaki...... 8,500 780,507 Lion ...... 42,200 1,022,285 Hoya...... 70,600 9,777,733 LIXIL Group ...... 55,200 1,197,104 Hulic ...... 64,600 710,611 M3 ...... 82,500 7,793,555 Ibiden ...... 20,000 934,943 Makita ...... 42,500 2,131,676 Idemitsu Kosan...... 41,783 919,931 Marubeni...... 309,000 2,058,685 Iida Group Holdings..... 31,400 634,851 Marui Group ...... 39,100 688,551

LVIP SSGA International Index Fund–9 LVIP SSGA International Index 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) Japan (continued) Mazda Motor...... 121,200 $ 811,301 Nomura Real Estate McDonald’s Holdings .... 14,200 688,150 Holdings ...... 26,700 $ 592,035 Medipal Holdings ...... 37,600 707,079 Nomura Real Estate MEIJI Holdings...... 20,768 1,461,646 Master Fund...... 729 1,043,230 †Mercari ...... 14,200 629,469 Nomura Research MINEBEA MITSUMI .... 71,500 1,422,476 Institute ...... 59,207 2,118,043 MISUMI Group ...... 56,300 1,848,177 NSK ...... 74,300 646,604 Mitsubishi ...... 249,800 6,158,025 NTT Data...... 114,300 1,564,573 Mitsubishi Chemical Obayashi ...... 116,800 1,008,517 Holdings ...... 227,600 1,378,880 Obic ...... 13,200 2,652,906 Mitsubishi Electric...... 339,000 5,123,525 Odakyu Electric Railway . 53,100 1,667,775 Mitsubishi Estate ...... 230,600 3,706,394 Oji Holdings ...... 183,800 1,046,391 Mitsubishi Gas Chemical. 34,200 786,443 Olympus...... 216,500 4,740,028 Mitsubishi Heavy Omron ...... 35,700 3,186,983 Industries ...... 62,800 1,923,318 Ono Pharmaceutical .... 69,500 2,094,368 Mitsubishi UFJ Financial Oracle ...... 8,200 1,068,908 Group ...... 2,300,600 10,186,177 Oriental Land ...... 37,400 6,179,651 Mitsubishi UFJ Lease & ORIX ...... 237,600 3,655,265 Finance...... 85,900 412,482 Orix JREIT ...... 554 916,498 Mitsui & Co...... 303,900 5,571,791 Osaka Gas ...... 75,700 1,551,665 Mitsui Chemicals ...... 38,000 1,116,262 Otsuka ...... 19,600 1,033,842 Mitsui Fudosan...... 178,400 3,735,616 Otsuka Holdings ...... 73,400 3,144,926 Miura ...... 13,800 770,428 Pan Pacific International Mizuho Financial Group . 450,682 5,720,136 Holdings ...... 76,300 1,762,813 MonotaRO ...... 21,800 1,107,196 Panasonic ...... 402,600 4,693,199 MS&AD Insurance Group †PeptiDream...... 19,800 1,007,167 Holdings ...... 85,054 2,587,771 Persol Holdings...... 37,800 682,922 Murata Manufacturing... 107,900 9,768,134 Pigeon ...... 24,600 1,015,308 Nabtesco ...... 24,000 1,053,425 Pola Orbis Holdings ..... 19,500 395,977 Nagoya Railroad ...... 39,800 1,050,156 Rakuten...... 161,700 1,556,012 NEC ...... 49,000 2,631,773 Recruit Holdings...... 255,100 10,714,950 Nexon...... 87,800 2,709,059 †Renesas Electronics..... 145,600 1,523,993 NGK Insulators...... 54,500 842,119 Resona Holdings...... 416,100 1,456,670 NGK Spark Plug ...... 33,400 570,370 Ricoh ...... 144,400 949,557 NH Foods...... 17,500 770,778 Rinnai ...... 7,200 836,943 Nidec ...... 84,100 10,639,319 Rohm ...... 16,000 1,551,051 Nihon M&A Center...... 27,500 1,839,014 Ryohin Keikaku ...... 50,900 1,041,645 Nintendo ...... 21,100 13,544,959 Santen Pharmaceutical .. 61,600 1,000,460 Nippon Building Fund ... 279 1,618,116 SBI Holdings ...... 39,170 931,822 Nippon Express...... 12,000 807,200 SCSK ...... 11,400 651,914 Nippon Paint Holdings... 26,800 2,944,848 Secom ...... 37,900 3,496,340 Nippon Prologis REIT ... 424 1,324,600 Sega Sammy Holdings ... 36,900 582,498 Nippon Shinyaku ...... 9,600 630,143 Seibu Holdings ...... 42,300 414,940 †Nippon Steel ...... 151,822 1,958,074 Seiko Epson ...... 58,100 863,373 Nippon Telegraph & Sekisui Chemical ...... 61,200 1,160,433 Telephone...... 240,300 6,165,853 Sekisui House ...... 113,900 2,320,348 Nippon Yusen ...... 32,600 760,582 Seven & i Holdings ...... 139,900 4,953,938 Nissan Chemical...... 22,100 1,385,770 SG Holdings ...... 61,400 1,674,150 †Nissan Motor...... 410,600 2,225,619 Sharp ...... 45,400 689,830 Nisshin Seifun Group.... 42,165 671,677 Shimadzu ...... 38,900 1,512,041 Nissin Foods Holdings ... 11,900 1,020,014 Shimamura ...... 4,700 493,852 Nitori Holdings ...... 15,100 3,157,432 Shimano ...... 14,500 3,394,142 Nitto Denko...... 29,800 2,669,485 Shimizu ...... 90,100 655,865 Nomura Holdings ...... 613,200 3,242,030 Shin-Etsu Chemical ..... 66,600 11,689,347 Shinsei Bank...... 19,500 240,900

