Exhibit 23P1

                                CODE OF ETHICS
                                      for
                   LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
                                      and
                   LINCOLN NATIONAL VARIABLE ANNUITY FUND A

                                 March 6, 2006

CREDO

It is the duty of all employees, officers, trustees, and managers of Lincoln
Variable Insurance Products Trust and Lincoln National Variable Annuity Fund A
to conduct themselves with integrity, and at all times to place the interests
of beneficial owners and shareholders first. In the interest of this Credo, all
personal securities transactions will be conducted consistent with the Code of
Ethics (the "Code") and in such a manner as to avoid any actual or potential
conflict of interest or any abuse of an individual's position of trust and
responsibility. The fundamental standard of this Code is that personnel should
not take any inappropriate advantage of their positions.

Rule 17j-1 under the Investment Company Act of 1940 (the "Rule") makes it
unlawful for certain persons, including any employee, officer, trustee,
manager, any investment adviser/sub-adviser, in connection with the purchase or
sale by such person of a security held or to be acquired by a fund or account:

(1) To employ any device, scheme or artifice to defraud;

(2) To make any untrue statement of a material fact or omit to state a material
    fact necessary in order to make the statements made, in light of the
    circumstances in which they are made, not misleading;

(3) To engage in any act, practice or course of business that operates or would
    operate as a fraud or deceit; or

(4) To engage in any manipulative practice.

The Rule also requires that a fund, its adviser, and sub-advisers adopt a
written Code of Ethics ("Code") containing provisions reasonably necessary to
prevent certain persons from engaging in acts in violation of the above
standard and shall use reasonable diligence and institute procedures reasonably
necessary to prevent violations of the Code.

This Code of Ethics is being adopted by each of the following funds in
compliance with the requirement of Rule 17j-1 and to effect the purpose of the
Credo set forth above and to comply with the recommendations of the Investment
Company Institute's Advisory Group on Personal Investing:

135773/14



LINCOLN VARIABLE INSURANCE PRODUCTS TRUST, and its series:

   AGGRESSIVE GROWTH FUND
   BOND FUND
   CAPITAL APPRECIATION FUND
   CORE FUND
   EQUITY-INCOME FUND
   GLOBAL ASSET ALLOCATION FUND
   GROWTH FUND
   GROWTH AND INCOME FUND
   GROWTH OPPORTUNITES FUND
   INTERNATIONAL FUND
   MANAGED FUND
   MONEY MARKET FUND
   SOCIAL AWARENESS FUND
   SPECIAL OPPORTUNITIES FUND
   CONSERVATIVE PROFILE FUND
   MODERATE PROFILE FUND
   MODERATELY AGGRESSIVE PROFILE FUND
   AGGRESSIVE PROFILE FUND

LINCOLN NATIONAL VARIABLE ANNUITY FUND A

(each of which is a "Fund" and collectively called the "Funds")

II. DEFINITIONS:

"Access person" means:

(a) any trustee, manager, officer, general partner or Advisory Person of a
    Fund, or

(b) any employee of a Fund who, in connection with his or her regular functions
    or duties, participates in the selection of a Fund's portfolio securities
    or who has access to information regarding a Fund's future purchases or
    sales of portfolio securities.

Those persons deemed Access Persons will be notified of this designation.

"Advisory person" means any employee of a Fund who, in connection with his or
her regular functions or duties makes, participates in, or obtains information
regarding the purchase or sale of Covered Securities by a Fund, or whose
functions relate to the making of any recommendations with respect to the
purchase or sales.

"Adviser" means the registered investment adviser that provides advisory
services to each of the Funds pursuant to an investment advisory agreement with
each of the Funds.

"Affiliated person" means any trustee, manager, officer, partner, or employee
of a Fund and any other person so designated by the Code of Ethics Compliance
Officer.

"Automatic Investment Plan" means a program in which regular periodic purchases
(or withdrawals) are made automatically in (or from) investment accounts in
accordance with a predetermined schedule and allocation. An Automatic
Investment Plan includes a dividend reinvestment plan.