LVIP SSGA International Index Fund–10 LVIP SSGA International Index 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) Japan (continued) Shionogi & Co...... 47,000 $ 2,569,562 Toppan Printing ...... 39,300 $ 554,978 Shiseido...... 74,500 5,157,204 Toray Industries ...... 273,200 1,620,459 Shizuoka Bank ...... 78,300 574,746 Toshiba ...... 69,300 1,940,982 SMC ...... 10,700 6,534,888 Tosoh ...... 55,400 865,578 Softbank ...... 537,500 6,746,693 TOTO ...... 24,000 1,444,522 SoftBank Group ...... 294,600 22,871,275 Toyo Suisan Kaisha...... 18,900 919,806 Sohgo Security Services.. 15,200 788,502 Toyoda Gosei...... 13,900 403,298 Sompo Holdings ...... 63,675 2,581,564 Toyota Industries ...... 26,900 2,137,233 Sony ...... 235,600 23,740,940 Toyota Motor...... 397,000 30,636,518 Square Enix Holdings ... 19,400 1,176,234 Toyota Tsusho ...... 36,900 1,493,214 Stanley Electric ...... 27,900 900,038 Trend Micro ...... 26,900 1,548,716 Subaru ...... 118,300 2,367,055 Tsuruha Holdings ...... 7,000 995,426 SUMCO ...... 53,100 1,165,987 Unicharm ...... 78,200 3,708,712 Sumitomo ...... 230,900 3,060,106 United Urban Sumitomo Chemical..... 243,300 980,689 Investment ...... 599 741,572 Sumitomo Dainippon USS ...... 46,700 944,317 Pharma ...... 25,500 376,877 Welcia Holdings ...... 20,200 761,992 Sumitomo Electric West Japan Railway ..... 30,100 1,576,038 Industries ...... 141,800 1,878,963 Yakult Honsha...... 25,500 1,286,013 Sumitomo Metal Mining . 45,700 2,032,781 Yamada Denki...... 133,900 711,413 Sumitomo Mitsui Yamaha ...... 24,200 1,425,968 Financial Group...... 244,500 7,579,047 Yamaha Motor...... 57,700 1,177,715 Sumitomo Mitsui Trust Yamato Holdings...... 55,600 1,419,618 Holdings ...... 63,446 1,957,607 Yamazaki Baking ...... 15,300 255,532 Sumitomo Realty & Yaskawa Electric ...... 44,600 2,223,547 Development ...... 57,000 1,759,749 Yokogawa Electric ...... 34,900 696,087 Sundrug...... 15,300 611,493 Z Holdings ...... 504,100 3,050,427 Suntory Beverage & ZOZO ...... 18,100 445,881 Food ...... 29,000 1,027,162 757,579,533 Suzuken Aichi...... 15,450 558,887 Suzuki Motor...... 71,400 3,309,783 Luxembourg–0.07% Sysmex...... 31,800 3,826,384 †Eurofins Scientific ...... 24,820 2,080,955 T&D Holdings ...... 98,800 1,168,690 2,080,955 Taiheiyo Cement...... 25,700 643,761 Taisei ...... 33,500 1,155,701 Malta–0.00% Taisho Pharmaceutical =†πAZ. BGP Holdings...... 160,069 0 Holdings ...... 7,700 519,221 0 Taiyo Nippon Sanso ..... 27,700 515,262 Takeda Pharmaceutical.. 296,775 10,740,096 Mexico–0.02% TDK ...... 24,600 3,711,733 Fresnillo ...... 34,836 538,063 Teijin ...... 38,000 715,088 538,063 Terumo ...... 120,200 5,029,920 THK ...... 25,700 831,160 Netherlands–4.74% TIS ...... 42,100 863,030 †ABN AMRO Bank ...... 90,153 883,399 Tobu Railway...... 32,800 977,972 †Adyen...... 3,390 7,876,803 Toho (Tokyo)...... 17,600 742,344 Aegon...... 348,378 1,389,633 Toho Gas ...... 15,900 1,053,382 Akzo Nobel ...... 35,546 3,815,316 Tohoku Electric Power... 94,800 782,400 †Altice Europe Class A ... 96,684 626,193 Tokio Marine Holdings... 118,000 6,079,543 †Argenx ...... 8,077 2,380,137 Tokyo Century...... 9,100 722,166 ASML Holding...... 79,752 38,614,081 †Tokyo Electric Power .... 216,200 571,069 EXOR ...... 19,565 1,589,208 Tokyo Electron ...... 28,100 10,497,114 †Heineken...... 48,292 5,381,608 Tokyo Gas ...... 74,700 1,728,945 †Heineken Holding...... 20,303 1,911,084 Tokyu ...... 90,300 1,121,970 †ING Groep ...... 729,716 6,784,782 Tokyu Fudosan Holdings . 130,400 696,546 †Jde Peet ...... 14,174 642,938