"Beneficial Ownership" shall be as defined in Section 16 of the Securities
Exchange Act of 1934 and the rules and regulations thereunder. Generally
speaking, a person who, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares a direct
or indirect pecuniary interest in a security, is a "beneficial owner" of the
security. For example, a person is normally regarded as the beneficial owner of
securities held by members of his or her immediate family sharing the same
household. Additionally, ownership of derivative securities such as options,
warrants or convertible securities which confer the right to acquire the
underlying security at a fixed price constitutes beneficial ownership of the
underlying security itself.

                                      2



"Code of Ethics Compliance Officer" means (a) the primary individual designated
by a Fund to make decisions and offer advice regarding Rule 17j-1 and the Code
of Ethics adopted by the Fund, and (b) any person(s) designated by the primary
individual to assist with these responsibilities.

"Control" shall mean investment discretion in whole or in part of an account
regardless of Beneficial Ownership, such as an account for which a person has
power of attorney or authority to effect transactions.

"Covered Security" means a security as defined in Section 2(a)(36) of the
Investment Company Act, except that it does not include:

    (a)  Direct obligations of the Government of the United States;

    (b)  Bankers' acceptances, bank certificates of deposit, commercial paper
         and high quality short-term debt instruments, including repurchase
         agreements;

    (c)  Shares issued by open-end registered investment companies; and

    (d)  Municipal fund securities (i.e., 529 Plans).

"De Minimis Purchases or Sales" shall mean purchases or sales by covered
persons of up to 500 shares of stock in a company that is in the Standard and
Poor's 500 Index provided that the Funds have not traded more than 10,000
shares of that same stock during the last two trading days and there are no
open orders for that stock on the trading desk.

"High Quality Short-Term Debt Instruments" shall mean any instrument that has a
maturity at issuance of less than 366 days and that is rated in one of the two
highest rating categories by a nationally recognized statistical rating
organization.

"Interested Trustee" means a trustee of Lincoln Variable Insurance Products
Trust or a manager of Lincoln National Variable Annuity Fund A who is an
interested person within the meaning of Section 2(a)(19) of the Act. An
"Independent Trustee" is a trustee of Lincoln Variable Insurance Products Trust
Fund or a manager of Lincoln National Variable Annuity Fund A who is not an
Interested Trustee.

"Managed Account" means an account that is professionally managed through a
wrap program. Managed accounts require pre-approval from the Code of Ethics
Compliance Officer prior to starting up the account. The Code of Ethics
Compliance Officer will consider the facts and circumstances of the account,
including the functions and duties of Access Persons or Affiliated Persons,
when approving or denying such accounts. In addition, preclearance is exempt
with Managed Accounts, however, all trades still require reporting and
duplicate statements and confirmations are required to be sent to the Code of
Ethics Compliance Officer. Preclearance is only exempt for trades initiated by
the wrap manager. All trades initiated by Access Persons or Affiliated Persons
require preclearance.

Security being "considered for purchase or sale" or "being purchased or sold"
means when a recommendation to purchase or sell the Covered Security has been
made and communicated to the trading desk and with respect to the person making
the recommendation, when such person seriously considers making, or when such
person knows or should know that another person is seriously considering
making, such a recommendation.

Security "held or to be acquired" by a Fund means (i) any Covered Security
which, within the most recent fifteen days (a) is or has been held by a Fund;
or (b) is being, or has been, considered by a Fund, its Adviser, or its
Sub-Adviser, for purchase by the Fund; and (ii) any option to purchase or sell,
and any security convertible into or exchangeable for, a Covered Security.

"Sub-Adviser" means each sub-adviser with whom the Adviser has entered into a
written agreement pertaining to the management of a Fund's assets.

                                      3



III. PROHIBITED ACTIVITIES

The following restrictions apply to Access Persons and Affiliated Persons:

(a) No Access Person or Affiliated Person shall engage in any act, practice or
course of conduct, which would violate the provisions of Rule 17j-1.

(b) No Access Person or Affiliated Person shall purchase or sell, directly or
indirectly, any Covered Security which to his/her knowledge is being actively
considered for purchase or sale by a Fund; except that this prohibition shall
not apply to:

i.  Purchases or sales that are nonvolitional on the part of either the person
    or a Fund;

ii. Purchases which are part of an automatic dividend reinvestment plan;

iii.Purchases effected upon the exercise of rights issued by an issuer pro rata
    to all holders of a class of its securities, to the extent such rights were
    acquired from such issuer, and sales of such rights so acquired;

iv. Other purchases and sales specifically approved by the President of a Fund
    or the Code of Ethics Compliance Officer, with advice of the legal counsel
    to the Fund, and deemed appropriate because of unusual or unforeseen
    circumstances; or

v.  Purchases or sales made by a wrap manager in an Affiliated Person's or
    Access Person's Managed Account, provided that such purchases or sales do
    not reflect a pattern of conflict.