LVIP SSGA International Index Fund–11 LVIP SSGA International Index Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK (continued) ΔCOMMON STOCK (continued) Netherlands (continued) Singapore (continued) †Just Eat Takeaway.com .. 24,662 $ 2,780,712 City Developments ...... 96,900 $ 584,128 Koninklijke Ahold DBS Group Holdings .... 337,981 6,404,986 Delhaize ...... 205,444 5,795,848 Genting Singapore ...... 1,288,800 830,039 Koninklijke DSM ...... 32,147 5,528,358 Keppel ...... 237,415 966,845 Koninklijke KPN...... 643,222 1,954,939 Mapletree Commercial †Koninklijke Philips...... 172,090 9,270,064 Trust ...... 425,700 686,216 Koninklijke Vopak ...... 14,985 786,993 Mapletree Logistics NN Group ...... 54,603 2,360,500 Trust ...... 594,382 904,629 †Prosus ...... 91,713 9,903,049 Oversea-Chinese †Randstad ...... 20,790 1,345,793 Banking...... 613,673 4,676,488 Royal Dutch Shell †Singapore Airlines ...... 245,550 796,742 Class A ...... 773,414 13,562,890 Singapore Exchange .... 130,100 913,822 Royal Dutch Shell Singapore Technologies Class B ...... 697,876 11,828,098 Engineering ...... 338,800 980,512 Wolters Kluwer ...... 50,680 4,275,727 Singapore 141,288,153 Telecommunications ... 1,586,200 2,769,728 Suntec Real Estate New Zealand–0.39% Investment Trust ...... 451,000 508,642 †a2 Milk...... 130,118 1,131,697 United Overseas Bank ... 225,985 3,851,780 †Auckland International UOL Group ...... 98,851 576,407 Airport ...... 254,265 1,390,477 Venture ...... 58,600 861,643 Fisher & Paykel Wilmar International.... 315,600 1,111,173 Healthcare ...... 104,535 2,482,573 31,344,939 Mercury ...... 143,836 676,918 Meridian Energy...... 209,654 1,122,823 Spain–2.43% Ryman Healthcare ...... 85,251 935,293 ACS Actividades de Spark New Zealand ..... 360,164 1,219,952 Construccion y †Xero ...... 22,960 2,605,939 Servicios ...... 46,130 1,532,583 11,565,672 †Aena SME ...... 12,179 2,117,310 Amadeus IT Group ...... 84,092 6,207,440 Norway–0.60% Banco Bilbao Vizcaya †Adevinta ...... 48,699 818,632 Argentaria ...... 1,239,407 6,143,247 †DNB ...... 184,700 3,619,309 †Banco Santander ...... 3,290,625 10,261,284 Equinor ...... 184,805 3,118,858 CaixaBank...... 710,663 1,826,599 Gjensidige Forsikring.... 42,625 951,362 Cellnex Telecom...... 57,638 3,461,331 †Marine Harvest...... 87,085 1,939,906 Enagas...... 48,905 1,075,897 Norsk Hydro ...... 220,326 1,025,414 Endesa...... 59,943 1,644,171 Orkla ...... 146,216 1,484,448 Ferrovial ...... 88,478 2,446,460 †Schibsted Class A...... 14,296 609,293 Grifols ...... 60,616 1,769,773 †Schibsted Class B...... 20,889 775,411 Iberdrola ...... 1,140,732 16,392,649 Telenor ...... 130,632 2,217,446 Industria de Diseno Yara International ...... 30,915 1,282,525 Textil ...... 204,094 6,477,905 17,842,604 Naturgy Energy Group ... 55,524 1,291,161 Red Electrica ...... 77,676 1,594,771 Portugal–0.18% Repsol ...... 270,135 2,721,372 Energias de Portugal .... 539,677 3,387,285 Siemens Gamesa Galp Energia...... 97,481 1,032,947 Renewable Energy..... 41,919 1,702,176 Jeronimo Martins...... 53,648 901,808 Telefonica ...... 906,827 3,607,021 5,322,040 Telefonica ...... 50,379 199,716 72,472,866 Singapore–1.05% Ascendas Real Estate Sweden–3.29% Investment Trust ...... 618,765 1,396,836 †Alfa Laval ...... 61,731 1,704,792 CapitaLand ...... 498,928 1,237,975 †ArcelorMittal ...... 129,423 2,959,897 CapitaLand Mall Trust... 786,552 1,286,348 Assa Abloy Class B ...... 186,274 4,603,205

LVIP SSGA International Index Fund–12 LVIP SSGA International Index Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK (continued) ΔCOMMON STOCK (continued) Sweden (continued) Switzerland (continued) Atlas Copco Class A ..... 125,590 $ 6,454,874 Chocoladefabriken Lindt Atlas Copco Class B ..... 76,126 3,417,103 & Spruengli ...... 18 $ 1,807,934 Boliden ...... 48,436 1,718,380 Cie Financiere Electrolux Class B ...... 48,070 1,118,441 Richemont Class A .... 97,995 8,853,061 Epiroc Class A...... 131,609 2,391,957 Clariant ...... 42,447 900,555 Epiroc Class B ...... 64,917 1,095,909 †Credit Suisse Group ..... 452,690 5,844,622 EQT ...... 40,244 1,021,540 EMS-Chemie Holding.... 1,433 1,378,492 Essity Class B ...... 109,912 3,541,273 Geberit ...... 6,868 4,299,166 Evolution Gaming Group . 30,256 3,041,771 Givaudan ...... 1,730 7,319,322 †Fastighets Balder †Glencore ...... 1,857,356 5,898,579 Class B ...... 19,148 999,799 Julius Baer Group ...... 40,492 2,332,805 †Hennes & Mauritz Kuehne + Nagel Class B ...... 155,571 3,265,757 International Class R .. 10,231 2,321,603 Hexagon Class B...... 54,486 4,995,385 †LafargeHolcim ...... 97,420 5,347,166 Husqvarna Class B ...... 89,012 1,155,192 Logitech International .. 29,939 2,906,925 ICA Gruppen...... 19,291 964,949 Lonza Group ...... 14,006 9,022,196 †Industrivarden ...... 20,204 673,141 Nestle ...... 540,617 63,907,022 †Industrivarden Class C .. 26,548 858,091 Novartis ...... 416,028 39,172,317 Investment AB Latour ... 32,465 786,390 Partners Group Holding.. 3,407 4,003,366 Investor Class B ...... 85,063 6,191,168 Roche Holding ...... 131,728 45,880,660 †Kinnevik ...... 42,451 2,132,593 Schindler Holding ...... 10,684 2,888,851 †L E Lundbergforetagen SGS ...... 1,113 3,354,995 Class B ...... 16,198 869,003 †Siemens Energy ...... 77,576 2,843,122 Lundin Energy ...... 39,900 1,081,396 Sika ...... 26,553 7,238,168 Nibe Industrier Class B .. 55,297 1,813,398 †Sonova Holding...... 9,982 2,596,254 †Sandvik ...... 209,592 5,169,284 Straumann Holding Securitas Class B ...... 66,735 1,076,676 Class R ...... 1,969 2,306,527 †Skandinaviska Enskilda Swatch Group ...... 5,499 1,494,865 Banken Class A ...... 318,208 3,276,742 Swatch Group (Swiss Skanska Class B ...... 69,126 1,761,608 Exchange) ...... 10,692 564,239 SKF Class B...... 67,766 1,763,221 †Swiss Life Holding ...... 5,805 2,707,861 †Svenska Cellulosa Swiss Prime Site...... 13,839 1,356,661 Class B ...... 111,068 1,941,927 Swiss Re ...... 54,782 5,161,186 †Svenska Handelsbanken Swisscom...... 5,025 2,706,149 Class A ...... 303,246 3,056,729 Temenos ...... 13,307 1,854,058 †Swedbank Class A ...... 176,489 3,095,685 †UBS Group ...... 689,647 9,710,113 Swedish Match ...... 29,458 2,292,443 Vifor Pharma...... 8,227 1,293,058 Tele2 Class B...... 85,945 1,136,879 Zurich Insurance Group . 28,349 11,946,861 Telefonaktiebolaget LM 294,407,956 Ericsson Class B ...... 546,121 6,496,356 Telia...... 460,086 1,900,088 United Kingdom–12.77% †Volvo Class B...... 269,277 6,374,618 3i Group...... 187,019 2,958,065 98,197,660 Admiral Group ...... 33,444 1,322,438 Anglo American ...... 229,457 7,577,183 Switzerland–9.87% Ashtead Group ...... 87,052 4,100,236 ABB ...... 346,646 9,723,138 †Associated British Foods. 62,541 1,930,933 Adecco Group ...... 30,794 2,050,983 AstraZeneca ...... 245,411 24,470,733 †Alcon ...... 91,888 6,101,003 †Auto Trader Group ...... 198,040 1,611,994 Baloise Holding ...... 9,065 1,610,597 AVEVA Group...... 24,250 1,058,721 Banque Cantonale Aviva ...... 764,094 3,398,715 Vaudoise ...... 6,612 719,707 BAE Systems...... 588,364 3,923,667 Barry Callebaut ...... 524 1,248,760 †Barclays...... 3,236,892 6,493,508 Chocoladefabriken Lindt †Barratt Developments ... 183,734 1,679,716 & Spruengli ...... 178 1,735,009 Berkeley Group Holdings. 24,639 1,593,837 BHP Group ...... 396,833 10,478,133

LVIP SSGA International Index Fund–13 LVIP SSGA International Index Fund Statement of Net Assets (continued)