A list of securities excepted will be maintained by the Code of Ethics
Compliance Officer.

(c) No Access Person or Affiliated Person may execute a buy or sell order for
an account in which he or she has Beneficial Ownership or Control (i) when
there are pending orders for a Fund transaction for that same security as
reflected on the open order blotter maintained by either the Adviser or an
affiliated Sub-Adviser or (ii) until the third trading day following the
execution of a Fund buy or sell order in that same security. This prohibition
shall not apply to trades that meet the definition of de minimis, and Fund buy
or sell orders that are made for a Fund by an unaffiliated Sub-Adviser will not
be considered in the application of this prohibition.

(d) Despite any fault or impropriety, any Access Person or Affiliated Person
who violates the prohibition set forth in provision (c) above, shall forfeit
any profits made (in the event of purchases) or loss avoided (in the event of
sales), whether realized or unrealized, in the period from the date of the
personal transaction to the end of the prescribed trading period. Payment of
the amount forfeited shall be made by check to a charity of the person's choice
and a copy of the check or receipt must be forwarded to the Code of Ethics
Compliance Officer.

(e) Each Access Person or Affiliated Person must preclear their personal
transactions in any Covered Security; except that this requirement shall not
apply to (i) transactions for a Managed Account as provided in provision (b)(v)
above or (ii) transactions in securities which are not eligible for purchase or
sale by a Fund. A list of securities that are not eligible for purchase or sale
by a Fund will be maintained by the Code of Ethics Compliance Officer.
Preclearance must be submitted prior to entering any orders for personal
transactions. Preclearance is only valid for the day the preclearance
authorization is received. If the order is not executed the same day, the
preclearance request must be resubmitted.

(f) Independent Trustees are not subject to part (c), (d) or (e) of this
section unless the Independent Trustee knew or, in the ordinary course of
fulfilling his or her official duties should have known, that during the 15 day
period immediately before or after the Independent Trustee's transaction in a
Covered Security, a Fund, its Adviser, or any applicable Sub-Adviser, purchased
or sold the Covered Security, or a Fund, its Adviser, or any applicable
Sub-Adviser, considered purchasing or selling the Covered Security.

                                      4



IV. REQUIRED REPORTS

1. The following reports are required to be made by Access Persons and
   Affiliated Persons (except where otherwise specified):

(a) Disclose brokerage relationships within 10 days of becoming an Access
    Person or Affiliated Person and at the time of opening any new account.

(b) Provide an initial holdings report no later than 10 days upon commencement
    of becoming an Access Person that discloses all personal Covered Securities
    holdings. This report must be current as of a date no more than 45 days
    before the report is submitted. (This sub-section does not apply to
    Affiliated Persons). Access Persons need not make a report under this
    section with respect to transactions effected for, and Covered Securities
    held in, any account over which the person has no direct or indirect
    influence or control.

(c) Direct their brokers to supply to the Code of Ethics Compliance Officer, on
    a timely basis, duplicate copies of and confirmations and statements for
    all Covered Securities accounts.

(d) Each quarter, no later than the thirtieth day after the end of the calendar
    quarter, submit to the Code of Ethics Compliance Officer a personal
    transaction summary showing all transactions in Covered Securities in
    accounts which such person has or acquires any direct or indirect
    beneficial ownership.

   Every report will contain the following information:

   (i) the date of the transaction, the name and the number of shares and the
   principal amount of each security involved;

   (ii) the nature of the transaction (i.e., purchase, sale or any other type
   of acquisition or disposition);

   (iii) the price at which the transaction was effected;

   (iv) the name of the broker, dealer or bank effecting the transaction.

   However, persons need not make a report under this section with respect to
   transactions effected for, and Covered Securities held in, any account over
   which the person has no direct or indirect influence or control. In
   addition, a quarterly transaction report is not required for transactions
   effected pursuant to an Automatic Investment Plan.