Number of Value Number of Value Shares (U.S. $) Shares (U.S. $) ΔCOMMON STOCK (continued) ΔCOMMON STOCK (continued) United Kingdom (continued) United Kingdom (continued) BP ...... 3,820,822 $ 13,184,671 †Rolls-Royce Holdings .... 1,489,211 $ 2,253,810 British American †Royal Bank of Scotland Tobacco...... 433,829 16,111,051 Group ...... 953,704 2,180,152 British Land ...... 163,163 1,092,786 RSA Insurance Group ... 183,937 1,704,886 †BT Group...... 1,663,745 2,998,832 Sage Group ...... 208,528 1,655,759 Bunzl ...... 67,410 2,250,678 Schroders ...... 26,494 1,208,020 †Burberry Group ...... 73,384 1,792,045 Segro ...... 224,506 2,913,133 Coca-Cola European Severn Trent ...... 48,354 1,509,517 Partners ...... 39,560 1,913,039 Smith & Nephew ...... 157,531 3,272,309 †Coca-Cola HBC ...... 33,062 1,070,648 Smiths Group ...... 71,202 1,464,555 Compass Group...... 333,350 6,217,429 Spirax-Sarco Croda International ..... 25,673 2,308,771 Engineering ...... 12,924 1,994,999 DCC ...... 17,612 1,246,267 SSE...... 202,189 4,141,474 Diageo ...... 441,991 17,489,038 †St James’s Place...... 94,330 1,459,670 Direct Line Insurance †Standard Chartered ..... 481,445 3,057,149 Group ...... 223,056 975,582 Standard Lifeerdeen .... 386,363 1,480,931 Evraz ...... 108,304 692,163 †Taylor Wimpey ...... 619,178 1,400,556 Experian ...... 170,128 6,462,931 Tesco ...... 1,795,058 5,664,784 †Fiat Chrysler Unilever...... 492,410 29,691,152 Automobiles ...... 211,443 3,819,942 United Utilities Group ... 138,566 1,694,796 GlaxoSmithKline ...... 949,141 17,367,345 Vodafone Group ...... 5,025,312 8,254,012 Halma ...... 68,764 2,302,924 †Whitbread ...... 36,026 1,525,940 Hargreaves Lansdown ... 58,970 1,227,878 Wm Morrison Hikma Pharmaceuticals . 31,884 1,095,873 Supermarkets...... 393,433 951,992 †HSBC Holdings (London WPP ...... 230,564 2,498,389 Shares) ...... 3,809,558 19,677,278 380,898,648 Imperial Brands ...... 171,094 3,588,625 Total Common Stock †Informa ...... 284,265 2,125,554 (Cost $1,948,604,625) ...... 2,955,354,547 †InterContinental Hotels Group ...... 30,607 1,983,794 PREFERRED STOCKS–0.55% Intertek Group ...... 31,070 2,399,854 Germany–0.55% J Sainsbury ...... 376,349 1,156,787 Bayerische Motoren †JD Sports Fashion ...... 92,481 1,086,490 Werke 5.70% ...... 11,962 805,820 Johnson Matthey ...... 33,416 1,107,094 Fuchs Petrolub 2.36% .... 14,812 835,730 †Kingfisher ...... 361,471 1,335,686 Henkel & Co...... 32,190 3,629,566 Land Securities Group... 134,293 1,240,332 Porsche Automobil Legal & General Group .. 1,090,080 3,972,703 Holding ...... 28,687 1,981,607 †Lloyds Banking Group ... 13,223,028 6,592,446 Sartorius ...... 6,519 2,745,669 London Stock Exchange Volkswagen 2.67%...... 34,696 6,484,118 Group ...... 59,197 7,307,071 Total Preferred Stocks M&G...... 494,069 1,333,577 (Cost $11,148,848) ...... 16,482,510 †Melrose Industries ...... 964,635 2,350,230 Mondi...... 85,701 2,008,133 RIGHTS–0.01% National Grid ...... 659,201 7,790,062 Spain–0.01% †Next ...... 23,591 2,274,790 †Repsol ...... 270,135 92,634 †Ocado Group...... 86,932 2,718,374 Total Rights Pearson ...... 130,670 1,199,322 (Cost $94,802)...... 92,634 Persimmon ...... 57,667 2,176,513 Phoenix Group Holdings . 103,913 995,798 WARRANT–0.00% Prudential...... 489,805 9,006,516 Switzerland–0.00% Reckitt Benckiser Group. 134,015 11,961,410 †Cie Financiere Richemont RELX (London Stock exp 11/23/22 exercise Exchange) ...... 362,845 8,877,882 price CHF 1.2500 ...... 195,990 50,918 †Rentokil Initial ...... 357,766 2,494,405 Total Warrant Rio Tinto ...... 211,791 15,942,165 (Cost $0) ...... 50,918

LVIP SSGA International Index Fund–14 LVIP SSGA International Index Fund Statement of Net Assets (continued)

TOTAL INVESTMENTS–99.65% (Cost $1,959,848,275) ...... $2,971,980,609 RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.35%...... 10,513,346 NET ASSETS APPLICABLE TO 287,494,399 SHARES OUTSTANDING–100.00%...... $2,982,493,955

NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND STANDARD CLASS ($2,671,740,650 / 257,542,959 Shares) ...... $10.374

NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND SERVICE CLASS ($310,753,305 / 29,951,440 Shares) ...... $10.375

COMPONENTS OF NET ASSETS AT DECEMBER 31, 2020: Shares of beneficial interest (unlimited authorization–no par) ...... $2,347,628,719 Distributable earnings/(accumulated loss) ...... 634,865,236 TOTAL NET ASSETS...... $2,982,493,955

Δ Securities have been classified by country of origin. † Non-income producing. = The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in ЉNotes to Financial Statements.Љ π Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At December 31, 2020, the aggregate value of restricted securities was $0, which represented 0.00% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. Restricted Securities

Investment Date of Acquisition Cost Value AZ.BGPHoldings...... 8/19/2009 $— $— ૽ Includes $950,400 cash collateral held at broker for futures contracts, $1,625,371 payable for fund shares redeemed, $376,941 other accrued expenses payable, $841,661 due to manager and affiliates, $2,806,002 due to custodian and $103,233 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: 120 E-mini MSCI EAFE Index $12,784,800 $12,794,467 3/19/21 $— $(9,667) 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 International Index Fund–15 LVIP SSGA International Index Fund Statement of Net Assets (continued)

Summary of Abbreviations: ADR–American Depositary Receipt CHF–Swiss Franc EAFE–Europe Australasia Far East FDR–Fiduciary Depositary Receipt HSBC–Hong Kong and Shanghai Banking Corporation MSCI–Morgan Stanley Capital International REIT–Real Estate Investment Trust RSP–Risparmio Italian Savings Shares See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Index Fund–16 LVIP SSGA International Index Fund LVIP SSGA International Index Fund Statement of Operations Statements of Changes in Net Assets Year Ended December 31, 2020 Year Ended INVESTMENT INCOME: 12/31/20 12/31/19 Dividends ...... $ 74,649,550 INCREASE (DECREASE) IN Non-cash dividends ...... 4,664,548 NET ASSETS FROM Foreign taxes withheld...... (6,493,834) OPERATIONS: Net investment income...... $ 61,156,733 $ 78,482,679 72,820,264 Net realized loss...... (143,542,811) (17,507,260) EXPENSES: Net change in unrealized Management fees ...... 11,413,355 appreciation (depreciation) . . . 324,634,461 469,973,646 Index fees ...... 961,690 Net increase in net assets Shareholder servicing fees ...... 827,468 resulting from operations .... 242,248,383 530,949,065 Distribution fees-Service Class...... 694,080 DIVIDENDS AND Accounting and administration expenses ...... 508,516 DISTRIBUTIONS TO Custodianfees...... 280,467 SHAREHOLDERS FROM: Professional fees ...... 86,917 Distributable earnings: Trustees’ fees and expenses ...... 71,462 Standard Class ...... (60,133,269) (70,945,441) Reports and statements to shareholders ...... 64,258 Service Class...... (6,233,239) (6,839,559) Pricing fees...... 40,599 (66,366,508) (77,785,000) Consulting fees...... 4,605 CAPITAL SHARE Other...... 82,121 TRANSACTIONS: Proceeds from shares sold: 15,035,538 Standard Class ...... 590,483,055 622,544,372 Less: Service Class...... 30,115,619 23,836,612 Management fees waived...... (3,372,007) Reinvestment of dividends and Total operating expenses ...... 11,663,531 distributions: Standard Class ...... 60,133,269 70,945,441 NET INVESTMENT INCOME ...... 61,156,733 Service Class...... 6,233,239 6,839,559 686,965,182 724,165,984 NET REALIZED AND UNREALIZED GAIN (LOSS): Cost of shares redeemed: Net realized loss from: Standard Class ...... (1,018,504,375) (433,716,568) Service Class...... (47,207,102) (55,500,342) Investments ...... (125,013,676) Foreigncurrencies...... (1,913,476) (1,065,711,477) (489,216,910) Futures contracts ...... (16,615,659) Increase (decrease) in net assets derived from capital Net realized loss ...... (143,542,811) sharetransactions...... (378,746,295) 234,949,074 Net change in unrealized appreciation NET INCREASE (DECREASE) (depreciation) of: IN NET ASSETS ...... (202,864,420) 688,113,139 Investments ...... 325,203,416 NET ASSETS: Foreigncurrencies...... 633,623 Beginning of year ...... 3,185,358,375 2,497,245,236 Futures contracts ...... (1,202,578) Endofyear...... $ 2,982,493,955 $3,185,358,375 Net change in unrealized appreciation (depreciation)...... 324,634,461 See accompanying notes, which are an integral part of the financial statements. NET REALIZED AND UNREALIZED GAIN ...... 181,091,650 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $ 242,248,383

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

LVIP SSGA International Index Fund–17 LVIP SSGA International Index Fund Financial Highlights Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA International Index Fund Standard Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 9.843 $ 8.305 $ 9.906 $ 8.152 $ 8.326

Income (loss) from investment operations: Net investment income1 ...... 0.195 0.269 0.262 0.231 0.238 Net realized and unrealized gain (loss) ...... 0.568 1.518 (1.609) 1.775 (0.154) Total from investment operations...... 0.763 1.787 (1.347) 2.006 0.084

Less dividends and distributions from: Netinvestmentincome...... (0.232) (0.249) (0.254) (0.252) (0.258) Total dividends and distributions ...... (0.232) (0.249) (0.254) (0.252) (0.258)

Net asset value, end of period ...... $ 10.374 $ 9.843 $ 8.305 $ 9.906 $ 8.152

Total return2 ...... 7.85% 21.58% (13.70%) 24.69% 1.02%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $2,671,741 $2,881,403 $2,218,690 $2,671,016 $2,049,699 Ratio of expenses to average net assets...... 0.38% 0.38% 0.39% 0.40% 0.41% Ratio of expenses to average net assets prior to expenses waived/reimbursed ...... 0.50% 0.50% 0.51% 0.50% 0.49% Ratio of net investment income to average net assets ...... 2.17% 2.90% 2.71% 2.49% 2.94% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 2.05% 2.78% 2.59% 2.39% 2.86% Portfolio turnover...... 18% 8% 5% 8% 18%

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

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

LVIP SSGA International Index Fund–18 LVIP SSGA International Index Fund Financial Highlights (continued) Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP SSGA International Index Fund Service Class Year Ended 12/31/20 12/31/19 12/31/18 12/31/17 12/31/16 Net asset value, beginning of period ...... $ 9.846 $ 8.309 $ 9.908 $ 8.155 $ 8.330

Income (loss) from investment operations: Net investment income1...... 0.173 0.246 0.237 0.207 0.218 Net realized and unrealized gain (loss) ...... 0.565 1.515 (1.605) 1.775 (0.155) Total from investment operations ...... 0.738 1.761 (1.368) 1.982 0.063

Less dividends and distributions from: Netinvestmentincome...... (0.209) (0.224) (0.231) (0.229) (0.238) Total dividends and distributions...... (0.209) (0.224) (0.231) (0.229) (0.238)