(e) Provide an annual holdings report containing information regarding all
    Covered Securities holdings. This report must be current as of a date no
    more than 45 days before the report is submitted and shall also disclose
    the Access Person's brokerage relationships. (This sub-section does not
    apply to Affiliated Persons). Access Persons need not make a report under
    this section with respect to transactions effected for, and Covered
    Securities held in, any account over which the person has no direct or
    indirect influence or control.

(f) Access Persons and Affiliated Persons must annually certify that they have
    read, understand and complied with this Code of Ethics and all disclosure
    and reporting requirements contained therein.

2. Reporting by the Independent Trustees:

Independent Trustees are not subject to the provisions noted in Section
IV(1)(b), and IV(1)(e). Independent Trustees are not subject to the provisions
noted in Section IV(1)(d), except that Independent Trustees shall submit
quarterly reports for transactions where at the time of the transaction the
Independent Trustee knew, or in the ordinary course of fulfilling his official
duties as an Independent Trustee should have known, that during the fifteen day
period immediately preceding the date of the transaction by the Independent
Trustee, such Covered Security was purchased or sold by a Fund or was being
considered for purchase or sale by a Fund.

                                      5



V. SANCTIONS/VIOLATIONS

Strict compliance with the provisions of the Code of Ethics is considered to be
a basic provision of your employment. Any violation of the Code of Ethics by an
employee will be considered serious and may result in disciplinary action,
which may include, but is not limited to unwinding of trades, disgorgement of
profits, warning, monetary fine or censure, suspension of personal trading
privileges, and suspension or termination of employment. Repeated offenses will
be subject to additional sanctions of increasing severity.

VI. ADMINISTRATIVE PROCEDURES

(a) The Code of Ethics Compliance Officer will identify all Access Persons and
Affiliated Persons and will notify them of this classification and their
obligations under this Code. The Code of Ethics Compliance Officer will also
maintain procedures regarding the review of all reports required to be made
under Rule 17j-1.

(b) The Code of Ethics Compliance Officer shall report to the Fund's President
any apparent violations of the prohibitions or reporting requirements contained
in this Code of Ethics. The President and legal counsel to the Fund will review
the reports made and determine whether or not the Code of Ethics has been
violated and shall determine what sanctions, if any, should be imposed in
addition to any that may already have been imposed. On a quarterly basis, a
summary report of material violations of the Code and the sanctions imposed
will be made to the Board. In reviewing this report, the Board will consider
whether appropriate sanctions were imposed. When the Fund's President and its
legal counsel find that a transaction otherwise reportable above could not
reasonably be found to have resulted in fraud, deceit, or a manipulative
practice in violation of Rule 17j-1(b), they may, in their discretion, lodge a
written memorandum of such finding in lieu of reporting the transaction to the
Board.

(c) All material purchases and sales specifically approved by a Fund's
President or Code of Ethics Compliance Officer in accordance with Section
III(b)(D), as described therein, shall be reported to the Board at its next
regular meeting.

(d) The Board of Trustees, including a majority of the Independent Trustees,
must adopt a Fund's Code, as well as approve the Code of any Adviser and
Sub-Adviser. If an Adviser or Sub-Adviser makes a material changes to its code,
the Board must approve the material change within six months. The Board must
base its approval of a code of ethics, or a material change to a code, upon a
determination that the code contains provisions reasonably necessary to prevent
"Access Persons" from violating the anti-fraud provisions of the Rule 17j-1.

(e) At least once a year, a Fund's Board must be provided a written report from
its Adviser (and a report from the Sub-Adviser, if applicable) that:
(1) describes issues that arose during the previous year under the
organization's own code of ethics or procedures including, but not limited to,
information about material code or procedure violations and sanctions imposed
in response to those material violations and (2) certifies to the Fund's Board
that the organization has adopted procedures reasonably necessary to prevent
its access persons from violating its code of ethics.

(f) The Code of Ethics Compliance Officer shall maintain all records as
required by the Rule, including records of reports and certifications provided
by the Adviser and Sub-Adviser pursuant to Sections V(d) and (e), above.

VII. CONFIDENTIALITY

The Code of Ethics Compliance Officer shall keep all information and reports
from any Access Person or Affiliated Person in strict confidence, subject only
to disclosure as required by law or as described in this Code of Ethics.

                                      6