Net asset value, end of period...... $ 10.375 $ 9.846 $ 8.309 $ 9.908 $ 8.155

Total return2 ...... 7.58% 21.28% (13.92%) 24.38% 0.76%

Ratios and supplemental data: Net assets, end of period (000 omitted) ...... $310,753 $303,955 $278,555 $314,070 $272,002 Ratio of expenses to average net assets ...... 0.63% 0.63% 0.64% 0.65% 0.66% Ratio of expenses to average net assets prior to expenses waived/reimbursed ...... 0.75% 0.75% 0.76% 0.75% 0.74% Ratio of net investment income to average net assets...... 1.92% 2.65% 2.46% 2.24% 2.69% Ratio of net investment income to average net assets prior to expenses waived/reimbursed ...... 1.80% 2.53% 2.34% 2.14% 2.61% Portfolio turnover ...... 18% 8% 5% 8% 18%

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

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

LVIP SSGA International Index Fund–19 LVIP SSGA International Index Fund 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 International Index Fund (the “Fund”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund 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 to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. The Fund’s investment objective is to seek to approximate as closely as practicable, before fees and expenses, the performance of a broad market index of non-U.S. foreign securities.

1. Significant Accounting Policies The Fund is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the 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 Fund. 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. 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 Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”). Futures contracts are valued at the daily quoted settlement prices. Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund’s federal income tax returns through the 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 Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2020, the Fund did not incur any interest or tax penalties. Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP SSGA International Index Fund–20 LVIP SSGA International Index Fund 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. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date. Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the 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 Fund’s investment portfolio, including monitoring of the Fund’s investment sub-adviser, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.40% of the Fund’s average daily net assets. LIAC has contractually agreed to waive a portion of its advisory fee as follows: 0.087% on the first $1 billion of the Fund’s average daily net assets and 0.135% of the Fund’s average daily net assets in excess of $1 billion. The 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 management fee, net of waivers, is calculated daily and paid monthly. LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s Operating Expenses exceed 0.40% of the average daily net assets for the Standard Class and 0.65% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2021, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. LIAC retains the right to receive reimbursements of excess amounts waived or paid by LIAC under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LIAC and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. As of December 31, 2020, no expense reimbursements were subject to recoupment. 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 the Fund’s average daily net assets. Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statement of Operations. For the year ended December 31, 2020, costs for these administrative and legal services were as follows: Administrative ...... $177,324 Legal...... 31,382 Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

LVIP SSGA International Index Fund–21 LVIP SSGA International Index Fund Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued) Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in “Reports and statements to shareholders” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $37,662 for the year ended December 31, 2020. The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, 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 fee is calculated daily and paid monthly. At December 31, 2020, the Fund had liabilities payable to affiliates as follows: Management fees payable to LIAC ...... $703,937 Distribution fees payable to LFD ...... 65,138 Shareholder servicing fees payable to Lincoln Life . 72,586 Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

3. Investments For the year ended December 31, 2020, the Fund made purchases and sales of investment securities other than short-term investments as follows: Purchases ...... $507,448,336 Sales...... 877,959,844 At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows: Cost of investments and derivatives ...... $2,035,964,577 Aggregate unrealized appreciation of investments and derivatives...... $1,061,234,907 Aggregate unrealized depreciation of investments and derivatives...... (125,216,060) Net unrealized appreciation of investments and derivatives...... $ 936,018,847

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

LVIP SSGA International Index Fund–22 LVIP SSGA International Index Fund Notes to Financial Statements (continued)

3. Investments (continued) Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations. The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of December 31, 2020:

Level 1 Level 2 Level 3 Total Investments: Assets: Common Stock Australia...... $ — $ 206,867,899 $ — $ 206,867,899 Austria ...... — 5,342,213 — 5,342,213 Belgium ...... 668,460 26,388,841 — 27,057,301 Chile...... — 1,304,145 — 1,304,145 China...... — 1,153,524 — 1,153,524 Denmark ...... — 74,192,613 — 74,192,613 Finland...... — 36,583,647 — 36,583,647 France...... 1,819,277 321,970,768 — 323,790,045 Germany...... 6,139,904 251,939,740 — 258,079,644 Greenland...... — 5,067,905 — 5,067,905 Hong Kong ...... 1,723,230 94,831,599 — 96,554,829 Ireland ...... 4,204,766 16,357,175 — 20,561,941 Isle Of Man ...... — 1,588,353 — 1,588,353 Israel...... 7,093,321 11,515,007 — 18,608,328 Italy...... — 65,063,071 — 65,063,071 Japan...... — 757,579,533 — 757,579,533 Luxembourg...... 2,080,955 — — 2,080,955 Malta...... — — —* — Mexico...... — 538,063 — 538,063 Netherlands...... 12,355,412 128,932,741 — 141,288,153 NewZealand...... — 11,565,672 — 11,565,672 Norway...... 1,939,906 15,902,698 — 17,842,604 Portugal...... — 5,322,040 — 5,322,040 Singapore...... — 31,344,939 — 31,344,939 Spain...... — 72,472,866 — 72,472,866 Sweden...... — 98,197,660 — 98,197,660 Switzerland ...... 2,843,122 291,564,834 — 294,407,956 United Kingdom ...... 16,727,964 364,170,684 — 380,898,648 Preferred Stocks...... — 16,482,510 — 16,482,510 Rights...... 92,634 — — 92,634 Warrant...... — 50,918 — 50,918 Total Investments ...... $57,688,951 $2,914,291,658 $ — $2,971,980,609

Derivatives: Liabilities: Futures Contract ...... $(9,667) $— $— $(9,667)

* Includes securities that have been valued at zero on the ЉStatement of Net AssetsЉ that are considered to be Level 3 investments in this table. As a result of utilizing International fair value pricing at December 31, 2020, a portion of the portfolio was categorized as Level 2. During the year ended December 31, 2020, there were no material transfers to or from Level 3 investments.

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 and mark-to-market of futures contracts, tax treatment of passive foreign investment

LVIP SSGA International Index Fund–23 LVIP SSGA International Index Fund Notes to Financial Statements (continued)

4. Dividend and Distribution Information (continued) companies (“PFIC”),partnership basis adjustment and former tax treatment of passive foreign investment companies (“PFIC”). 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 Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 were as follows:

Year Ended 12/31/20 12/31/19 Ordinaryincome...... $66,366,507 $77,785,000

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: Undistributed ordinary income...... $ 4,594,272 Capital loss carryforward...... (306,468,476) Other temporary differences...... (2) Net unrealized appreciation ...... 936,739,442 Distributable earnings/(accumulated loss) ...... $ 634,865,236

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. As of December 31, 2020, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration) Long-Term Total $306,468,476 $306,468,476

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

Year Ended 12/31/20 12/31/19 Shares sold: Standard Class ...... 69,857,258 65,180,558 Service Class ...... 3,581,504 2,581,443 Shares reinvested: Standard Class ...... 6,015,994 7,328,668 Service Class ...... 624,190 706,503 80,078,946 75,797,172 Shares redeemed: Standard Class ...... (111,073,408) (46,911,221) Service Class ...... (5,124,099) (5,944,608) (116,197,507) (52,855,829) Netincrease(decrease)...... (36,118,561) 22,941,343

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–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce costs. The Fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity and minimizing costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the

LVIP SSGA International Index Fund–24 LVIP SSGA International Index Fund Notes to Financial Statements (continued)

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

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 $— liabilities $(9,667) The effect of derivative instruments on the Statement 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 $(16,615,659) $(1,202,578) Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the year ended December 31, 2020.

Long Derivative Short Derivative Volume Volume Futures contracts (average notional value) ...... $40,659,068 $— In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets. At December 31, 2020, the Fund had no assets and liabilities subject to offsetting provisions.

8. Risk Factors Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

LVIP SSGA International Index Fund–25 LVIP SSGA International Index Fund Notes to Financial Statements (continued)

8. Risk Factors (continued) The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund’s Board has delegated to LIAC, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s limit on investments in illiquid securities. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. For example, the novel coronavirus (COVID-19), which was first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business and school closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impact on the Fund’s portfolio investments.

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

10. 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 Fund’s financial statements.

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

LVIP SSGA International Index Fund–26 Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of LVIP SSGA International Index Fund Opinion on the Financial Statements We have audited the accompanying statement of net assets of LVIP SSGA International Index Fund (the “Fund”) (one of the series constituting Lincoln Variable Insurance Products Trust (the “Trust”)) as of December 31, 2020, and the related statement 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 the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its 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 the Fund’s 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 International Index Fund–27 LVIP SSGA International Index Fund 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 the 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 Fund’s expenses, among other matters. The Board also receives information about the Fund from LIAC, Lincoln Life and the various portfolio management teams providing services to the Fund 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 the 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 Fund 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 Fund on behalf of LIAC and that Lincoln Life provides administrative services to the Fund 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 the 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 the Fund compared to the quarterly average total return of funds in the respective Morningstar category. The Board referred to information prepared by LIAC evaluating the Fund’s performance. These reports include performance information for the 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 the 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 Fund 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 the 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 an advisory fee waiver through April 30, 2021. The Board noted that the net investment management fee, giving

LVIP SSGA International Index Fund–28 LVIP SSGA International Index Fund Other Fund Information (unaudited) (continued) Approval of Investment Management Agreement (continued) effect to the advisory fee waiver, was equal to the median net investment management fee of the Morningstar peer group. In light of the nature, quality and extent of services provided by LIAC, the Board concluded that the 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 Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that LIAC had implemented an advisory fee waiver and an expense limitation for the 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 the 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 Fund, 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 the Fund’s Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Fund. Lincoln Life serves as the administrator for the Fund 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 Fund, 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 matters. Performance. The Board reviewed the LVIP SSGA International Index Fund’s total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Blend 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-, three-, five- and ten-year periods. The Board considered LIAC’s view that fees, cash flows and fair value adjustments contributed to underperformance compared to the benchmark index. The Board noted LIAC’s statement that LIAC remains comfortable with the Fund’s ability to meet its objective going forward. The Board concluded that the services provided by SSGA were satisfactory. Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedules and the fees charged by SSGA to other clients with similar investment strategies as the Fund. The Board considered that LIAC compensates SSGA from its fees and that the subadvisory fee schedule for the Fund was negotiated between LIAC and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees for the Fund were reasonable. Profitability and Fallout Benefits. The Board considered information regarding SSGA’s estimated profitability from providing subadvisory services to the Fund. 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 the Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of the Fund.

LVIP SSGA International Index Fund–29 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 International Index Fund–30 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 International Index Fund–31 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 International Index Fund–32 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 Fund’s 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 International Index Fund–33